The shock of Britains vote to leave the European Union had asset management analysts scrambling to determine the impact on various fund offerings.
Holdings in SPDR Gold Shares dropped 16 metric tons to 965.22 metric tons on Tuesday as U.S. equity markets reached record highs.
Marylands review comes as the largest U.S. public pensions are abandoning hedge funds or pressuring them to slash fees.
Why active managers do better in junk is a pressing question for investors who've poured $61 billion into bond ETFs in 2016.
Spot gold also rose as much as 1.2% to $1,357.63 an ounce, near a two-year high.