Seth Klarman - Baupost Group 13F Activity & Position Changes (Q3 2016)

As of Sep 30, 2016, the Baupost Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 14, 2026. 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 Q3 2016, the filing reported:

New Buys - Synchrony Financial, Trilogy Metals Inc.

Increases - PBF Energy Inc.

Reductions - Innoviva, Inc., Cheniere Energy, Inc., Olin Corporation, PayPal Holdings, Inc.

Complete Exits - Citigroup, Inc., Avis Budget Group, 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
Q3 2016	C Citigroup, Inc.	Citigroup, Inc.	Sell - Position Exit	-5,167,000	-100.0%	$0.00	-
Q3 2016	CAR Avis Budget Group, Inc.	Avis Budget Group, Inc.	Sell - Position Exit	-1,787,227	-100.0%	$0.00	-
Q3 2016	INVA Innoviva, Inc.	Innoviva, Inc.	Sell	-2,678,608	-15.2%	$164.10K	14,931,483
Q3 2016	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-1,998,217	-6.7%	$1.21M	27,842,957
Q3 2016	OLN Olin Corporation	Olin Corporation	Sell	-4,557,900	-42.4%	$126.84K	6,181,302
Q3 2016	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+5,083,000	+47.8%	$356.00K	15,724,175
Q3 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-664,087	-11.7%	$204.85K	5,000,000
Q3 2016	SYF Synchrony Financial	Synchrony Financial	Buy - Position Entry	+17,565,000	-	$491.82K	17,565,000
Q3 2016	TMQ Trilogy Metals Inc.	Trilogy Metals Inc.	Buy - Position Entry	+10,600,758	-	$5.80K	10,600,758