Old West Management, an investment management company, released its 2022 fourth-quarter investor letter. A copy of the same can be downloaded here. 2022 was one of the most difficult years for investors. However, the fund performed better than the market. Even though its long-only separate accounts delivered negative returns for the year, they beat their respective benchmarks, and the fund’s three Limited Partnerships performed relatively well. The Old West Income Fund increased by 12.4% for the year. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Old West Management highlighted stocks like Barrick Gold Corporation (NYSE:GOLD) in the Q4 2022 investor letter. Headquartered in Toronto, Canada, Barrick Gold Corporation (NYSE:GOLD) is a mining company that focuses on mine development, exploration, and production of gold and copper. On January 17, 2023, Barrick Gold Corporation (NYSE:GOLD) stock closed at $18.75 per share. One-month return of Barrick Gold Corporation (NYSE:GOLD) was 13.29%, and its shares gained 0.37% of their value over the last 52 weeks. Barrick Gold Corporation (NYSE:GOLD) has a market capitalization of $33.263 billion.
Old West Management made the following comment about Barrick Gold Corporation (NYSE:GOLD) in its Q4 2022 investor letter:
“Barrick Gold Corporation (NYSE:GOLD) is the second largest gold miner in the world, with operations in the U.S., Canada, Africa, South America and more. Barrick is also a major copper producer. Former Goldman Sachs executive John Thornton took control of the company in 2012 and quickly realized he wanted someone with a mining background to run the company. Mark Bristow, at that time CEO of Randgold, was considered one of the best gold mining executives in the world. Thornton wanted Bristow so badly Barrick bought Randgold in 2018. Bristow who is South African, had extensive experience operating mines throughout Africa, and in fact would fly his own single engine plane to visit mines. He has his PhD in Geology, and he has flourished running Barrick the past five years.
Barrick is estimated to have $1.6 billion of net income this year on $11.5 billion of revenue. Net Income has been growing 15% per year. The stock trades at $19.00 per share which is 16 times forward earnings, and the stock has a 3.15% dividend yield. Barrick has a fortress balance sheet with $5.7 billion in cash and $5 billion of long term debt, which is only one time EBITDA”
Barrick Gold Corporation (NYSE:GOLD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Barrick Gold Corporation (NYSE:GOLD) at the end of the third quarter, which was 40 in the previous quarter.
We discussed Barrick Gold Corporation (NYSE:GOLD) in another article and shared the best gold stocks to buy for recession. In addition, please check out our hedge fund investor letters Q4 2022 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.
