Seth Klarman's Baupost Group Raises NovaCopper Stake ~ market folly

Monday, December 10, 2012

Seth Klarman's Baupost Group Raises NovaCopper Stake

Seth Klarman's hedge fund firm Baupost Group filed a 13G with the SEC regarding shares of NovaCopper (NCQ).  Per the filing, Baupost now owns 10.73% of the company with 5,005,298 shares.

This filing was made due to portfolio activity on November 30th and marks almost a 9% increase in the number of shares they own since the end of the third quarter.

Our Hedge Fund Wisdom newsletter a few weeks ago pointed out how Baupost was buying in Q3 as well.  While they've added to the stake, it's still a small position relative to their other equity holdings and overall assets under management.

They originally received shares of NCQ in the spin-off from NovaGold Resources (NG), which they also own and have consistently been buying this year as it trades lower.

Per Google Finance, NovaCopper is "a base metals exploration company. The Company is focused on exploring and developing the Ambler mining district, which VMS deposits containing copper, zinc, lead, gold and silver and carbonate replacement deposits containing copper, cobalt and silver."

We recently posted up an old profile of Klarman for those interested as well.

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