White Falcon Capital Management, an investment fund manager, released its first quarter 2024 investor letter. A copy of the same can be downloaded here. The portfolio achieved a satisfactory result on an absolute basis during the quarter. In the first quarter, the fund was up 8.7% compared to a 12.8% return for the S&P 500 (CAD), 10.5% for the MSCI All Country (CAD), and 6.6% for the S&P TSX TR. In addition, please check the fund’s top five holdings to know its best picks in 2024.
White Falcon Capital Management featured stocks like Franco-Nevada Corporation (NYSE:FNV) in its Q1 2024 investor letter. Headquartered in Toronto, Canada, Franco-Nevada Corporation (NYSE:FNV) is a gold-focused royalty and streaming company. On April 19, 2024, Franco-Nevada Corporation (NYSE:FNV) stock closed at $121.47 per share. One-month return of Franco-Nevada Corporation (NYSE:FNV) was 3.40%, and its shares lost 21.84% of their value over the last 52 weeks. Franco-Nevada Corporation (NYSE:FNV) has a market capitalization of $22.809 billion.
White Falcon Capital Management stated the following regarding Franco-Nevada Corporation (NYSE:FNV) in its first quarter 2024 investor letter:
“Due to the rally in gold, the weight of precious metal royalty companies is on the higher side of our typical 10-15% allocation to them. We recently wrote an article for the Globe & Mail on Franco-Nevada Corporation (NYSE:FNV), a portfolio company, that can be accessed on our blog. We believe that royalties are a better way to express an opinion on gold as they pay a dividend and have optionality on both the price of gold as well as additional discoveries by operating companies. With debt and deficits increasing by the minute and the central bank’s inability to control inflation, we believe that it is prudent to have an ‘outside the system’ asset in the portfolio that can protect our purchasing power over time.”
An aerial view of a large gold mine showing the extensive activity of natural resource extraction.
Franco-Nevada Corporation (NYSE:FNV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Franco-Nevada Corporation (NYSE:FNV) was held by 30 hedge fund portfolios, down from 27 in the previous quarter, according to our database.
We previously discussed Franco-Nevada Corporation (NYSE:FNV) in another article, where we shared the list of best precious metals stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 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.
