Home / FINANCE / John Burbank’s Passport Capital, that famously shorted a subprime debt crisis, is fast shrinking

John Burbank’s Passport Capital, that famously shorted a subprime debt crisis, is fast shrinking


John Burbank, SALT
John
Burbank.

Reuters/ Rick
Wilking


John Burbank’s Passport Capital is fast shrinking.

The organisation is handling only $900 million, about half of what it did
during a start of a year.

In an financier minute antiquated Jul 31, a organisation told clients:

“For a second quarter, a Fund had net outflows of $480
million. Firm-wide, net outflows (not including a Long Short
sidestep account plan liquidation, effective 4/30/2017) totaled
approximately $565 million. At quarter-end, net of Jun 30th
redemptions, Fund resources stood during $275 million and Firm assets
totaled approximately $900 million.”

Earlier this year, Passport
shuttered a long-short fund, that managed about $833
million.

Passport, in sidestep account assets, managed about $2.1 billion
firmwide during a start of a year, according to a HFI Billion
Dollar Club ranking.

The organisation had already been bleeding assets, as that
start-of-the-year figure was 45% reduce than during a start of 2015,
per HFI. A spokesperson for Passport declined to
comment.

Burbank 
famously
shorted a subprime debt crisis
. Investors in
Passport’s flagship fund, the Passport Global Strategy, got
a 219% payout in 2007, according to a 

Forbes report
from a time
.

The Passport Global account is down 16.8% after fees for a one
year trailing to finish of Jul 2017, according to a client
letter. 

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