November 10, 2010 / 3:49 PM / 9 years ago

Baupost to return capital to investors - report

BOSTON, Nov 10 (Reuters) - Hedge fund manager Seth Klarman’s Baupost Group will return 5 percent of its capital to investors at the end of the year, the website reported on Wednesday.

Klarman’s $23 billion fund, based in Boston, reported investment gains of $6.5 billion after fees from Jan. 1, 2009 through the end of September, the web site said, citing a Baupost letter to investors.

“Today, Baupost’s opportunity set is smaller than it has been in some years,” Klarman wrote, “while our cash balances have grown.”

Baupost officials were not immediately available for comment.

In May, speaking at the CFA Institute’s annual conference, Klarman said his fund was likely to return some capital to its investors. [ID:nN18145341]

“I’ve always thought that size was a negative,” he said at the conference, adding that bigger size often means investors become less nimble. (Reporting by Aaron Pressman, editing by Gerald E. McCormick)

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