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

May 14 (Bloomberg) -- 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 and American International Group Inc.

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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