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Praetorian Capital, an investment management company, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. For the full year, the fund lost 10.55% net of fees. The fund was down by 14.76% net of fees in the fourth quarter. It compounded capital at a 41.76% annual net rate, since inception. The core portfolio positions mostly declined in the quarter, while the event-driven book produced a slightly positive return. The core portfolio positions overall decreased over the course of the year, but the losses in the core book were offset by the event-driven book. For more information on the fund’s top picks in 2024, please check its top five holdings.
Praetorian Capital highlighted stocks like A-Mark Precious Metals, Inc. (NASDAQ:AMRK), in the fourth quarter 2024 investor letter. A-Mark Precious Metals, Inc. (NASDAQ:AMRK) is a precious metals trading company. The one-month return of A-Mark Precious Metals, Inc. (NASDAQ:AMRK) was 1.03%, and its shares lost 3.71% of their value over the last 52 weeks. On January 13, 2025, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) stock closed at $27.73 per share with a market capitalization of $642.895 million.
Praetorian Capital stated the following regarding A-Mark Precious Metals, Inc. (NASDAQ:AMRK) in its Q4 2024 investor letter:
"As the world gets increasingly crazy, I believe that people will come to realize that ownership of precious metals in physical form, as opposed to in a brokerage account, is part of being financially prudent. They will mostly likely buy those coins from a coin dealer, either in person, or online. A-Mark Precious Metals, Inc. (NASDAQ:AMRK) supplies both of those markets as one of the largest players in online coin brokerage through their JM Bullion, LPM, Silver Gold Bull, Goldline, etc. verticals, along with serving as one of the largest wholesalers to local coin shops. A-Mark also has stakes in two mints (Silver Towne and Sunshine).