A reader asks if there is a way to monitor non-equity positions for Seth Klarman's Baupost Group. The short answer is no, I know of no way to track non-equity holdings for any money manager unless they disclose that information voluntarily via a report or letter. As mentioned on this blog last week, Klarman doesn't think stocks are cheap and is holding roughly 30% cash, according to notes coming out of his annual meeting (premium subscribers got a more in-depth breakdown of Klarman's comments).

This serves as a reminder that investors should regard these 13F-HR filings carefully as they offer only an incomplete picture into a money manager's thoughts.

Seth Klarman's well known hedge fund Baupost Group recently filed two separate 13G's with the SEC in which it updated positions. Firstly, we see that Baupost Group has initiated a brand new position. In a 13G filed due to activity on October 31st, 2009, we see that the hedge fund has disclosed a 13.7% ownership stake in Enzon Pharmaceuticals (ENZN) with 6,228,130 shares.

When we covered Baupost's portfolio via its 13F filing that summarized its positions as of June 30th, Enzon was not present. As such, Baupost has started a new position in this name over the past four months. Interestingly enough, Enzon also recently announced it has agreed to sell its specialty pharma unit for $327 million.