Heartland Advisors, an investment management company, released its “Heartland Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund increased by 9.83% in the quarter compared to 10.15% for the Russell 2000 Value Index. Year-to-date the fund appreciated by 13.45% outperforming the 9.22% gain for the Index, primarily driven by security selection. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Heartland Value Fund highlighted stocks like Osisko Gold Royalties Ltd (NYSE:OR), in the third quarter 2024 investor letter. Osisko Gold Royalties Ltd (NYSE:OR) acquires and manages precious metal and other royalties, streams, and other interests. The one-month return of Osisko Gold Royalties Ltd (NYSE:OR) was 6.27%, and its shares gained 61.01% of their value over the last 52 weeks. On October 11, 2024, Osisko Gold Royalties Ltd (NYSE:OR) stock closed at $19.31 per share with a market capitalization of $3.57 billion.
Heartland Value Fund stated the following regarding Osisko Gold Royalties Ltd (NYSE:OR) in its Q3 2024 investor letter:
“By contrast, Osisko Gold Royalties Ltd (NYSE:OR) is a successful holding which we exited this year because its grid score deteriorated. As interest in gold has grown, shares of the company, which acquires and manages precious metal royalties worldwide, appreciated substantially. However, production difficulties at one of their key producing mines surfaced, thus reducing our estimates of earnings and cash flows. Together these increased the risk while lessening the reward potential for Osisko, causing our valuation of the company to fall, and putting it at the bottom of the mining stocks in our portfolio. With a price to cash flow ratio of close to 20X and the grid score deteriorating to only 5 of 10, we believed there were better values elsewhere.”
A closeup view of a large gold mine, illustrating the company’s gold properties.
Osisko Gold Royalties Ltd (NYSE:OR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Osisko Gold Royalties Ltd (NYSE:OR) at the end of the second quarter which was 17 in the previous quarter. The revenue of Osisko Gold Royalties Ltd (NYSE:OR) for the second quarter was $64.8 million. While we acknowledge the potential of Osisko Gold Royalties Ltd (NYSE:OR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.