Caught this interesting move earlier this year - Equinox Partners sold off a chunk of their Eldorado position, roughly 355,000 shares worth about $10.6 million. The thing is, this came right after Eldorado had already crushed it with a 200% run over the previous year. So it's less about losing faith in the company and more about classic profit-taking when things get that hot.

What's notable is that Eldorado itself is still firing on all cylinders. They pulled in nearly 488,000 ounces of gold last year and ended with close to $870 million in cash. The fund still holds a solid position - just trimmed it down from what it was. This feels like disciplined rebalancing rather than panic selling. They're still heavy into precious metals and mining plays overall.

It's that age-old question investors face after a monster rally - do you hold for more upside or lock in the gains? When a stock doubles in a year, taking some chips off the table doesn't mean you think the thesis is broken. Sometimes it just means you're managing portfolio risk after an extreme move.