Jana returned to gold for 1st time in a year as prices surged
By GCRU Gold News on Wednesday, May 18 2016, 00:00 - Permalink
Jana Partners LLC returned to gold in the first quarter for the first time in a year, a filing showed on Monday, the latest fund to pile back into bullion as expectations for U.S. interest rate hikes waned, spurring the biggest rally in nearly three decades.
Barry Rosenstein-led Jana Partners bought 50,000 shares, worth about $5.9 million, in SPDR Gold Trust, the world's biggest gold exchanged-traded fund (ETF), the U.S. Securities and Exchange Commission filing said.
The news comes as CI Investments Inc, an investment manager of Toronto-based CI Financial Corp, almost quadrupled their stake in the ETF, becoming the sixth-largest shareholder, a May 6 filing showed.
The fund bought 2.81 million shares, taking its stake to 3.75 million shares worth $441 million. It also bought 1.5 million shares in Barrick Gold, 2.9 million shares in GoldCorp Inc and 575,000 shares in Market Vectors Gold Miners ETF.
Jana returned to gold for 1st time in a year as prices surged