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Billionaire hedge fund manager Seth Klarman slimmed some of his biggest tech holdings and grew positions in healthcare stocks during the second quarter, new SEC filings show. Baupost Group slashed its Facebook and Alphabet stakes by 57% and 29%, respectively. Klarman shifted considerable cash into healthcare stocks. A new position in HCA Holdings marked Baupost's biggest buy of the quarter, and the manager boosted bets...

The Federal Reserve's emergency relief efforts are driving a "surreal" stock rally as prices decouple from fundamentals, Seth Klarman, the manager of the hedge fund Baupost Group, said in a letter seen by Bloomberg. The S&P 500 surged on the central bank's policy announcements in March and continues to stay near highs despite worsening economic data. "Investors are being infantilized by the relentless" relief...