Australia’s Richest Woman Doubles US Stocks Bet to $2.5 Billion

Billionaire mining magnate Gina Rinehart poured hundreds of millions of dollars into broad market-tracking funds during the first three months of the year, boosting holdings of US equities as Donald Trump returned to the White House.

Rinehart’s closely held Hancock Prospecting Ltd. held a portfolio of US-traded stocks and exchange-traded funds worth about $2.5 billion as of March 31, according to a May 15 regulatory filing. The iron ore tycoon, a Trump supporter, nearly doubled her holdings since the end of last year. The ramp up came just before the US announced higher tariffs on many countries sending global stocks into a tailspin, though they have since clawed back losses.