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Teck Resources Limited (TECK) Rose on Copper Market Dynamics

Soumya Eswaran
·3-min read

L1 Capital, an investment management firm, released its “L1 Long Short Fund” first quarter 2024 investor letter, a copy of the same can be downloaded here. As U.S. economic data continued to surprise to the upside in comparison to market expectations, equity markets saw a gain throughout the March quarter. The portfolio returned 7.4% for the quarter compared to 5.3% for S&P/ASX 200 AI. Over the past three years, the portfolio return was 14.8% p.a compared to 9.6% p.a. for the index. Please check the top five holdings of the fund to know its best picks in 2024.

L1 Long Short Fund featured stocks like Teck Resources Limited (NYSE:TECK) in the first quarter 2024 investor letter. Headquartered in Vancouver, Canada, Teck Resources Limited (NYSE:TECK) engages in the exploration, acquisition, development, production, and sale of natural resources. On April 16, 2024, Teck Resources Limited (NYSE:TECK) stock closed at $47.13 per share. One-month return of Teck Resources Limited (NYSE:TECK) was 7.58%, and its shares gained 1.42% of their value over the last 52 weeks. Teck Resources Limited (NYSE:TECK) has a market capitalization of $24.83 billion.

L1 Long Short Fund stated the following regarding Teck Resources Limited (NYSE:TECK) in its first quarter 2024 investor letter:

"Teck Resources Limited (NYSE:TECK) (Long +8%) shares rose on the same copper market dynamics that drove the Capstone share price. Teck is in the process of completing the sale of its steelmaking coal business for US$8.6b. The company has already received US$1.3b and allocated $500m of this to a buy-back, with the remainder of the proceeds subject to regulatory approvals. Post transaction completion, we expect the company to have significant capital management flexibility, including the potential for further returns to shareholders. Following the divesture of its coal portfolio, Teck will become a leading copper-zinc producer with a strong pipeline of organic growth projects that can grow production by more than 60% over the next decade. Throughout 2024, Teck’s key focus will be to continue ramping up copper production at QB2 (one of the world’s largest new copper mines) and to establish a track record of positive operating performance."

A close up of an automated machine processing other Industrial Metals & Mining resources.

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Teck Resources Limited (NYSE:TECK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Teck Resources Limited (NYSE:TECK) was held by 68 hedge fund portfolios, compared to 75 in the previous quarter, according to our database.

We previously discussed Teck Resources Limited (NYSE:TECK) in another article, where we shared billionaire Stanley Druckenmiller’s top stock picks. In addition, please check out our hedge fund investor letters Q1 2024 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.