As assets continue to flee his hedge fund, John Burbank III looks for solutions. In a July 31 letter to investors reviewed by ValueWalk, nearly 63% of Passport Global’s assets under management, $480 million, walked out the door in the quarter, Passport's Q2 Letter reveals. Burbank is stoic as a pair of portfolio managers and the firm’s president leave the firm, making strategy adjustments and looking to unique investing opportunities, some of which might be driven by the cryptocurrency craze.
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Passport’s Q2 Letter goes back to basics, strategy up 1.6% in second quarter
Passport Global was up 1.6% in the second quarter while the S&P was up 3.1%. At least the...
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