Billionaire investor George Soros has been busy stocking up on hedge fund favorites as he joined others in dumping gold exchange traded fund (ETF) holdings in the second quarter, SEC regulatory filings revealed.
Soros Fund Management picked up 66,800 shares in Apple, the filings showed, just a day after fellow billionaire investor Carl Icahn revealed that he had built up a "large stake" in the tech giant.
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It came after the Soros family office ditched its holdings in the world's biggest gold ETF, SPDR Gold Trust, which were valued at $82 million at the end of March, and its holdings in Market Vectors Gold Miners ETF, worth $100.9 million.
A number of other hedge funds have also cut their stakes in gold ETFs in the second quarter — despite the jump in demand for the physical metal.
Paulson & Co has more than halved its stake in SPDR Gold Trust to 10.2 million shares, and JP Morgan Chase has cut its holding in the fund by 1.6 million shares to 8.6 million.
In addition, Wells Fargo sold 738,039 shares, taking its stake to 1.4 million shares, while Northern Trust Corporation lowered its investment by 72 percent, to 1.9 million shares.