Seth Klarman - Baupost Group 13F Activity & Position Changes (Q1 2016)

According to the SEC 13F filed on Aug 13, 2026, the Baupost Group portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2016. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2016, the filing reported:

New Buys - Genworth Financial Inc, Innoviva, Inc.

Increases - Antero Resources Corporation, Cheniere Energy, Inc., Olin Corporation

Reductions - Novagold Resources Inc., PBF Energy Inc., PayPal Holdings, Inc.

Complete Exits - Micron Technology, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2016	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+2,337,937	+12.2%	$534.85K	21,505,881
Q1 2016	GNW Genworth Financial Inc	Genworth Financial Inc	Buy - Position Entry	+1,699,195	-	$4.64K	1,699,195
Q1 2016	INVA Innoviva, Inc.	Innoviva, Inc.	Buy - Position Entry	+19,815,983	-	$249.48K	19,815,983
Q1 2016	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+3,751,505	+14.4%	$1.01M	29,841,174
Q1 2016	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell - Position Exit	-1,000,000	-100.0%	$0.00	-
Q1 2016	NG Novagold Resources Inc.	Novagold Resources Inc.	Sell	-3,977,449	-21.0%	$75.60K	15,000,000
Q1 2016	OLN Olin Corporation	Olin Corporation	Buy	+3,739,202	+53.4%	$186.54K	10,739,202
Q1 2016	PBF PBF Energy Inc.	PBF Energy Inc.	Sell	-383,825	-3.5%	$353.29K	10,641,175
Q1 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-4,049,533	-36.5%	$272.51K	7,059,745