Should You Hold Ramaco Resources (METC) Shares?
Horos Asset Management, an investment management firm, published its third quarter 2023 investor letter. A copy of the same can be downloaded here. In a short-term view, funds are up 8.7% in 2023 for Horos Value Internacional (versus a 10.9% rise of its benchmark index) and 9.0% for Horos Value Iberia (versus 16.2% for benchmark). Since inception, funds delivered cumulative returns of 236% in the international strategy (11.3% annualized) and 185% in the Iberian strategy (10.0%), outperforming their benchmark indices. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Horos Asset Management highlighted stocks like Ramaco Resources, Inc. (NASDAQ:METC) in the third quarter 2023 investor letter. Headquartered in Lexington, Kentucky, Ramaco Resources, Inc. (NASDAQ:METC) develops and distributes metallurgical coal. On November 20, 2023, Ramaco Resources, Inc. (NASDAQ:METC) stock closed at $16.43 per share. One-month return of Ramaco Resources, Inc. (NASDAQ:METC) was 38.53%, and its shares gained 80.65% of their value over the last 52 weeks. Ramaco Resources, Inc. (NASDAQ:METC) has a market capitalization of $843.117 million.
Horos Asset Management made the following comment about Ramaco Resources, Inc. (NASDAQ:METC) in its Q3 2023 investor letter:
In addition, we sold the B shares of Ramaco Resources, Inc. (NASDAQ:METC), which the company distributed to its shareholders and which simulate the structure of a royalty-bearing entity by paying dividends to its shareholders based on the coal sold, processed and transported by Ramaco itself. In our view, the A shares, which give exposure to Ramaco's traditional mining business, are more attractive, hence we chose to divest the B shares and maintain our investment in the A shares.
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Ramaco Resources, Inc. (NASDAQ:METC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held Ramaco Resources, Inc. (NASDAQ:METC) at the end of second quarter which was 12 in the previous quarter.
We discussed Ramaco Resources, Inc. (NASDAQ:METC) in another article and shared the list of best coal mining stocks to buy. 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.
