After Strong 2013, John Burbank Notes Different Market Environment

John Burbank's Passport Global, with $1.4 billion in firm assets under management, finished 2013 with a strong 23.2% return, besting the hedge fund’s annualized return of 18.8% since its inception, according to an investor letter reviewed by ValueWalk.  The firm had net asset inflows of $58 million in the fourth quarter.

In the quarter, the fund generated a 4.5% return with a standard deviation of 11.2%.  By comparison to the MSCI AC World index, which generated at 23.5% return in 2013, had a 7.4% return with 8.3% standard deviation in the 4^th quarter.  To stress test the fund’s beta exposure they use the MSCI World index at a...