John Burbank's Passport Global +6% In Q1, Adds Yen Short

John Burbank’s Passport Global Fund netted a +5.9 percent return in the first quarter. As of March 31, the total fund assets were $1.2 billion while the firm wide assets amounted to $3.7 billion. John Burbank Joins the short Yen Bandwagon The big news from John Burbank is that as the Q2 kicked off, the fund expanded its short position in yen (that was added in Q1) thus increasing its risk exposure but keeping it within Passport’s maximum risk range. Burbank’s short in Japanese currency is worth $350 million notional, which is quite a sizeable position for a fund that…