Passport Global Sees Assets Flee Amid Another Rough Quarter

It has been a troubling year for John Burbank and the hedge fund he founded, Passport Capital. The hedge fund shuttered its Long / Short equity fund last month amid poor performance as the firm had been battling to stem investor withdrawals in other funds amid sour performance. Those troubles extended themselves in the first quarter for Passport Global, a letter to investors reviewed by ValueWalk reveals.

Assets flee Passport Global, fund down -8.3% in 1st quarter

Passport Global, a fund managed by Burbank himself, was down -8.3% in the first quarter of 2017, a time when the S&P 500 jumped 5.1% and the MSCI World index delivered 4.5% compounded returns.

The...