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John H. Burbank III Bailey McCann Opalesque New York:

San-Francisco based global investment firm Passport Capital reported its fourth quarter returns on Friday. The Passport Global Fund (Class A) was down 7.7% verses +7.3% for the MSCI AC World Index and +11.8% for the S&P 500.

The fund’s YTD performance is down 18.4% with annualized performance of 4.8% over 3 years and 12.5% over 5 years. It has returned 19% since its August 2000 inception, compared to the MSCI AC World index at 1.6% and the S&P500 at 0.8%.

As of the end of Q4, Fund and Passport Capital’s AuM were $1.8bn and $3.8bn respectively.

In a letter to investors obtained by Opalesque, John H. Burbank III, CIO, noted that equity longs were up 2.0% gross while equity shorts lost 6.2% gross. Currency hedges and energy futures also posted losses for the fund while mortgages were up +0.2% gross. The letter goes on to note that while the fund worked to control exposure to volatility and beta, the fund underperformed overall for 2011.

Passport's investment process uses a combination of macroeconomic analysis to develop major themes and fundamental research on individual companies to create global portfolios. According to the firm’s website, the global strategy is a long-biased, value-oriented strategy seeking significant inefficiencies in the world’s most promising capital markets.

Burbank cites the lack of market trend and liquidity that plagued most of th......................

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