Commodity hedge fund shop Touradji Capital Managament hasn’t lost its taste for gold, but it has restructured its bet on the precious metal.
The $2.7 billion New York-based hedge fund has amassed an US$84.7 million stake in Barrick Gold Corp., Bloomberg News reports. At the same time, Touradji sold off its entire investment in the SPDR Gold Trust exchange-traded fund in the third quarter, which it had built up during the second quarter.
The stake in Barrick, a Toronto-based gold producer, accounts for more than 80% of Touradji’s relatively small equity portfolio.
The hedge fund also boosted its energy investments during the third quarter, adding to its Petrohawk Energy and Massey Energy stakes.
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