market folly

Seth Klarman's hedge fund firm Baupost Group has filed a couple of 13G's with the SEC regarding shares of both PBF Energy (PBF) and Colony NorthStar (CLNS).


Baupost Sells PBF Energy

Per a 13G filing, Baupost Group no longer owns shares of PBF Energy (PBF).  The filing notes they sold the stake on May 31st.  They had previously owned a $268 million stake in the company as of the end of the first quarter.

Per Yahoo Finance, PBF Energy is "together with its subsidiaries, engages in the refining and supply of petroleum products. The company operates through two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products. The company sells its products in Northeast, Midwest, Gulf Coast, and West Coast of the United State, as well as in other regions of the United States and Canada. It also offers various rail, truck, and marine terminaling services, as well as pipeline transportation and storage services. PBF Energy Inc. was founded in 2008 and is based in Parsippany, New Jersey."


Baupost Files 13G on Colony NorthStar

Per a separate 13G, Baupost also now shows a 10.02% ownership stake in Colony NorthStar (CLNS) with over 49.68 million shares.  The number of shares they own is unchanged from the end of the first quarter, and so the percentage ownership of the company is likely what triggered the filing.

Per Yahoo Finance, Colony NorthStar, Inc. (NYSE:CLNS) "is a leading global real estate and investment management firm. The Company resulted from the January 2017 merger between Colony Capital, Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. The Company has significant property holdings in the healthcare, industrial and hospitality sectors, other equity and debt investments and an embedded institutional and retail investment management business. The Company currently has assets under management of $43 billion and manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts and registered investment companies. In addition, the Company owns NorthStar Securities, LLC, a captive broker-dealer platform which raises capital in the retail market. The firm maintains principal offices in Los Angeles and New York, with more than 500 employees in offices located across 18 cities in ten countries. The Company will elect to be taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.clns.com."