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Is it Worth Buying Franco Nevada Corp. (FNV) Shares?

Horizon Kinetics, an investment management company, released its third-quarter 2022 investor letter, which can be downloaded here. In its third-quarter letter, the fund mentioned that it is suddenly beset by a confusion of worrisome events, pressing questions about what they portend, and what should or can be done in response. Horizon Kinetics’ client portfolios have been accumulating certain classes of them for some time, particularly the ‘hard asset’ and asset-light inflation beneficiary businesses. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Horizon Kinetics mentioned Franco-Nevada Corporation (NYSE:FNV) and explained its insights for the company. Founded in 1983, Franco-Nevada Corporation (NYSE:FNV) is a Toronto, Canada-based gold-focused royalty and streaming company with a $25.6 billion market capitalization. Franco-Nevada Corporation (NYSE:FNV) delivered a -3.10% return since the beginning of the year, while its 12-month returns are down by -8.05%. The stock closed at $134.00 per share on November 08, 2022.

Here is what Horizon Kinetics has to say about Franco-Nevada Corporation (NYSE:FNV) in its Q3 2022 investor letter:

"Back to basic principles. We don’t hold gold in client portfolios, we hold gold royalty companies. The two have surprisingly little in common. The gold royalty company generates very impressive profits even if the gold price never rises, and it earns those profits year after year. Here is a long-term chart of Franco Nevada Corp., the premier gold royalty company vs. gold itself: a comparable gold price today than a decade ago, yet Franco Nevada returned 12.5% annually, matching the S&P 500 return, despite its nearsole source of revenues unchanged. What will Franco Nevada’s earnings and share price do if gold rises over the course of a decade?"

Our calculations show that Franco-Nevada Corporation (NYSE:FNV) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Franco-Nevada Corporation (NYSE:FNV) was in 25 hedge fund portfolios at the end of the second quarter of 2022, compared to 29 funds in the previous quarter. Franco-Nevada Corporation (NYSE:FNV) delivered a 1.68% return in the past 3 months.

In October 2022, we published an article that includes Franco-Nevada Corporation (NYSE:FNV) in 5 Best Gold Mining Stocks to Buy Now. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.


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Disclosure: None. This article is originally published at Insider Monkey.