Towneley Capital Management Inc has reduced its position in the abrdn Physical Gold Shares ETF (NYSEARCA: SGOL) by 14.7% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now holds 630,146 shares after selling 108,642 shares during this period. This reduction means that the ETF now represents 4.6% of Towneley’s total holdings, making it the firm’s seventh largest investment.
As of the end of the second quarter, Towneley Capital Management’s stake in the abrdn Physical Gold Shares ETF was valued at approximately $19,875,000, equating to about 0.38% of the ETF’s total shares. Other investment firms have also been active in the market, adjusting their positions in the same ETF.
Envestnet Portfolio Solutions Inc significantly increased its stake in the ETF by 85.7% in the first quarter of 2023, owning 103,130 shares valued at $3,075,000 after acquiring an additional 47,593 shares. Meanwhile, Advisor Resource Council purchased a new stake valued at approximately $259,000, while Flagship Harbor Advisors LLC acquired shares worth around $291,000 during the same period.
In addition, XML Financial LLC raised its position by 12.7%, now holding 17,700 shares worth $528,000 after buying an extra 2,000 shares. Finally, Oppenheimer & Co. Inc. also entered the market by acquiring a new stake valued at about $230,000.
The performance of the abrdn Physical Gold Shares ETF has shown considerable volatility. On Tuesday, the ETF opened at $41.74, with a 52-week low of $24.41 and a high of $41.77. The fund’s 50-day moving average stands at $35.24, while the 200-day moving average is at $32.86.
Launched on September 9, 2009, the abrdn Physical Gold Shares ETF aims to track the spot price of gold, minus the costs associated with holding physical gold bars. The fund is managed by Abrdn, which oversees various financial products.
As market conditions evolve, investment strategies surrounding gold ETFs like SGOL will likely continue to attract attention from both hedge funds and individual investors alike.
