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Piedmont Lithium (PLL) Short Position Generated 23% in Q4

Massif Capital, an investment management company, released its “Massif Capital Real Assets Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. 2023 was a difficult year with a lot of volatility in both long and short books. Ultimately, the year concluded with a decrease in the short book and an increase in the long book (gross of fees) but not significantly. The fund returned 3.20% (net of fees) while the long position returned 5.69% and the short position returned (2.23%) during the fourth quarter. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Massif Capital featured stocks like Piedmont Lithium Inc. (NASDAQ:PLL) in its Q4 2023 investor letter. Headquartered in Belmont, North Carolina, Piedmont Lithium Inc. (NASDAQ:PLL) is a development stage company, that engages in the exploration and development of resource projects. On February 26, 2024, Piedmont Lithium Inc. (NASDAQ:PLL) stock closed at $12.29 per share. One-month return of Piedmont Lithium Inc. (NASDAQ:PLL) was -23.14%, and its shares lost 23.14% of their value over the last 52 weeks. Piedmont Lithium Inc. (NASDAQ:PLL) has a market capitalization of $236.73 million.

Massif Capital stated the following regarding Piedmont Lithium Inc. (NASDAQ:PLL) in its fourth quarter 2023 investor letter:

"On the short side of the book, we engaged in two types of Lithium shorts throughout 2023. The first is a traditional alpha-focused company short. Specifically, we assessed Piedmont Lithium Inc. (NASDAQ:PLL), a junior developer with exposure to assets from Canada to Ghana, which is helmed by a management team that, while capable of selling a story, cannot achieve its lofty goals in the real world.

Piedmont is a classic mining stock promotion with little chance of becoming anything substantive. During 2023, we generated a 23% return on the short before exiting it during the 4th quarter. We re-entered the short recently and are currently up a further 50%."

A close-up of an open-pit mine in the Carolina Lithium Project.

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Piedmont Lithium Inc. (NASDAQ:PLL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Piedmont Lithium Inc. (NASDAQ:PLL) was held by 12 hedge fund portfolios, up from 10 in the previous quarter, according to our database.

We discussed Piedmont Lithium Inc. (NASDAQ:PLL) in another article and shared the list of best Australian stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.