Value investor Seth Klarman has started a brand new position that is over 1% of his portfolio.
Klarman initiated the position this quarter when the price-per-share varied between $6.45 and $11.22. Following the news of Klarman's purchase, the stock jumped to $10.80.
Furthermore, John Paulson upped his stake in NG, to 8.4% of his portfolio, in the quarter ended September 30.
Finally, George Soros owns an 8.49% ownership stake in the company with 18,700,164 shares.
Marc Faber has also recommended NovaGold as one of his favorite gold stocks.
In addition the executive changes, NovaGold announced billionaire Thomas Kaplan will become its chairman. Kaplan’s investment firm Electrum is the largest shareholder in NovaGold with a nearly 21.7% stake.
The appeal with NovaGold appears to be its mineral properties in politically safe jurisdictions such as Alaska and British Columbia, Canada. Gold mining stock investors have been rattled with government problems in Peru and Argentina in the last few weeks.