L1 Capital, an investment management firm, released its “L1 Long Short Fund” second quarter 2023 investor letter, a copy of the same can be downloaded here. Global markets were mixed over the quarter, while the US stock market performed strongly due to the strength in technology mega-cap stocks. The portfolio returned 0.1% in the second quarter compared to 1.0% for the S&P ASX200 Accum Index. For the financial year, the portfolio returned 13.5%. In addition, please check the fund’s top 5 holdings to know about its top bets for 2023.
L1 Long Short Fund highlighted stocks like Teck Resources Limited (NYSE:TECK) in the second quarter 2023 investor letter. Headquartered in Vancouver, Canada, Teck Resources Limited (NYSE:TECK) engages in the exploration, acquisition, development, production, and sale of natural resources. On September 1, 2023, Teck Resources Limited (NYSE:TECK) stock closed at $42.50 per share. One-month return of Teck Resources Limited (NYSE:TECK) was 1.34%, and its shares gained 29.77% of their value over the last 52 weeks. Teck Resources Limited (NYSE:TECK) has a market capitalization of $22.237 billion.
L1 Long Short Fund made the following comment about Teck Resources Limited (NYSE:TECK) in its second quarter 2023 investor letter:
“Teck Resources Limited (NYSE:TECK) (Long +15%) performed well following a takeover offer from Glencore in April 2023 at an implied premium of 22% to the pre-offer share price. The Teck Board rejected the offer and labelled it as “unsolicited and opportunistic”. Teck has been concurrently evaluating a separation of its coal and metals businesses via a more simplified approach than the initial overly complex approach that failed to achieve shareholder support. Recent press coverage indicated Teck is in negotiations with multiple parties over a partial or full sale of the coal business. In March, Teck also started its long-awaited copper production at QB2, one of the world’s largest new copper mines. QB2 is on track to reach full production capacity by the end of 2023. This increased copper production capacity comes at an opportune time as the global energy transition starts to accelerate. We believe Teck remains very attractive with operational momentum building as QB2 ramps up, and with heightened corporate interest given its unique, high-quality asset base.”
Image by Bishnu Sarangi from Pixabay
Teck Resources Limited (NYSE:TECK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 79 hedge fund portfolios held Teck Resources Limited (NYSE:TECK) at the end of second quarter which was 66 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
