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Renaissance Investment Management, an investment management company, released its Q4 2024 “International Small Cap Strategy” investor letter. A copy of the letter can be downloaded here. In 2024, international equities experienced a second consecutive year of growth but underperformed their U.S. counterparts due to weak economic growth, political turmoil, tariff threats, and a strong U.S. dollar. The portfolio generated negative returns in the fourth quarter but outperformed the benchmark. For more information on the fund’s best picks in 2024, please check its top five holdings.
In its fourth quarter 2024 investor letter, Renaissance International Small Cap Strategy emphasized stocks such as Ero Copper Corp. (NYSE:ERO). Ero Copper Corp. (NYSE:ERO) engages in the exploration, development, and production of mining projects. The one-month return Ero Copper Corp. (NYSE:ERO) was 4.94%, and its shares gained 43.61% of their value over the last 52 weeks. On April 2, 2025, Ero Copper Corp. (NYSE:ERO) stock closed at $12.47 per share with a market capitalization of $1.295 billion.
Renaissance International Small Cap Strategy stated the following regarding Ero Copper Corp. (NYSE:ERO) in its Q4 2024 investor letter:
"Our weakest performer during the quarter was Ero Copper Corp. (NYSE:ERO) (Canada) after the miner cut 2024 copper production guidance due to power disruptions that impacted the ramp-up of its Tucuma mine. With the power issues resolved, management is confident in meeting their 2025 production guidance, which calls for copper production to double over the next year."
An aerial view of a mining site, its topography leading to a prosperous digging area.
Ero Copper Corp. (NYSE:ERO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Ero Copper Corp. (NYSE:ERO) at the end of the fourth quarter which was 14 in the previous quarter. While we acknowledge the potential of Ero Copper Corp. (NYSE:ERO) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We covered Ero Copper Corp. (NYSE:ERO) in another article, where we shared the list of most oversold Canadian stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors.