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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
TWM
176
TSA Wealth Management
Texas
$252K +$243K +5,929 New
GM
177
GeoWealth Management
Illinois
$245K -$170K -4,139 -42%
CPIG
178
Chicago Partners Investment Group
Illinois
$233K +$195K +4,750 New
PA
179
PFG Advisors
Arizona
$229K +$221K +5,387 New
VWM
180
Vigilare Wealth Management
Arizona
$228K -$115K -2,807 -34%
PTC
181
Private Trust Company
Ohio
$226K +$127K +3,102 +140%
WEG
182
World Equity Group
Illinois
$225K +$217K +5,285 New
PHWM
183
Pine Harbor Wealth Management
Maryland
$224K -$215K -5,257 -50%
MSA
184
Marino Stram & Associates
Massachusetts
$223K – – –
Belvedere Trading
185
Belvedere Trading
Illinois
$221K -$327K -7,974 -61%
OC
186
Oppenheimer & Co
New York
$221K -$1.42M -34,726 -87%
NAM
187
NorthCrest Asset Manangement
Minnesota
$219K -$9.1K -222 -4%
SWM
188
SeaCrest Wealth Management
New York
$218K +$203K +4,963 New
LCAM
189
London & Capital Asset Management
United Kingdom
$217K +$209K +5,100 New
Fidelity Investments
190
Fidelity Investments
Massachusetts
$215K +$2.01K +49 +1%
CAPTRUST Financial Advisors
191
CAPTRUST Financial Advisors
North Carolina
$211K -$24.5K -598 -11%
AB
192
Atlas Brown
Kentucky
$206K +$198K +4,841 New
MWM
193
Mascagni Wealth Management
Mississippi
$200K +$193K +4,703 New
AT
194
Arlington Trust
Alabama
$192K – – –
HCM
195
Hollencrest Capital Management
California
$128K – – –
Wealth Enhancement Advisory Services
196
Wealth Enhancement Advisory Services
Minnesota
$120K -$49K -1,195 -31%
PA
197
Parallel Advisors
California
$115K +$110K +2,693 New
Wells Fargo
198
Wells Fargo
California
$99.9K +$2.17K +53 +2%
FDW
199
Fourth Dimension Wealth
Ohio
$87.5K – – –
DWM
200
Darwin Wealth Management
Florida
$87.4K – – –
6 7
8
9 10

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.