Massif Capital, an investment management company, released its “Massif Capital Real Assets Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned -2.69% net of fees. The first quarter was challenging for the strategy, its short position was down 5.6% and its long position gained 3.5%. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Massif Capital highlighted stocks like Equinox Gold Corp. (NYSE:EQX) in the first quarter 2023 investor letter. Headquartered in Vancouver, Canada, Equinox Gold Corp. (NYSE:EQX) engages in the exploration and development of mineral properties. On May 4, 2023, Equinox Gold Corp. (NYSE:EQX) stock closed at $5.61 per share. One-month return of Equinox Gold Corp. (NYSE:EQX) was 1.26%, and its shares lost 3.28% of their value over the last 52 weeks. Equinox Gold Corp. (NYSE:EQX) has a market capitalization of $1.751 billion.
Massif Capital made the following comment about Equinox Gold Corp. (NYSE:EQX) in its Q1 2023 investor letter:
“Equinox Gold Corp. (NYSE:EQX) was our best-performing investment during the first quarter, returning 57%, outperforming the broader gold sector as measured by the GDX and GDXJ by more than 40% and outperforming gold by roughly 50%. The outperformance was not driven by fundamental factors at the company but rather by a combination of sector sentiment and a beta to the gold price of 3.1. We believe that fundamental factors, specifically the conclusion of construction and eventual ramp-up of the Greenstone mine during the first half of next year, represent potent catalysts for EQX, but this quarter’s appreciation was not fundamentally driven.
While we are pleased with the excellent performance during the first quarter, we would be remiss if we did not point out that the stock remains well below the high of roughly $13.50 achieved in 2020, a price at which we owned the stock. While we are in the black on the position despite a 62% fall from the stock peak, our failure to exit the position at that time remains a painful portfolio management misstep…” (Please click here to read the full text)
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Equinox Gold Corp. (NYSE:EQX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Equinox Gold Corp. (NYSE:EQX) at the end of the fourth quarter which was 7 in the previous quarter.
We discussed Equinox Gold Corp. (NYSE:EQX) in another article and shared the list of most undervalued gold stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.
