First Eagle Investment Management significantly increased its investment in Wheaton Precious Metals, more than doubling its stake to 28.43 million shares valued at $3.19 billion. The purchase occurred during a record-breaking second quarter for Wheaton, which saw the company achieve its highest-ever revenue, earnings, and cash flow, partly due to a major new silver streaming agreement for the Antamina mine.
As with all 13F filings, this disclosure comes with a delay; the August 24th filing reflects a position held at the end of June. Interestingly, in a quarterly commentary, First Eagle noted that Wheaton's shares were pressured by lower precious metals prices during the period. Despite this, the major trade increased the stock's weighting in the investor's reported portfolio from 3.14% to 5.26%, underscoring a strong long-term conviction in the company.