Paulson & Co keeps stake in gold investments during Q3 -filing (updated)

NovaGold Resources

14/11/2018 23:02

(Recasts lead paragraph, adds Soros investments)
    By Renita D. Young
    NEW YORK, Nov 14 (Reuters) - Paulson & Co, led by longtime
gold bull John Paulson, kept its stake in gold investments
during the third quarter of 2018 while other heavyweights
including Soros Fund Management LLC, Jana Partners LLC and
Caxton Corp remained unexposed to the metal.
    New York-based Paulson & Co maintained its stake as spot
gold  XAU=  prices declined more than 5 percent, with investors
continuing to favor the U.S. dollar and riskier assets against
the backdrop of a global trade war.
    Paulson left its interest in SPDR Gold Trust  GLD.P 
unchanged at 4.3 million shares for the third quarter, though
the value decreased to $487.13 million from $512.57 million in
the prior quarter, a U.S. Securities and Exchange Commission
13F-HR filing showed on Wednesday.
    SPDR Gold Trust is the world's biggest gold exchange-traded
fund.
    Paulson left stakes unchanged in mining company AngloGold
Ashanti Ltd  ANGJ.J  though the value increased from $104.94
million in the second quarter to $109.67 million in the third
quarter.
    Stakes in IAMGOLD Corp  IMG.TO  held by Paulson were 
unchanged but the value decreased by more than a third to $6.81
million from $10.75 million in the second quarter.
    Paulson's shares in NovaGold Resources Inc  NG.TO  were
unchanged, though the value decreased from $97.87 million to
$81.59 million in the third quarter.
    Shares in Randgold Resources Ltd  RRS.L  held by Paulson
increased from 331.70 million worth $25.57 million in the second
quarter to 421.70 million shares worth $29.75 million in the
third quarter.
    Meanwhile, Soros Fund Management LLC, the firm that invests
the personal fortune of billionaire investor and philanthropist
George Soros, has not held gold since liquidating its holdings
in the fourth quarter of 2016.
    Led by activist investor Barry Rosenstein, Jana Partners LLC
held no exposure to ETFs invested directly in gold at the end of
the third quarter, after initially dissolving its stake in SPDR
Gold Trust during the second quarter of 2016.
    CI Investments Inc  CIXCI.UL  slightly boosted its holding
in SPDR Gold Trust during the third quarter.  urn:newsml:reuters.com:*:nL2N1XK1EH
    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 managers are selling and buying. 
    Relying on the filings to develop an investment strategy,
however, 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 good investment opportunities.

 (Reporting by Renita D. Young; editing by Trevor Hunnicutt, Tom
Brown and Chris Reese)
 ((Renita.Young@tr.com; +1-646-223-8699; Twitter @RenitaDYoung http://www.twitter.com/renitadyoung))