Seth Klarman, one of the top money managers of all time, quadrupled his firm’s stake in Amazon.com in the fourth quarter, one of several big bets on mega-cap tech companies that were made.
A 13-F filing filed with the Securities and Exchange Commission showed Klarman’s Baupost increased its stake in Amazon AMZN, +1.98% by 299%. Its stake in Alphabet GOOGL, +0.04%, the parent of Google, rose by 190%, and its stake in Meta Platforms META, +3.03% increased by 151%.
Klarman historically has sought out distressed assets, and the big tech companies suffered through a disastrous 2022, particularly Meta, which saw its value drop by nearly two-thirds. Meta’s stock price this year has surged by 49%, and Amazon has gained 19%.
Liberty Global LBTYA, -0.89% and Liberty SiriusXM LSXMK, +0.66% were Baupost’s top holdings.
The value-focused Klarman typically carries a large cash position, which doesn’t show up on the 13-F reports.
One investment Klarman may have regretted: boosting by 250% its stake in Fidelity National Information Services FIS, -12.50%, which on Monday said it was planning to spin off its Worldpay business it recently bought for $43 billion.
Baupost through the end of last year has generated net gains of $33 billion since its inception in 1983, the eighth most by a hedge fund of all time, according to data compiled by LCH Investments.
This article was originally published by Marketwatch.com. Read the original article here.
