3. Turquoise Hill Resources Ltd (NYSE:TRQ)
Investors with Long Positions (as of June 30): 25
Aggregate Value of Investors’ Holdings (as of June 30): $697.41 Million
Four more hedge funds within our database had Turquoise Hill Resources Ltd (NYSE:TRQ) in their portfolios at the end of the second quarter than at the start, while the value of the overall investments in the company increased from $667.74 million. On May 18, Turquoise Hill, the Government of Mongolia, and Rio Tinto plc (ADR) (NYSE:RIO) announced the signing of the Oyu Tolgoi Underground Mine Development and Financial Plan, settling the dispute over the underground expansion of the Oyu Tolgoi copper and gold mine. Turquoise Hill, which owns 66% of Oyu Tolgoi, will definitely benefit immensely from this deal. The shares of the company have lost slightly over 3% since the beginning of the year, greatly outperforming its industry peers (the gold industry has lost 29% year-to-date). Kenneth Mario Garschina’s Mason Capital Management is among the largest shareholders of Turquoise Hill Resources Ltd (NYSE:TRQ), with 23.31 million shares as of June 30
2. Newmont Mining Corp (NYSE:NEM)
Investors with Long Positions (as of June 30): 38
Aggregate Value of Investors’ Holdings (as of June 30): $627.88 Million
Newmont Mining Corp (NYSE:NEM) also received a strong vote of confidence from the hedge funds observed by our team, as the total number of investors with stakes in the company increased to 38 from 35 during the second quarter. Likewise, the value of these stakes increased to $627.88 million from $605.54 million over the same period. Newmont’s stock has lost some value this year, dropping by 14% year-to-date. Nevertheless, the company was recently ranked as the mining industry’s leader in overall sustainability by the Dow Jones Sustainability World Index (DJSI World). Even so, the weaker global and Chinese demand for base metals, such as copper, has put significant downward pressure on the company’s stock. Bruce Kovner’s Caxton Associates LP acquired a 1.18 million-share stake in Newmont Mining Corp (NYSE:NEM) during the latest quarter.
1.Barrick Gold Corporation (USA) (NYSE:ABX)
Investors with Long Positions (as of June 30): 42
Aggregate Value of Investors’ Holdings (as of June 30): $1.64 Billion
Barrick Gold Corporation (USA) (NYSE:ABX) is the most popular gold stock among the hedge funds tracked by the Insider Monkey team, with 42 investors holding positions in the stock at the end of the second quarter, up by one quarter-over-quarter. Similarly, the value of these positions increased by $223 million. The shares of Barrick Gold have been on a downtrend over the last few months alongside the price of gold. To be more detailed, the stock has declined by nearly 41% since the start of 2015. However, this stock might represent a good buying opportunity, as Barrick Gold anticipates an all-in-sustaining-cost of $840-to-$880 per ounce this year, which suggests that the company still generates massive piles of cash given the current level of gold prices. From the pool of over 700 hedge funds within our database, First Eagle Investment Management, founded by Jean-Marie Eveillard, is by far the largest equity holder of Barrick Gold Corporation (USA) (NYSE:ABX), with 40.38 million shares as of June 30.
Disclosure: None
