So, Oldfield Partners pulls out of Buenaventura. Sells 116,819 shares. Picks up $2.92 million. Not bad. Not amazing, but it’s real money. And what really gets to me? They didn’t even tell me. I didn’t get a heads-up. A courtesy nod. A whisper. Nothing.
What Happened
They dropped it. Cold. Quarter-end filing comes out Friday-Friday!-and there it is: a tiny position, gone. Reduced by $2.67 million in value, they say, thanks to “trading and market price effects.” Please. Like that’s a real explanation. “Trading and market price effects.” Sounds like a cover-up. Or a breakup excuse. “It’s not you, it’s-uh-market price effects.” You sold, fine. Just say you sold. No need to dress it up like a Bloomberg terminal malfunction.
I mean, I get it. The stock’s up 154%. S&P 500? 18%. That’s not outperformance-that’s a personal insult. But trimming here and there is one thing. Doing it without a word? That’s a violation. There’s a protocol. You don’t cash in triple-digit gains and not leave a note. At least put it in the group Slack. “Team, BVN capstone. Moving on. Warm regards, Oldfield.” Is that so hard?
What Else to Know
Post-sale, Buenaventura’s stake is 0.39% of their 13F AUM. 0.39%! That’s lower than my enthusiasm for kombucha. What kind of holding is that? It’s not an investment. It’s a rounding error with a passport. If you can’t even hold a rounding error for decorum’s sake, what kind of fund are we talking about?
Their top holdings tell a story-NOV, LEA, DIS, CB, ARW. All respectably large. None of them jumped 154%. But sure, go ahead and dump the one that did. Nothing says “long-term conviction” like selling your best performer because it became too obvious.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $31.21 |
| Market capitalization | $8.11 billion |
| Revenue (TTM) | $1.41 billion |
| Net income (TTM) | $432.45 million |
Company Snapshot
- Mines gold, silver, lead, zinc, copper. Also makes manganese sulphate and runs hydroelectric plants. Like a mining company, but with hobbies.
- Operations spread across Peru. Not my backyard, obviously, but still-Peru’s got rules. People! You don’t just casually exit.
- Sells to industrial customers. Which is fine. But do those customers get a heads-up before a major shareholder bails? I doubt it. And that’s a problem.
Buenaventura’s not just lucky. They’ve got a real business. Third-quarter revenue up 30%. EBITDA up 48%. Cash balance of $486 million. Net debt? $225 million. Leverage at 0.41x-lower than my tolerance for passive-aggressive voicemails. They even declared a dividend: $0.1446 per share. Polite. Considerate. Something Oldfield clearly doesn’t understand.
What This Transaction Means for Investors
It means people don’t respect social contracts. You ride a stock up like that, you don’t just quietly sneak away. You acknowledge the moment. You toast the thesis. You at least tag the stock in a LinkedIn post: “Great run, BVN. We’ll miss you.” Instead, silence. Then ticker. Then gone. It’s disrespectful to the company. To the market. To me.
Yes, they concentrated capital in “higher-conviction names.” That’s what people say right before they underperform for three straight quarters. “Higher-conviction.” Sure. Like I have a “higher conviction” that my downstairs neighbor shouldn’t run a drum circle at 6:45 AM. Doesn’t stop him.
The position was small. Fine. But small things matter. A seatbelt. A thank-you note. A single email: “We’ve exited BVN.” Is that too much to ask? Evidently.
Glossary
13F reportable AUM: Assets that must be filed with the SEC. So we can all see when someone makes a dumb move.
Quarter-end position: Where a fund stands at the end of a quarter. Should be updated with transparency, not taxidermy-level stillness.
Trading and market price effects: The financial equivalent of “the dog ate my homework.”
Top holdings: The stocks they actually like. Or at least don’t actively avoid eye contact with.
Outperforming the S&P 500: Beating the index. And everyone who told you not to buy mining stocks in a rate-hike cycle.
Precious and base metals: Gold is precious. Copper is useful. Like charm vs. competence.
Operational footprint: How many places a company operates. Buenaventura has several. Oldfield has my nerves.
Strategic diversification: Not putting all your eggs in one mine.
Integrated energy production: Generating your own power. Unlike Oldfield, which apparently can’t generate accountability.
Industrial customers: Businesses that use raw materials. Not unlike investors, who use raw gall.
TTM: The last 12 months. Long enough to learn someone’s patterns. Or notice they ghosted you.
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2026-01-10 03:14