Baupost’s Seth Klarman added to his technology holdings in the first quarter, including Google parent Alphabet and Coinbase , to take advantage of the big rebound in the sector, according to a new regulatory filing. The hedge fund manager increased his shares in Alphabet by 47% last quarter to a stake worth more than $600 million, making it his second biggest holding behind only Liberty Global , according to the 13F filing. The Google parent has gained more than 33% year-to-date as optimism around its artificial intelligence capabilities rose. Meanwhile, Klarman hiked his Coinbase bet by nearly 80% to $29 million. The cryptocurrency exchange was one of the biggest winners in the first quarter, jumping more than 90% to rebound from a dismal 2022. The investor also added a new position in chipmaker Skyworks Solutions , building a bet worth more than $80 million at the end of March. Klarman is known for his disciplined and patient style, drawing comparisons to Warren Buffett. And just like Buffett, Klarman pivoted to technology in recent years to take advantage of growth stocks’ leadership in the market. The manager warned last year that surging inflation posed a “real danger” to the markets and he was hedging against outsized price gains. The Cornell grad posted a mid-single digit decline last year, beating the S & P 500, which fell nearly 20%, the Financial Times previously reported. He gained $1.6 billion from hedging last year, which helped offset losses on the long side, the FT reported.
Seth Klarman ups his stakes in Alphabet, Coinbase to ride tech rebound