SIR Capital Management significantly reduced its investment in copper and gold producer Freeport-McMoRan (FCX) during the second quarter of 2026, according to a recent SEC filing. The firm sold over 351,000 shares, decreasing its position by nearly 63% to a total of 207,100 shares valued at approximately $13.02 million as of June 30. This disclosure, made in a quarterly 13F filing, reflects trades made between March 31 and June 30, 2026, and may not represent the firm's current holdings.
The reduction came during a period when Freeport-McMoRan reported strong Q2 earnings, beating analyst estimates with robust operational performance and strong cash flows. Despite the positive results, the market also digested news of higher anticipated capital expenditures for the company's expansion projects. SIR Capital has not publicly commented on the reason for the substantial portfolio adjustment.