Billionaire investor Seth Klarman has nearly $900 million in SPACs - but trimmed his stake in Bill Ackman's blank-check company during the 2nd quarter
- Seth Klarman's Baupost Group has nearly $900 million invested in SPACs, according to data compiled by CNBC.
- But the hedge fund trimmed its stake in Pershing Square Tontine Holdings, Bill Ackman's high-profile SPAC that has yet to complete a transaction.
- Baupost Group slashed its stake in PSTH by 20% in the second quarter of 2021.
Billionaire investor Seth Klarman's Baupost Group has nearly $900 million invested in special purpose acquisition companies, according to data compiled by CNBC.
But during the second quarter of 2021, the hedge fund trimmed its stake in one high-profile SPAC: Bill Ackman's Pershing Square Tontine Holdings.
According to recent SEC filings, Baupost Group slashed its stake in PSTH by 20% in the second quarter. The hedge fund which manages about $32 billion total held 10,090,655 shares of PSTH at the end of the second quarter. The stake would be worth roughly $201 million based on Monday's stock price.
Seth Klarman is often nicknamed "the next Warren Buffett" as he has embraced a value investing style for decades. But his increased interest in high-growth SPACs showcase a change of pace for the investor.
According to data analyzed by CNBC, at the end of the second quarter Klarman had $891 million invested in blank check companies and companies that went public via a SPAC.
Klarman first bought Pershing Square in the third quarter of 2020. He then slashed the stake by 27% in the next quarter and didn't change his position in the first quarter of 2021.
Last month, Bill Ackman revealed that his Pershing Square Tontine Holdings would not go through with a complicated deal to buy 10% of Universal Music. Instead, the blank-check company will complete a conventional SPAC deal and have 18 months to close one unless shareholders vote for an extension.