Baupost’s Seth Klarman significantly increased his stakes in some of the biggest tech companies in the fourth quarter, just before the group staged a major comeback, according to a new regulatory filing. The hedge fund manager more than doubled his holdings in Google’s parent company, Alphabet, making it his seventh-largest holding by the end of 2022. Klarman increased his Meta bet. I added 150% to $208 million and increased my 300% stake in Amazon to a bet value of more than $83 million. Tech stocks, which fell sharply last year amid rising interest rates, rebounded strongly in 2023. Meta is up nearly 50% year-to-date, while Amazon is up nearly 19%. Alphabet has grown by more than 7% this year. Meta was recently given a boost after the social media company reported fourth-quarter revenue that beat estimates and announced $40 billion worth of stock buybacks. The longtime value investor shed nearly 60% of his shares in Alphabet and Amazon in the third quarter as a sell-off in the tech sector intensified. Klarman has drawn comparisons to Warren Buffett for his style that values patience and discipline. And like Buffett, Klarman has increased his exposure to the tech sector in recent years to capitalize on its explosive growth. In this case, Klarman significantly increased his exposure to the group after the price was so much cheaper. The hedge fund manager said it posted a single-digit average drop last year, beating the S&P 500, which fell by nearly 20%, the Financial Times reported. He made $1.6 billion on hedging last year, helping to cover the loss over the long term, the FT reported. In addition to tech stocks, Klarman made additional bets on cable TV provider Altice and Herbalife last quarter.