• You might call them boring businesses, but with a bit of portfolio rebalancing and buying more on the dips, Klarman’s positions will probably deliver his required 20% return per year over the long term.
• In the U.S., he is overweigh LNG, refineries, communications, and pharma.
• A few investing lessons can be derived from his current portfolio.

Introduction

As much as I hate bureaucracy and filing required market regulator forms and various statistical Central Bank inquiries, I must say that I love when others do it as I can get a pretty tasty free lunch from it.

You probably know that an institutional fund manager has to disclose their U.S. portfolio positions in a 13F form no longer than 45 days after the end of the quarter with some exceptions. For example, when the manager thinks that disclosure would significantly affect share price, they can postpone disclosing, but we can get a pretty good picture of the things a specific fund is doing. More →