White Falcon Capital Management, an investment fund manager, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund was up 6.9% compared to the S&P 500 (CAD), the MSCI All Country (CAD), and the S&P TSX’s returns of 6.5%, 3.9%, and 1.2%, respectively. In the second quarter, the portfolio benefited from the rise in technology stocks. In addition, please check the fund’s top five holdings to know its best picks in 2023.

White Falcon Capital Management highlighted stocks like Teck Resources Limited (NYSE:TECK) in the second quarter 2023 investor letter. Headquartered in Vancouver, Canada, Teck Resources Limited (NYSE:TECK) engages in the exploration, acquisition, development, production, and sale of natural resources. On July 14, 2023, Teck Resources Limited (NYSE:TECK) stock closed at $41.52 per share. One-month return of Teck Resources Limited (NYSE:TECK) was -1.05%, and its shares gained 52.26% of their value over the last 52 weeks. Teck Resources Limited (NYSE:TECK) has a market capitalization of $21.561 billion.

White Falcon Capital Management made the following comment about Teck Resources Limited (NYSE:TECK) in its second quarter 2023 investor letter:

“Teck Resources Limited (NYSE:TECK): Teck Resources is a diversified mining company and produces essential natural resources such as zinc, copper, steel making coal. A new mine in Chile called QB2 has come online this year meaning that all capital expenditures to build this mine (and project risks) are behind us and all free cash flows from selling resources from this mine are in front of us. The world is short copper and not enough capital has been spent to explore for copper in the last 10 years. Given leads and lags in bringing new supply into the market and increasing use in electrification, we believe copper will be a structural winner over the next 10 years. Also, Teck is currently in ‘play’ which means that other companies are vying for its assets. It is uncertain how this all plays out but we believe this puts a floor under the stock price. Recently, we increased our position in Teck to make it a top 5 position.”

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Teck Resources Limited (NYSE:TECK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Teck Resources Limited (NYSE:TECK) at the end of first quarter 2023 which was 62 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.