180% stake increase makes gold hedge funds biggest held position
Sandler Capital Management who are one of the best stock-picking funds of this year, have gone big on gold. Sandler have $2.1bn in regulatory AUM and have managed to double the year-to-date gains for the S&P 500.
Sandler have increased their stake in SPDR Gold Trust by close to 180% totalling at $38m by the end of 2nd quarter. This increase means it will be the largest position the fund now holds.
This is encouraging news for gold as Sandler has an estimated near 30% return on its long position this year.
Negative yielding debt has made gold increasingly appealing with prices topping $1,500 an ounce.
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