Palm Valley Capital Management, an investment management firm, published its third-quarter 2022 investor letter – a copy of which can be downloaded here. A quarterly portfolio return of -1.83% was recorded by the fund for the third quarter of 2022, while its benchmarks, the S&P SmallCap 600 Index, by comparison, returned -5.20%, and -3.75% return for the Morningstar Small Cap Index over the same period. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, Palm Valley Capital Management mentioned SSR Mining Inc. (NASDAQ:SSRM) and explained its insights for the company. Founded in 1946, SSR Mining Inc. (NASDAQ:SSRM) is a Vancouver, Canada-based metals and mining company with a $2.9 billion market capitalization. SSR Mining Inc. (NASDAQ:SSRM) delivered a -21.41% return since the beginning of the year, while its 12-month returns are down by -9.03%. The stock closed at $13.91 per share on October 11, 2022.
Here is what Palm Valley Capital Management has to say about SSR Mining Inc. (NASDAQ:SSRM) in its Q3 2022 investor letter:
“We also purchased SSR Mining (NASDAQ:SSRM) during the quarter. SSR Mining is a precious metals mining company that we previously sold in November 2021 after it reached our valuation. SSR Mining’s stock has fallen significantly this year due to lower precious metal prices and the temporary closure of its Copler mine. We repurchased its shares in late September after the Copler mine restarted on schedule, since the stock remained depressed. SSR Mining should generate significant free cash flow at current gold and silver prices and has a very strong balance sheet with over $600 million in net cash and $4.1 billion in stockholders’ equity. While we expect the stock to remain volatile, we believe the company is selling at an attractive price relative to its asset-heavy balance sheet and our net asset valuation.”
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Our calculations show that SSR Mining Inc. (NASDAQ:SSRM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. SSR Mining Inc. (NASDAQ:SSRM) was in 15 hedge fund portfolios at the end of the second quarter of 2022, compared to 21 funds in the previous quarter. SSR Mining Inc. (NASDAQ:SSRM) delivered a -14.56% return in the past 3 months.
In January 2022, we also shared another hedge fund’s views on SSR Mining Inc. (NASDAQ:SSRM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
