Here’s Why Freeport-McMoRan (FCX) Slipped in Q3

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Markets continued their rally in the third quarter, with US stocks gaining over 8% as measured by the Russell 3000 Index. Small-cap stocks experienced the strongest quarterly performance, rising by more than 12%, whereas large-cap stocks increased by about 8%, and mid-cap stocks saw a gain of 5%. The strategy underperformed the Russell Midcap Index in the third quarter, returning 4.49% net vs. 5.33% for the Index. For more information on the fund’s top picks in 2025, please check its top five holdings.

In its third-quarter 2025 investor letter, Diamond Hill Mid Cap Strategy highlighted stocks such as Freeport-McMoRan Inc. (NYSE:FCX). Freeport-McMoRan Inc. (NYSE:FCX) engages in the mining of mineral properties. The one-month return for Freeport-McMoRan Inc. (NYSE:FCX) was 19.64%, and its shares gained 35.01% of their value over the last 52 weeks. On December 30, 2025, Freeport-McMoRan Inc. (NYSE:FCX) stock closed at $51.41 per share, with a market capitalization of $73.821 billion.

Diamond Hill Mid Cap Strategy stated the following regarding Freeport-McMoRan Inc. (NYSE:FCX) in its third quarter 2025 investor letter:

“Other bottom Q3 contributors included GoDaddy, Freeport-McMoRan Inc. (NYSE:FCX) and Fidelity National Information Services. Copper-focused mining company Freeport-McMoRan had a significant mudslide in early September at its Grasberg Block Caves mine in Indonesia. Tragically, seven workers have been confirmed dead. The company is still assessing the full extent of the damage and the timeline for repairs — however, it is clear Q3 production will be impacted by the shutdown — though it seems the current best-case scenario is production will ramp back up over 2026 and return to pre-incident levels by 2027.”

Freeport-McMoRan Inc. (FCX): "Last Thing I Want To Do Is Sell FreePort," Says Jim Cramer

Freeport-McMoRan Inc. (NYSE:FCX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 83 hedge fund portfolios held Freeport-McMoRan Inc. (NYSE:FCX) at the end of the third quarter, compared to 96 in the previous quarter.While we acknowledge the risk and potential of Freeport-McMoRan Inc. (NYSE:FCX) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Freeport-McMoRan Inc. (NYSE:FCX) and that has 10,000% upside potential, check out our report about this cheapest AI stock.

In another article, we covered Freeport-McMoRan Inc. (NYSE:FCX) and shared the list of strong stocks. In addition, please check out our hedge fund investor letters Q3 2025 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.