Silver as an investment

John Burbank Shuts Down His Long-Short Hedge Fund

zerohedge.com / by Tyler Durden / Apr 19, 2017

We almost made it a full month without a prominent hedge fund shuttering – an eternity in an age when ETFs and passive vehicles soak up several billion in capital each day at the expense of “active” managers – and then Bloomberg spoiled the streak when moments ago it reported that John Burbank, one of the handful of investors who made a killing from shorting subprime, and head of the $2.4 billion Passport Capital is shutting down one of his core hedge funds, the latest in a string of closings hitting the industry.

Passport Capital’s Long-Short Strategy Fund is winding down and will return money to investors. The fund, which had an AUM of $833 million as of December 31, and $636 million as of March 17 according to HSBC, lost 2.1% in the first two months of this year. In 2016 the Long-Short fund lost 11.8% reversing its 2015 gains, when Passport Long/Short gained 10.1%.

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