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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
VHAM
301
Van Hulzen Asset Management
California
$251K – – –
SCA
302
Snowden Capital Advisors
New York
$244K – – –
AA
303
Addison Advisors
Vermont
$244K -$16.5K -515 -7%
GCM
304
Gibraltar Capital Management
Oklahoma
$243K +$213K +6,625 New
BMCM
305
Bryn Mawr Capital Management
Pennsylvania
$242K +$212K +6,600 New
ACM
306
Ardent Capital Management
Ohio
$239K +$209K +6,505 New
SOS
307
Silver Oak Securities
Tennessee
$233K +$204K +6,361 New
CA
308
Cannon Advisors
North Carolina
$230K +$194K +6,031 New
JGIA
309
Jackson Grant Investment Advisers
Connecticut
$228K – – –
GAA
310
Global Assets Advisory
Florida
$227K +$199K +6,194 New
KCP
311
Kera Capital Partners
California
$227K +$199K +6,190 New
DP
312
DDD Partners
Washington
$225K +$197K +6,126 New
VDBMI
313
Van Den Berg Management I
Texas
$225K +$197K +6,126 New
BG
314
Bahl & Gaynor
Ohio
$223K +$195K +6,078 New
PWM
315
Perigon Wealth Management
California
$221K -$69.1K -2,150 -26%
NB
316
NBT Bank
New York
$220K – – –
DFA
317
Delta Financial Advisors
Louisiana
$220K +$193K +6,000 New
IC
318
Inscription Capital
Texas
$220K +$193K +6,000 New
OAM
319
Occidental Asset Management
California
$220K +$193K +6,000 New
PCTC
320
Perkins Coie Trust Company
Washington
$220K – – –
CHAM
321
Clear Harbor Asset Management
Connecticut
$219K +$192K +5,979 New
TYCC
322
Texas Yale Capital Corp
Florida
$219K +$192K +5,975 New
PVI
323
Pine Valley Investments
New Jersey
$219K +$192K +5,972 New
NS
324
NBC Securities
Alabama
$217K -$7.23K -225 -4%
WIC
325
Woodmont Investment Counsel
Tennessee
$216K +$189K +5,876 New
11 12
13
14 15

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.