According to Bloomberg, the Element macro hedge fund held $954 million worth of ETF shares at the end of the third quarter, and the value of those shares has increased by $78 million since the end of the third quarter.
Element gained about 4% in the first week of November and has returned 10% so far this year.
Element announced in April that it would return $4 billion to external clients, planning to shrink in size to improve returns and focus on managing capital for the company's employees. The process is expected to be completed by the end of April, with net assets of about $5 billion.
Element sold all of its holdings in at least 14 banks and private equity firms in the third quarter.