Hedge Funds

Passport launches specialized sector funds


Passport Capital, which is becoming independent of Capital Z (see page 8), has recently launched one equity hedge fund that targets basic materials companies and another that invests in offshore drilling rig contractors.

The pair of funds will draw upon the expertise of the San Francisco firm's existing metals and mining team, led by Jim Cunningham, its energy and shipping team, led by Walther Lovato, and chief investment officer John Burbank.

Passport Materials Fund combines intensive top-down research with bottom-up fundamental company analysis. It focuses on early stage exploration and development projects as well as operating companies in certain