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Tuesday, August 21st, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Institutional Voyeurism: Gold and Gold Miners

Some years ago I wrote on institutional voyeurism. There is something fascinating about taking a peek under the hood of institutional holders’ (IH) portfolios. I indulged this fascination this morning upon waking with the idea of wanting to look at the composition of IVs in both GLD and GDX that had these tickers as a top 5 position.

My favorite place to go on IVs is J3SG My data is from their website. Here’s the table that I prepared showing institutions group by the ranking of each ticker in their portfolio (click all images for enhanced viewing).

GDX: 52.5% of the dollars are held by 6.4% of the total IHs as a top five holding.

GLD: 42.8% of the dollars are held by 16.6% of the total IHs as a top five holding.

Let’s take a closer look at this composition:

GLD is enjoying more diversity of distribution. <1% holders comprise 46% of the holdings. The other notable large holders are Paulson (PLCC, 16%) and Northern Trust (NTRS, 8%), with the balance of holders distributed as 5% and less.

What conclusions can be drawn? The obvious is that there appears to be a rather heavy concentration in these funds among just a few and that concentration is a top holding in the portfolio. In contrast, USO, for example, while having concentrated holding among the big investment banks, does not have such a high percentage of top five portfolio ranks.

This may just fall into the category of interesting, not actionable. But I thought I would share it with you.

The original article is published at http://www.c2ads.net/full-text-rss/makefulltextfeed.php?url=http://seekingalpha.com/sector/gold-precious.xml&format=rss&submit=Create+Feed


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