Passport liquidates materials fund
July 10, 2012
The once-$360 million strategy’s private investments hindered performance. The closure is a significant short-term reversal for Burbank’s long-term bet on global resource shortages.
Passport Capital’s small materials fund is liquidating following steep second-quarter losses in private iron ore, potash and coal investments, according to a letter sent to investors yesterday.
|| John Burbank (Photo: Bloomberg)|
The Passport Materials Fund, co-managed by Jim Cunningham and Sebastien Boifort and launched in March 2006, ran as much as $360 million at the end of 2010 but has fallen to about $140 million, according to an investor. Passport, led by founder John Burbank, managed $3.6...
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