Heartland Advisors, an investment management company, released its “Heartland Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Value Investor Class of the fund returned 2.74% and the Value Institutional Class returned 2.79% compared to -0.66% for the Russell 2000 Value Index. Stock selection played a vital role in the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Heartland Value Fund highlighted stocks like Centerra Gold Inc. (NYSE:CGAU) in the first quarter 2023 investor letter. Headquartered in Toronto, Canada, Centerra Gold Inc. (NYSE:CGAU) is a gold mining company. On April 13, 2023, Centerra Gold Inc. (NYSE:CGAU) stock closed at $7.67 per share. One-month return of Centerra Gold Inc. (NYSE:CGAU) was 20.60%, and its shares lost 26.25% of their value over the last 52 weeks. Centerra Gold Inc. (NYSE:CGAU) has a market capitalization of $1.677 billion.
Heartland Value Fund made the following comment about Centerra Gold Inc. (NYSE:CGAU) in its Q1 2023 investor letter:
“In a world of depreciating currencies, we are fans of hard assets, in particular gold miners. In our view, miners will be beneficiaries of the Federal Reserve eventually pausing, reverting to an easy money policy to stem a banking liquidity crisis. Money printing, increased deficits, and a weaker dollar are likely to increase demand for the historical storehouse of value, gold, and for those that produce it.
We own two miners, one of which is Centerra Gold Inc. (NYSE:CGAU). Centerra headquartered in Toronto, operates the Mount Milligan mine producing gold and copper and is awaiting the restart of its Oksut, Turkish mine. Due to a startup delay, the stock has been a laggard, currently priced below book value and net asset value. However, Centerra is debt free with substantial cash and ore reserves. Plus, the stock offers a 3.25% dividend yield. Under new leadership and with the restart of Oksut, we believe the earning power, at current metal prices, could approach $0.80 per share.”
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Centerra Gold Inc. (NYSE:CGAU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Centerra Gold Inc. (NYSE:CGAU) at the end of the fourth quarter which was 12 in the previous quarter.
We discussed Centerra Gold Inc. (NYSE:CGAU) in another article and shared the list of best gold stocks with dividends. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
