NEW YORK (Reuters) – CI Investments Inc [CIXCI.UL] slightly boosted its holdings in the world’s biggest gold-backed exchange-traded fund during the third quarter, a U.S. Securities and Exchange Commission 13F filing showed on Friday.
The investment arm of Toronto-based CI Financial Corp increased its holdings in SPDR Gold Trust to 2.85 million shares though the value of those shares declined to $321.7 million in the third quarter from 2.81 million shares worth $333.2 million in the second quarter.
During the third quarter, spot gold prices declined more than 5 percent as investors continued to favor the U.S. dollar and riskier assets against the backdrop of a global trade war. [GOL/] [FRX/]
In the third quarter of 2018, CI Investments remained unexposed to gold shares in Barrick Gold Corp for the second consecutive quarter, but kept its call options at 213,537. The value of those call options from the second quarter’s $4.28 million dropped by nearly half to $2.32 million in the third quarter.
CI Investments decreased its holdings in Randgold Resources Ltd to 14,600 shares valued at $1.03 million, down from 21,500 shares worth roughly $1.7 million during the second quarter of 2018.
Quarterly disclosures of hedge fund managers’ stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of tracking what the managers are selling and buying.
But relying on the filings to develop an investment strategy comes with some risk because the disclosures come 45 days after the end of each quarter and may not reflect current positions. Still, the filings offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side.
Reporting by Renita D. Young; editing by Jennifer Ablan and Chizu Nomiyama