Hedge Funds Dig Precious Metals Stocks; Ken Fisher Leads in Several

Insider Monkey pursues the edge in the market by following hedge fund managers. Hedge fund managers maneuver through market currents through extensive research on public companies and by seeking experts who can guide them. By imitating the smartest investors, we believe that we are more likely to beat the market. Here are the top 19 precious metal stocks held by hedge funds, based on the transactions of nearly 350 hedge funds compiled by Insider Monkey.

Ken Fisher FISHER ASSET MANAGEMENT

Ticker Company No. Hedge Funds
FCX Freeport-McMoran Copper & Gold, Inc. 53
NEM Newmont Mining Corporation (Holding Company) 40
VALE VALE S.A. 29
CLF Cliffs Natural Resources Inc. 25
MCP Molycorp, Inc 24
AEM Agnico-Eagle Mines Limited 21
IAG Iamgold Corporation 21
SCCO Southern Copper Corporation 20
GG Goldcorp Incorporated 19
KGC Kinross Gold Corporation 19
AU AngloGold Ashanti Ltd. 19
BHP BHP Billiton Limited 18
PAAS Pan American Silver Corp. 18
IVN Ivanhoe Mines Ltd 17
AUY Yamana Gold, Inc. 17
GFI Gold Fields Ltd. 17
ANV Allied Nevada Gold Corp 16
CCJ Cameco Corporation 15
CDE Coeur d’Alene Mines Corporation 15

The top 10 precious metals stocks among hedge fund managers:


1. Freeport-McMoran Copper & Gold, Inc. (FCX): Freeport-McMoRan Copper & Gold Inc. is a copper, gold and molybdenum mining company and maintains a smelting and refining division. The company lost 23.8% year to date, significantly more than S&P 500 index, which lost 5.7%. Fifty-three portfolios held this company in the second quarter, more than any other mining company. Fisher Asset Management, managed by Ken Fisher, decreased their position by 41% last quarter, bringing them to about 7.6 million shares.

2. Newmont Mining Corporation (NEM): Newmont Mining Corporation is a gold producer. Newmont gained ground in the current year, increasing by 5.1% in contrast to S&P 500 ETF (SPY), which dropped 5.7%. The company was held by 40 portfolios last quarter. Jean-Marie Eveillard’s First Eagle Investment Management raised their position by 2% to about 5.8 million shares.

3. Vale S.A. (VALE): Vale SA is a metals and mining company based in Brazil. Vale shed 15.8% year to date, more than S&P 500. The company was held by 29 portfolios in the second quarter. Fisher Asset Management, managed by Ken Fisher, raised their position by 1%, bringing them to about 12.2 million shares.

4. Cliffs Natural Resources, Inc. (CLF): Cliffs Natural Resources Inc. is an international mining and natural resources company, producing iron ore and metallurgical coal. Cliffs jumped up by 5.2% year to date unlike SPY, which dropped by 5.7%. Last quarter, 25 portfolios held this company. Ken Fisher, one of the highest paid fund managers last year, increased his stake by 2%, giving his fund about 1.3 million shares (see the entire list of the highest paid fund managers in 2010).

5. Molycorp, Inc. (MCP): Molycorp, Inc. is a producer of rare earth products including oxides, metals, alloys, and magnets. Molycorp gained ground year to date by 11.5%, while S&P 500 continued to slip. The company was held by 24 portfolios in the second quarter. John Thaler’s Jat Capital Management took a new position last quarter by acquiring 1.6 million shares (see the details of Thaler’s $13.5 billion 13F portfolio).

6. Agnico-Eagle Mines Limited (AEM): Agnico-Eagle Mines Limited is a gold producer based in Canada. Agnico-Eagle dropped 6.4% in the current year, more than SPY. Twenty-one portfolios held the company last quarter. Chilton Investment Company, managed by Richard Chilton, raised their stake in the second quarter by 3%, bringing them to nearly 2 million shares.

7. IAMGOLD Corporation (IAG): IAMGOLD Corporation develops and produces mineral resources throughout the world. IAMGOLD increased 24.6% year to date, unlike S&P 500 index. The company was held by 21 portfolios in the second quarter. Jean-Marie Eveillard’s First Eagle Investment Management increased their position by less than 1%, which brought them to about 8.5 million shares.

8. Southern Copper Corporation (SCCO): Southern Copper Corporation is a producer of copper, molybdenum, zinc and silver. Southern Copper dropped by 29.7% in the current year, significantly more than SPY. Twenty portfolios held this company last quarter. Jim Simons’ Renaissance Technologies increased their position by 44%, rising to about 1.7 million shares.

9. Goldcorp Incorporated (GG): Goldcorp Inc. produces gold and is engaged in the operation, exploration, development, and acquisition of precious metal properties. Goldcorp jumped by 20.6% year to date compared to S&P 500 index, which dropped by 5.7%. The company was held by 19 portfolios in the second quarter. Jean-Marie Eveillard remained static last quarter with its 3.8 million shares.

10. Kinross Gold Corporation (KGC): Kinross Gold Corporation explores, acquires, develops, and operates gold-bearing properties. Kinross dropped 5.9% year to date, more than SPY. Nineteen portfolios held the company last quarter. Jean-Marie Eveillard increased his stake by less than 1% in the second quarter, which brought them to 8.4 million shares (see Eveillar’s silver drama).

Precious metals stocks as a group fared better than S&P 500 index gaining 0.5% year to date while SPY dropped by 5.7%.

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