Seaport Entertainment Group (NYSEAMERICAN:SEG) has tumbled 22% over the past year after a somewhat brief uptick, but some hedge fund managers still see a diamond in the rough. The company owns a portfolio of real estate, mostly in New York, and it was spun off from Howard Hughes Holdings (NYSE:HHH) in July 2024.
Investors would be forgiven for seeing Seaport as a poor choice. As Plural Partners explained in a recent letter, the company was essentially considered a “BadCo” spun off from a “GoodCo.”
Read hedge fund letters here
Background on Seaport Entertainment Group
Seaport’s namesake property is New York City’s Seaport in Lower Manhattan, which spans 478,000 square feet of retail shops, restaurants and entertainment offerings. The company...
