Hedge Fund Bets Big on Minerals Stock, According to Recent SEC Filing
Key Points
Bought 100,000 shares of Natural Resource Partners; estimated trade value ~$11.85 million based on quarterly average pricing
Quarter-end position value increased by $12.10 million, reflecting both purchase and subsequent price changes
Post-trade holding: 100,000 shares, valued at $12.10 million as of March 31, 2026
New stake represents 3.70% of reportable AUM, placing it outside the fund’s top five holdings
On May 11, 2026, Long Corridor Asset Management Ltd disclosed a new position in Natural Resource Partners (NYSE:NRP), buying 100,000 shares in the first quarter for an estimated $11.85 million based on the quarterly average price.
What happened
According to a SEC filing published May 11, 2026, Long Corridor Asset Management Ltd disclosed a new position in Natural Resource Partners, acquiring 100,000 shares in the first quarter. The estimated value of the trade was $11.85 million based on the period’s average closing price. The quarter-end value of the position reached $12.10 million, reflecting both the purchase and price movement during the quarter.
What else to know
This transaction marks a new position; the stake comprised 3.70% of Long Corridor Asset Management Ltd’s 13F reportable assets as of March 31, 2026.
Fund’s top holdings after the filing include:
- NASDAQ:GOOGL: $41.41 million (12.7% of AUM)
- NASDAQ:AMZN: $35.23 million (10.8% of AUM)
- NASDAQ:META: $30.32 million (9.3% of AUM)
- NYSE:AXP: $27.76 million (9.1% of AUM)
- NASDAQ:MSFT: $27.76 million (8.5% of AUM)
As of May 11, 2026, shares of Natural Resource Partners were priced at $110.12, up 16.8% over the past year, underperforming the S&P 500 by 12.58 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $193.84 million |
| Net Income (TTM) | $115.73 million |
| Dividend Yield | 2.72% |
| Price (as of market close May 11, 2026) | $110.12 |
Company snapshot
- Owns and leases mineral properties, including coal, soda ash, trona, and other natural resources; generates revenue primarily from royalty payments and mineral production.
- Operates a royalty-based business model, earning income by leasing mineral rights and infrastructure to third-party operators, as well as direct participation in soda ash production.
- Serves industrial customers, with a geographic focus on the United States.
Natural Resource Partners is a diversified mineral and royalty company with a focus on coal, soda ash, and other natural resources across key U.S. basins.
What this transaction means for investors
Long Corridor Asset Management, a hedge fund based in Hong Kong, recently disclosed the purchase of approximately $12.1 million of Natural Resource Partners stock during the first quarter (the three months ended March 31, 2026). Here are some key takeaways for investors.
First, NRP is an energy stock that generates revenue from royalty payments and the mining of minerals, including coal. Despite a recent dip in price, NRP stock has performed quite well over the last three years. Shares have advanced by 152%, equating to a compound annual growth rate (CAGR) of 36.0%. That’s better than the S&P 500, which has generated a total return of 86% over the same period, with a CAGR of 23.1%.
The company has aggressively deleveraged its balance sheet, reducing its net debt by about 83%, from approximately $180 million to $29 million. However, some investors may view its improved balance sheet as being offset by its higher valuation. NRP stock’s price-to-sales (P/S) ratio has soared from 0.3x in 2016 to nearly 7.7x today. Indeed, its current P/S ratio is more than double its 10-year average of 3.3x.
In summary, NRP is a stock flashing mixed signals. Its solid performance and debt reduction show the company is executing well. However, value-conscious investors may fret that the stock’s valuation may be stretched at current levels.
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American Express is an advertising partner of Motley Fool Money. Jake Lerch has positions in Alphabet and Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, American Express, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.
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