Kopernik Global Investors Hits the Jackpot with Gold Bets in Q1

#3 Pandora Media Inc (NYSE:P)

 – Shares Owned by Kopernik Global (as of December 31): 1.68 Million

 – Value of Holding (as of December 31): $22.49 Million

While gold-related companies provided a big boost to Kopernik’s returns, Pandora Media Inc (NYSE:P) put a dent in some of those golden profits. The stock has lost more than 31% of its value since the start of the year, which came at a bad time for Kopernik, which hiked its Pandora holding by 183% during the fourth quarter. The streaming-music specialist recently announced the departure of CEO Brian McAndrews, who will be replaced by the company’s founder Tim Westergren. Pandora’s vision appears to be the creation of a massive music marketplace according to the new CEO, which is reflected by Pandora Media Inc (NYSE:P)’s recent acquisition of TicketFly and some assets of the bankrupt on-demand streaming service Rdio. Eminence Capital, which is managed by Ricky Sandler, also upped its Pandora holding during the October-to-December period, by 53% to 10.73 million shares.

#2 Barrick Gold Corporation (USA) (NYSE:ABX)

 – Shares Owned by Kopernik Global (as of December 31): 6.37 Million

 – Value of Holding (as of December 31): $46.99 Million

Kopernik benefited greatly from Barrick Gold Corporation (USA) (NYSE:ABX)’s stock price appreciation of nearly 84% during the first three months of the year, though the rewards could have been even greater had the investment firm not slashed its stake in the company by 21% during the fourth quarter. Deutsche Bank analyst Jorge Beristain recently downgraded the stock to ‘Hold’ from ‘Buy’ and assigned a price target of $14.50 to it, which declares minimal upside of 7.4%. Mr. Beristain believes that the ensuing rally in the commodities sector will not last long, as supply cuts are needed across the board. Renaissance Technologies also boosted its stake in Barrick Gold Corporation (USA) (NYSE:ABX) during the fourth quarter, by 43% to 25.71 million shares.

#1 Kinross Gold Corporation (USA) (NYSE:KGC)

 – Shares Owned by Kopernik Global (as of December 31): 26.42 Million

 – Value of Holding (as of December 31): $48.09 Million

Kopernik also trimmed its second-largest equity holding during the fourth quarter, by 14%. Shares of the $4.36 billion gold mining company have risen by almost 88.5% this year, providing a $42.5 million windfall for the firm. Kinross Gold Corporation (USA) (NYSE:KGC) has decided to go ahead with the expansion of its Tasiast gold mine in Mauritania, which will effectively increase annual production by 87%. Upon completion of the first expansion phase the production cost is expected to come down to $760 an ounce compared with $1400 an ounce right now. Cliff Asness‘ AQR Capital Management raised its Kinross Gold Corporation (USA) (NYSE:KGC) holding by 25% during the fourth quarter, to 7.43 million shares.

Disclosure: None