Why One Fund’s $4 Million Centerra Gold Exit Looks Like Profit-Taking Amid a 150% Rally
Key Points
CM Management sold 200,000 shares of Centerra Gold in the first quarter.
The estimated trade size was $3.56 million based on quarterly average prices.
The move marked an exit from Ceterra for CM.
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On May 8, 2026, CM Management reported selling its entire 200,000-share stake in Centerra Gold (NYSE:CGAU), an estimated $3.56 million trade based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated May 8, 2026, CM Management, LLC fully exited its position in Centerra Gold by selling 200,000 shares. The estimated transaction value was $3.56 million, calculated using the mean unadjusted close within the first quarter. The quarter-end value of the position declined by $2.87 million, reflecting both the trade and price movements during the period.
What else to know
- Top holdings after the filing include:
- NASDAQ: ALCO: $8.25 million (6.9% of AUM)
- NASDAQ: RIGL: $6.35 million (5.3% of AUM)
- NASDAQ: RPRX: $6.00 million (5.0% of AUM)
- NYSEMKT: RLGT: $4.58 million (3.8% of AUM)
- NYSEMKT: INTT: $4.50 million (3.8% of AUM)
- As of May 7, 2026, Centerra Gold shares were priced at $17.79, up about 150% over the past year and well outperforming the S&P 500 by roughly 120 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.57 billion |
| Net income (TTM) | $635.97 million |
| Dividend yield | 1.12% |
| Price (as of market close May 7, 2026) | $17.79 |
Company snapshot
- Centerra Gold produces gold, copper, and molybdenum, with principal revenue from the Mount Milligan mine in Canada and the Öksüt Gold Mine in Turkey.
- The firm operates an integrated mining model, generating revenue through the exploration, extraction, and sale of precious and base metals.
- It serves global metals markets, supplying gold and copper to commodity buyers, refiners, and industrial customers.
Centerra Gold is a mid-sized mining company with a diversified portfolio of producing assets in North America and Turkey. Its competitive edge lies in its wholly owned mining projects, such as the Mount Milligan and Öksüt mines.
What this transaction means for investors
Centerra Gold shares have surged roughly 150% over the past year as gold prices exploded higher and the company’s mines delivered stronger cash generation. First-quarter revenue for the firm climbed 62% year over year to $484.7 million, while net earnings jumped 160% to $79.4 million. Free cash flow, meanwhile, also surged to $49 million from just $10 million a year earlier, helping push Centerra’s cash balance to $543.5 million.
Production also stayed on track, with the company producing 68,001 ounces of gold and 14.2 million pounds of copper during the quarter, while management highlighted strong performance at both the Mount Milligan and Öksüt mines.
With the solid performance in mind (and of course, the staggering stock surge), CM’s sale ultimately looks less like a loss of confidence and more like a manager deciding to reallocate funds to investments that might face less immediate valuation risk.
But more importantly for long-term investors, Centerra is advancing multiple growth projects, including Kemess, Goldfield, and the Thompson Creek restart, while extending Mount Milligan’s mine life to 2045. That pipeline will certainly be an important focus going forward.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Centerra Gold. The Motley Fool has a disclosure policy.
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