Passport Mortgage-Bond Manager Kong Leaves After Strategy Shift
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Mortgage-bond trader Jeff Kong left Passport Capital LLC last month after the $3.1 billion hedge-fund firm run by John Burbank reduced its focus on the securities.
Kong departed after San Francisco-based Passport Capital sold its entire portfolio of government-backed mortgage debt in the second quarter as the market was roiled by concern that the Federal Reserve would cut its $85 billion in monthly bond purchases. Kong, who was based in Westport, Connecticut, and managed mortgage-bond investments for Passport, said in a telephone interview that he’s “exploring opportunities” to join another investment firm.