Baupost Group Starts Bellatrix Exploration Stake, Adds to SunEdison, Reduces Syneron Medical ~ market folly

Wednesday, February 11, 2015

Baupost Group Starts Bellatrix Exploration Stake, Adds to SunEdison, Reduces Syneron Medical

Seth Klarman's hedge fund firm Baupost Group has filed three 13G's with the SEC.

New Position in Bellatrix Exploration

First, Baupost Group has disclosed a new equity position in Bellatrix Exploration (BXE) and they now own 11.38% of the company with over 21.8 million shares.  The filing was made due to activity on January 31st.

Per Google Finance, Bellatrix Exploration is "a Canada-based company engaged in exploration and production of oil and gas. The Company is focusing on developing its two core resource plays, the Cardium and the Notikewin/Falher intervals. The Cardium is into accumulation of light oil in the Western Canadian Sedimentary Basin with approximately 20,000 square miles and 1.38 Billion barrels produced to date. Notikewin/Falher is located in a regional stacked Upper Mannville Channel. The main type of reservoir is incised channel fill sandstones cutting finer-grained non-marine deposits."

Increases SunEdison Semiconductor Position

Second, Seth Klarman's firm has increased its position in SunEdison Semiconductor (SEMI).  They now own 19.03% of the company with over 7.89 million shares.  This is an increase of over 3.75 million shares since the end of the third quarter and the filing was due to activity on January 31st.

Per Google Finance, SunEdison Semi "is engaged in the development, manufacture and sale of silicon wafers to the semiconductor industry. The Company’s products include polished, epitaxial (EPI), silicon on insulator (SOI), perfect silicon and magic denuded zone (MDZ) wafers ranging in diameter from 100 millimeter (mm) to 300 mm. The Company sells its products to semiconductor manufacturers, including integrated device manufacturers and pure-play semiconductor foundries, and to a lesser extent, companies that specialize in wafer customization."

Decreases Syneron Medical Exposure

Third, Baupost has disclosed a 3.07% ownership stake in Syneron Medical (ELOS) with over 1.12 million shares.  This is a decrease of over 1.86 million shares from their previous stake at the end of the third quarter.  The filing was required due to portfolio moves on January 31st.

Per Google Finance, Syneron Medical "designs, develops and markets aesthetic medical products based on its various technologies including its Electro-Optical Synergy (ELOS), technology, which uses the synergy between electrical energy, including radiofrequency (RF) energy, and optical energy to provide aesthetic medical treatments. The Company’s products, which it sells primarily to physicians and other practitioners, target a range of non-invasive aesthetic medical procedures, including hair removal, wrinkle reduction, rejuvenation of the skin’s appearance through the treatment of superficial benign vascular and pigmented lesions, acne treatment, treatment of leg veins, treatment for the temporary reduction in the appearance of cellulite and thigh circumference and laser-assisted lipolysis."

You can view additional recent portfolio activity from Baupost Group here.

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