GREY:HRIVF - Post by User
Comment by
comquation Oct 19, 2010 10:17pm
430 Views
Post# 17585451
Remain Calm
Remain CalmThe Manager built a relatively sizeable stake in Toronto Stock Exchange listed High River Gold Mining (HRG), which became one of PVF's top 10 holdings and came to account for 2.6% of the Fund by the end of June, rising to 2.8% by August. HRG is one of the cheapest gold companies globally and trades at a 5x 2010 P/E. Its main shareholder -
Severstal - has attempted a couple of times to buy out the minorities, without success. These approaches may have scared some investors but PCM funds have formed a group of like-minded shareholders in order to ensure that any such actions be carried out in compliance with the rules, affording true value to minorities. HRG's share price grew
35.4% during the first half of the year.
C