Tim Garry considered the number two man at John Burbank’s Passport Capital will be leaving the firm, according to a letter to investors obtained by ValueWalk. Garry is described as “Portfolio Manager and Head of Risk” and has been at the hedge fund since 2007. He is still listed as an employee on the company’s website and in his Linkedin profile, but that will likely be updated soon. Below readers can find the full letter about his departure. The news of the departure was first reported earlier this morning by Lawrence Delevingne of Reuters.
John Burbank’s letter to Passport Capital investors discussing Tim Garry’s departure.
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Dear Passport Investor,
As we start 2016, I wanted to share with you some promotions and organizational changes at Passport Capital. Personally, I am energized about our business, team and process and deeply committed to the continued development of every facet of our business. Passport delivered a year of strong outperformance in 2016, owing to the talents and dedication of our team and our intense focus on continuously improving our differentiated investment process.
As we chart our future, it is important to recognize performers. I am pleased to announce we have promoted Peter Supino to Portfolio Manager & Director of Research and Sid Mitra to Resources Portfolio Manager. Against the backdrop of their impressive multiyear track records at the firm, Peter and Sid will help manage the investment process and work closely with our team of Sector PMs. They both will now manage larger sleeves in the Global Fund across multiple sectors. We are confident they will continue to demonstrate investment acumen and leadership.
Tim Garry’s Departure From Passport Capital
After eight highly productive and successful years at Passport Capital, Portfolio Manager Tim Garry has decided to leave the firm. Given his achievements at Passport, Tim is ready for a role with an increased level of responsibility and will be pursuing new opportunities. We look forward to supporting Tim in his future endeavors and appreciate his many valuable contributions to Passport. Tim will help ensure a smooth transition of responsibilities by working with the team as a senior advisor through the end of June and plans to remain an investor in Passport funds.
I will continue to serve as Portfolio Manager of our Long Short Strategy and will be supported by Peter Supino as Assistant Portfolio Manager and the Risk/Quant Team. The fund’s strategy and process will remain unchanged from its genesis as a low volatility and more liquid product with tight risk management.
Passport’s functional areas have never been stronger. One of Tim’s accomplishments at Passport Capital was the build-out of the risk and quantitative infrastructure and culture. Today, risk and quant are firmly embedded in our firm’s investment process and thinking. Chief Risk Officer, Will Peets, and our Director of Quantitative Research, Zhan Onayev, have taken our risk and factor information systems, as well as daily analyses, to new levels that inform us every step of the way in portfolio construction.
We are excited about the future and what it holds for Passport Capital and our investors, and value your continued confidence in our team. Should you have any questions, please do not hesitate to reach out to us.