Palm Valley Capital Management, an investment management firm, released its fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Palm Valley Capital Fund returned 3.86% compared to a 9.19% rise for the S&P SmallCap 600 Index and an 8.05% return for the Morningstar Small Cap Index. A large cash position led the fund to underperform its benchmark index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In its Q3 2022 investor letter, Palm Valley Capital Management mentioned Sprott Physical Silver Trust (NYSE:PSLV) and explained its insights for the company. Founded in 2010, Sprott Physical Silver Trust (NYSE:PSLV) is a Toronto, Canada-based closed-end trust with a $3.7 billion market capitalization. Sprott Physical Silver Trust (NYSE:PSLV) delivered a (YTD)% return since the beginning of the year, while its 12-month returns are up by (12-Month)%. The stock closed at $8.14 per share on January 20, 2023.
Here is what Palm Valley Capital Management has to say about Sprott Physical Silver Trust (NYSE:PSLV) in its Q3 2022 investor letter:
“We did not purchase any new holdings during the fourth quarter. The three positions contributing most to the Fund’s fourth quarter performance includes Sprott Physical Silver Trust (NYSE:PSLV). Silver prices gained 26% in the fourth quarter. Medium-term interest rate expectations peaked in mid-October, then began to slide. Investors’ anticipation of a Fed pivot supported precious metals, which held most gains through the end of the quarter, even as equities sold off in December. The silver market has lately demonstrated more strength than gold, a function of its higher volatility and, potentially, suspected shortages in the market for physical silver.”
Our calculations show that Sprott Physical Silver Trust (NYSE:PSLV) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Sprott Physical Silver Trust (NYSE:PSLV)Sprott Physical Silver Trust (NYSE:PSLV) was in 9 hedge fund portfolios at the end of the second quarter of 2022, compared to 5 funds in the previous quarter. Sprott Physical Silver Trust (NYSE:PSLV) delivered a (3-Month)% return in the past 3 months.
In January 2023, we also shared another hedge fund’s views on Sprott Physical Silver Trust (NYSE:PSLV) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q4 2022 page.
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Disclosure: None. This article is originally published at Insider Monkey.
