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Klarman's Baupost Sells News Corp., Adds to BP, AIG Stake

Baupost Group LLC, the Boston-based hedge-fund firm run by Seth Klarman, sold shares of News Corp. in the first quarter while adding to positions in BP Plc (BP/) and American International Group Inc. (AIG)

Baupost sold off its entire 8 million A shares of New York-based News Corp., the media giant run by Rupert Murdoch, valued at $205 million at the end of last year, according to a regulatory filing today with the U.S. Securities and Exchange Commission. It reduced its stake in the company’s B shares by 9 million, bringing its remaining holding to 4 million shares, worth about $124 million at the end of the quarter.

Klarman increased his holdings of London-based BP by 6.2 million American depositary receipts to 17.1 million ADRs, valued at $725.3 million at the end of the quarter. His firm bought 4.9 million more shares of New York-based AIG, the insurer that received a government bailout, bringing the total stake to 11.9 million shares, worth $460 million as of March 31.

Klarman is a bargain hunter who wrote the preface to the sixth edition of “Security Analysis,” a 1934 book by Benjamin Graham and David Dodd that is considered the bible of value investing.

To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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