Dalio's Bridgewater Maintains Gold ETF Positions During 2Q
(Kitco News) - Well-known fund manager Ray Dalio’s Bridgewater Associates maintained holdings in gold exchange-traded funds during the second quarter even as the price of the metal fell, filings show.
Institutional investment managers must file a Form 13F-HR, showing their major holdings, with the Securities and Exchange Commission within 45 days of the end of each quarter. The most recent round of filings show the position of hedge funds as of the end of the second quarter on June 30 but do not reflect any possible changes that may have occurred since.
As of June 30, Bridgewater Associates held 3.91 million shares of SPDR Shares Gold, the world’s largest gold ETF. This was the same as at the end of the first quarter.
However, the filing shows that the value of those shares fell to $463.8 million from $491.7 million as gold prices declined. Comex December gold futures lost 5.9% during the quarter to finish June at $1,266.30 an ounce.
Bridgewater’s holdings of iShares Gold Trust remained at 11.32 million shares, although the value fell to $136 million from $144.1 million.
Gold ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares.
Bridgewater was also exposed to the mining sector through stakes in Agnico Eagle Mines Ltd., AngloGold Ashanti Ltd., B2Gold Corp., Barrick Gold Corp., BHP Billiton Ltd, Eldorado Gold Corp., Franco Nevada Corp., Gold Fields Ltd., Goldcorp Inc., Kinross Gold Corp., Kirkland Lake Gold Ltd., New Gold Inc., Newmont Mining Corp., Pretium Resources Inc., Randgold Resources Ltd., Rio Tinto PLC, Royal Gold Inc., Sibanye Stillwater, Tahoe Resources Inc., Teck Resources Ltd., Turquoise Hill Resources Ltd., Vale S.A., Wheaton Precious Metals Corp. and Yamana Gold Inc.