Friday, 27 March 2015
Last updated 5 hours ago
Jul 11 2012 | 1:39pm ET
Passport Capital is pulling the plug on its six-year-old materials fund, which has lost almost one-third of its value this year.
The Passport Materials Fund is down 31% this year after losing 17% in the second quarter, it told investors in a letter this week. Over the past 12 months, the fund is down 45%, cutting its return since inception in March 2006 to just 6.6%.
Passport said it expects to return about 75% of the fund's remaining assets to investors on or about July 15. The other 25% will be liquidated "over the ensuing month," fund managers James Cunningham and Sebastien Boifort wrote.
The letter was obtained by Bloomberg News.
The Materials Fund's portfolio includes 14 private investments accounting for 62% of its assets. Cunningham and Boifort said that "the privates in the portfolio are taking longer than expected to achieve liquidity, making it impractical to expect liquidity from the privates to increase trading capital in the near term."
The fund's three largest private investments are Ferrous Resources, Satimola Ltd. and Canadian Sinosun Energy. Passport marked down its investment in the former by 24% in the second quarter, while a bid to acquire Satimola has recently seen its value reduced.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…