Palm Valley Capital Management, an investment management firm, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Palm Valley Capital Fund returned 3.01% compared to a 2.57% rise for the S&P SmallCap 600 Index and a 4.90% return for the Morningstar Small Cap Index. The fund’s securities returned 12.2% during the quarter. The fund’s performance early in the quarter was below its benchmark while closing the gap by quarter end. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Palm Valley Capital Management highlighted stocks like Osisko Gold Royalties Ltd (NYSE:OR) in the first quarter 2023 investor letter. Based in Montreal, Canada, Osisko Gold Royalties Ltd (NYSE:OR) engages in the acquisition, exploration, and management of precious metals, streams, and other royalties. On April 6, 2023, Osisko Gold Royalties Ltd (NYSE:OR) stock closed at $16.60 per share. One-month return of Osisko Gold Royalties Ltd (NYSE:OR) was 29.89%, and its shares gained 22.60% of their value over the last 52 weeks. Osisko Gold Royalties Ltd (NYSE:OR) has a market capitalization of $3.058 billion.
Palm Valley Capital Management made the following comment about Osisko Gold Royalties Ltd (NYSE:OR) in its Q1 2023 investor letter:
“We did not purchase any new holdings for the Fund during the first quarter. In January, we sold one position: Osisko Gold Royalties Ltd (NYSE:OR). Osisko reported record royalty and streaming revenues as it has steadily grown its portfolio of assets, which is skewed toward Canada—considered to be the highest quality jurisdiction for miners. The company recently deconsolidated the results of mining developer Osisko Development from its financials, clarifying Osisko Royalties’ business model for less familiar investors. Each quarter, we update the company’s NAV based on the underlying value of each of its key royalty and streaming interests, in addition to the net financial assets it holds. Osisko’s share price exceeded our estimate of NAV, so we sold the position.”
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Osisko Gold Royalties Ltd (NYSE:OR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Osisko Gold Royalties Ltd (NYSE:OR) at the end of the fourth quarter which was 20 in the previous quarter.
We discussed Osisko Gold Royalties Ltd (NYSE:OR) in another article and shared the list of best Canadian gold stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 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.
