Noted long / short fund Passport Global had a challenging first quarter. With the MSCI AC World Index upon which it benchmarks performance up a slight 0.4%, the fund was down -7.5% on the quarter, according to an investor letter reviewed by ValueWalk.
Passport Global sees the end of quantitative easing as a negative
Shorts in basic materials, which detracted -5.7%, led the losses as short stock exposure overall was down -9.6% while long non-equity positions were up 3.2%. The fund’s long stock exposure was down -0.9% on the quarter. The S&P 500, by contrast, was up 1.3% on the quarter. The fund’s net long exposure on the month was...
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