White Falcon Capital Management, an investment fund manager, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund was up 6.9% compared to the S&P 500 (CAD), the MSCI All Country (CAD), and the S&P TSX’s returns of 6.5%, 3.9%, and 1.2%, respectively. In the second quarter, the portfolio benefited from the rise in technology stocks. In addition, please check the fund’s top five holdings to know its best picks in 2023.
White Falcon Capital Management highlighted stocks like Wheaton Precious Metals Corp. (NYSE:WPM) in the second quarter 2023 investor letter. Headquartered in Vancouver, Canada, Wheaton Precious Metals Corp. (NYSE:WPM) is a mining company that sells precious metals. On July 17, 2023, Wheaton Precious Metals Corp. (NYSE:WPM) stock closed at $44.43 per share. One-month return of Wheaton Precious Metals Corp. (NYSE:WPM) was -0.98%, and its shares gained 31.18% of their value over the last 52 weeks. Wheaton Precious Metals Corp. (NYSE:WPM) has a market capitalization of $20.286 billion.
White Falcon Capital Management made the following comment about Wheaton Precious Metals Corp. (NYSE:WPM) in its second quarter 2023 investor letter:
“Precious Metals Royalty basket (Wheaton Precious Metals Corp. (NYSE:WPM), SSL, TFPM): In the current macroeconomic environment, there are many ways to ‘win’ with gold. It is remarkable that even with record positive real yields, gold is flirting with all time highs. Why? Western central banks are increasing interest rates which means that they will have to pay more interest on the record levels of debt that their government’s owe. Where will the money come from to pay the higher interest expense? The answer is simple – more debt and more money printing! We believe the gold knows this! We believe that precious metals will protect real purchasing power and act as a hedge to the portfolio when macroeconomic uncertainty arises. Owning royalty companies at reasonable valuations gives us a high quality exposure to precious metals without project or cost inflation risks inherent in a mining company.”
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Wheaton Precious Metals Corp. (NYSE:WPM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Wheaton Precious Metals Corp. (NYSE:WPM) at the end of first quarter which was 28 in the previous quarter.
We discussed Wheaton Precious Metals Corp. (NYSE:WPM) in another article and shared the list of best gold mining stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
