The only top-10 holdings that are non-gold stocks are a $126 million stake in Tocqueville International Value Fund (TIVFX), oil-industry giant ExxonMobil (XOM), at $99 million, and industrial conglomerate General Electric (GE), at $91 million or just under 1% of the fund.
Five of the fund's biggest buys in the quarter were also gold stocks. The largest was New Gold (NGD), which rose $6.6 million due to a share purchase of 4.75 million shares and price appreciation, followed by Alacer Gold (ALIAF), Banro Corp. (BAA) and Royal Gold (RGLD).
The fund closed out a $34 million position in Richfield Ventures (TSX) as it was bought by New Gold in April, and it sold out its $22 million position in Southern Union (SUG) and Glacier Bancorp. (GBCI).
Hedge funds that manage more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the Securities and Exchange Commission within 45 days of the end of a quarter. Funds aren't required to report short positions betting on declines.