Hudbay Minerals (HBM-T)

Tough to answer whether to buy. Impressive beat last quarter, much stronger outlook, markedly higher output in Manitoba, affirmed production guidance, positive free cashflow for 5th consecutive quarter. Nice growth. Not pricey at 18.5x 2025 earnings.

Depends on your view of copper. If you think it's going higher (partly due to Trump and partly to lackluster China), then the better view is yes, buy. He's a copper bull over time.

Owns a bit of this, instead of FCX, because it's in Canada and he understands it. Quality of assets not at the standard of FCX, but it's in a safe jurisdiction and he likes management.

His choice in the mining space, in his global equity growth fund.

One of his primary holdings right now in the mining sector. Well positioned, given the demand for copper being what it is. Last quarter was probably one of their best ever. Gold production was better than hoped. A good place to look if you want a mid-cap mining company.

Copper's been all over the place, and really down lately on a weaker China. Whole copper complex trades at a premium because they know there's this thirst for copper amid shortages. Materially paid down debt. Trades at discount (4.8) to large-cap peers (5.6). He models 40% EPS at a 31 PE.

Was risky, de-risked to a large extent. Copper's not for the faint of heart. A whippy player, but a winner if it continues to execute well and copper does well.

Doesn't own shares. Considers company a collection of Tier 2 deposits. Prefers better assets in Tier 1 assets. 

Excellent chart that continues to perform. Expecting further strength. Would recommend holding until market cycle turns. 

He wanted exposure to EV and HBM produces copper (for EVs). This has worked veryw ell.

Just because large institutions buying this stock - not always a good reason to buy. Would recommend looking into the quality of business. Current share price is too high in order to invest. Would wait for share price weakness before investing. 

Huge rally. Has now come down in RSI ranking, along with other metal producers. So far, looks like a correction within an uptrend, holding above the early May low of $11-11.50. Last couple of days, price of copper has started to pick back up again, starting to stabilize, and may see stocks do the same.

It is a top copper play and added copper production at the right point in the cycle. However there is political risk in Peru where it has substantial holdings.