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…
Shorts Hurt Passport Global In First Quarter
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.