Hedge Fund Clients Pulled $7 Billion From Elite Money Manager Since 2021
- Seth Klarman’s fund posted 4% annualized returns for decade
- Baupost made changes last year to help boost performance
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Clients of Seth Klarman’s Baupost Group pulled roughly $7 billion from the hedge fund in the past three years, losing patience with the famed value investor after a decade of lackluster returns.
Baupost, once among the best-performing hedge funds, gained only about 4% a year since 2014, according to investors. The $23 billion firm’s performance over that decade is about a fifth of its historic returns, lagging behind other multistrategy hedge funds and a blended stock and bond index fund.