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 Sasol Limited (NYSE:SSL) in the second quarter 2023 investor letter. Headquartered in Johannesburg, South Africa, Sasol Limited (NYSE:SSL) is a chemical and energy company that operates through Mining, Gas, Fuels, Chemicals Africa, Chemicals America, and Chemicals Eurasia. On July 17, 2023, Sasol Limited (NYSE:SSL) stock closed at $12.92 per share. One-month return of Sasol Limited (NYSE:SSL) was -9.71%, and its shares lost 35.04% of their value over the last 52 weeks. Sasol Limited (NYSE:SSL) has a market capitalization of $8.305 billion.
White Falcon Capital Management made the following comment about Sasol Limited (NYSE:SSL) in its second quarter 2023 investor letter:
“Precious Metals Royalty basket (WPM, Sasol Limited (NYSE: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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Sasol Limited (NYSE:SSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Sasol Limited (NYSE:SSL) at the end of first quarter which was 5 in the previous quarter.
We discussed Sasol Limited (NYSE:SSL) in another article and shared the list of best materials stocks to invest in. 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.