Gold, Stock ETFs Notable in Portfolios

Paulson & Co.’s $4.4 billion holding in SPDR Gold Trust may be the single largest  investment in an exchange-traded fund. But many hedge funds as well as institutions hold a wide variety of ETFs either as a hedge or an inexpensive way of gaining from the rise of a chosen market.

Paulson is not the only one to go for the gold ETF. Institutions hold big chunks of SPDR Gold Trust—-the Texas Teacher Retirement System owned $181 million. 

For equity exposure, the SPDR S&P 500 ETF Trust has long been popular among hedgies. Thus Paul Tudor Jones’ Tudor Investment Corp. had almost $800 million in the SPDR S&P 500 ETF earlier this year.  Bruce Kovner’s Caxton Associates also held this index.

In addition, Caxton bought several country and region ETFs, including S&P China, S&P BRIC and Europe. And institutions often use ETFs to get country and region investments.

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