Freeport-McMoRan Inc. (NYSE:FCX) is featured on the Israel Englander Stock Portfolio: Top 10 Stock Picks.

Freeport-McMoRan Inc. (NYSE:FCX) has been a staple in the 13F portfolio of Millennium Management for more than a decade and a half. The fund first disclosed a stake in the company back in the fourth quarter of 2010. This holding comprised 111,000 shares. In the coming years, it steadily increased, reaching nearly 8 million shares in early 2018. A trimming period followed and by late 2019, the position had been reduced to almost 270,000 shares. The fund then started buying the stock again. Filings for the fourth quarter of 2025 show that the fund owns nearly 16 million shares in the firm, up almost 30% compared to filings for the previous quarter.

Hedge fund interest in Freeport-McMoRan Inc. (NYSE:FCX) has increased in recent months as the firm offers exposure to two high-performing commodities simultaneously. As the world’s largest publicly traded copper producer, FCX is the primary vehicle for hedge funds to bet on the global electrification trend. In 2026, the demand narrative has shifted beyond just EVs to include the massive power requirements of AI data centers and grid-scale battery storage. Unlike pure-play copper miners, FCX’s Grasberg mine in Indonesia is a powerhouse for gold. Hedge funds are using FCX as a geopolitical hedge, as gold prices have remained strong amid global currency volatility.

While we acknowledge the potential of FCX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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