Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, Palm Valley Capital Fund increased 1.04% compared to 2.46% and 5.69% gains for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Palm Valley Capital Fund featured stocks like SSR Mining Inc. (NASDAQ:SSRM) in the first 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. On April 4, 2024, SSR Mining Inc. (NASDAQ:SSRM) stock closed at $4.74 per share. One-month return of SSR Mining Inc. (NASDAQ:SSRM) was 10.23%, and its shares lost 69.96% of their value over the last 52 weeks. SSR Mining Inc. (NASDAQ:SSRM) has a market capitalization of $963.026 million.
Palm Valley Capital Fund stated the following regarding SSR Mining Inc. (NASDAQ:SSRM) in its first quarter 2024 investor letter:
“Two positions were sold under less favorable circumstances. SSR Mining Inc. (NASDAQ:SSRM) experienced a catastrophic event at its Copler gold mine in Turkey. A slip (break) in the leach pad, which contains chemicals including cyanide, incited an enormous landslide. This caused a loss of life and massive environmental damage a little more than one mile from the Euphrates River. Shortly after the event was reported, we determined the cleanup liabilities would be substantial and could no longer reliably value this element of the company’s operations. Given the material impairment and uncertainty, we sold our stake. While we absorbed a significant percentage loss on the security, our position size before the calamity was only ~65 basis points. We calibrate position weightings based on our perception of operational and financial risk. In the case of SSR, we originally believed aggressive government actions (i.e., anything from more taxes to expropriation) were the biggest potential threat to our investment. The Fund had profitably bought and sold SSR Mining two other times before this loss.”
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. At the end of the fourth quarter, SSR Mining Inc. (NASDAQ:SSRM) was held by 19 hedge fund portfolios, compared to 14 in the previous quarter, according to our database.
We discussed SSR Mining Inc. (NASDAQ:SSRM) in another article and shared the list of best gold stocks under $25. In addition, please check out our hedge fund investor letters Q1 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.
