Passport, which manages about $4.1 billion, started shorting Glencore at the start of August before gradually increasing its holdings over the month.
The company was founded in 2000 by Mr Burbank but shot to prominence after making money betting against US subprime mortgages during the financial crisis.
London based hedge fund Lansdowne Partners, founded by Sir Paul Ruddock and currently led by ex-Rugby Union international Alex Snow, also declared a 0.9% short on the stock on 27 August – when shares were at 143p.
The plunge to last night’s closing price stands to give Lansdowne a £87.76 million paper profit on the short, based on the 118m shares it said it had borrowed.
Hedge funds have to declare any short positions above 0.2% of a company’s share capital to the City regulator the Financial Conduct Authority, and keep them informed for every 0.1 percentage point increase.
The FCA makes public any short positions over 0.5%.
