Investing guru, Seth Klarman's latest portfolio

Seth Klarman portfolio submitted Mar 31, 2009 for the quarter ending May 15, 2009. Below are his top holdings according to the sec filing Baupost Group LLC. A lot of his picks are under the radar obscure companies.

Klarman's track record is the envy of many. From its inception in 1983 through Dec. 31, his Baupost Limited Partnership Class A fund has earned an average annual return of 16.5% net of fees compared to 10.1% for the S&P 500. During the "lost decade" of 1998 to 2008, Baupost's fund crushed the S&P, returning 15.9% for the period vs. a loss of 1.4% for the S&P.

DOMTAR CORP (UFS, increased)
June 30: 22,364,700 (value: $121 million)
Dec 31: 33,452,199 (value: $55 million)
Mar 31: 40,585,858 (value: $38 million)

EXTERRAN HLDGS INC (EXH, unchanged)
Sept 30: 2898811 (value: $92 million)
Dec 31: 4928925 (value: $104 million)
Mar 31: 4928925 (value: $78 million)

FACET BIOTECH (FACT, spin off of PDLI stock)
Mar 31: 4,374,407 (value: $41 million)

NEWS CORP (NWS-A, increase)
Sept 30: 16,855,000 (value: $202 million)
Dec 31: 16,942,972 (value: $154 million)
Mar 31: 27,500,000 (value: $182 million)
This is one of his biggest positions.

PDL BIOPHARMA INC (PDLI, increased)
June 30: 14,825,000 (value: $157 million)
Sept 30: 13,860,460 (value: $129 million)
Dec 31: 14,363,749 (value: $88 million)
Mar 31: 15,559,608 (value: $110 million)

THERAVANCE INC(THRX, no change)
Sept 30: 6,269,891 (value: $78 million)
Dec 31: 9,033,741 (value: $111 million)
Mar 31: 9,033,741 (value: $153 million)

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