One Fund Cut $3 Million From a Precious Metals Winner Amid a Staggering 150% Stock Surge
Key Points
London-based Oldfield Partners sold 116,819 shares of BVN for an estimated $2.92 million in the fourth quarter.
Meanwhile, the quarter-end position value decreased by $2.67 million, reflecting both share sales and price movements.
The fund now holds 49,120 shares worth $1.37 million.
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On Friday, London-based Oldfield Partners reported selling 116,819 shares of Compañía de Minas Buenaventura S.A.A. (NYSE:BVN), an estimated $2.92 million transaction based on quarterly average pricing.
What Happened
According to a SEC filing released Friday, Oldfield Partners reduced its position in Compañía de Minas Buenaventura S.A.A. by 116,819 shares. The estimated transaction value was $2.92 million, calculated using the average closing price over the quarter. The fund's quarter-end position value fell by $2.67 million, a change that includes both trading and market price effects.
What Else to Know
The sale reduced the BVN stake to 0.39% of Oldfield's 13F AUM.
Top holdings after the filing:
- NYSE:NOV: $78.86 million (22.4% of AUM)
- NYSE:LEA: $73.84 million (20.9% of AUM)
- NYSE:DIS: $57.35 million (16.3% of AUM)
- NYSE:CB: $55.09 million (15.6% of AUM)
- NYSE:ARW: $40.39 million (11.5% of AUM)
As of Thursday, BVN shares were priced at $31.21, up a staggering 154% over the past year and well outperforming the S&P 500's roughly 18% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $31.21 |
| Market capitalization | $8.11 billion |
| Revenue (TTM) | $1.41 billion |
| Net income (TTM) | $432.45 million |
Company Snapshot
- Compañía de Minas Buenaventura produces and sells gold, silver, lead, zinc, copper, and related by-products, with additional operations in manganese sulphate and hydroelectric power.
- It operates a diversified mining portfolio across multiple sites in Peru, generating revenue primarily from the extraction and sale of precious and base metals.
- The company serves industrial customers in the metals and mining sector.
Compañía de Minas Buenaventura S.A.A. is a leading Peruvian mining company with a broad portfolio of precious and base metal assets. The company leverages its extensive operational footprint and expertise in mineral extraction to maintain a competitive position in the Latin American mining industry. Strategic diversification across multiple metals and integrated energy production support resilient performance and long-term growth potential.
What this transaction means for investors
This move highlights how gains are managed once a thesis has paid off. Trimming a stock after a triple-digit run is often less about doubt and more about sizing, risk, and the next marginal dollar.
Meanwhile, Buenaventura’s fundamentals help explain why profits were there to harvest. In the third quarter, revenue climbed 30% year over year to $431 million, while EBITDA from direct operations jumped 48% to $202 million. The balance sheet also strengthened meaningfully, with cash of $486 million and net debt of $225 million, leaving leverage at a conservative 0.41x. The board also approved a dividend of $0.1446 per share.
Even before the sale, this position was tiny, and now it’s less than 0.4% of assets. Instead, capital is concentrated in higher-conviction names like NOV, Lear, Disney, and Chubb. That structure suggests this was never a core bet, but it has provided some meaningful upside.
Glossary
13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.
Quarter-end position: The number of shares or value of a holding at the end of a financial quarter.
Trading and market price effects: Changes in a fund's position value due to both buying/selling and fluctuations in market prices.
Top holdings: The largest investments in a fund's portfolio, ranked by value or percentage of assets.
Outperforming the S&P 500: Achieving a higher return than the S&P 500 index over a specified period.
Precious and base metals: Precious metals are rare, high-value (like gold, silver); base metals are common, industrial-use (like copper, zinc).
Operational footprint: The scope and scale of a company's physical operations, including locations and facilities.
Strategic diversification: Investing in a range of assets or sectors to reduce risk and improve stability.
Integrated energy production: Generating energy (such as hydroelectric power) within a company's own operations to support its activities.
Industrial customers: Businesses that purchase raw materials or products for use in manufacturing or production processes.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Walt Disney. The Motley Fool has a disclosure policy.
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