RE:Up 13% in after hour trading...
During After-Hours in USA - $2.51 +0.29 / +13.06% Volume: 91.3K. In US dollars, closed $2.22 US today.
Jan 20, 2015 (Bloomberg) -- Seth Klarman’s $28.5 billion Baupost Group posted its sixth consecutive annual gain, beating peers who’ve struggled to profit amid low interest rates and unpredictable price swings. The Boston-based firm posted gains of as much as 8 percent last year, said two people with knowledge of the matter. That compares with its 16 percent return in 2013, and with a 17 percent annualized return since its inception three decades ago, said the people, who asked not to be named because the information is private. The 57-year-old bargain hunter, who wrote the preface to the sixth edition of “Security Analysis,” a landmark 1934 book by Benjamin Graham on value investing, has only suffered two losing years since the firm’s inception in 1982. While Klarman outperformed hedge fund peers -- the industry returned 1.4 percent last year, the worst showing since 2011 -- he trailed the Standard & Poor’s 500 Index’s 11 percent advance. Diana DeSocio, a spokeswoman at Baupost, declined to comment. Baupost manages money for investors across several partnerships, which follow similar strategies. Baupost’s largest U.S. stock holding as of Sept. 30 was Boise, Idaho-based Micron Technology Inc., according to regulatory filings. The semiconductor maker gained 60 percent last year. The firm also benefited from Merck & Co.’s $3.9 billion acquisition announced in June of Idenix Pharmaceuticals Inc. Baupost, which was Idenix’s biggest shareholder before the transaction, had exited its 53.3 million shares in the pharmaceutical company as of Sept. 30, according to data compiled by Bloomberg. Lehman Gains Baupost historically has kept a small slice of money in stocks, favoring less liquid assets such as real estate and distressed debt. The firm takes a conservative approach by keeping a large percentage of holdings in cash. At the end of 2013, cash accounted for 40 percent of the portfolio, according to its year-end 2013 letter. In 2013, Baupost profited from from debt positions in Lehman Brothers Holdings Inc., as well as investments in public equities, structured products and real estate, according to the letter.