As Assets Leave, Passport Capital Adjusts Strategy, Looks To Cryptocurrency Craze to Boost AMD

As assets continue to flee his hedge fund, John Burbank III looks for solutions. In a July 31 letter to investors reviewed by ValueWalk, nearly 63% of Passport Global’s assets under management, $480 million, walked out the door in the quarter, Passport’s Q2 Letter reveals. Burbank is stoic as a pair of portfolio managers and the firm’s president leave the firm, making strategy adjustments and looking to unique investing opportunities, some of which might be driven by the cryptocurrency craze. [timeless] Passport’s Q2 Letter goes back to basics, strategy up 1.6% in second quarter Passport Global was up 1.6% in the…