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Baupost Group’s Seth Klarman slashed his massive stake in Google and YouTube proprietor Alphabet earlier than the July sell-off, in keeping with a brand new regulatory submitting with the SEC. The Boston-based hedge fund supervisor, who oversees roughly $28 billion in belongings , chopped his Alphabet place by 64%, to only $195 million, by the top of June, making it his seventh largest holding, the submitting revealed. Alphabet had been Baupost’s second greatest wager within the first quarter. The sale got here simply earlier than the red-hot tech title turned bitter. After rallying greater than 20% within the second quarter, Alphabet has misplaced greater than 12% within the present quarter as buyers rotated out of high-flying megacaps. Klarman, a follower of Benjamin Graham ‘s worth investing model, has drawn comparisons to Warren Buffett for his affected person, disciplined strategy, main some to dub him The Oracle of Boston. The 67-year-old Harvard and Cornell grad printed his now out-of-print funding information, “Margin of Security,” in 1991. The e-book now sells for hundreds of {dollars} on-line. On the finish of the second quarter, Klarman’s longtime holdings together with John Malone’s media conglomerate Liberty World , Constancy Nationwide Data Providers and Simply Eat Takeaway remained a few of his high holdings. In the meantime, he picked up shares of well being insurer Humana final quarter in addition to a small stake in Capri Holdings , a merger arbitrage wager in the midst of a deliberate $8.5 billion acquisition by Tapestry .
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2024-08-14 14:08:00
Source :https://www.cnbc.com/2024/08/14/bauposts-seth-klarman-slashed-big-alphabet-stake-last-quarter-before-the-sell-off.html
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