Is Teck Resources Limited (TECK) a Better Stock to Invest in During the Market Fall?

L1 Capital, an investment management firm, released its “L1 Long Short Fund” first quarter 2023 investor letter, a copy of the same can be downloaded here. The equity market was volatile in the first quarter and the fund returned 2.1% (net) compared to 3.5% for the S&P ASX200 Accum Index. In addition, please check the fund’s top 5 holdings to know about its top bets for 2023.

L1 Long Short Fund highlighted stocks like Teck Resources Limited (NYSE:TECK) in the first quarter 2023 investor letter. Headquartered in Vancouver, Canada, Teck Resources Limited (NYSE:TECK) is a natural resource company that explores, acquires, and produces natural resources. On April 21, 2023, Teck Resources Limited (NYSE:TECK) stock closed at $45.81 per share. One-month return of Teck Resources Limited (NYSE:TECK) was 30.51%, and its shares gained 27.68% of their value over the last 52 weeks. Teck Resources Limited (NYSE:TECK) has a market capitalization of $23.882 billion.

L1 Long Short Fund made the following comment about Teck Resources Limited (NYSE:TECK) in its Q1 2023 investor letter:

“The broad-based market sell-off in mid-March from the banking crisis allowed us the opportunity to add to several of our high conviction long positions at exceptional prices, including:

Teck Resources Limited (NYSE:TECK): We added to our holding around C$46 after a 15% share price fall. Teck subsequently received an all-share takeover offer from Glencore in early April at an implied value of C$58 per share.”

Newpark Resources Inc (NR), NYSE:NR,

Teck Resources Limited (NYSE:TECK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Teck Resources Limited (NYSE:TECK) at the end of the fourth quarter which was 47 in the previous quarter. 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.