CI Investments sharply raises SPDR gold holdings in third quarter: filing

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– CI Investments Inc CIXCI.UL sharply increased its holdings in the world’s biggest gold exchange-traded fund during the third quarter of 2017, a U.S. Securities and Exchange Commission 13F filing showed on Monday.

The investment arm of Toronto-based CI Financial Corp (CIX.TO) increased its shares in SPDR Gold Trust GLD.P to nearly 1.45 million shares worth $176.2 million in the three-month period ended Sept. 30, the filing showed.

This was up more than five times from its 267,329 shares worth $31.55 million at the end of the second quarter.

The move took place as spot gold XAU= prices rose by around 9 percent from the end of the prior quarter to a 13-month high at $1,357.54 an ounce in early September. Prices were lifted by concerns over North Korea’s nuclear tests that spurred safe-haven buying and as weak economic data lowered expectations of a December interest rate rise in the United States.

CI Investments cut in half its stake in Barrick Gold Corp (ABX.TO) to 125,600 shares worth $2 million, and increased its call options to 166,396 shares worth $6.8 million. This compares with 154,396 calls worth $7.5 million in the second quarter

It held its stake in Randgold Resources Ltd (RRS.L) little changed at 22,210 shares at a value of $2.17 million, which rose from $1.97 million in the second quarter.

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