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Seth Klarman’s Baupost retakes stake in Amazon in Q2; exits Fiserv, Skyworks

Billionaire investor Seth Klarman’s Baupost Group made a u-turn on (NASDAQ:AMZN), having retaken a stake in the tech and retail giant in Q2 2023 after exiting it in the previous quarter.

The fund also took in positions in discount retailer Dollar General (DG) and railroad operator Union Pacific (UNP), while exiting its stakes in fintech Fiserv (NYSE:FI) and semiconductor company Skyworks Solutions (NASDAQ:SWKS).

Baupost disclosed the information in its latest 13F filing for the three months ended June 30, 2023, published on Friday.

The fund took in nearly 964K shares in Amazon in Q2, after having disposed off the 990K shares it had held in the firm in Q1.

Baupost snapped up 242K shares in Dollar General (DG) and 175K shares in Union Pacific (UNP). Meanwhile, it also picked up around 56K American depositary shares in Ireland-based building materials maker CRH (CRH).

The fund shed its stake of ~533K shares in Fiserv (FI) and nearly 704K shares in Skyworks (SWKS). It also exited its stake of 65K shares in used cars dealership Lithia Motors (LAD) and around 1.23M class A shares in infrastructure investing firm DigitalBridge (DBRG).

Among other notable moves, Baupost cut its stake in Google-parent Alphabet’s (GOOG) class C capital stock to 4.12M from 5.85M. The fund upped its position in data storage company Seagate (STX) to 600K ordinary shares from about 136K. Finally, the fund cut its stake in semiconductor company Qorvo (QRVO) to 2.62M shares from 4.65M.

Seth Klarman’s Baupost Group manages roughly $28B across a wide range of asset classes, making it one of the largest hedge funds in the U.S. According to Forbes, Klarman’s real time net worth is $1.3B.