Is Freeport- McMoRan (FCX) a Smart Investment Choice?

Carillon Tower Advisers, an investment management firm, published its “Carillon Scout Mid Cap Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. The portfolio continues to be invested in a balance of companies that should do well in a cyclical recovery as well as in companies it believes to be secular winners, along with some defensive positions to help guard against rising interest rates. Try to take some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Carillon Scout Mid Cap Fund mentioned Freeport-McMoRan Inc. (NYSE:FCX) and explained its insights for the company. Founded in 1987, Freeport-McMoRan Inc. (NYSE:FCX) is a Phoenix, Arizona-based mining company with a $42.3 billion market capitalization. Freeport-McMoRan Inc. (NYSE:FCX) delivered a -30.03% return since the beginning of the year, while its 12-month returns are down by -21.38%. The stock closed at $29.20 per share on July 01, 2022.

Here is what Carillon Scout Mid Cap Fund has to say about Freeport-McMoRan Inc. (NYSE:FCX) in its Q1 2022 investor letter:

“Supply chains eased for some goods, but remained challenged for many commodities including energy, agriculture, and fertilizer due to war and general scarcity, and also in many consumer products as semiconductors remained in short supply. Copper and gold producer Freeport- McMoRan (NYSE:FCX) rose as copper prices remained strong due to supply shortages and growing use in renewable energy systems and electric vehicles.”

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Our calculations show that Freeport-McMoRan Inc. (NYSE:FCX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Freeport-McMoRan Inc. (NYSE:FCX) was in 68 hedge fund portfolios at the end of the first quarter of 2022, compared to 66 funds in the previous quarter. Freeport-McMoRan Inc. (NYSE:FCX) delivered a -42.70% return in the past 3 months.

In April 2022, we also shared another hedge fund’s views on Freeport-McMoRan Inc. (NYSE:FCX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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