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Baupost’s Klarman Adds Shares of Hewlett-Packard to Portfolio

Nov. 14 (Bloomberg) --Baupost Group LLC, the Boston-based hedge fund run by Seth Klarman, bought shares of Hewlett-Packard Co. and more than doubled its stake in BP Plc in the third quarter, according to a regulatory filing today.

Klarman acquired 20.8 million shares valued at $465.8 million of Palo Alto, California-based Hewlett Packard. He added 8.2 million shares valued at $252 million of London-based BP. His BP stake is now his largest U.S. stock holding, with 13.7 million shares valued at $495.6 million, according to the filing.

Baupost held $3 billion in U.S. stocks as of Sept. 30, according to the regulatory filing, up from $2.4 billion as of June 30.

Hewlett-Packard shares declined 35 percent this year, data compiled by Bloomberg show. BP shares fell 1 percent.

Baupost returned about 19 percent a year from 1983 through 2009 and almost 14 percent in 2010, data provided by the firm show. In February 2008, when Baupost accepted new investors after being closed for eight years, Klarman bought distressed corporate and mortgage debt.

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

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

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