Southern Copper (SCCO, Financial) is a copper producer that we bought at an average price of USD 34 per share and sold during this last quarter after it rose to USD 48/share. In this case, we estimated the intrinsic value at USD 60/share and, with a remaining upside potential of only 25%, we preferred to sell our position and use the money in companies with a longer track record, thus creating more value for the fund.
From azValor Asset Management's third-quarter 2020 letter.
