When Iceland’s banks failed in 2008 under $85 billion of debt, dozens of hedge funds flocked to the island betting they could make money buying up creditor claims. Five years later, they’re still waiting.
George Soros and Eric Mindich cut their holdings in the SPDR Gold Trust in the second quarter as prices rallied to a record, while billionaire John Paulson maintained the largest stake, according to fund records.
Eton Park Capital Management LP, the hedge fund founded by Eric Mindich, raised more than $400 million for a hedge fund that will invest in trust preferred securities and collateralized debt obligations.
Eric Mindich’s $13 billion Eton Park Capital Management LP led hedge funds in raising gold investments last quarter, joining billionaire John Paulson’s bet that bullion will increase amid inflation concerns.
Viking Global Investors LP, the hedge fund run by O. Andreas Halvorsen, eliminated its entire stake in Apple Inc. in the fourth quarter, joining rivals that either exited or cut holdings as shares of the maker of iPhones and MacBooks slumped.