After the Gold Rush: This Investment Manager Bets Even Bigger on Gold
Key Points
Hillsdale bought 1,356,660 Centerra Gold shares; estimated trade value was $16.98 million based on average fourth-quarter 2025 pricing.
The quarter-end position value increased by $27.57 million, reflecting both share purchases and stock price appreciation.
The transaction represented 0.47% of reportable AUM; Centerra Gold now accounts for 1.4% of fund assets.
After the trade, Hillsdale held 3,513,875 Centerra Gold shares, valued at $50.68 million.
The Centerra Gold stake is outside Hillsdale's top five holdings as of year-end 2025.
- 10 stocks we like better than Centerra Gold ›
On February 10, 2026, Hillsdale Investment Management Inc. disclosed a buy of 1,356,660 Centerra Gold (NYSE:CGAU) shares, an estimated $16.98 million trade based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 10, 2026, Hillsdale Investment Management increased its Centerra Gold position by 1,356,660 shares last quarter, an estimated $16.98 million trade based on average closing prices from October through December 2025. The value of the Centerra Gold stake at quarter-end was $50.68 million, a $27.57 million increase from the prior period, reflecting both share purchases and stock price gains.
What else to know
- Hillsdale added to its Centerra Gold holding, bringing the stake to 1.4% of reportable AUM after the filing.
- Top five fund holdings post-filing:
- NYSE:RY: $164.93 million (4.6% of AUM)
- NYSE:CM: $111.43 million (3.1% of AUM)
- NYSE:TD: $110.14 million (3.0% of AUM)
- NYSE:BNS: $85.25 million (2.4% of AUM)
- NASDAQ:SHOP: $77.33 million (2.1% of AUM)
- As of February 9, 2026, Centerra Gold shares were priced at $18.59, up 175.4% over the past year, outperforming the S&P 500 by 165.7 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $3.76 billion |
| Revenue (TTM) | $1.29 billion |
| Net income (TTM) | $338.72 million |
| Price (as of market close February 9, 2026) | $18.59 |
Company snapshot
- Produces and sells gold, copper, and molybdenum, primarily from the Mount Milligan mine in Canada and the Öksüt Gold Mine in Turkey.
- Operates an integrated mining business model, generating revenue through the extraction, processing, and sale of precious and base metals.
- Headquartered in Toronto, Centerra Gold employs approximately 1,150 people and serves customers in North America, Turkey, and internationally.
Centerra Gold is a mid-sized gold mining company with a diversified asset base in North America and Turkey. It engages in the acquisition, exploration, development, and operation of gold and copper properties, focusing on long-life, low-cost assets.
What this transaction means for investors
Gold had its best year in decades, as investors sought a safe haven from the volatility that dominated in 2025. By the end of 2025, the price of gold had increased roughly 65% to over $4,300 per ounce. It was the single best year since 1979.
The gold rush did not end when the calendar turned to 2026. So far this year, gold has surged another 21% and is currently trading at more than $5,200 per ounce as of February 23.
Analysts at Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) anticipate gold to reach $5,400 by the end of 2026, but considering we are almost there already, it wouldn’t be a surprise to see those estimates move higher.
Centerra Gold has certainly capitalized on the gold rush, with the stock rising 30% year-to-date and some 203% over the past 12 months. Portfolio managers at Hillsdale bet big on gold prices rising even higher still, and so far it has paid off.
With more macroeconomic and geopolitical uncertainty expected in 2026, and crypto prices continuing to slide, it seems like the gold rush is far from over. But keep in mind, gold prices are cyclical and tend to perform well when stocks don’t. But gold stocks like Centerra remain a good portfolio diversifier, particularly now.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Centerra Gold, Goldman Sachs Group, JPMorgan Chase, and Shopify. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.
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