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Seth Klarman: SLM Looks Cheap Enough To Buy
By admin - Posted on February 27th, 2008
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Baupost Group, a hedge fund run by deep value investor Seth Klarman, just raised their stake in SLM Corp from 1,415,000 shares at the quarter ended Sept. 30, 2007 to 21,911,966 shares at the quarter ended Dec. 31, 2007. An increase of nearly 20.5 million shares.
Baupost Group is now the fourth largest holder of SLM with a position worth $482 million. Baupost Group, run by Seth Klarman, is a $7+ billion investment group that has returned approximately 20% annually since inception. SLM is now the firm's largest holding.
What started out as a great year for the leading student loan provider, 2007 turned out to be a nightmare for SLM as the credit crisis unfolded. After agreeing to be acquired for $60 per share by private equity group J.C. Flowers and others in April, a termination of the merger sunk the stock to around $20.
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