Baupost Group Doubles Aveo Pharmaceuticals Stake, Trims BreitBurn Energy Partners ~ market folly

Tuesday, May 10, 2011

Baupost Group Doubles Aveo Pharmaceuticals Stake, Trims BreitBurn Energy Partners

Seth Klarman's Baupost Group recently filed two 13G's with the SEC. Baupost's equity activity is pretty minimal so it's always an interesting treat when they have some activity. We also covered some of Klarman's thoughts in Baupost's year-end letter.

Aveo Pharmaceuticals (AVEO)

First, due to trading on April 30th, Baupost has disclosed a 11.77% stake in Aveo Pharmaceuticals (AVEO) with 4,221,010 shares. Baupost has doubled its stake in the company. They originally started a brand new position in the name back in the fourth quarter with 2,000,000 shares.

BreitBurn Energy Partners (BBEP)

Second, due to trading on the same day, Klarman's firm has also revealed a 4.23% stake in BreitBurn Energy Partners (BBEP) with 2,500,000 shares. This marks a decrease in their position size of 42.5% as they owned 4,350,000 shares at the end of 2010.

To see the rest of Klarman's recent equity activity, be sure to subscribe to our Hedge Fund Wisdom newsletter as a new issue is just around the corner.

Per Google Finance, Aveo Biopharmaceuticals is "a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics. Its product candidates are directed against mechanisms known to be involved in cancer."

BreitBurn Energy Partners is "an independent oil and gas partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States."

For from this manager, be sure to read through a collection of Seth Klarman's Baupost Group letters.

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