Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Palm Valley Capital Fund increased 0.56% compared to a 4.93% and 4.56% decline for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. The fund’s equity securities lost 0.78% during the same period, before the negative impact of fund expenses and the positive effect of interest income. Also, the fund ended the period with 81% held in cash equivalents. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Palm Valley Capital Management highlighted stocks like SSR Mining Inc. (NASDAQ:SSRM) in the third quarter 2023 investor letter. Headquartered in Denver, Colorado, SSR Mining Inc. (NASDAQ:SSRM) is a gold company that engages in the development, exploration, and acquisition of metal resource properties. On October 5, 2023, SSR Mining Inc. (NASDAQ:SSRM) stock closed at $12.63 per share. One-month return of SSR Mining Inc. (NASDAQ:SSRM) was -12.72%, and its shares lost 12.84% of their value over the last 52 weeks. SSR Mining Inc. (NASDAQ:SSRM) has a market capitalization of $2.582 billion.
Palm Valley Capital Management made the following comment about SSR Mining Inc. (NASDAQ:SSRM) in its Q3 2023 investor letter:
“We did not fully sell any positions during the third quarter. We purchased four new names: Avista Corporation (ticker: AVA), Farmland Partners (ticker: FPI), Equity Commonwealth (ticker: EQC), and SSR Mining Inc. (NASDAQ:SSRM). We believe these opportunities materialized because higher interest rates are disproportionately impacting investor sentiment toward certain sectors, even as capitalization-weighted, tech-heavy indexes have powered through the headwinds.
SSR Mining is back in the Fund after a brief hiatus. SSR is a precious metals producer with four mines located in the United States, Turkey, Canada, and Argentina. The company is selling at a meaningful discount to its tangible book value and our calculated net asset value. SSR has a very strong balance sheet with more cash than debt and $4.6 billion in stockholders’ equity. Furthermore, the firm has a history of generating free cash flow, buying back stock, and paying a sustainable dividend.”
A macro view of a gold mine, with miners hard at work in the foreground. Editorial photo for a financial news article. 8k. –ar 16:9
SSR Mining Inc. (NASDAQ:SSRM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held SSR Mining Inc. (NASDAQ:SSRM) at the end of second quarter which was 14 in the previous quarter.
We discussed SSR Mining Inc. (NASDAQ:SSRM) in another article and shared the list of cheap gold stocks to buy according to analysts. 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.