Steve Cohen, one of the world’s largest hedge fund managers, was the latest prominent investor to accumulate a position in the SPDR Gold Trust (GLD).
The June 30th 13-F filing of SAC Capital Advisors – the $14 billion firm run by Cohen – disclosed a position of 4.3 million call options on the GLD valued at $628 million. SAC’s March 31st 13-F did not disclose any position in the GLD, indicating that Cohen’s entire position was purchased in the second quarter of 2011.
With his purchase, Cohen joins a growing list of hedge fund magnates with significant positions in the world’s largest gold ETF. This list includes John Paulson, George Soros, and Eric Mindich, among others.
The latest 13-F of Paulson & Co. – the largest shareholder in the GLD with 31.5 million shares – revealed no change in its position during the quarter.
As for Soros Fund Management, it modestly reduced its position – from 49,400 shares as of March 31, 2011 to 42,800 as of June 30.
Eton Park Capital Management, the firm run by Mindich, cut its share position from 2.328 million to 813,000. However, the firm raised its call options on the GLD by 2.702 million to 8.702 million.