Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, Palm Valley Capital Fund declined -0.09% outperforming the -0.58% decline in the S&P SmallCap 600 and slightly underperforming the 0.32% gain in the Morningstar Small Cap Total Return Index. The Fund faced losses on certain equity positions, but these were partly balanced out by gains from Treasury bill holdings. During the quarter the equity positions in the Fund reduced by 3.6%. Cash equivalents comprised 78% of the fund’s assets at the period’s end. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Palm Valley Capital Fund highlighted stocks like SSR Mining Inc. (NASDAQ:SSRM) in the fourth quarter 2024 investor letter. Headquartered in Denver, Colorado, SSR Mining Inc. (NASDAQ:SSRM) is a gold company, that engages in the operation, acquisition, exploration, and development of precious metal resource properties. The one-month return of SSR Mining Inc. (NASDAQ:SSRM) was -5.17%, and its shares lost 31.12% of their value over the last 52 weeks. On January 6, 2025, SSR Mining Inc. (NASDAQ:SSRM) stock closed at $7.15 per share with a market capitalization of $1.447 billion.
Palm Valley Capital Fund stated the following regarding SSR Mining Inc. (NASDAQ:SSRM) in its Q4 2024 investor letter:
“For the year, the Fund’s top decliners were TrueBlue (ticker: TBI), SSR Mining Inc. (NASDAQ:SSRM), and Carters. In February, SSR Mining was rocked by a catastrophic break in the leach pad at its gold mine in Turkey, which caused a massive landslide and significant potential legal and environmental liabilities. Since we could not reliably quantify the impact of this new development, we sold on the news.”
An aerial view of a large open-pit mine at sunrise, with trucks driving in its depths.
SSR Mining Inc. (NASDAQ:SSRM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held SSR Mining Inc. (NASDAQ:SSRM) at the end of the third quarter which was 19 in the previous quarter. While we acknowledge the potential of SSR Mining Inc. (NASDAQ:SSRM) 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 another article, we discussed SSR Mining Inc. (NASDAQ:SSRM) and shared the list of best gold royalty and small-cap gold stocks to buy. In addition, please check out our hedge fund investor letters Q4 2024 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.