For many investors, 2007 proved a tough year. Some hedge funds, like the one run by Sowood Capital, went under, while countless funds underperformed the broader market. Even so, some hedge funds, notably Passport Capital, profited hugely. This San Francisco-based firm's Passport Global Master Fund was up more than 200% in 2007, according to Bloomberg.

Founded by John Burbank in 2000, Passport has made huge bets on Reliance Capital, a non-banking financial company based in India, and profited from being short U.S. financials and the subprime-mortgage market since 2005.

Here at Stockpickr, we actively track Passport Capital's holdings to see where the firm is placing its bets.

One of Passport's main positions is Horsehead Holding ( ZINC), which has a forward price-to-earnings (P/E) ratio of 7.4 and a P/E-to-growth (PEG) ratio of 0.5. Horsehead, like the commodity it deals with, is down about 50% from its 52-week high of $26 back in September. However, any snapback rally in zinc prices could move Horsehead's stock much higher.

Passport is also a large holder in GigaMedia ( GIGM - Get Report), which develops and licenses online gaming software. It also owns the FunTown game portal, another investment bet on Asian casual games. GigaMedia is headquartered in Taipei, Taiwan, affording it close access to key markets in China and Japan. The stock has a forward P/E of 23 and a PEG of 1.

Passport also has a position in Longtop Financial Technologies ( LFT). The China-based financial software provider is active in two-thirds of China's provinces, and the fact that China has a middle class the size of the population of the U.S. creates additional demand for such technology. With a forward P/E of 24, Longtop is cheap compared with other Chinese companies.

To see other stocks that Passport owns -- including Yamana Gold ( AUY - Get Report) and Annaly Mortgage ( NLY - Get Report) -- check out the Passport Capital portfolio at Stockpickr.com.

Please note that due to factors including low market capitalization and/or insufficient public float, we consider Longtop Financial Technologies to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

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