A Look At Passport Capital's Portfolio (DPS, X, ABX, PWRD)

Passport Capital LLC is a San Francisco based, global investment firm founded by John H. Burbank III in 2000. The firm manages approximately $2.8 billion in assets. Passport's investment process uses a combination of macroeconomic analyses to develop major themes and rigorous fundamental research on individual companies to create global portfolios. As of 12/31/2009, Passport's largest position was in shares of Dr. Pepper Snapple Group DPS. The fund held 3,600,000 shares with a market value of 101,879,997. Year to date, DPS has gained 33.82% to $37.87. Passport's second largest holding was in United States Steel X, valued at $58,658,703. Since the beginning of 2010, U.S. Steel (X) shares have fallen 0.16% and closed today's session at $55.03. As of 12/31/2009, John Burbank's fund had a substantial position in Barrick Gold Corp. ABX, which was added between 9/30/2009 and the beginning of 2010. Barrick Gold (ABX) has surged 15.95% year to date. The fund's fourth largest holding was in Perfect World Co. PWRD, valued at $35,991,957. Perfect World Co., Ltd. (PWRD) is an online game developer and operator in the People’s Republic of China. Year to date, PWRD has lost 17.34% to $32.60, but on the one year chart, the stock has gained over 74%. Passport also had massive short positions in a couple of ETFs using put options. The fund held puts on 3,150,000 shares of the SPDR S&P 500 ETF and 6,555,000 shares of the iShares MSCI Emerging Markets Index ETF EEM.