5 Best African Stocks To Invest In

In this piece, we will take a look at the five best African stocks to invest in. If you want to learn more about Africa, then check out 10 Best African Stocks To Invest In.

5. Sibanye Stillwater Limited (NYSE:SBSW)

Number of Hedge Fund Investors In Q2 2023: 19

Sibanye Stillwater Limited (NYSE:SBSW) is another South African mining company. It’s been having a roughly 2023 as a multitude of factors such as dropping product prices and uncertain production lines have constrained its operations.

As of Q2 2023 end, 19 out of the 910 hedge funds tracked by Insider Monkey had invested in Sibanye Stillwater Limited (NYSE:SBSW). Out of these, the firm’s biggest shareholder is Ryan Schedler and Bradley Shisler’s Condire Investors since it owns 3.7 million shares that are worth $23.6 million.

4. Gold Fields Limited (NYSE:GFI)

Number of Hedge Fund Investors In Q2 2023: 21

Gold Fields Limited (NYSE:GFI) is a South African mining company that is one of the oldest in our list since it was set up in 1887. The firm has operations all over the world, including in its home country. The firm had some disappointing news for investors in September as it announced that its new mine in Chile will have to lower output in 2023 and 2024.

During this year’s second quarter, 21 hedge funds among the 910 that were part of Insider Monkey’s research had held a stake in the company. Gold Fields Limited (NYSE:GFI)’s largest hedge fund investor is William B. Gray’s Orbis Investment Management through a $120 million stake.

3. Kosmos Energy Ltd. (NYSE:KOS)

Number of Hedge Fund Investors In Q2 2023: 21

Kosmos Energy Ltd. (NYSE:KOS) is an American oil company that is one of the largest oil producers in Ghana. It also has operations in Equatorial Guinea, and the firm scored a big win earlier this year when the investment behemoth BlackRock bought its shares.

After digging through 910 hedge funds for their June quarter of 2023 investments, Insider Monkey discovered that 21 had invested in Kosmos Energy Ltd. (NYSE:KOS). Todd J. Kantor’s Encompass Capital Advisors is the company’s biggest stakeholder among these due to its $62.7 million investment.

2. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Investors In Q2 2023: 32

Barrick Gold Corporation (NYSE:GOLD) is one of the largest gold mining companies in the world. It is the largest gold producer in Africa and has top mining sites in Mali and the Democratic Republic of Congo. The firm has beaten analyst EPS estimates in all four of its latest quarters and the shares are rated Buy on average.

During 2023’s June quarter, 32 out of the 910 hedge funds part of Insider Monkey’s research had bought the firm’s shares. Barrick Gold Corporation (NYSE:GOLD)’s largest hedge fund investor in our database is Jean-Marie Eveillard’s First Eagle Investment Management since it owns 42.2 million shares that are worth $715 million.

1. Royal Caribbean Cruises Ltd. (NYSE:RCL)

Number of Hedge Fund Investors In Q2 2023: 45

Royal Caribbean Cruises Ltd. (NYSE:RCL) is a cruise ship operator that covers destinations in Africa. After the coronavirus pandemic decimated its operations, the firm is on the road to gradual recovery and is expected to benefit from the surge in demand for cruise products from retirees.

45 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in Royal Caribbean Cruises Ltd. (NYSE:RCL) as of Q2 2023. D. E. Shaw’s D E Shaw is the biggest shareholder among these through a $395 million stake.

Disclosure: None.  You can also take a look at 10 Best Blockchain and Bitcoin ETFs and Dow 30 Stocks List: Ranked By Hedge Fund Bullishness Index.

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