Passport II,

L.P. - Global

Fund Investment Objectives

The global strategy seeks out inefficiencies in global equity markets, avoiding the highly liquid and well researched companies present in the US markets and preferring instead the under-followed, under-appreciated companies in specific targeted industries and geographies where valuations are more attractive and growth potential is much higher. We attempt to identify short ideas through the same process, most recently targeting credit default swaps on sub-prime mortgages, but we maintain a net long bias due to our conviction in the intrinsic value proposition offered by our long positions.