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Hedge fund manager Seth Klarman made new bets on health care stocks during the second quarter as he sold off shares in tech giants and closed positions in energy companies, according to a securities filing.

Klarman’s Baupost Group was a “significant” seller during the second quarter, according to a letter to investors obtained by CNBC. The new filing shows that Klarman made major cuts to what had been his top holdings at the end of the first quarter. 

The billionaire is one of the highest profile value investors and has drawn comparisons to Warren Buffett over the years. He defended the strategy in a letter to investors earlier this year after Baupost Group lagged the market in 2019. The fund had roughly $30 billion assets under management as of last year.