Cutting Loose: Seth Klarman's Active Second Quarter Selling and Trimming

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Seth Klarman , the legendary value investor and portfolio manager of The Baupost Group, was actively trimming and selling in the second quarter of 2013. His current portfolio shows 24 stocks, five of them new, and a total value of $4.02 billion. His quarter-over-quarter turnover is 22%.

Here are the details on Klarman's three sell outs and nine reductions, as of June 30, 2013:

Up 4% over 12 Months

News Corporation ( NWS ): Sold Out

Guru Action: As of June 30, 2013, Seth Klarman sold out his position, unloading 4,047,412 shares at an average price of $15.52 for a gain of 4.2%.

Historical pricing:



Up 34% over 12 Months

Elan Corp. PLC ( ELN ): Sold Out

Guru Action: As of June 30, 2013, Seth Klarman sold out his position, unloading 9,126,227 shares at an average price of $12.37 for a gain of 27%. He gained 44.7% on those same shares at an average price of $10.86 per share in the first quarter of 2013.

Historical pricing:



Up 19% over 12 Months

Directv ( DTV ): Sold Out

Guru Action: As of June 30, 2013, Seth Klarman sold out his position, unloading 207,300 shares at an average price of $59.90 for a gain of 2.2%. He gained 104.8% on 1,617,471 shares bought at an average price of $29.89 in the fourth quarter of 2009.



Up 41% over 12 Months

American International Group Inc. ( AIG ): Reduced

Guru Action: As of June 30, 2013, Seth Klarman reduced his position by 14.6%. His current shares stand at 10,120,227 after the trade.

Klarman has averaged 36% on 11,850,200 shares bought at an average price of $35.540 for a gain of 36%.



Up 26% over 12 Months

Rovi Corp. ( ROVI ): Reduced

Guru Action: As of June 30, 2013, Seth Klarman reduced his position by 24.51%. His current shares stand at 6,160,000 after the trade.

Klarman has averaged 3.6% on 8,160,000 shares bought at an average price of $18.23 per share.



Up 6% over 12 Months

Oracle Corporation ( ORCL ): Reduced

Guru Action: As of June 30, 2013, Seth Klarman reduced his position by 29.53%, unloading 1,000,000 shares at an average price of $33.180 for a gain of 0.4%. His current shares stand at 2,386,890 after the trade.

Klarman has averaged a gain of 20% on 15,800,000 shares bought at an average price of $27.84 per share.



Down 74% over 12 Months

AVEO Pharmaceuticals Inc. ( AVEO ): Reduced

Guru Action: As of June 30, 2013, Seth Klarman reduced his position by 21.9%, unloading 1,073,500 shares at an average price of $4.27 for a loss of 45.7%.

Klarman has averaged a loss of 85% on 5,084,652 shares bought at an average price of $15.43 per share.



Up 36% over 12 Months

Central Pacific Financial Corporation ( CPF ): Reduced

Guru Action: As of June 30, 2013, Seth Klarman reduced his position by 17.13%, unloading 308,269 shares at an average price of $17.05 for a gain of 5.8%.

Klarman has averaged a gain of 22% on 1,800,000 shares bought at an average price of $14.78 per share.



Up 73% over 12 months

Ituran Location and Control Ltd. ( ITRN ): Reduced

Guru Action: As of June 30, 2013, Seth Klarman reduced his position by 22.34%, unloading 298,661 shares at an average price of $16.31 for a gain of 14%.

Klarman has averaged a gain of 60% on 500,497 shares bought at an average price of $11.65 per share.



Here's a summary of all of Seth Klarman's trading.






GuruFocus Real Time Picks reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Stocks

Referenced Stocks: AIG , DTV , ELN , NWS , ROVI

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