Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
PM Capital Global Companies Fund Paul Moore | “Copper holdings Freeport McMoRan, Teck Resources and Grupo Mexico each reached new all-time highs during the quarter, buoyed by the ongoing strength in the copper price. We actively reduced our exposure through both outright sales and sold call options. While copper market fundamentals remain strong and we continue to hold a favourable long term view, the decision to reduce our exposure was driven by valuation. Copper has been a core holding in the portfolio since 2020. During COVID, the metal was deeply out of favour, with the COMEX copper price falling to US$2.17/lb - close to the marginal cost of production and well below the level we believed was required to encourage new greenfield supply. Today the market looks very different. New demand drivers coupled with a tight supply picture looking out over the next decade has put copper front and centre as a must own commodity for investors. COMEX is up nearly 2x from its 2020 lows while Freeport McMoRan and Teck Resources are up 10x and 8x respectively. While we continue to see attractive long-term fundamentals, much of that optimism is now reflected in valuations.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Thornburg Global Opportunities Fund Brian McMahon | “Freeport-McMoran Inc. is the fourteenth largest holding. Global mining company with significant reserves of important minerals. Returned +24.4% in H1 2026 and +35.4% in calendar 2025. Trailing 5-year ” | BULL | Q2 2026 Jul 10, 2026 | View Pitch |
PM Capital Global Companies Fund Paul Moore | “Freeport McMoRan was able to recover the share price drawdown seen in September following a major mudflow event at their Grasberg mine, which resulted in a full suspension of production and a material cut to guidance. In mid-November, the leadership team issued an operational update that was well received by investors, and the share price finished 2025 at its high. While Grasberg's restart and medium-term production guidance broadly is in line with previous commentary, the update helped alleviate concerns around a more material impairment of the Grasberg block cave (GBC). Copper surged 17% over the quarter, while gold gained another 12%, translating into strong performance from portfolio holdings Freeport McMoRan +30%. BSD Analysis: Freeport-McMoRan has received a major analyst upgrade in early 2026, moving from "Hold" to "Buy" as the outlook for copper prices remains exceptionally positive. The company is projected to see a 5 percent increase in annual revenue, reaching over 27 billion dollars as it benefits from the electrification supercycle and the global AI infrastructure buildout. Institutional sentiment is growing increasingly bullish, with total shares owned by institutions rising and a put/call ratio that reflects a positive market bias. Management is focusing on optimizing its high-margin Grasberg operations in Indonesia while advancing expansion projects in North America. Despite near-term stock volatility, the company's dominant position as the world's leading publicly traded copper producer provides a significant competitive moat. Freeport remains a premier play for investors looking to capitalize on the long-term scarcity of critical industrial metals.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
