Triasima Scoops Up Over Half a Million Hudbay Minerals Shares in an $8.1 Million Move
Key Points
Triasma Portfolio Management bought Initiated 531,833 shares in Hudbay Minerals, estimated at ~$8.06 million based on the quarterly average price
Trade represents 1.2% of Triasima’s 13F reportable assets under management
Post-trade stake: 531,833 shares valued at $8.06 million as of September 30, 2025
New stake is outside Triasima’s top five holdings by position size
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What happened
According to a filing with the Securities and Exchange Commission dated October 29, 2025, Triasima Portfolio Management Inc. established a new position in Hudbay Minerals (NYSE:HBM) during the third quarter. The fund purchased 531,833 shares, with an estimated value of $8.06 million. This position accounts for 1.2% of Triasima’s reportable assets.
What else to know
This is a new position for Triasima Portfolio Management inc., now representing 1.2% of its 13F assets under management
Top holdings after the quarter:
NYSE: RY: $33.12 million (5.0% of AUM as of September 30, 2025)
NASDAQ: SHOP: $24.42 million (3.7% of AUM as of September 30, 2025)
NYSE: KGC: $20.23 million (3.1% of AUM)
NYSE: BN: $19.82 million (3.0% of AUM)
NYSE: CLS: $18.61 million (2.8% of AUM)
As of October 28, 2025, Hudbay Minerals shares were priced at $16.16
Hudbay Minerals shares have gained 68.7% over the past year, outperforming the S&P 500 by 49.5 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $6.40 billion |
| Trailing 12-month revenue | $2.20 billion |
| Net income (TTM) | $289.02 million |
| Dividend yield | 0.09% |
| Forward P/E | 14.13 |
| EV/EBITDA | 6.70 |
| Employees | 2,233 |
Company snapshot
Produces copper, gold, silver, molybdenum, and zinc from mines in North and South America
Operates three polymetallic mines, four ore concentrators, and a zinc production facility
Serves industrial customers in metals and manufacturing sectors
Hudbay Minerals is a diversified mining company focused on the discovery, production, and marketing of base and precious metals. Its operations span Canada, Peru, and the United States, supplying copper and other metals to global markets.
Foolish take
It seems Triasma is bullish on the metals space. Its $8.1 million bet on Hudbay Minerals was the largest new position added to its portfolio during the third quarter.
Triasma's new Hudbay position likely worked out well for the portfolio. The stock has risen about 51% since the end of June.
The diversified metals producer's exposure to gold and copper have served it well. Trailing 12-month revenues are up by 47.1% over the past decade. Gold represented 36% of Hudbay's total revenue during the second quarter.
This August, management improved expectations for its full year consolidated cash cost for producing copper from $0.90 per pound down to $0.75 per pound at the midpoint of the guided ranges provided.
Gold prices recently exceeded $4,200 per ounce. Investors who bought the metal seeking a hedge against soaring government debt have outperformed the major stock market indexes by a mile this year.
Glossary
Initiated a new position: When an investor buys shares of a company for the first time in a portfolio.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
13F reportable assets: Securities that investment managers must disclose in quarterly SEC filings if they manage over $100 million.
Quarterly average price: The average price of a security over a three-month reporting period.
Top holdings: The largest investments in a portfolio, ranked by their value or percentage of total assets.
Stake: The amount of ownership or interest an investor holds in a particular company or asset.
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Cory Renauer has positions in Shopify. The Motley Fool has positions in and recommends Brookfield, Brookfield Corporation, Celestica, and Shopify. The Motley Fool has a disclosure policy.
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