This $420 Million Bet Concentrates Assets in a Stock Up 134% in One Year
Key Points
Glencore bought 13,454,538 shares of Century Aluminum Company in the fourth quarter; the estimated transaction value was $420.38 million based on quarterly average prices.
Meanwhile, the quarter-end position value rose by $920.51 million, reflecting both share purchases and stock price appreciation.
Post-trade, Glencore holds 53,511,894 CENX shares valued at $2.10 billion, accounting for 48.39% of fund assets.
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On January 22, Glencore disclosed a substantial purchase of 13,454,538 Century Aluminum Company (NASDAQ:CENX) shares, with an estimated transaction value of $420.38 million based on quarterly average pricing.
What happened
According to a SEC filing dated January 22, 2026, Glencore plc increased its stake in Century Aluminum Company (NASDAQ:CENX) by 13,454,538 shares during the fourth quarter. The estimated trade value, calculated using the average closing price for the period, was $420.38 million. The quarter-end value of the position rose by $920.51 million, a figure that includes market-driven price changes as well as the additional shares acquired.
What else to know
This buy raises Century Aluminum to 48.39% of Glencore’s 13F reportable assets under management.
Top holdings after the filing:
- NYSE:BG: $2.92 billion (58.2% of AUM)
- NASDAQ:CENX: $2.10 billion (41.8% of AUM)
As of January 21, Century Aluminum shares were priced at $47.75, up a staggering 133.7% over the past year and outperforming the S&P 500 by 120 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $4.46 billion |
| Revenue (TTM) | $2.53 billion |
| Net Income (TTM) | $85.20 million |
| Price (as of January 21) | $47.75 |
Company snapshot
- Century Aluminum Company produces standard-grade and value-added primary aluminum products, with operations in the United States, Iceland, and a carbon anode facility in the Netherlands.
- The company generates revenue primarily through the manufacture and sale of aluminum products to industrial and commercial customers.
Century Aluminum Company is a leading producer of primary aluminum with a significant manufacturing footprint in the United States and Iceland. The company leverages integrated operations and value-added product offerings to serve a broad industrial client base. Its strategy emphasizes operational efficiency and product quality to maintain a strong competitive position in the global aluminum industry.
What this transaction means for investors
This portfolio now effectively makes one macro call expressed through two industrial names. When nearly half of reported assets sit in one stock, every operational detail suddenly carries portfolio-level consequences.
Century Aluminum Company enters that role with momentum. In its latest quarterly release, the company posted $632.2 million in revenue and returned to profitability, delivering $14.9 million in net income versus a $4.6 million loss in the prior quarter. Adjusted EBITDA climbed to $101.1 million, supported by higher Midwest aluminum premiums and improving power economics. Management also guided for fourth-quarter adjusted EBITDA of $170 million to $180 million, signaling accelerating cash generation.
That operating leverage helps explain why Glencore is willing to let this single position swell to roughly 42% of assets, alongside its even larger holding in Bunge. This is clearly a sustained wager on aluminum tightness, favorable U.S. trade policy, and Century’s ability to convert pricing tailwinds into durable free cash flow.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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