Passport Capital Holdings And 3Q Investor Letter (MSFT, XOM, LVS, CF)

John Burbank provides a glimpse of his hedge fund Passport Capital's portfolio in his third quarter letter to investors. The fund has gained an average of 23.1% annually since its inception in August of 2000. In 2010, the fund has gained 7.9% and Passport manages over $5 billion. Burbank has his largest net long exposure in basic materials and consumer names. Overall, at the end of the third quarter the fund was positioned 95% long and 39% short. Here is a look at Passport's Top Ten Holdings by NAV 1. Riverside Mining RIV - 10% of NAV 2. Microsoft MSFT: 4% 3. Exxon Mobil XOM: 4% 4. Las Vegas Sands LVS: 3% 5. Financial Technologies FTECH: 2% 6. Tarpon Investimentos TRPN: 2% 7. CF Industries CF: 2% 8. Wendy's Arby's Group WEN: 2% 9. Labrador Iron Mines LIM: 2% 10. Jordan Phosphate Mines JOPH: 2%