Passport Capital Down 9.8% For Q2; Bubrank Still Bullish On Saudi Arabia

Passport Special Opportunities, a fund of Passport Capital, LLC the +$4 billion San Francisco based, global investment firm founded by John H. Burbank declined -9.8% net versus +1.2% for the MSCI AC World Index and +2.5% for the S&P 500 for the second quarter. This loss takes the Passport Special Opportunities loss over the past 12 months to -14.4%, according to a letter to investors obtained by ValueWalk. Hedge Fund Letters To Investors Over the long-term Passport Special Opportunities has produced a relatively attractive return for investors. Since inception in May 2008, the Fund has compounded at 10.0% net on…