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Sprott Physical Gold and Silver Trust
CEF

405 hedge funds and large institutions have $2.13B invested in Sprott Physical Gold and Silver Trust in 2025 Q3 according to their latest regulatory filings, with 52 funds opening new positions, 107 increasing their positions, 105 reducing their positions, and 19 closing their positions.

New
Increased
Maintained
Reduced
Closed

174% more first-time investments, than exits

New positions opened: 52 | Existing positions closed: 19

25% more capital invested

Capital invested by funds: $1.7B → $2.13B (+$424M)

18% more funds holding in top 10

Funds holding in top 10: 11 → 13 (+2)

7% more funds holding

Funds holding: 377 → 405 (+28)

2% more repeat investments, than reductions

Existing positions increased: 107 | Existing positions reduced: 105

0.95% more ownership

Funds ownership: 29.09% → 30.04% (+0.95%)

Holders
405
Holders Change
+28
Holders Change %
+7.43%
% of All Funds
5.32%
Holding in Top 10
13
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+18.18%
% of All Funds
0.17%
New
52
Increased
107
Reduced
105
Closed
19
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Morgan Stanley
Morgan Stanley
New York
+$36M
2
JAM
Jupiter Asset Management
United Kingdom
+$26.1M
3
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$10.8M
4
LPL Financial
LPL Financial
California
+$6.06M
5
Janney Montgomery Scott
Janney Montgomery Scott
Pennsylvania
+$5.43M

Top Sellers

1
Parallax Volatility Advisers
Parallax Volatility Advisers
California
-$19.3M
2
3AM
3EDGE Asset Management
Florida
-$17.6M
3
IAIM
International Assets Investment Management
Florida
-$5.32M
4
GS
GWN Securities
Florida
-$4.46M
5
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$4.03M
Name Holding Trade Value Shares
Change 		Change in
Stake
TCOT
251
Trust Company of Toledo
Ohio
$348K +$21.8K +680 +8%
PWP
252
Principle Wealth Partners
Connecticut
$347K – – –
SBWIC
253
Schaper Benz & Wise Investment Counsel
Wisconsin
$342K – – –
BAAM
254
Baker Avenue Asset Management
California
$340K – – –
AF
255
Advisornet Financial
Minnesota
$339K -$9.64K -300 -3%
IAS
256
Insigneo Advisory Services
Florida
$338K – – –
CAM
257
Covenant Asset Management
New Jersey
$336K – – –
RA
258
RFG Advisory
Alabama
$334K -$214K -6,660 -42%
USCWA
259
U.S. Capital Wealth Advisors
Texas
$331K -$14.5K -450 -5%
KeyBank National Association
260
KeyBank National Association
Ohio
$324K – – –
ACMA
261
Arbor Capital Management (Alaska)
Alaska
$321K – – –
DWP
262
Daymark Wealth Partners
Ohio
$319K +$16.5K +513 +6%
KAM
263
Knightsbridge Asset Management
California
$317K – – –
CWS
264
Confluence Wealth Services
Pennsylvania
$315K – – –
ACA
265
Aptus Capital Advisors
Alabama
$311K – – –
GWANC
266
Guardian Wealth Advisors (North Carolina)
North Carolina
$311K – – –
NCMW
267
Northern Capital Management (Washington)
Washington
$307K – – –
MG
268
Mather Group
Illinois
$307K -$52.1K -1,623 -16%
CT
269
Coastline Trust
Rhode Island
$307K +$135K +4,217 +102%
RFA
270
Resurgent Financial Advisors
Georgia
$301K – – –
PCMN
271
Paradigm Capital Management (Nevada)
Nevada
$299K – – –
IAMOG
272
Investors Asset Management of Georgia
Georgia
$296K – – –
FCH
273
Freestone Capital Holdings
Washington
$295K – – –
GVAG
274
Great Valley Advisor Group
Delaware
$294K +$257K +8,000 New
RVM
275
Robinson Value Management
Texas
$293K – – –
9 10
11
12 13

CEF Hedge Fund Activity: Q3 2025 in Review

405 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q3 2025, worth a combined $2.13B — up 25% from $1.7B a quarter earlier.

Buyers outnumbered sellers: 52 funds opened new CEF positions and 19 closed out — a net gain of 33 holders — while 107 added to existing stakes and 105 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $36M. The largest seller was Parallax Volatility Advisers, exiting entirely with an estimated $19.3M sold.

  • 405 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q3 2025, up from 377 in Q2 2025.
  • Funds reported $2.13B of Sprott Physical Gold and Silver Trust stock for Q3 2025, up 25% quarter-over-quarter.
  • 52 funds opened new Sprott Physical Gold and Silver Trust positions in Q3 2025 and 19 closed out, a net change of +33 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q3 2025 was Morgan Stanley, an estimated $36M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q3 2025 was Parallax Volatility Advisers, an estimated $19.3M sold.

Based on aggregated 13F filings for Q3 2025.