Hedge-fund legend Seth Klarman pounced on Amazon and parent companies of Google and Facebook in the fourth quarter

Klarman historically has sought out distressed assets, and the big tech companies suffered through a disastrous 2022, particularly Meta, which saw its value drop by nearly two-thirds. Meta’s stock price this year has surged by 49%, and Amazon has gained 19%.

Liberty Global
LBTYA,
-0.89%
and Liberty SiriusXM
LSXMK,
+0.66%
were Baupost’s top holdings.

The value-focused Klarman typically carries a large cash position, which doesn’t show up on the 13-F reports.

One investment Klarman may have regretted: boosting by 250% its stake in Fidelity National Information Services
FIS,
-12.50%,
which on Monday said it was planning to spin off its Worldpay business it recently bought for $43 billion.

Baupost through the end of last year has generated net gains of $33 billion since its inception in 1983, the eighth most by a hedge fund of all time, according to data compiled by LCH Investments.