Here’s Where Freeport-McMoRan (FCX) Stands in a Copper-Constrained World

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy returned 10.96% net in the fourth quarter compared to a 7.24% return for the Russell 1000 Index. Holdings in the technology and consumer discretionary sectors helped the strategy to outperform in the quarter. The strategy returned better than the index during 2022 but still declined by double digits. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Large Cap Strategy highlighted stocks like Freeport-McMoRan Inc. (NYSE:FCX) in the Q4 2022 investor letter. Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX) is a mining company that explores copper, gold, molybdenum, silver, and other metals, as well as oil and gas. On February 14, 2023, Freeport-McMoRan Inc. (NYSE:FCX) stock closed at $42.98 per share. One-month return of Freeport-McMoRan Inc. (NYSE:FCX) was -2.14%, and its shares lost 2.87% of their value over the last 52 weeks. Freeport-McMoRan Inc. (NYSE:FCX) has a market capitalization of $61.433 billion.

Diamond Hill Large Cap Strategy made the following comment about Freeport-McMoRan Inc. (NYSE:FCX) in its Q4 2022 investor letter:

“Other top contributors during the quarter were copper producer Freeport-McMoRan Inc. (NYSE:FCX) and health care facilities operator HCA Healthcare. With little fundamental news to report, Freeport-McMoRan’s share price advance in Q4 reflected a rebound in copper prices, driven by the recognition that copper inventories are low relative to historical norms. We believe the company continues to have meaningful price and volume leverage in a copper constrained world.”

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Freeport-McMoRan Inc. (NYSE:FCX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Freeport-McMoRan Inc. (NYSE:FCX) at the end of the third quarter, which was 56 in the previous quarter.

We discussed Freeport-McMoRan Inc. (NYSE:FCX) in another article and shared the list of stocks receiving price target hikes after earnings beat. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.