Hondo my feeling is that most are gold related. When looking at "the other" holdings of these companies that hold KRY they do hold other gold stocks. Maybe some like to take a bit more risk than others in their gold plays.

I have posted this SEC site here before but anyone really wants to view the holdings of these companies that hold KRY I would view this. You can also look at their 1st qtr's and compare to 2nd qtr to see if they are adding or selling other gold names. Of course as a retail investor we are always behind the eight ball on these positions whereas they don't report their qtr until 45 days after the fact.

http://www.sec.gov/Archives/edgar/data/754811/000095012310077805/c05023e13fvhr.txt

Just a note: Pyramis reported a late 13F-NT filing for their 2nd qtr so they have not reported yet. It will be interesting to see if they held KRY in the 2nd qtr or picked these up after June 30.