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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
Bessemer Group
376
Bessemer Group
New Jersey
$28K +$24.4K +760 New
KFI
377
Key Financial Inc
Pennsylvania
$26.2K – – –
SWP
378
Strategic Wealth Partners
Ohio
$25.7K – – –
BlackRock
379
BlackRock
New York
$24.9K +$18.8K +585 +629%
DAM
380
Delta Asset Management
Tennessee
$23.8K – – –
AAS
381
Ameritas Advisory Services
Nebraska
$23.2K – – –
RFP
382
Root Financial Partners
California
$22.2K +$19.4K +604 New
TC
383
Trust Company
Kansas
$20K – – –
EWM
384
Evermay Wealth Management
Virginia
$14.7K – – –
PPA
385
Painted Porch Advisors
California
$14.1K +$12.4K +385 New
TCM
386
Tradewinds Capital Management
Washington
$12K – – –
S
387
SignatureFD
Georgia
$11K – – –
1IA
388
1620 Investment Advisors
Massachusetts
$9.36K – – –
GWP
389
Gen-Wealth Partners
Michigan
$9.17K – – –
FC
390
Financial Consulate
Maryland
$9.17K +$8.03K +250 New
LFG
391
Larson Financial Group
Missouri
$8.88K – – –
JFG
392
JDM Financial Group
Texas
$8.44K – – –
OP
393
ORG Partners
Indiana
$8.25K +$1.61K +50 +29%
FFA
394
Farther Finance Advisors
California
$8.11K -$1.7K -53 -19%
CWP
395
Clark Wealth Partners
Illinois
$7.79K +$5.46K +170 New
ADL
396
Asset Dedication LLC
California
$7.34K – – –
WIM
397
Westside Investment Management
California
$7.34K – – –
BC
398
Barrett & Company
Rhode Island
$3.82K – – –
PAG
399
Paladin Advisory Group
Iowa
$3.41K – – –
DF
400
DecisionPoint Financial
Arizona
$2.51K – – –
13 14 15
16
17

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.