SailingStone Capital Partners LLC recently filed their 13F report for the second quarter of 2022, which ended on 2022-06-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
SailingStone Capital Partners LLC is an institutional investment management firm based out of San Francisco, California. The company was established in 2014 by a team of investment analysis all of whom had prior experience at RS Global Natural Resource. The founding team of partners includes James Bruce, Mackenzie Davis, Martin Engel, Brian Lively, and Ken Settles, all of whom are still with the company today as partners and investment analysis. The firm currently has 18 employees of which 5 are investment professionals. SailingStone Capital Partners is employee owned with the actual company itself operating under its holdings company SailingStone GP LP. The company manages concentrated, long only separate accounts for institutional investors and focuses on generating returns in the global natural resource sector. SailingStone Capital Partners’s investment philosophy focuses on companies that have the ability to compound economic value for shareholders, striving to generate “attractive through-cycle returns across a broad array of commodities in a concentrated, liquid investment strategy,” studying the projects of companies through site visits and analysis, focusing on minimizing the permanent loss of capital, emphasizing company specific value creation to take advantage of market volatility, and conducting counter cyclical investments in concentrated portfolios. The company’s assets are split between the energy sector, which makes up approximately two thirds of its total asset allocations, and materials sector, which makes up the remaining third of its allocations. SailingStone Capital Partners’s top 10 holdings alone makes up over three quarters of its total holdings and, comparatively, the firm has a low turnover rate of 5.5%. SailingStone Capital Partners holds over $7.2 billion in total assets under management spread across 74 accounts, all of which are discretionary. As the company is still in its very early years, its total number of accounts and total assets under management are both somewhat volatile.
As of the latest 13F report, the guru’s equity portfolio contained 23 stocks valued at a total of $756.00Mil. The top holdings were TRQ(33.67%), AR(14.28%), and CCJ(10.02%).
According to GuruFocus data, these were SailingStone Capital Partners LLC’s top five trades of the quarter.
Turquoise Hill Resources Ltd
During the quarter, SailingStone Capital Partners LLC bought 4,245,123 shares of NYSE:TRQ for a total holding of 8,803,646. The trade had a 16.24% impact on the equity portfolio. During the quarter, the stock traded for an average price of $28.34.
On 09/17/2022, Turquoise Hill Resources Ltd traded for a price of $30.19 per share and a market cap of $6.13Bil. The stock has returned 100.60% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Turquoise Hill Resources Ltd has a price-earnings ratio of 11.25, a price-book ratio of 0.68, a EV-to-Ebitda ratio of 10.18 and a price-sales ratio of 3.20.
The price-to-GF Value ratio is 1.88, earning the stock a GF Value rank of 1.
Cameco Corp
During the quarter, SailingStone Capital Partners LLC bought 1,458,561 shares of NYSE:CCJ for a total holding of 2,699,935. The trade had a 5.41% impact on the equity portfolio. During the quarter, the stock traded for an average price of $25.29.
On 09/17/2022, Cameco Corp traded for a price of $27.95 per share and a market cap of $11.23Bil. The stock has returned 16.57% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Cameco Corp has a price-earnings ratio of 222.71, a price-book ratio of 2.89, a EV-to-Ebitda ratio of 39.05 and a price-sales ratio of 7.98.
The price-to-GF Value ratio is 2.12, earning the stock a GF Value rank of 1.
Ivanhoe Electric Inc
The guru established a new position worth 4,579,032 shares in AMEX:IE, giving the stock a 4.94% weight in the equity portfolio. Shares traded for an average price of $9.74 during the quarter.
On 09/17/2022, Ivanhoe Electric Inc traded for a price of $8.75 per share and a market cap of $812.77Mil. The stock has returned 0.00% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 1 out of 10.
In terms of valuation, Ivanhoe Electric Inc has a price-book ratio of 34.95, a EV-to-Ebitda ratio of -9.10 and a price-sales ratio of 165.77.
Antero Resources Corp
SailingStone Capital Partners LLC reduced their investment in NYSE:AR by 752,488 shares. The trade had a 4.78% impact on the equity portfolio. During the quarter, the stock traded for an average price of $36.48.
On 09/17/2022, Antero Resources Corp traded for a price of $37.55 per share and a market cap of $11.49Bil. The stock has returned 120.36% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Antero Resources Corp has a price-earnings ratio of 14.65, a price-book ratio of 2.03, a EV-to-Ebitda ratio of 7.78 and a price-sales ratio of 1.68.
The price-to-GF Value ratio is 2.00, earning the stock a GF Value rank of 1.
NuScale Power Corp
The guru established a new position worth 2,437,862 shares in NYSE:SMR, giving the stock a 3.82% weight in the equity portfolio. Shares traded for an average price of $10 during the quarter.
On 09/17/2022, NuScale Power Corp traded for a price of $13.93 per share and a market cap of $591.95Mil. The stock has returned 0.00% over the past year.
GuruFocus gives the company a financial strength rating of 2 out of 10 and a profitability rating of 1 out of 10.
In terms of valuation, NuScale Power Corp has a EV-to-Ebitda ratio of -6.11 and a price-sales ratio of 1026.27.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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