(Bloomberg) — The red-hot market for gold-mining companies has made the shares too expensive for some investors, even though they remain bullish on the outlook for bullion.

Earlier this year, fund managers including George Soros had gobbled up shares of producers such as Barrick Gold and Newmont Mining in a bet that the surprise rally in the price of the metal would spark a surge in profit. After a five-year slump marked by mine closures and losses, the companies were cheap. But now, many are worth twice what they were in 2015 — after rising at almost five times the rate of the commodity — so funds have begun unloading the equities while retaining or expanding holdings in physical gold.

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