Source: Business Insider
Billionaire hedge fund manager Seth Klarman slimmed some of his biggest tech holdings and grew positions in healthcare stocks during the second quarter, new SEC filings show. Baupost Group slashed its Facebook and Alphabet stakes by 57% and 29%, respectively. Klarman shifted considerable cash into healthcare stocks. A new position in HCA Holdings marked Baupost’s biggest buy of the quarter, and the manager boosted bets on Atara Biotherapeutics and Translate Bio . Visit the Business Insider homepage for more stories . Seth Klarman’s Baupost Group is relying less on tech giants and more on biotech stocks posting healthy gains in the second half of 2020. The hedge fund saw the value of its long stock portfolio swell 18% through the second quarter as the stock market rocketed out of its March slump, according to a Securities and Exchange Commission filing disclosed Friday. Klarman maintained large stakes in eBay , Fox Corp , and Liberty Global , but adjusted other elements of his portfolio as investors increasingly crowded cash into popular mega-caps.