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.
|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 billion overall as of July 1.
Passport announced the liquidation to investors as it