Klarman’s Baupost Sells Off Oracle While Trimming Micron

Baupost Group LLC, the Boston-based hedge-fund firm run by Seth Klarman, sold its stake in Oracle Corp. (ORCL) and trimmed its holdings of Micron Technology Inc. (MU) in the fourth quarter.

Baupost sold 2.4 million shares of Redwood City, California-based Oracle, according to a regulatory filing today with the U.S. Securities and Exchange Commission. The shares in Oracle, the largest maker of database software, were valued at $79 million at the end of the third quarter.

Klarman sold 12.3 million shares of Micron, the Boise, Idaho-based semiconductor maker. Those shares were valued at $216 million at the end of the third quarter. Baupost still held 52 million Micron shares at the end of the year, making it the firm’s largest stock holding. Micron more than tripled in price last year.

Klarman, 56, is a bargain hunter who wrote the preface to the sixth edition of “Security Analysis,” a landmark 1934 book by Benjamin Graham and David Dodd on value investing. His firm oversees about $27 billion.

Money managers who oversee more than $100 million in equities must file a Form 13F within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.

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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