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Favorite Healthcare Stocks of Billionaire Seth Klarman’s Baupost Group

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Baupost Group was founded in 1982 by Harvard Professor William Poorvu and partners Howard Stevenson, Jordan Baruch and Isaac Auerbach, and Seth Klarman joined later on. The investment management firm is one of the biggest hedge funds in the world.

Baupost Group holds a well-diversified equity portfolio worth $7.04 billion as of the end of September, with the largest share, 28%, amassed by the energy sector 28%. Information technology and healthcare stocks account for 22% and 20% of the 13F portfolio, respectively. During the September quarter, In this article, we are going to discuss some of Baupost’s favorite healthcare stocks, including Allergan plc (NYSE:AGN), Theravance Biopharma Inc (NASDAQ:TBPH), Innoviva Inc. (NASDAQ:INVA), Keryx Biopharmaceuticals (NASDAQ:KERX), and Atara Biotherapeutics Inc (NASDAQ:ATRA). Let’s analyze the healthcare picks more in depth.

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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Allergan plc (NYSE:AGN)’s stock has lost 39% so far this year and currently has a dividend yield of 1.48%. At the end of September, Baupost held 2.0 million shares of Allergan valued at $461.08 million. Among the hedge funds in our database, 115 funds held $10.59 billion worth of Allergan shares in their portfolio at the end of September, which represented 15.2% of the outstanding shares. The company recently has announced that it received approval from Health Canada allowing the expansion of the label of its drug Fibristal for the long term treatment of signs and symptoms of uterine fibroids.

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Theravance Biopharma Inc (NASDAQ:TBPH)’s stock has surged by 90% year-to-date. Baupost Group held 7.35 million shares of Theravance Biopharma worth $266.40 million at the end of the third quarter. Among the funds we track, 12 funds held $696.85 million worth of Theravance Biopharma’s stock in aggregate at the end of September. Theravance Biopharma recently reported narrower than expected loss for its third quarter at $0.73 per share, beating consensus estimate of $0.95 per share loss. The company’s revenue for the quarter stood at $19.1 million, beating $16.4 million street expectation.

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