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At the end of the Q1, Baupost owned 10 million shares of NG, or about 3.58 percent of the company. Baupost first started acquiring shares of NG in the second half of 2011, and reported accumulating more shares in the first quarter of 2012. Given that Baupost had acquired shares in NG during Q3 and Q4 of 2011 and Q1 of 2012, it is possible that Baupost continued to accumulate shares in Q2 of 2012, and possibly also into Q3.
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