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Why Barrick Gold Corp (GOLD) Stock is a Compelling Investment Case

First Eagle Investment Management recently released its Q2 2020 Investor Letter, a copy of which you can download here. The First Eagle Global Fund A Shares posted a return of 14.73% for the second quarter (without sales charge), underperforming its benchmark, the MSCI World Index which returned 19.36% in the same quarter. You should check out First Eagle’s top 5 stock picks for investors to buy right now, which could be the biggest winners of the stock market crash.

In the said letter, First Eagle highlighted a few stocks and Barrick Gold Corp (NYSE:GOLD) is one of them. Barrick Gold Corp (NYSE:GOLD) is a leading mining company that produces gold and copper. Year-to-date, Barrick Gold Corp (NYSE:GOLD) stock gained 64.4% and on August 4th it had a closing price of $29.75. Here is what First Eagle said:

“Barrick Gold has continued to execute through the challenges posed by the pandemic, with strong production results and low costs driving improved free cash flow reported for first quarter 2020. Barrick has drawn on previous management experience with Ebola outbreaks in Africa to formulate a plan to promote the safety of its employees and communities in the face of Covid19. The company has maintained its annual production guidance for 2020 with only a slight downward adjustment, due to a lease dispute with the government of Papua New Guinea. We believe the company’s prudent management team and strong and diversified asset base position it well to manage through the current trying environment.”

Last month, we published an article revealing that Massif Capital is bullish on Barrick Gold Corp (NYSE:GOLD)  stock. The investment management firm highlighted that the price of gold increased significantly.

In Q1 2020, the number of bullish hedge fund positions on Barrick Gold Corp (NYSE:GOLD)  stock increased by about 6% from the previous quarter (see the chart here), so a number of other hedge fund managers seem to agree with Barrick Gold’s growth potential. Our calculations showed that Barrick Gold Corp (NYSE:GOLD)  isn’t ranked among the 30 most popular stocks among hedge funds.

The top 10 stocks among hedge funds returned 185% since the end of 2014 and outperformed the S&P 500 Index ETFs by more than 109 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Below you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.

Video: Top 5 Stocks Among Hedge Funds

At Insider Monkey we scour multiple sources to uncover the next great investment idea. Cannabis stocks are roaring back in 2020, so we are checking out this under-the-radar stock. We go through lists like the 10 most profitable companies in the world to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. If you want to find out the best healthcare stock to buy right now, you can watch our latest hedge fund manager interview here. You can subscribe to our free enewsletter below to receive our stories in your inbox:

Disclosure: None. This article is originally published at Insider Monkey.