Investment

Baupost Cuts Almost a Fifth of Investing Staff in Record Cull

Published

4 months ago

June 27, 2024

(Bloomberg) — Seth Klarman’s Baupost Group dismissed about 19% of the hedge fund’s investing team in a shakeup of its real estate and equities units — the largest cull in the firm’s 42-year history.

Most Read from Bloomberg

The move affected 11 of 59 investing personnel, with the cuts distributed roughly evenly between the two businesses, according to a letter sent to investors Thursday and seen by Bloomberg.

The shifts are part of a broader reworking of Baupost’s strategy, narrowing where it’s investing in real estate and equities and pushing more into distressed debt, special situations, event-driven equities, private wagers and capital solutions.

“This is where we expect to find the most compelling investments,” Klarman wrote in the letter.

The real estate team will focus more on properties with broken capital structures, distressed debt or asset re-positionings, according to people familiar with the matter. Until now, the firm had invested broadly in the sector. On the equities side, Baupost determined it had too many analysts, the people said.

“Ultimately we believe a more opportunistic approach to real estate will lead to the best outcomes,” Klarman wrote. “Our public equity team is focusing our efforts on event-driven situations and value dislocations.”

The firm has already exited some long-standing positions and opened new ones, he added.

A representative for Boston-based Baupost, which oversaw $23 billion as of December, declined to comment.

Equities currently make up 21% of Baupost’s portfolio, while real estate accounts for about 14%, some of the people said.

Baupost’s last significant job cuts came in late 2020, when it shuttered its London office and dismissed eight employees.

Source link

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

1 day ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Source link

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

6 days ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Source link

Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

1 week ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Source link