Just noticed Equinox Partners trimmed their Eldorado Gold stake pretty significantly last quarter. They dumped 355k shares worth around $10.6 million, bringing their remaining position down to about 297k shares. Interesting timing given that Eldorado has absolutely crushed it - up nearly 200% over the past year while the broader market only gained around 16%. The fund still holds a decent chunk though, just outside their top 5 holdings now. I get it though - when a position runs that hard, sometimes you just take some chips off the table. Especially in commodities where things can swing wildly. Eldorado's been performing solid operationally too, so it's probably just disciplined rebalancing rather than losing faith in the thesis. They've actually got a bunch of other precious metals plays in the portfolio anyway.