This Hedge Fund is Betting Big on Mining Stocks and Here Are Its Top Picks

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

Shares held (as of September 30): 8.09 million
Total Value (as of September 30): $51.47 million
Percent of Portfolio (as of September 30): 10.77%

Kopernik Global Investors raised its stake in Barrick Gold Corporation (USA) (NYSE:ABX) by 30% in the third quarter to over 8 million shares. While gold producers have not done well this year, Barrick Gold Corporation is trading at an attractive forward P/E of 15.43 versus the S&P 500’s forward PE of 18.75. If inflation picks up or conflict in the Middle East breaks out, look for gold spot prices and Barrick Gold Corporation to do a lot better. Jim Simons‘ Renaissance Technologies owned 14.03 million shares of Barrick Gold Corporation at the end of June.

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

Shares held (as of September 30): 30.98 million
Total Value (as of September 30): $53.28 million
Percent of Portfolio (as of September 30): 11.15%

Analysts are divided on Kinross Gold Corporation (USA) (NYSE:KGC), as four analysts have ‘Sell’ ratings and three have ‘Buy’ ratings. Seven others have ‘Hold’ ratings. Although the company’s shares are down 37% year-to-date on the back of weaker gold prices, Kinross still has some fans in the hedge fund community, as 23 funds (of the around 730 funds we track) were long $227.77 million of Kinross Gold Corporation (USA) (NYSE:KGC) shares at the end of June, which was equal to 8.60% of the float.

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