By Bloomberg News (Bloomberg) — Billionaire hedge-fund manager Ray Dalio maintained his holdings in the two biggest gold-backed ETFs even as an investor exodus sent prices of the metal tumbling. As of June 30, Dalio’s Bridgewater Associates maintained its 3.9 million shares in SPDR Gold Shares, the largest exchange-traded funds backed by bullion, and 11.3 million in iShares Gold Trust, the second-largest, according to a regulatory filing. ETF investors turned sour on gold in the three months ended in June, with more than $1 billion exiting SPDR Gold and the iShares fund posting its first quarterly outflow since 2016.