Scott Olson
Billionaire investor Seth Klarman’s Baupost Group slashes stake in Warner Bros. Discovery (NASDAQ: WBD), withdrew from its position at Tower Semiconductor (NASDAQ: TSEM) and snapped up some shares of SoundHound AI (NASDAQ:SOUN) in the first quarter of 2024, among other changes.
Baupost reveals information in its latest 13F Archive for the three months ended March 31, 2024, released on Tuesday.
The fund slashed its Series A holdings in Warner Bros. (WBD) from 25.24 million shares in the fourth quarter of 2023 to 3.71 million shares in the first quarter. Revenue fell, with quarterly revenue and net profit missing expectations.
Other reductions include infrastructure and engineering company Jacobs Solutions (J) , which reduced its holdings by 30.4% to 506,800 shares, construction materials and products manufacturer CRH (CRH) by 19% to 30.6 million shares, and financial services companies by 12.3%. Supplier Fidelity National Information Services (FIS) increased its holdings by 5.58 million shares.
Baupost sold all of its 2.71 million shares in Tower Semiconductor (TSEM). Other holdings sold by the fund include biotech company Finch Therapeutics (FNCH), emissions reduction company Garrett Motion (GTX) and broadcaster Gray Television (GTN).
Baupost purchased 1.13 million A shares of SoundHound (SOUN), a provider of voice artificial intelligence solutions.
The fund also increased its stake in nutritional supplement marketer Herbalife (HLF) by 33.6%, to 2.24 million shares.
Seth Klarman’s Baupost Group manages nearly $30B across multiple asset classes, making it one of the largest hedge funds in the United States.
