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Klarman Invests in Frontier Communications, Sanchez Energy During Q2

Seth Klarman (Trades, Portfolio) of The Baupost Group runs a concentrated portfolio of 32 stocks; four of them were new holdings added during the second quarter, according to data reported by GuruFocus Real Time Picks.

Frontier Communications Corp (FTR) (FTRPR)

Klarman purchased 13,500,000 shares of Frontier Communications common stock for an average price of $5.94 per share, as well as 325,000 shares of the company's preferred stock under the ticker FTRPR for an average $100.30 per share.

Frontier provides communication services such as internet and telephone lines to rural areas in the U.S. The price of the common stock declined 17% over the last year, closing at...