On January 16, Louisbourg Investments disclosed a new stake in Hudbay Minerals, purchasing 263,900 shares in a single transaction valued at approximately $5.25 million based on the fund’s quarterly average price. This allocation represents 1.05% of Louisbourg’s 13F reportable assets under management as of December 31, positioning Hudbay among the fund’s smaller but strategic real-asset exposures.

Hudbay Minerals shares have climbed by 159.8% over the past twelve months, outperforming the S&P 500 by roughly 143 percentage points. This surge reflects robust copper pricing, operational leverage gains across North and South American assets, and heightened investor interest in long-duration copper supply driven by global infrastructure and electrification trends.

Hudbay delivered on its 2025 consolidated guidance for copper and gold, producing approximately 118,188 tonnes of copper and 267,934 ounces of gold despite wildfire evacuations and extreme weather interruptions. Fourth-quarter output included 33,069 tonnes of copper and 84,298 ounces of gold, with Peru operations exceeding gold targets thanks to high-grade mining at Pampacancha. The company closed the year with pro-forma cash and equivalents of around $992 million following the closing of the Copper World joint venture.

Louisbourg’s entry underscores selective exposure to materials alongside existing precious-metals positions, maintaining Hudbay at just over 1% of AUM—well below core holdings in rail and technology. The company’s consistent delivery of production guidance for eleven consecutive years of copper and five years of gold, combined with a strong balance sheet and secular copper demand drivers, suggests continued upside potential while mitigating portfolio risk if the commodity cycle softens.