Passport Capital LLC, a San Francisco-based hedge fund firm founded by John Burbank, is shutting down its flagship fund due to continued losses and redemptions, The Wall Street Journal reported, citing a letter from Burbank to investors.
Burbank said the fund's returns over the last two years had been "unacceptable." The company will continue operating its special opportunities fund, the Journal reported.
Passport's managed assets once reached a maximum of about $5 billion, but has recently reduced after the firm saw losses in 2016 and 2017.
