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Trump’s new H-2A wage rule will radically cut the wages of all farmworkers: New estimates show farmworkers stand to lose $4.4 to $5.4 billion annually under DOL’s updated Adverse Effect Wage Rate

EPI - 1 hour 34 min ago

The Trump administration will cut the pay of all farmworkers by reducing the minimum wages paid to workers filling seasonal agricultural jobs in the H-2A visa program. By lowering wage rates implemented by the Department of Labor (DOL), we estimate that over 350,000 H-2A farmworkers could see their annual wages cut by a total of $2 billion or more—between 26% to 32% of their wages. These significant wage cuts for H-2A workers will put downward pressure on the wages of U.S. farmworkers, reducing their total annual wages by about $3 billion—up to 9% of their total wages. Total losses in pay for all farmworkers will range from $4.4 to $5.4 billion—roughly 10% to 12% of their total wages—according to our estimates.

The farmworkers who toil in the fields do not deserve a pay cut—they deserve a raise. Instead of cutting wages, the Trump administration should restore the previous standards that required employers to pay H-2A workers no less than the average wage for field and livestock workers according to the U.S. Department of Agriculture.

Introduction to the H-2A visa program and the Adverse Effect Wage Rate (AEWR)

The H-2A visa program is used to fill seasonal and temporary jobs in agriculture, after employers go through a (mostly pro-forma) process to prove that they could not find an available U.S. worker to hire. With no annual limit on the number of workers that can be hired, H-2A has been the fastest-growing U.S. work visa program—nearly tripling over the past decade to 352,682 workers in 2024, according to our estimates (see Figure A). The vast majority of H-2A workers are employed on crop farms—picking fruits and vegetables—and the average duration of an H-2A job is roughly six months.

Figure A

It is well documented that the H-2A program is rife with abuse and workers are not adequately protected, in part because H-2A farmworkers are indentured to their employers through their visa status and due to lax government oversight. As a result, there have been countless exposés from journalists and advocates that reveal how H-2A farmworkers are frequently robbed, exploited, victimized, and trafficked, and EPI has shown how most back wages stolen and employer penalties levied on farms come from employers breaking H-2A rules.

Some governance aspects of the H-2A program have long been a contentious policy fight, especially when it comes to worker rights and setting minimum wage rates for H-2A workers. The H-2A law requires that H-2A workers be paid the highest of the local, state, or federal minimum wage, unless there is an applicable local prevailing wage or collective bargaining agreement—or the Adverse Effect Wage Rate (AEWR) if it is higher, which is calculated and set by the U.S. Department of Labor (DOL) based on survey data. In fact, the vast majority of H-2A farmworkers have been paid the AEWR, since until now it was almost always higher than any of the otherwise applicable minimum wages. The purpose of the AEWR is to ensure that H-2A workers are paid a wage that is consistent with U.S. wage standards on farms and to prevent adverse impacts of H-2A employment on U.S. farmworkers’ wages. But the agricultural industry has pushed lawmakers and federal agencies to modify the AEWR methodology to push H-2A wages as low as possible.

Since 2010, the AEWR in each state has been based on a survey of farm operators conducted by the U.S. Department of Agriculture (USDA), commonly referred to as the Farm Labor Survey (FLS). While far from perfect, it is the best data set available on the wages of directly hired farmworkers in the United States. However, in August, the Trump administration’s USDA abruptly announced that it was discontinuing the FLS. A month later, DOL issued an interim final rule laying out a new AEWR based on data from a different data set, the Occupational Employment and Wages Statistics (OEWS) survey. OEWS is an inferior data set for agriculture and is not a valid survey for setting farmworkers’ wages, in part because it only surveys nonfarm employers—meaning farm labor contractors and other staffing firms. These nonfarm employers send farmworkers to different farms and pay them much less on average than the majority of workers who are hired directly by farm employers.

The Trump administration’s new regulation will drastically lower wages for migrant farmworkers hired through the H-2A visa program

The new Trump AEWR cuts wage rates dramatically and creates two artificial “skill levels” for each state which set H-2A wages at the 17th percentile of wages surveyed (skill level 1) and at the 50th percentile (skill level 2) based on five occupations DOL has determined are relevant in the OEWS. DOL estimates that 92% of H-2A workers will be paid at skill level 1 and 8% at skill level 2. The Trump DOL, in the preamble to its interim final rule, is fairly explicit about its desire to lower wages for H-2A farmworkers in order to benefit farm employers and increase H-2A hiring. And its move to eliminate the FLS and substitute it with the OEWS appears to be a key action taken to achieve that.

In addition, DOL has removed the previous requirement that employers pay for 100% of housing costs for H-2A workers. Currently, H-2A employers are required to provide housing for workers if they would not reasonably be able to return to their residences on a daily basis. This is important given that H-2A workers are so poorly paid that they cannot reasonably be expected to pay for their own housing. Further, H-2A workers are often employed on farms in remote areas that are not located close enough to a supply of affordable, accessible housing that still allows workers to report for duty for long hours in the fields. Reporter and worker advocates have documented many of the substandard conditions in employer-provided housing for farmworkers. However, instead of improving these problems, the AEWR lets farm owners take new deductions for housing out of H-2A workers’ paychecks—sometimes as much as 30% of their hourly pay.

Between wage cuts and housing deductions, DOL estimates that H-2A workers would lose over $1.7 billion under the new wage rule in 2026, amounting to $24 billion over the next 10 years as the program grows to over 500,000 jobs, as DOL predicts will occur. This would represent a shocking redistribution of income away from some of the country’s most essential and underpaid workers in order to line the pockets of farm employers.

However, we believe DOL’s estimates are incomplete because they fail to fully consider the new AEWR’s wage impacts, by not considering alternative methodologies and other scenarios that may result. For instance, DOL did not consider the impact on state minimum wage rates and whether the AEWR housing deduction may conflict with state laws, and DOL did not estimate the impact that a massive wage cut for H-2A farmworkers will have on U.S. farmworkers. In this post, we present new estimates that we hope will inform the public and DOL as to the true impact of the October 2025 AEWR. They should be considered low-end estimates because the interim final rule also permits farm operators to pay H-2A workers the AEWR for duties associated with higher-paying non-farm jobs for up to 50% of their work hours. This will put downward pressure on a number of occupations like construction and truck driving, but we have not attempted to calculate those losses to workers, and neither has DOL.

Trump’s H-2A wage rule will lead to a total pay cut of $4.4 to $5.4 billion for H-2A farmworkers and U.S. farmworkers

The proposed rule will significantly reduce H-2A workers’ wages. The average AEWR set for 2025 was $17.43 per hour, weighted by total weeks worked by state in 2024. The rule, however, proposes a two-tiered wage structure with far lower wages for 2026. The average skill level 1 and skill level 2 hourly wages would be $13.70 and $17.22, respectively, even without housing deductions. With housing deductions, the average level 1 and level 2 hourly wages would be $11.78 and $15.30, respectively.

In many cases, the new state AEWR wages are low enough to fall below state minimum wage laws, with the housing deduction lowering it even further. In some states, the AEWRs will fall below the state minimum wage only after housing deductions are subtracted. In all those cases, the state minimum wage supersedes the AEWR and sets the minimum H-2A wage. Currently, it is unclear how states will react to workers being paid below the state minimum after the housing deduction, and what guidance the federal government will provide with respect to it. For example, in Connecticut, the 2026 skill level 1 H-2A wage will be $15.93, but the 2026 state minimum wage will be $16.94. If the state fully enforces its minimum wage and prohibits pay rates from falling below the state minimum, then the lowest wage an H-2A worker could be paid legally is $16.94, and no housing deduction will be permitted. But if Connecticut or federal guidance allows the housing deduction to take the H-2A wage below the state minimum wage, then an H-2A worker in Connecticut could be paid as low as $14.88 per hour (i.e., the state minimum wage minus the $2.06 housing deduction).

It is possible that some states will take the position that the hourly wage rates paid to H-2A workers may not go below the state minimum after subtracting the housing deduction, while some states may allow the deduction, arguing that the federal AEWR regulation supersedes the state minimum wage law. The agricultural industry is likely to argue the latter, and the issue may end up in multiple state and federal courts. As a result of this uncertainty, our estimates consider both state minimum wage scenarios.

The first row of Table 1 estimates the annual pay losses for H-2A workers in 2026 under the interim final rule, assuming—as DOL does—that 92% of H-2A workers would be paid the skill level 1 wage. State minimum wage laws should not permit the hourly wage paid to H-2A workers to go below the state minimum wage; and in this scenario, H-2A annual wages would fall by $1.7 billion in 2026, or 25.8%. If state minimum wages are allowed to be undermined and the housing deduction drops the H-2A wage below the state minimum wage rates, the losses would be larger: a $2.1 billion or 31.5% annual pay loss. If some states prohibit and some permit the housing deduction to take the H-2A wage below the state minimum wage, then the total amount of annual pay losses would fall somewhere in between those two amounts.

Table 1

Reducing the AEWR for H-2A workers will also lower wages for U.S. farmworkers—one-third of whom are U.S-born citizens, according to the latest DOL survey. A fall in the H-2A wage will increase demand for H-2A workers, since employers can save significantly on labor costs if they hire them. As a result, it will become relatively more expensive to hire non-H-2A U.S. farmworkers. Employers will therefore reduce demand for U.S. farmworkers, putting downward pressure on their wages.

This is not hypothetical: Rutledge et al. found that a 10% increase in the AEWR caused an almost 2.8% increase in the wages of U.S. farmworkers. With those estimates, the authors estimated that a one-year AEWR wage freeze would reduce annual U.S. farmworker wages by $475 million. Using a similar methodology, we estimate the likely wage reductions for U.S. farmworkers due to the new rule (see the appendix for methodological details).

As we showed earlier, the H-2A wage reduction under a fully enforced minimum wage would be 25.8%. Based on the responsiveness of U.S farmworker wages to H-2A wage rates from Rutledge et al., the second row of Table 1 shows that the new rule could reduce U.S. farmworker annual wages by $2.7 billion, or 7.1%. The wage losses are again larger if states allow the housing deduction to push pay below the state minimum. In that case, U.S. farmworkers in 2026 would experience an annual pay cut of $3.3 billion, or 8.7%.

This means that farmworkers in total will see annual pay cuts of about $4.4 billion to $5.4 billion (9.9% to 12.1%), depending on the enforcement of state minimum wage laws. This amounts to a massive pay cut for farmworkers who are already some of the lowest-paid employees in the entire U.S. labor market, while working in one of the most difficult and dangerous jobs in the economy.

Conclusion and recommendations

Without question, the Trump DOL has established an AEWR that will lead to much lower pay for both U.S. farmworkers and those recruited from abroad through the H-2A program—and that appears to be its explicit intention. H-2A and U.S. farmworkers risk their lives and health in dangerous conditions like extreme heat in order to put food on the tables of U.S. households. These workers do not deserve a pay cut—they deserve a raise.

The Trump DOL is accepting input from the public through the Federal Register website on the AEWR interim final rule until December 1, 2025, which they are required by law to consider when crafting the final version of the rule. The Trump administration should reconsider its recent actions and listen to the many farmworker advocates and unions who have criticized the new AEWR for its negative impacts. However, the Trump administration has made clear it doesn’t care about the well-being of immigrant workers, or improving the quality of the jobs in which they’re overrepresented. In fact, Trump has expressed wanting to improve jobs and opportunities for native-born workers through the exclusion, deportation, or terrorizing of immigrant workers—something we know won’t work. The AEWR rule policy change, however, shows that the administration is still willing to help agribusiness more easily hire the most exploitable and underpaid labor possible—even if it decimates the jobs and wages of the one-third of farmworkers who are U.S.-born citizens.

Instead of taking money out of the pockets of U.S.-born and foreign-born farmworkers alike, the administration should at minimum:

Reinstate the USDA Farm Labor Survey, which has been the best available source of government data on farmworkers’ wages and employment;
Issue an updated AEWR rule with a methodology that reverts back to the previous rule that requires employers to pay H-2A workers no less than the average wage for field and livestock workers as reported in the FLS; and
Prohibit farm employers from hiring H-2A workers for jobs where they will perform non-farm tasks like construction for more than a trivial portion of their work hours. Those workers should be hired through the H-2B program, or if they remain in the H-2A program, they should be paid the higher non-farm wage for the occupation for 100% of their work hours.

Appendix: Methodology

To calculate counterfactual H-2A wage rates in 2026, we estimate what the AEWR would be in 2026 if the new rule was not in effect and assume that the 2025 AEWR grows by 3.416%, which is the Employment Cost Index (ECI) projection from the Congressional Budget Office (CBO) for private-sector wage growth between 2025 and 2026.

For our estimate on the interim final rule, we assume that the 2026 H-2A wages are the wage rates at skill levels 1 and 2 as listed by DOL, subtracting the housing deduction. We also assume that H-2A labor is distributed across the two wage rates as DOL does (92% of workers in skill level 1, 8% in skill level 2), or we use another distribution as described in the text. We additionally examine the cases when state minimum wages are fully enforced so that H-2A wages can never fall below the state minimum, or the cases when state minimum wages are not fully enforced so that H-2A wages minus the housing deduction can fall below the state minimum wage.

To calculate the H-2A wage bill under the counterfactual and under the new rule, we use the H-2A wage rates described above, use H-2A cumulative weeks worked estimates by state from DOL disclosure data on labor certifications for H-2A jobs, and assume that H-2A workers were employed for 40.5 hours per week, which is the average amount of hours worked nationally by field and livestock workers according to the USDA’s Farm Labor Survey for 2024. Depending on the distribution of labor across wage rates and depending on the enforcement of state minimum wages, these assumptions generate an estimate of the percent fall in H-2A wage rates and the total dollar fall in the annual wage bill. The total counterfactual H-2A wage bill in 2026 is about $6.9 billion.

To estimate the total counterfactual non-H-2A U.S. farmworker wage bill, we start with the 2024 annual wages reported in the QCEW from the Bureau of Labor Statistics (BLS) for U.S. farmworkers in crop production (NAICS 111) and crop support services (NAICS 1151). These industries were also used by Rutledge et al. in their analysis. We convert those 2024 values to 2026 dollars assuming that nominal wages grow at the same rate as CBO (2025) projections for ECI, by 3.501% in 2024–2025 and 3.416% in 2025–2026. Depending on state unemployment insurance coverage rules, some states may include H-2A wages in QCEW data, and some may not; Handwerker estimates that 35% of H-2A workers may have been included in QCEW payroll estimates. In the absence of better state-by-state data, we assume that 65% of the counterfactual H-2A wage bill is missing from QCEW data. The counterfactual total non-H-2A U.S. farmworker wage bill in those industries in 2026 is about $39.0 billion.

To calculate the effect of the new rule on non-H-2A U.S. farmworker wages, we rely on the estimates in Rutledge et al. showing that a 10% increase in the AEWR causes a 2.74% to 2.75% increase in domestic farm wage rates (see their Table 2, column 6, specifications A and B). Averaging these two estimates is our preferred elasticity of H-2A wages to non-H-2A wages. To estimate the percent fall in non-H-2A farmworker wages, we multiply the percent fall in H-2A wage rates by the preferred elasticity. We convert the 2026 dollar value estimates to 2025 dollars using CBO 2025 projections of the 2025–2026 CPI-U inflation rate. We multiply the percent fall in H-2A wage rates by the preferred elasticity.

CPP Investments and IndoSpace Acquire Six Logistics Parks in India

Pension Pulse - November 25, 2025 - 7:54pm

The New Indian Express reports CPP Investments and IndoSpace acquire six industrial and logistics parks across country:

CHENNAI: Professional investment management firm Canada Pension Plan Investment Board (CPP Investments) and supply chain infrastructure platform IndoSpace on Tuesday announced the acquisition of six industrial and logistics parks for Rs 30 billion (471 million Canadian dollars) by IndoSpace Core, a JV between CPP and IndoSpace set up in 2017.
This acquisition strengthens IndoSpace Core’s position as India’s largest operator of stabilised industrial and logistics real estate. CPP Investments will commit INR 14 billion (C$217 million) to fund the acquisition. CPP Investments owns 93% of IndoSpace Core.
The six assets collectively span 380 acres with a leasable area of approximately nine million square feet, adding to IndoSpace Core’s portfolio of fully developed, income-generating parks. These projects are located in Bengaluru, Chennai, Delhi, Mumbai, and Pune.
“India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” said Hari Krishna V, Managing Director, Head of Real Estate India & Mumbai Office Head, CPP Investments.
Anshuman Singh, MD & CEO, IndoSpace, said, “This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence. With over 60 million square feet developed and under development, IndoSpace has established itself as the largest player in India’s industrial and logistics real estate sector.”
He added, “At IndoSpace, our strategy is to remain capital-efficient and proactive in pursuing new development opportunities. As India cements its status as a global manufacturing hub, we are witnessing an increasing demand for high-quality, compliant, and sustainable infrastructure. This is precisely where we envisage our next phase of growth unfolding.”
Following this transaction, IndoSpace Core’s portfolio will expand to 22 million square feet of leasable area across 948 acres, serving over 120 global and domestic companies across six major industrial hubs: Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune.

Earlier today, CPP Investments issued a press release stating it has entered into an agreement with IndoSpace to expand their joint venture with a US$300 million acquisition of six logistics parks:

MUMBAI, India (November 25, 2025) – Canada Pension Plan Investment Board (CPP Investments) and IndoSpace today announced the acquisition of six industrial and logistics parks, valued at INR 30 billion (C$471 million), by IndoSpace Core, a joint venture established in 2017 to acquire and develop logistics facilities across India.

This acquisition strengthens IndoSpace Core’s position as India’s largest operator of stabilized industrial and logistics real estate. CPP Investments will commit INR 14 billion (C$217 million) to fund the acquisition. CPP Investments owns 93% of IndoSpace Core.

The six assets collectively span 380 acres with a leasable area of approximately nine million square feet, adding to IndoSpace Core’s portfolio of fully developed, income-generating parks. These projects are located in India’s key logistics markets, including Bengaluru, Chennai, Delhi, Mumbai, and Pune.

“India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” said Hari Krishna V, Managing Director, Head of Real Estate India & Mumbai Office Head, CPP Investments. “Our longstanding partnership with IndoSpace has enabled us to capture high-quality opportunities in this space. We believe this acquisition will deliver attractive, risk-adjusted returns for CPP contributors and beneficiaries.”

Commenting on the development, Anshuman Singh, MD & CEO, IndoSpace, said, “This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence. With over 60 million square feet developed and under development, IndoSpace has established itself as the largest player in India’s industrial and logistics real estate sector. This acquisition further reinforces the strength of our partnership with CPP Investments, built on a shared belief in India’s potential as a global hub.”

He added, “At IndoSpace, our strategy is to remain capital-efficient and proactive in pursuing new development opportunities. As India cements its status as a global manufacturing hub, we are witnessing an increasing demand for high-quality, compliant, and sustainable infrastructure. This is precisely where we envisage our next phase of growth unfolding.”

Following this transaction, IndoSpace Core’s portfolio will expand to 22 million square feet of leasable area across 948 acres, serving over 120 global and domestic companies across six major industrial hubs: Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About IndoSpace

IndoSpace is India’s leading fully integrated supply chain infrastructure platform. With over 60 million sq. ft. of infrastructure across 50+ strategically located hubs since its inception in 2007, IndoSpace powers more than 150 industry leaders across manufacturing, electronics, 3PL, e-commerce, retail, and automotive sectors.
Aligned with the vision of PM Gati Shakti, the National Logistics Policy (NLP), and Make in India, IndoSpace contributes to India’s supply chain industry by delivering scalable and sustainable infrastructure solutions that enhance efficiency and accelerate manufacturing growth. By integrating technology, sustainability, and operational excellence, IndoSpace continues to shape logistics ecosystems and strengthen its role as a key enabler in India’s growth narrative.

This is another great deal for CPP Investments partnering up with IndoSpace to secure great logistics properties in India.

By now, everyone knows that logistics is the place to be, especially in fast growing countries like India where the middle class is growing, urbanization is taking hold and more and more people are ordering their items online, similar to North America.

This summer, I read an interesting article that with 26% youth and growing middle-class population, India becomes attractive market for Korean brands:

Korean fashion and food companies are increasingly turning their attention to India, driven by growing interest from local youth and middle-class consumers in clothing worn and foods eaten by K-drama characters and K-pop stars.

“Out of India’s 1.4 billion people, 26 percent are in their teens or 20s, making them quick to embrace new cultures,” said an industry insider. “That appetite is now expanding into fashion and food consumption.”
India has been among the world’s five largest economies since 2014, maintaining an average annual growth rate in the 7 percent range, according to the Korea Trade-Investment Promotion Agency (Kotra).

The country’s fashion market, in particular, is showing strong growth. Market research firm Statista projects India’s fashion market will grow from $105.5 billion in 2024 to $122.4 billion by 2028.
Korean companies are targeting India’s middle class, which numbers approximately 430 million. With rapid industrialization, this segment has expanded, and those with annual incomes between $10,000 and $25,000 are showing heightened interest in fashion.
“India’s caste system previously hindered the development of the fashion industry,” said a fashion industry source. “Korean clothing, which features high-quality fabrics and design but is more affordable than European or American brands, has become popular.”

“The rise in India’s golf population — now at 3.5 million — has also boosted interest in golf wear, which benefits K-fashion,” the insider said.

Capitalizing on this trend, LF is preparing to introduce its fashion brand Hazzys to India. In March, it signed a strategic export agreement with local investment firm Asian Brands Corp and plans to open the first store under a local brand in the second half of this year — the first Korean fashion label to do so.

“We will lead with golf wear and expand to various products, aiming to open 10 brand stores within three years,” said LF.
The K-food market in India is also expanding. In addition to snacks like Pepero and Choco Pie and instant noodles, there is now growing demand for frozen foods such as ice cream and even alcoholic beverages. According to Kotra, Korea’s food exports to India grew from $3.77 million in 2019 to $8.26 million in 2022, and $11.64 million in 2023.

Lotte has been particularly aggressive. In February, Lotte Wellfood completed a factory in Pune, India, where it has added a frozen dessert line to produce frozen dessert brands such as Dweji Bar and Jaws Bar. The demand for frozen products is growing as India’s cold chain infrastructure improves. Lotte Group Chairman Shin Dong-bin attended the factory’s completion ceremony and emphasized, “India is a key milestone in Lotte’s global food business.”

Orion also made a fresh capital injection of 6.7 billion won ($4.9 million) into its Indian subsidiary this January to fund operations and production facilities. The company’s revenue in India surged from just 3.1 billion won in 2021 to 21.1 billion won last year, prompting continued investment. Traditional liquor maker Andong Soju also entered the Indian market last year, focusing on fruit-based liquors with alcohol contents of 16.5 percent and 12 percent.

“With Korea facing declining birthrate and slowing growth, India offers an attractive destination for expansion,” said a food industry insider. “We expect more investment in the near future.”

What does South Korea's interest in India have to do with logistics properties? Well, all these multinationals from Asia to North America looking to gain a foothold into India's burgeoning market need facilities to store their items.

In other words, it's all related and the dominant trend driving all this is a growing young population with more disposable income.

Lastly, a week ago I noted that OTPP disbanded its Asia real estate team and OMERS cut its Asia buyout team.

Basically, they weren't producing the deal flow to justify their operations but as CPP Investments demonstrates, if you partner with the right groups in India, you can still land great deals.

Below, creating and operating the finest and largest network of industrial and logistics real estate assets in India, IndoSpace brings to you state-of-the-art Grade-A warehousing spaces that add value to your business. Great partner for CPP Investments.

Also, Girish Ramachandran, President of Growth Markets at Tata Consultancy Services, shared insights on the TCS‑TPG partnership, expansion into AI data centers, talent strategy, and growth prospects across emerging markets. He spoke exclusively with Haslinda Amin on the sidelines of Bloomberg’s New Economy Forum four days ago.

krups coffee grinder instruction manual

Economy in Crisis - November 25, 2025 - 10:40am

Krups Coffee Grinder Instruction Manual: A Comprehensive Guide

Discover optimal brewing with this guide! Explore Krups grinder models‚ safety‚ operation‚ cleaning‚ and troubleshooting – ensuring consistently delicious coffee.

Krups coffee grinders are designed to elevate your daily coffee ritual‚ offering fresh‚ flavorful grounds for a superior brew. From blade to burr grinders‚ Krups provides options for various preferences and budgets. This manual serves as a comprehensive resource‚ guiding you through setup‚ operation‚ and maintenance of your Krups grinder.

Understanding your grinder’s features and following these instructions will unlock the full potential of your coffee beans‚ ensuring a consistently satisfying cup. Explore the world of freshly ground coffee with Krups!

Understanding Your Krups Coffee Grinder Model

Krups offers a diverse range of coffee grinders‚ each with unique features. Identifying your specific model is crucial for accessing the correct support and instructions. Locate the model number – typically found on the underside of the grinder or within the appliance’s documentation.

This number allows you to download the appropriate manual from the Krups website (krupsusa.com) and ensures you’re following the correct procedures for your particular grinder. Knowing your model unlocks tailored guidance!

Identifying Your Specific Model Number

Locating your Krups coffee grinder’s model number is straightforward. Typically‚ a sticker on the bottom of the unit displays this information. Alternatively‚ check the original packaging or your purchase receipt – the model number is usually listed there.

This alphanumeric code (e.g.‚ 203‚ F203) is essential when searching for manuals or replacement parts online at krupsusa.com. Accurate identification ensures compatibility and proper guidance for your appliance.

Safety Precautions

Prioritize safety when operating your Krups coffee grinder. Always ensure the bean hopper and ground coffee container lids are securely fastened before use to prevent scattering. Never immerse the grinder base in water or any liquid.

Unplug the appliance before cleaning. Keep the power cord away from hot surfaces. This appliance is for household use only; avoid operating with a damaged cord or plug.

General Safety Guidelines

Read all instructions carefully before using your Krups coffee grinder. Supervise children when the appliance is in operation. Never operate the grinder if it’s damaged or malfunctioning. Use only for intended purpose – grinding coffee beans.

Avoid operating the grinder continuously for extended periods. Allow it to cool down between uses. Do not attempt to repair the appliance yourself; contact qualified service personnel.

Electrical Safety Instructions

Ensure your outlet voltage corresponds to the grinder’s specifications – typically 110-volt. Never operate with a damaged cord or plug. Do not immerse the grinder‚ cord‚ or plug in water or other liquids. Unplug from the outlet when not in use and before cleaning.

Avoid using extension cords. If one is necessary‚ choose a heavy-duty cord rated for the appliance’s wattage. Do not pull or carry the grinder by the cord.

Parts Identification

Familiarize yourself with your Krups grinder’s components. Key parts include the Bean Hopper‚ with its secure lid for holding whole beans‚ and the Grinding Chamber where beans are processed. The Ground Coffee Container collects the freshly ground coffee.

Locate the power button and grind adjustment settings. Understanding each part’s function is crucial for optimal operation and maintenance of your coffee grinder.

Bean Hopper and Lid

The Bean Hopper securely holds your whole coffee beans before grinding. Ensure the lid is firmly in place during operation to prevent beans from escaping and to maintain optimal grinder performance. Regularly check for bean residue and clean the hopper to preserve coffee freshness.

Avoid overfilling; adhere to the maximum fill line indicated. A properly seated lid is essential for safe and efficient grinding.

Grinding Chamber

The grinding chamber is where the magic happens! This is where the rotating blades transform whole coffee beans into your desired grind size. Never insert foreign objects into the chamber. Always ensure the chamber is empty before cleaning.

Inspect the blades regularly for damage. Proper functioning of the grinding chamber is crucial for consistent results and the longevity of your Krups grinder.

Ground Coffee Container

The ground coffee container neatly collects your freshly ground coffee. Ensure it’s properly positioned before operation to prevent spills. Regularly empty the container after each use to maintain coffee freshness and prevent buildup.

This container often features a lid to preserve aroma and minimize mess. Clean it thoroughly with a dry cloth; avoid washing with water to prevent damage. Proper container use ensures optimal flavor!

Operating Instructions

Before first use‚ ensure the grinder is clean and dry. Fill the bean hopper with desired coffee beans‚ and securely attach the ground coffee container. Plug the appliance into a grounded 110-volt outlet.

Press and hold for pulse grinding‚ or use continuous operation for longer grinds. Always ensure lids are securely in place during operation for safety and optimal results.

Preparing the Grinder for Use

Initially‚ thoroughly clean the bean hopper‚ grinding chamber‚ and ground coffee container with a dry cloth. Confirm all parts are completely dry before assembly. Fill the bean hopper with your preferred coffee beans – do not overfill.

Securely attach the ground coffee container‚ ensuring proper alignment. Plug the grinder into a suitable power outlet. Your Krups grinder is now ready for operation!

Grinding Coffee Beans – Pulse Operation

For precise control‚ utilize the pulse operation. Briefly press and release the power button to initiate grinding. Observe the consistency of the grounds‚ pulsing in short bursts. This method prevents overheating and allows for customized grind size.

Continue pulsing until the desired coarseness is achieved. Remember to never operate the grinder continuously during pulse mode – short bursts are key!

Grinding Coffee Beans – Continuous Operation

To grind continuously‚ press and hold the power button. The grinder will operate as long as the button is depressed. Monitor the grinding process closely‚ as continuous operation can quickly produce fine grounds.

Release the button to stop grinding immediately. Be mindful not to overload the bean hopper‚ and avoid prolonged continuous use to prevent motor strain and ensure optimal performance.

Grind Settings & Adjustment

Achieving the perfect grind is crucial for flavor! Krups grinders offer adjustable settings‚ ranging from coarse for French press to fine for espresso. Experiment to find your ideal consistency.

A coarser grind allows for slower extraction‚ while a finer grind results in faster extraction. Adjust incrementally and test each setting to optimize your brew based on your preferred method and taste preferences.

Understanding Grind Size Options

Krups coffee grinders provide a spectrum of grind sizes to suit various brewing techniques. Coarse grinds are ideal for French presses and cold brew‚ while medium grinds work well with drip coffee makers.

Fine grinds are best for espresso machines‚ and extra-fine grinds are sometimes used for Turkish coffee. Understanding these distinctions ensures optimal extraction and a flavorful cup‚ tailored to your preferred brewing style.

Adjusting Grind Settings for Different Brew Methods

To achieve the perfect brew‚ adjust your Krups grinder accordingly. For French presses‚ select a coarse setting. Drip coffee requires a medium grind. Espresso demands a fine setting‚ ensuring proper pressure.

Experimentation is key! Start with the recommended setting and adjust slightly until you achieve your desired flavor profile. Consistent adjustments lead to consistently excellent coffee.

Cleaning and Maintenance

Regular cleaning ensures optimal performance and longevity of your Krups grinder. Daily‚ wipe down the exterior and empty the grounds container. Periodically‚ use a soft brush to remove coffee residue from the grinding chamber.

For deep cleaning‚ unplug the grinder and carefully remove any remaining beans. Avoid water contact with electrical components. A clean grinder delivers consistently fresh flavor!

Daily Cleaning Procedures

After each use‚ unplug your Krups grinder. Empty the grounds container to prevent stale coffee buildup. Wipe the exterior with a slightly damp cloth – avoid harsh chemicals. Ensure the bean hopper lid is securely fastened to maintain freshness.

A quick daily routine preserves grinder performance and ensures consistently flavorful coffee. This simple habit extends the life of your appliance!

Deep Cleaning Instructions

For a thorough clean‚ unplug the grinder and disassemble removable parts – hopper‚ container‚ and blade assembly (refer to your model’s manual). Wash these components with warm‚ soapy water; rinse and dry completely before reassembling.

Use a soft brush to remove coffee residue from the grinding chamber. Avoid water contact with the motor. Repeat monthly‚ or as needed‚ for optimal performance and flavor!

Troubleshooting Common Issues

If your Krups grinder won’t turn on‚ check the power cord and outlet. Ensure the lid is securely in place‚ as a safety mechanism prevents operation without it. For uneven grinding‚ adjust the grind settings – finer for espresso‚ coarser for French press.

Regular cleaning also prevents build-up affecting grind consistency. If issues persist‚ consult the Krups support resources.

Grinder Not Turning On

First‚ verify the Krups grinder is properly plugged into a functioning power outlet. Confirm the bean hopper and ground coffee container lids are securely fastened; a safety feature prevents operation if they’re loose. Inspect the power cord for any visible damage.

If the problem continues‚ try a different outlet to rule out electrical issues. Contact Krups support if these steps don’t resolve the issue;

Uneven Grind Size

Achieving a consistent grind is crucial for optimal coffee flavor. If your Krups grinder produces uneven results‚ ensure you’re using fresh‚ dry coffee beans. Check the grinding blades for any obstructions or damage. Adjust the grind setting incrementally; finer settings require more consistent beans.

Overfilling the bean hopper can also contribute to inconsistency. Regularly clean the grinder to remove coffee residue.

Replacing Parts

Maintaining your Krups grinder often requires replacing worn components. Finding replacement blades is essential for consistent grinding; search online retailers specifying “Krups 200 Series Grinder Blade”. Bean hopper replacements are also available‚ ensuring proper bean feed.

Always disconnect the grinder before attempting any part replacement. Refer to your model’s diagram for correct installation. Prioritize genuine Krups parts for optimal performance.

Finding Replacement Blades

Locating replacement blades for your Krups grinder is crucial for maintaining grind quality. Online marketplaces frequently offer “Krups Grinder Blade” specifically for the 200 Series models. Ensure compatibility with your exact model number before purchasing.

Check appliance parts retailers and the Krups USA website. Prioritize stainless steel blades for durability. Always verify the blade’s dimensions match the original to guarantee a secure fit and safe operation.

Replacing the Bean Hopper

Should your Krups bean hopper become damaged or lost‚ finding a replacement is straightforward. Search online retailers using “Krups bean hopper” alongside your grinder’s model number for precise matches. Ensure the new hopper securely locks into place‚ preventing spills during operation.

Inspect the hopper for cracks before each use. A properly fitted hopper maintains bean freshness and ensures consistent grinding performance. Prioritize genuine Krups parts when available.

Frequently Asked Questions (FAQ)

Q: Where can I find my Krups grinder’s manual? A: Visit krupsusa.com and search by model number. Q: What if my grinder won’t turn on? A: Check the power cord and outlet. Q: How do I adjust grind size? A: Use the grind adjustment dial.

Q: Can I grind oily beans? A: Yes‚ but clean frequently. Q: Where to find replacement parts? A: Online retailers or Krups customer support.

Warranty Information

Krups coffee grinders are warranted against defects in materials and workmanship for a period of one year from the date of purchase. This warranty covers normal household use. Damage due to misuse‚ accidents‚ or unauthorized repairs is excluded. Proof of purchase is required for all warranty claims.

To initiate a claim‚ contact Krups customer support. The warranty does not cover blade wear. See full warranty details at krupsusa.com for complete terms and conditions.

Krups Customer Support Contact Details

For assistance with your Krups coffee grinder‚ visit krupsusa.com for frequently asked questions and downloadable manuals. Online resources provide troubleshooting guides and helpful tips. You can also reach Krups customer support via phone or email for personalized assistance.

Find specific contact information‚ including phone numbers and email addresses‚ on the Krups website’s support section. Dedicated representatives are available to address your concerns.

Online Resources and Manual Downloads

Access a wealth of information at krupsusa.com! Easily locate your Krups coffee grinder manual by searching for “Krups” and your specific model number. The website offers comprehensive FAQs addressing common issues and providing helpful tips for optimal grinder performance.

Download user manuals and guides directly from the site‚ ensuring you always have the latest instructions at your fingertips. Explore online resources for troubleshooting assistance.

Phone and Email Support

For direct assistance with your Krups coffee grinder‚ reach out to Krups Customer Support. While specific contact details weren’t explicitly provided in the source material‚ visiting krupsusa.com is the best starting point to locate current phone numbers and email addresses.

Expect knowledgeable representatives ready to address your questions‚ troubleshoot issues‚ and provide guidance on maximizing your grinder’s performance. Prepare your model number for efficient support.

The post krups coffee grinder instruction manual appeared first on Every Task, Every Guide: The Instruction Portal
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La Caisse Looks to Double Private Credit Portfolio in Five Years

Pension Pulse - November 24, 2025 - 8:16pm

Privina Ramanan of Private Debt Investor reports La Caisse looks to double its private credit portfolio in the next five years:

Private credit has become a significant asset class for Canadian institutional investor La Caisse (formerly CDPQ) as it looks to double its exposure in the next five years.

Speaking to Private Debt Investor, the institution revealed that the team sees a lot of opportunity in the asset class. A predominant portion of its private credit activities are reserved for direct lending, but in the past five years it has added exposure through other complementary strategies.

La Caisse has four verticals in which it invests in private credit – corporate credit, infrastructure financing, real estate finance and capital solutions, which focuses on opportunities in asset-backed strategies for tangible and financial assets.

For corporate credit, the team has been looking at large unitranche deals but it also covers mid-market opportunities in specific sectors of interest, namely technology and software, healthcare, education, financial and business services.
In terms of regions, while La Caisse is a global investor, the private credit teams primarily focus on opportunities in Europe and North America, due to the depth of these markets and their scalability.

Alright, I saw this last week and my first thought was why come out now and let the world know you want to double your allocation to private credit when the asset class has all sorts of cracks forming?

Four days ago, the Financial Times reported on B lue Owl’s private credit fund U-turn, stressing buyout firms, but today Reuters is reporting the firm is considering reviving merger of private credit funds, contingent on fund's share price.

As Bloomberg rightly notes, in private credit, Blue Owl is the sum of all investor fears.

Basically, we have an asset class that has enjoyed unprecedented strength and growth and hasn't been battle tested in a recession and that makes investors nervous.

Still, some of the industry's biggest investors have come out recently to defend the asset class, stating people have 'lost their minds' over private credit fears.

I don't know, I don't put Apollo and Blackstone in the same boat as a lot of newer funds trying to capitalize on a trend.

Getting back to La Caisse, the head of Private Credit there is Jérôme Marquis who leads the Corporate and Infrastructure Credit, Real Estate Finance, Capital Solutions and Private Credit Portfolio Analysis teams.

Most of the lending they do in private credit is in assets they back and know extremely well, but they also do unitranche deals in mid-market spaces where they are active in private equity namely, technology and software, healthcare, education, financial and business services.

Jérôme Marquis reports to Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit.

When Marc Cormier retired, Private Credit left the Fixed Income group to merge with Private Equity.

There are some governance issues there but I'm sure they've sorted them out (typically Private Credit is part of Fixed Income or part of an overall Credit group like at CPP Investments, not part of Private Equity because you don't want those investing in funds also investing in the credit tranches backing those funds).

Anyway, Jérôme and his team are smart, they know what they're doing and I wouldn't be surprised if they are privately hoping for major dislocations in the asset class over the next five years so they can capitalize on opportunities as they arise.

All this to say, the timing of this announcement might seem odd (top pf the private credit market?) but it makes sense when you take a step back and understand their business and what they are doing there.

I can't add more to this comment without a full on discussion with Jérôme Marquis and Martin Longchamps but I doubt I will gain access to them.

People get really nervous when it comes to Private Credit, they like to keep things close to their chest.

Below, Blue Owl had just announced it was scrapping a planned merger of two of its private credit funds, backtracking on a plan revealed Nov. 5 after scrutiny arose over the potential losses some investors would have to swallow as part of the deal. The parent company’s shares had fallen this week to the lowest level since 2023. Listen to this Bloomberg podcast.

Also, Apollo's Marc Rowan says he’s not worried about Jamie Dimon’s reference to hidden “cockroaches” in private credit.

Top Funds' Activity in Q3 2025

Pension Pulse - November 21, 2025 - 7:02pm

It's that time of the year again where we get a sneak peek into the portfolios of the world's top money managers, with a 45-day lag. And in this market, 45 days is a lifetime because things change on an hourly basis.

This was a crazy week trading. I will first give you the list of symbols I'm tracking daily this week: AAPL, GOOG, AMD, AVGO, MU, NVDA, MSFT, AMZN, TSLA, META, CLS, ORCL, BE, OKLO.

Then, let's see what were the worst performing large cap US stocks this week:

Not surprisingly, with bitcoin hitting a fresh low of $84,100, down 11% this week, anything related to crypto got obliterated.

But there were other stocks like Micron (MU) that also got hit hard as did Oracle (ORCL), Palantir (PLTR) and a bunch of other high flyers like quantum computing stocks (see the full list here).

Why am I sharing you this list of stocks that got dinged hard this week? Because I'm 100% confident these are the stocks big hedge funds are buying to close out their year.

That data will only be available on February 15th but I've been doing this long enough to know when Wall Street is manufacturing a bogus selloff and this week was a bogus selloff.

They waited till Nvidia reported another blowout earnings report to sell the news and it just feels too well orchestrated.

Never mind what Ray Dalio said on CNBC, listen to me, the stocks on this list are all going to rip higher next month and in January.

The Fed will cut rates in December and off we go again into another rally which is likely going to start next week before US Thanksgiving then go on till Christmas and beyond (Santa Claus rally).

All this to say, I couldn't care less what hedge funds were buying last quarter, I live in the moment, and having traded long enough, I can feel when it's a bogus selloff and when it's the real deal.

This isn't the real deal, the AI bubble is alive, you'll see it come back with a vengeance as hedge funds use weakness to reload again.

So, take at these filings with a gain of salt, use the weakness to load up on Micron, Oracle, Meta, and plenty of more stocks that are down 30, 40% or more in two months.

That's my best advice to you, enjoy your weekend!

The links below take you straight to the top holdings of top money managers and then click to see where they increased and decreased their holdings.

Top multi-strategy, event driven hedge funds and large hedge fund managers

As the name implies, these hedge funds invest across a wide variety of hedge fund strategies like L/S Equity, L/S credit, global macro, convertible arbitrage, risk arbitrage, volatility arbitrage, merger arbitrage, distressed debt and statistical pair trading. Below are links to the holdings of some top multi-strategy hedge funds I track closely:

1) Appaloosa LP

2) Citadel Advisors

3) Balyasny Asset Management

4) Point72 Asset Management (Steve Cohen)

5) Millennium Management

6) Farallon Capital Management

7) Shonfeld Strategic Partners

8) Walleye Capital

9) Verition Fund Management

10) Peak6 Investments

11) Kingdon Capital Management

12) HBK Investments

13) Highbridge Capital Management

14) Highland Capital Management

15) Hudson Bay Capital Management

16) Pentwater Capital Management

17) Sculptor Capital Management (formerly known as Och-Ziff Capital Management)

18) ExodusPoint Capital Management

19) Carlson Capital Management

20) Magnetar Capital

21) Whitebox Advisors

22) QVT Financial

23) Paloma Partners

24) Weiss Multi-Strategy Advisors

25) York Capital Management

Top Global Macro Hedge Funds and Family Offices

These hedge funds gained notoriety because of George Soros, arguably the best and most famous hedge fund manager. Global macros typically invest across fixed income, currency, commodity and equity markets.

George Soros, Carl Icahn, Stanley Druckenmiller, Julian Robertson have converted their hedge funds into family offices to manage their own money.

1) Soros Fund Management

2) Icahn Associates

3) Duquesne Family Office (Stanley Druckenmiller)

4) Bridgewater Associates

5) Pointstate Capital Partners

6) Caxton Associates (Bruce Kovner)

7) Tudor Investment Corporation (Paul Tudor Jones)

8) Discovery Capital Management (Rob Citrone)

9) Moore Capital Management

10) Rokos Capital Management

11) Element Capital

12) Bill and Melinda Gates Foundation Trust (Michael Larson, the man behind Gates)

Top Quant and Market Neutral Hedge Funds

These funds use sophisticated mathematical algorithms to make their returns, typically using high-frequency models so they churn their portfolios often. A few of them have outstanding long-term track records and many believe quants are taking over the world. They typically only hire PhDs in mathematics, physics and computer science to develop their algorithms. Market neutral funds will engage in pair trading to remove market beta. Some are large asset managers that specialize in factor investing.

1) Alyeska Investment Group

2) Renaissance Technologies

3) DE Shaw & Co.

4) Two Sigma Investments

5) Cubist Systematic Strategies (a quant division of Point72)

6) Man Group

7) Analytic Investors

8) AQR Capital Management

9) Dimensional Fund Advisors

10) Quantitative Investment Management

11) Oxford Asset Management

12) PDT Partners

13) TPG Angelo Gordon

14) Quantitative Systematic Strategies

15) Quantitative Investment Management

16) Bayesian Capital Management

17) SABA Capital Management

18) Quadrature Capital

19) Simplex Trading

Top Deep Value, Activist, Growth at a Reasonable Price, Event Driven and Distressed Debt Funds

These are among the top long-only funds that everyone tracks. They include funds run by legendary investors like Warren Buffet, Seth Klarman, Ron Baron and Ken Fisher. Activist investors like to make investments in companies where management lacks the proper incentives to maximize shareholder value. They differ from traditional L/S hedge funds by having a more concentrated portfolio. Distressed debt funds typically invest in debt of a company but sometimes take equity positions.

1) Abrams Capital Management (the one-man wealth machine)

2) Berkshire Hathaway

3) TCI Fund Management

4) Baron Partners Fund (click here to view other Baron funds)

5) BHR Capital

6) Fisher Asset Management

7) Baupost Group

8) Fairfax Financial Holdings

9) Fairholme Capital

10) Gotham Asset Management

11) Fir Tree Partners

12) Elliott Investment Management (Paul Singer)

50) Oaktree Capital Management

51) Fayez Sarofim & Co

56) Owl Creek Asset Management

57) Portolan Capital Management

58) Proxima Capital Management

59) Tourbillon Capital Partners

60) Impala Asset Management

61) Valinor Management

62) Marshall Wace

63) Light Street Capital Management

64) Rock Springs Capital Management

65) Rubric Capital Management

66) Whale Rock Capital

67) Skye Global Management

68) York Capital Management

69) Zweig-Dimenna Associates

Top Sector and Specialized Funds

I like tracking activity funds that specialize in real estate, biotech, healthcare, retail and other sectors like mid, small and micro caps. Here are some funds worth tracking closely.

1) Avoro Capital Advisors (formerly Venbio Select Advisors)

2) Baker Brothers Advisors

3) Perceptive Advisors

4) RTW Investments

5) Healthcor Management

6) Orbimed Advisors

7) Deerfield Management

8) BB Biotech AG

9) Birchview Capital

10) Ghost Tree Capital

11) Soleus Capital Management

12) Oracle Investment Management

13) Palo Alto Investors

14) Consonance Capital Management

15) Camber Capital Management

16) Redmile Group

17) Casdin Capital

18) Bridger Capital Management

19) Boxer Capital

20) Omega Fund Management

21) Bridgeway Capital Management

22) Cohen & Steers

23) Cardinal Capital Management

24) Munder Capital Management

25) Diamondhill Capital Management

26) Cortina Asset Management

27) Geneva Capital Management

28) Criterion Capital Management

29) Daruma Capital Management

30) 12 West Capital Management

31) RA Capital Management

32) Sarissa Capital Management

33) Rock Springs Capital Management

34) Senzar Asset Management

35) Paradigm Biocapital Advisors

36) Sphera Funds

37) Tang Capital Management

38) Thomson Horstmann & Bryant

39) Ecor1 Capital

40) Opaleye Management

41) NEA Management Company

42) Sofinnova Investments

39) Ariel Investments

40) ARK Investment Management

Canadian Asset Managers

Here are a few Canadian funds I track closely:

1) Addenda Capital

2) Letko, Brosseau and Associates

3) Fiera Capital Corporation

4) West Face Capital

5) Hexavest

6) 1832 Asset Management

7) Jarislowsky, Fraser

8) Connor, Clark & Lunn Investment Management

9) TD Asset Management

10) CIBC Asset Management

11) Beutel, Goodman & Co

12) Greystone Managed Investments

13) Mackenzie Financial Corporation

14) Great West Life Assurance Co

15) Guardian Capital

16) Scotia Capital

17) AGF Investments

18) Montrusco Bolton

19) CI Investments

20) Venator Capital Management

21) Van Berkom and Associates

22) Formula Growth

23) Hillsdale Investment Management

Pension Funds, Endowment Funds, Sovereign Wealth Funds and the Fed's Swiss Surrogate

Last but not least, I the track activity of some pension funds, endowment, sovereign wealth funds and the Swiss National Bank (aka the Fed's Swiss surrogate). Below, a sample of the funds I track closely:

1) Alberta Investment Management Corporation (AIMco)

2) Ontario Teachers' Pension Plan

3) Canada Pension Plan Investment Board

4) Caisse de dépôt et placement du Québec

5) OMERS Administration Corp.

6) Healthcare of Ontario Pension Plan (HOOPP)

7) British Columbia Investment Management Corporation (BCI)

8) Public Sector Pension Investment Board (PSP Investments)

9) PGGM Investments

10) APG All Pensions Group

11) California Public Employees Retirement System (CalPERS)

12) California State Teachers Retirement System (CalSTRS)

13) New York State Common Fund

14) New York State Teachers Retirement System

15) State Board of Administration of Florida Retirement System

16) State of Wisconsin Investment Board

17) State of New Jersey Common Pension Fund

18) Public Employees Retirement System of Ohio

19) STRS Ohio

20) Teacher Retirement System of Texas

21) Virginia Retirement Systems

22) TIAA CREF investment Management

23) Harvard Management Co.

24) Norges Bank

25) Nordea Investment Management

26) Korea Investment Corp.

27) Singapore Temasek Holdings

28) Yale Endowment Fund

29) Swiss National Bank (aka, the Fed's Swiss surrogate)

Below, Bill Eigen, JPMorgan Asset Management CIO of absolute return fixed income, joins 'Squawk Box' to discuss the Fed's interest rate decision, latest market trends, what to make of the recent volatility, health of the private credit market, and more.

Also, John Stoltzfus, Oppenheimer chief investment strategist, joins 'The Exchange' to discuss where to look for market opportunities, the sectors the strategist favors and much more.

Third, Mohamed El-Erian, Allianz chief economist, joins 'Closing Bell' to discuss the Federal Reserve's December rate decision, if equity markets will impact the Fed and much more.

Lastly, Bridgewater founder Ray Dalio joins 'Squawk Box' to discuss concerns over an AI bubble, the history of economic bubbles, what investors can do in response to bubble fears, state of private credit market, problems around debt, his thoughts on bitcoin, and more.

OTPP Disbands Asia Real Estate Team; OMERS Cuts Asia Buyout Team

Pension Pulse - November 20, 2025 - 10:12pm

Christie Ou of PERE reports OTPP disbands Asia real estate team amid regional retrenchment:

Ontario Teachers’ Pension Plan is disbanding its Asia real estate team, marking the latest step in the Canadian pension fund’s gradual pullback from the region, PERE has learned.

The investor will transition oversight of its Asia real estate investments to its headquarters in Toronto by the end of 2026, according to PERE‘s sources. This decision follows the departure of Jun Ando, OTPP’s head of real estate Asia-Pacific, in September, per a prior PERE report. The organization has yet to name a new head of real estate for the region. Additionally, Singapore-based real estate director Waqar Zahid is set to relocate back to Toronto, according to two PERE sources.

“We recently made the strategic decision to transition oversight of our real estate portfolio in APAC to our Toronto office by the end of next year. This decision impacts a small number of our colleagues who will either relocate to Toronto or leave the organization in phases,” an OTPP spokesperson told PERE.

“This change simplifies our operating structure in real estate, which continues to be a core component of our diversified portfolio at approximately 11 percent of our asset mix. The Asia-Pacific region continues to be part of our long-term strategy, and we have approximately 8 percent of our asset mix in the region.”

As of December 31, 2024, OTPP reported C$29.4 billion ($21 billion; €18.1 billion) in real estate assets under management, with 64 percent of its portfolio in Canada, 16 percent in the US, 11 percent in Europe, 5 percent in Latin America and 4 percent in Asia-Pacific, according to its annual report.

The decision to disband the Asia real estate team comes just a few years after OTPP returned to the market in 2021, when it committed $400 million to Hines Asia Property Partners, marking the investor’s first property investment in the region since the early 2000s, according to a PERE report. In 2023, OTPP also partnered with Sydney-based manager Gateway Capital to launch the Gateway Capital Urban Logistics Partnership, a vehicle targeting a A$1 billion ($655 million; €566 million) portfolio of industrial and logistics assets along Australia’s east coast.

The dismantling of its Asia real estate team is part of a broader trend of OTPP scaling back its presence in the region. The pension fund currently has C$25 billion in total AUM across Asia-Pacific. In March, OTPP announced the closure of its Hong Kong office, which had been operational since 2013. This move followed a series of reductions, including the shuttering of its China equity investment team in 2023 and layoffs within its Asia venture and growth equity team in 2024, according to a Reuters report.

OTPP’s retrenchment in Asia has also been accompanied by significant leadership changes. In 2023, Ben Chan, head of Asia-Pacific, and Raju Ruparelia, who led direct investments in the region, both departed the organization, according to a report by affiliate title Private Equity International. These exits followed the dismantling of OTPP’s Asia-Pacific equity investment team, which resulted in the loss of five roles in Hong Kong.

The retrenchment reflects broader trends among global institutional investors, many of which are re-evaluating their exposure to Asia. Fellow Canadian public pension fund Alberta Investment Management Corporation, for example, closed its Asia office in Singapore in February, shortly after its opening in 2023, amid efforts to streamline resources.

Layan Odey and Echo Wong of Bloomberg also report Ontario Teachers to make cuts to Asia real estate team:

Ontario Teachers’ Pension Plan will disband its Singapore-based Asia real estate team by the end of next year, further paring its physical presence in the region.
“This change simplifies our operating structure in real estate,” a spokesperson for the Canadian pension fund said about its plan to wind down the Asia division. OTPP will transition oversight of its property investments in Asia to its Toronto office, and affected staffers in Singapore will either relocate there “or leave the organization in phases,” the spokesperson said.
The Singapore-based real estate team currently has around five individuals, a person familiar with the matter said. OTPP has 30 to 40 employees in the city-state, including investment professionals who focus on private equity and infrastructure assets in Asia.
OTPP earlier this year decided to shut down its Hong Kong office and reduce its exposure to China amid rising geopolitical tensions, Bloomberg News reported in March. That wind-down process is expected to take around 18 months.
“The Asia-Pacific region continues to be part of our long- term strategy,” the fund’s spokesman said, adding that OTPP has approximately 8% of its “asset mix” in the region.
Globally, real estate makes up 11% of the pension fund’s total assets, which stood at C$269.6 billion ($192 billion) at the end of June. Private Equity Real Estate earlier reported the Singapore real estate team changes.
Another Canadian pension fund, the Ontario Municipal Employees Retirement System, is cutting Asia buyout team as the pension reassesses its strategy, Bloomberg News reported last month.

You can read about OMERS dismissing its entire Asia buyout team here.

So what's this all about? Basically deal flow or lack of deal flow.

If you're going to your board of directors to justify boots on the ground in Asia, paying them big compensation, they better deliver the goods or else shut it down the operations and invest in funds that are delivering the goods (pay more in fees but it's the price you pay to gain exposure in Asia).

Asia real estate is a tough market. OTPP isn't the only one that cut its staff there. London based ICG shut down its real estate business there after three years.

OTPP's Head of Real Estate Pierre Cherki runs a lean team and their focus is mostly on North America and Europe.

He and Jenny Hammarlund recently discussed Ontario Teachers’ real estate reset and clearly the APAC region isn't part of their main focus now.

It's not that there aren't opportunities in Asia, there are especially in Tokyo, Singapore and Sidney, but if you don't have edge there, invest with those that do or get out of the market altogether.

Moreover, while ULI and PwC found a mood of cautious optimism among real estate professionals in Asia, they report considerable disparities in markets and sectors across the region:

Stuart Porter, Asia Pacific real estate leader, PwC Global Real Estate leadership team, says: “Within a disparate Asia market, what you can discern is that rising rents have cushioned the prospects of rate pressures, global capital pivots further towards the robust markets of Japan and Australia, and construction costs have somewhat redirected focus from new development to disciplined asset management.
“Data centers remain the darlings of the investment world, though assumptions are subject to challenge by the bargaining power of tenants, power capacity constraints, and technological advances. AI [artificial intelligence] is in the early stages of transforming middle and back-office roles and operations while elevating the value of operational expertise. Use of AI might temper the office recovery, even as ‘work from home’ largely dissipates.”
Mark Cooper, senior director, Thought Leadership, ULI Asia Pacific, adds: “Real estate investors expect a more amenable interest rate environment in 2026, with falling rates in markets such as Australia and South Korea and only minor rises from a very low base in Japan. While Asia Pacific faces many challenges, it is still home to the bulk of the world’s growth, and this supports real estate investment in the long term.”

You can read the full report here.

As far as OMERS, its new head of Private Equity, Alexander Fraser, is clearly outlining his strategy focusing on North America and Europe and will strategically do buyouts in Asia via funds where warranted.

There is not much else to report here, just keep in mind in order to justify employees in Asia or anywhere, they need to deliver to make up for their expenses and that's not always easy in every region.

Below, TPG's latest Investment Insights episode featuring Joel Thickins, Co-Head of TPG Asia and Head of Australia & New Zealand. He shares his perspective on Asia’s macro landscape, highlighting structural tailwinds and growth in alternatives across the region.

He also explores investment opportunities in Australia, framed by increasing trade opportunities with the Asia-Pacific markets. With 30+ years in Asia, TPG combines sector specialization, operational value-add, and the strength of our global franchise and ecosystem to build regional market leaders and foster long-term growth.

My two cents, if you can't beat the TPGs and KKRs of this world in Asia-Pacific, you shouldn't have employees in this region trying to go it alone.

Delayed jobs report shows job losses in August followed by small September bounceback

EPI - November 20, 2025 - 10:06am

Below, EPI senior economist Elise Gould offers her insights on the jobs report released this morning.

Finally, the first #JobsDay since the shutdown! The latest data out today is for September before the shutdown began on October 1.

Highlights:
– payroll employment up 119k for Sept while August change was revised down to below zero
– unemployment rate ticked up 3 months in a row to 4.4%

#EconSky

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— Elise Gould (@elisegould.bsky.social) Nov 20, 2025 at 7:42 AM

Even with the faster than expected growth in payroll employment for September, downward revisions for July and August meant that combined July+Aug job growth was 33k less than originally reported. Over the last three months, job growth averaged 62k with small losses in both June and August.
#EconSky

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— Elise Gould (@elisegould.bsky.social) Nov 20, 2025 at 7:59 AM

Job gains were strongest in leisure and hospitality and health care while there were losses in transportation and warehousing and professional and business services. Manufacturing, mining, and the federal government also registered losses. On net, 119k jobs added in September.
#EconSky #NumbersDay

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— Elise Gould (@elisegould.bsky.social) Nov 20, 2025 at 8:11 AM

Federal cuts continue to cost jobs as federal employment fell another 3k in Sept. Federal employment is down 97k since January. The full extent of the federal job losses won’t be seen until we get data for October after upwards of 100k additional federal workers left payrolls after Sept 30.
#EconSky

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— Elise Gould (@elisegould.bsky.social) Nov 20, 2025 at 8:17 AM

The household survey is a useful read on the labor market for various demographic groups. The unemployment rate ticked up to 4.4%, its highest since 2021. While a more volatile series, the data show high Black unemployment, holding steady at 7.5% in September, and 1.5 ppts higher than May.
#EconSky

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— Elise Gould (@elisegould.bsky.social) Nov 20, 2025 at 8:28 AM

In addition to Black unemployment, I’ve been keeping my eye on the unemployment rate for young workers. With depressed hires, I’m concerned about the ability for young workers to break into the labor market. Their unemployment rate has been steadily rising for much of the last 2 1/2 years.
#EconSky

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— Elise Gould (@elisegould.bsky.social) Nov 20, 2025 at 8:36 AM

BCI Enters Into JV With QAI to Prepare For Quantum Computing Age

Pension Pulse - November 19, 2025 - 8:10pm

Aleksandra Sagan of The Logic reports B.C. pension fund manager creates joint venture to use quantum tech for better investing:

British Columbia Investment Management Corp. said Monday it has joined forces with Quantum Algorithms Institute, a B.C.-based non-profit working to accelerate the adoption of quantum technologies. CEO Gordon J. Fyfe said QAI will help it “prepare for the risks and opportunities ahead.” (The Logic)
Talking point: The two will identify ways to optimize BCI’s portfolio, risk assessment and financial modelling with quantum technologies, as well as improve security standards. The latter has been a focus for BCI for some time. BCI said in its most recent annual report that it is “preparing… to be post-quantum ready, ensuring our data and systems remain secure.” BCI, which manages investments for 32 public sector clients such as pension funds, has $295 billion in gross assets under management, according to its most recent annual report. It has invested in quantum tech previously, backing B.C.-based Photonic Inc. since 2021.

Bloomberg also covered this story here.

On Monday, BCI issued a press release to state that in has entered into a joint venture with QAI to be "post-quantum ready":

Joint initiative reinforces British Columbia as a hub for quantum innovation in Canada

VICTORIA, BC – November 17, 2025 – British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, and the Quantum Algorithms Institute (QAI), a non-profit organization supporting adoption of quantum technologies in British Columbia, today announced a joint initiative to advance post-quantum readiness.

“Working with QAI gives us access to world-class quantum expertise as we prepare for the risks and opportunities ahead,” said Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at BCI. “Quantum computing will impact how investors around the world protect systems and approach complex investment scenarios. We are positioning BCI to leverage this technology for business advantage as it becomes more widely available.”

Together, BCI and QAI will work to identify quantum investment applications for portfolio optimization, risk assessment, and financial modeling, while implementing post-quantum security standards to support BCI’s long-term operational resilience. QAI will use the insights gained through this hands-on experience to support quantum preparedness across British Columbia and Canada’s business ecosystems.

“With quantum computers expected to be commercially viable within three to five years, this collaboration will offer critical learnings that extend beyond BCI,” said Louise Turner, Chief Executive Officer of QAI. “We’re developing playbooks and use cases that can help other organizations – from governments to small businesses – build their own quantum readiness.”

BCI’s quantum experience extends beyond operations to its global portfolio. This includes investments like Photonic Inc., a British Columbia-based quantum computing company backed since 2021, which offered early insight into the technology’s evolution and commercial potential. The joint initiative with QAI builds on this strong foundation and BCI’s broader commitment to accelerating innovation. 

I suggest you visit Quantum Algorithms Institute's site to understand what they are doing and how they can help BCI improve its investment operations, bolster its investment and operational risk management.

Before you dismiss this as a bunch of quantum computing malarkey which admittedly was my first impulse, I invite you to read this KPMG insight paper on data safety in the quantum computing age:

Today’s world runs on data, from emails and passwords to financial and medical records, from factories, schools and armies to energy grids and telecommunications networks. And encryption protects this data, preventing criminals and hackers and other bad actors from getting their hands on this precious resource.
While cracking encryption would take a traditional computer billions of years, with the emergence of quantum computing these codes could potentially be broken in hours. It is possible that encrypted data may have already been stolen, with the anticipation that in the next decade or so, quantum computers might be able to decrypt this information. That’s a concerning prospect when you consider that certain types of data should be kept secure for many years or decades. These include health records and financial information, defense designs, autonomous systems and critical infrastructure, like payment systems, telecommunications and energy supply.
Misuse of data has a real-world impact on people. When hackers are able to steal individuals’ identities to misdirect payments (such as house deposits or salaries), apply for credit cards or passports, or file for government benefits, the impacts to respective financial systems could stretch to trillions of dollars. Organizations could fall prey to phishing and malware attacks, leading to business interruption, ransoms and negative publicity.
This is not a future problem but an immediate issue. On the one hand, numerous governments, companies and researchers are racing to scale up their quantum computing systems, with many technology companies producing quantum roadmaps towards large, error-corrected quantum computers. On the other hand, these organizations are also seeking smart ways to make it harder to crack encryption, by producing quantum-safe cryptosystems. Nor is it just a technological threat; there are likely to be regulations that could leave organizations facing penalties for failing to meet encryption standards, as well as being locked out of defense, national security, health and government contracts, as procurement requirements are updated.
In the US, for example, the Quantum Computing Cybersecurity Preparedness Actopens in a new tab requires federal government agencies to “adopt technology that will protect against quantum computing attacks.”1 The Australian Signals Directorate (ASD) has updated its guidelines for cryptography and information security.2,3 And in February 2025, Europol hosted a Quantum Safe Financial Forum (QSFF) event, calling on financial institutions and policymakers to prioritize the transition to quantum-safe cryptography.4 Which has been followed by a European Commission transition timeline for critical infrastructure, starting in 2026 and to be completed by 2030.5 As quantum computing evolves, and the cyber threat increases, we can expect to see an increase in industry-specific frameworks, regulations, and best practice guidelines.
Creating a quantum-resilient organization
Encryption is typically implemented by internal IT teams, cloud and software providers. However, despite being totally reliant on encryption, many organizations know relatively little about how and where the data they use is encrypted. This magnifies the challenge of quantum resilience, which now calls for an understanding of both your own cryptographic implementation as well as all dependent systems.
To protect against quantum cyber risk, organizations should adopt post-quantum cryptography (PQC) algorithms, which resist the efforts of powerful quantum computers. The US National Institute of Standards and Technology (NIST) has already made such algorithms available. Transitioning to PQC is a major effort over several years, involving the entire enterprise — not just IT — preferably overseen by a cross-organizational encryption leader.
PQC algorithms would need to be implemented in various software solutions, including key libraries, digital signatures and authentication. Given the scale of the task, it’s important to broaden cyber expertise, plan budgets, and empower teams to manage this increasing risk, as part of a multi-year transition effort.
Organizations should aim to build a cryptographic bill of materials (CBOM), to better understand what encryption is being used, and where. The CBOM lists all the cryptographic assets employed across software (including software-as-a-service), services, and infrastructure — within the enterprise and across the supply chain. It’s also vital to assess the level of risk of each asset, to prioritize high-value data — which varies between sectors. For consumer companies, for example, customer data is paramount; in life sciences, intellectual property is especially valuable. Other organizations may be keen to protect financial, operational, and employee information.
These key efforts support the development of a roadmap for discovery, assessment, management, remediation and monitoring the transition to quantum resilience, and coping with ongoing risk. This requires coordination across the IT estate. With so many players involved in encryption, contractual agreements with third parties should specify appropriate levels of quantum cybersecurity and clarify how the PQC transition can be harmonized. Procurement strategies, whether for devices or software, should also be updated to include quantum-resistant technologies, so that these IT investments can support PQC requirements during their lifetime.
As is already the case it's vital to review data retention policies, to reduce the time that sensitive data is stored and only retain data that’s absolutely necessary, while deleting data no longer needed. To maintain operational continuity, organizations should make appropriate enhancements to security controls (based upon their unique risk profile) to integrate PQC, and to select and test quantum-safe, cryptographically agile solutions in their IT infrastructure, ahead of full deployment.
Get started
It is not yet a full quantum computing world, but it soon will be. As they prepare to adopt PQC, IT leaders should be aware that this is not a standalone project but a transition to a new business-as-usual. It will take several years and impact the entire enterprise, calling for multiple internal and external stakeholders to build a willing coalition. With bad actors always seeking to find ways to break encryption, organizations should continually re-evaluate their defenses. Getting started now, with a carefully managed plan for PQC transition, can help to keep one step ahead, maintain resilience and operations, with safe, secure, data.

What this tells me is quantum computing is already here, you need to prepare for consequences, thinking strategically to play good defence and offence (seizing opportunities as they arise).

Will BCI's joint venture with QAI make it quantum prepared? I have no idea, at least they got the ball rolling here and other large pension funds will surely follow.

Lastly, if BCI can afford quantum computing, it can afford to pay its tab for Pension Pulse (just sayin').

Below, within a decade, quantum computers will be able to break virtually any encryption algorithm in use today. What used to be science fiction is on its way to becoming a commercial reality. Once that happens, quantum computers will be able to crack in minutes what was supposed to be unbreakable for more than a century using the most powerful computers available.

Erik Wood, senior director of cryptography and product security at Infineon, talks about cryptographically relevant computers, how they work, and how that will affect computer architectures and chip design

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