L1 Capital, an investment management firm, released its “L1 Capital International Fund” third quarter 2023 investor letter, a copy of the same can be downloaded here. In the September 2023 quarter, the fund outperformed the Index by 4.0% returning 3.6% (in Australian dollars). Year-to-date, the fund returned 28.3% (in Australian dollars), outperforming the Index by 11.6%. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International Fund highlighted stocks like Natural Resource Partners L.P. (NYSE:NRP) in the third quarter 2023 investor letter. Headquartered in Houston, Texas, Natural Resource Partners L.P. (NYSE:NRP) owns, manages, and leases a portfolio of mineral properties. On November 29, 2023, Natural Resource Partners L.P. (NYSE:NRP) stock closed at $76.95 per share. One-month return of Natural Resource Partners L.P. (NYSE:NRP) was 7.62%, and its shares gained 78.33% of their value over the last 52 weeks. Natural Resource Partners L.P. (NYSE:NRP) has a market capitalization of $ 972.232 million.
L1 Capital International Fund made the following comment about Natural Resource Partners L.P. (NYSE:NRP) in its Q3 2023 investor letter:
“Following significant under-performance, some high-quality businesses in these sectors are now becoming more attractive from a valuation perspective – in our language they are now getting warmer on our Bench of potential investments.
Our ‘all-weather’ portfolio centred around our unique definition of ‘quality’ delivered strong performance in the September quarter. Three companies positively contributed over 0.5% (in Australian dollars) to the Fund’s returns for the quarter (Booking Holdings, Intuit and Natural Resource Partners L.P. (NYSE:NRP), in alphabetical order), and another three companies almost reached this level of positive contribution. No companies detracted from the Portfolio’s returns by 0.5% or more.
Natural Resource Partners (NRP) is a unique business and a recent investment by the Fund. NRP is a structured as a Master Limited Partnership (MLP), a publicly traded limited partnership business structure with specific tax attributes. While not providing any advice, we caution that the tax implications of investing in an MLP, particularly from Australia, are extremely onerous and complicated…” (Click here to read the full text)
An aerial shot of the uranium mines, demonstrating the company’s vast mineral resources.
Natural Resource Partners L.P. (NYSE:NRP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held Natural Resource Partners L.P. (NYSE:NRP) at the end of third quarter which was 6 in the previous quarter.
We discussed Natural Resource Partners L.P. (NYSE:NRP) in another article and shared the list of stocks that paid special dividends in 2023. In addition, please check out our hedge fund investor letters Q3 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.
