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Goldman Sachs Physical Gold ETF Shares
AAAU

227 hedge funds and large institutions have $1.72B invested in Goldman Sachs Physical Gold ETF Shares in 2025 Q4 according to their latest regulatory filings, with 43 funds opening new positions, 84 increasing their positions, 60 reducing their positions, and 20 closing their positions.

New
Increased
Maintained
Reduced
Closed

148% more capital invested

Capital invested by funds: $695M → $1.72B (+$1.03B)

115% more first-time investments, than exits

New positions opened: 43 | Existing positions closed: 20

57% more call options, than puts

Call options by funds: $1.69M | Put options by funds: $1.08M

40% more repeat investments, than reductions

Existing positions increased: 84 | Existing positions reduced: 60

10% more funds holding

Funds holding: 207 → 227 (+20)

0% more funds holding in top 10

Funds holding in top 10: 10 → 10 (0)

1.35% less ownership

Funds ownership: 35.21% → 33.85% (-1.4%)

Holders
227
Holders Change
+20
Holders Change %
+9.66%
% of All Funds
2.76%
Holding in Top 10
10
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.12%
New
43
Increased
84
Reduced
60
Closed
20
Calls
$1.69M
Puts
$1.08M
Net Calls
+$612K
Net Calls Change
-$196K

Top Buyers

1
JSC
J. Stern & Co
United Kingdom
+$36.1M
2
NIM
NEOS Investment Management
Connecticut
+$31.8M
3
CL
CLG LLC
California
+$11.5M
4
ETC
Exchange Traded Concepts
Oklahoma
+$9.62M
5
KAS
Kestra Advisory Services
Texas
+$8.43M

Top Sellers

1
QC
Quadrature Capital
United Kingdom
-$22.1M
2
Osaic Holdings
Osaic Holdings
Arizona
-$14.2M
3
PCP
Proficio Capital Partners
Massachusetts
-$9.41M
4
MWM
Moulton Wealth Management
Washington
-$7.04M
5
TF
Tandem Financial
Colorado
-$6.22M
Name Holding Trade Value Shares
Change 		Change in
Stake
CAM
126
Cresset Asset Management
Illinois
$570K +$549K +13,406 New
BZWA
127
Blue Zone Wealth Advisors
California
$547K – – –
CAMG
128
CWA Asset Management Group
Florida
$541K – – –
PHS
129
Pekin Hardy Strauss
Illinois
$519K – – –
HB
130
Horizon Bancorp
Indiana
$512K +$697 +17 +0.1%
FCFC
131
First Commonwealth Financial Corp
Pennsylvania
$502K +$483K +11,789 New
NS
132
NBC Securities
Alabama
$498K +$54.9K +1,339 +13%
FFA
133
Fragasso Financial Advisors
Pennsylvania
$495K – – –
LFAS
134
Level Four Advisory Services
Texas
$495K -$11.6K -282 -2%
KCM
135
Kanawha Capital Management
Virginia
$489K – – –
IWC
136
Integrated Wealth Concepts
Massachusetts
$475K +$7.46K +182 +2%
Carson Wealth (CWM LLC)
137
Carson Wealth (CWM LLC)
Nebraska
$471K +$48.8K +1,192 +12%
SWA
138
Stratos Wealth Advisors
Ohio
$453K – – –
LC
139
LCNB Corp
Ohio
$448K – – –
CCMG
140
Clark Capital Management Group
Pennsylvania
$428K +$413K +10,066 New
CCM
141
CFO Capital Management
Connecticut
$410K +$394K +9,625 New
BCM
142
Brookstone Capital Management
Illinois
$397K -$37.5K -915 -9%
SA
143
Sanctuary Advisors
Indiana
$394K +$12.3K +299 +3%
HT
144
Headlands Technologies
Illinois
$381K +$367K +8,960 New
WWM
145
Western Wealth Management
Colorado
$380K +$366K +8,939 New
SIM
146
Stratos Investment Management
Ohio
$379K -$75.2K -1,836 -17%
WAP
147
Wealthcare Advisory Partners
Pennsylvania
$360K +$23.2K +565 +7%
SCA
148
Snowden Capital Advisors
New York
$355K +$342K +8,346 New
Simplex Trading
149
Simplex Trading
Illinois
$352K +$339K +8,273 New
SPC
150
Sigma Planning Corp
Michigan
$352K +$8.28K +202 +3%
4 5
6
7 8

AAAU Hedge Fund Activity: Q4 2025 in Review

227 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Goldman Sachs Physical Gold ETF Shares (AAAU) for Q4 2025, worth a combined $1.72B — up 148% from $695M a quarter earlier.

Buyers outnumbered sellers: 43 funds opened new AAAU positions and 20 closed out — a net gain of 23 holders — while 84 added to existing stakes and 60 trimmed.

The largest buyer was J. Stern & Co, adding an estimated $36.1M. The largest seller was Quadrature Capital, exiting entirely with an estimated $22.1M sold.

  • 227 institutional investors held Goldman Sachs Physical Gold ETF Shares (AAAU) as of Q4 2025, up from 207 in Q3 2025.
  • Funds reported $1.72B of Goldman Sachs Physical Gold ETF Shares stock for Q4 2025, up 148% quarter-over-quarter.
  • 43 funds opened new Goldman Sachs Physical Gold ETF Shares positions in Q4 2025 and 20 closed out, a net change of +23 holders.
  • The largest Goldman Sachs Physical Gold ETF Shares buyer in Q4 2025 was J. Stern & Co, an estimated $36.1M added.
  • The largest Goldman Sachs Physical Gold ETF Shares seller in Q4 2025 was Quadrature Capital, an estimated $22.1M sold.

Based on aggregated 13F filings for Q4 2025.