market folly

Below is the latest investor letter out of John Burbank's hedge fund firm Passport Capital. We'll be taking a look at James Cunningham and Ejnar Knudsen's Agriculture Fund. Since inception on March 1st, 2009, the fund is up 10.3%. They run a concentrated portfolio and some of their largest positions include Imperial Sugar (12% of the fund's NAV), Pilgrim's Pride (5%), CF Industries (10%), and Makhteshim-Agan Industries (8%).

They ended 2009 with $63 million in assets under management (AUM). Passport Capital's agriculture fund takes a long bias and focus on fundamentally attractive businesses in the agriculture space. In the letter you'll find their commentary on the fund's specifics and their take on the various trends in the agriculture industry. In the past, we've posted up Passport Capital's case for agriculture, a definite must-read presentation if you're interested in investment in this sector. And many well known investors insist you should be. Jim Rogers has long been bullish on agriculture for the long-term and market strategist Don Coxe likes the sector as well.

Embedded below is hedge fund Passport Capital's Agriculture Fund investor letter:




You can directly download the .pdf here.

For more investment research from hedge fund Passport Capital, head to their case for owning physical gold (versus various other proxies for the metal). For more hedge fund investor letters, head to our coverage of Perry Partners' letter, Maverick Capital's letter, and many more.