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Sprott Physical Gold and Silver Trust
CEF

194 hedge funds and large institutions have $82.6B invested in Sprott Physical Gold and Silver Trust in 2013 Q4 according to their latest regulatory filings, with 40 funds opening new positions, 36 increasing their positions, 76 reducing their positions, and 17 closing their positions.

New
Increased
Maintained
Reduced
Closed

135% more first-time investments, than exits

New positions opened: 40 | Existing positions closed: 17

11% more funds holding

Funds holding: 174 → 194 (+20)

1.76% more ownership

Funds ownership: 19.48% → 21.23% (+1.8%)

4% less capital invested

Capital invested by funds: $86.3B → $82.6B (-$3.7B)

7% less funds holding in top 10

Funds holding in top 10: 15 → 14 (-1)

53% less repeat investments, than reductions

Existing positions increased: 36 | Existing positions reduced: 76

Holders
194
Holders Change
+20
Holders Change %
+11.49%
% of All Funds
5.63%
Holding in Top 10
14
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-6.67%
% of All Funds
0.41%
New
40
Increased
36
Reduced
76
Closed
17
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Parallax Volatility Advisers
Parallax Volatility Advisers
California
+$50.1M
2
FAM
Forty4 Asset Management
Illinois
+$20.9M
3
ECM
Evergreen Capital Management
Washington
+$7.87M
4
SG Americas Securities
SG Americas Securities
New York
+$6.88M
5
U
UBS
Switzerland
+$5.42M

Top Sellers

1
RCMB
Revelation Capital Management (Bermuda)
Bermuda
-$8.51M
2
MIG
Mariner Investment Group
New York
-$7.94M
3
BFA
Beaumont Financial Advisors
Massachusetts
-$5.51M
4
SCM
Seamans Capital Management
Massachusetts
-$5.23M
5
AII
AGF Investments Inc
Ontario, Canada
-$4.98M
Name Holding Trade Value Shares
Change 		Change in
Stake
PP
26
Paloma Partners
Connecticut
$8.22M +$633K +45,000 +8%
RCM
27
Rivernorth Capital Management
Florida
$7.58M -$143K -10,144 -2%
MIG
28
Mariner Investment Group
New York
$7.23M -$7.94M -564,659 -51%
RJA
29
Raymond James & Associates
Florida
$6.83M +$920K +65,479 +15%
SG Americas Securities
30
SG Americas Securities
New York
$6.49M +$6.88M +489,573 New
CCMD
31
Cypress Capital Management (Delaware)
Delaware
$6.01M -$1.31M -92,994 -17%
NHFG
32
New Harbor Financial Group
Massachusetts
$5.15M -$243K -17,263 -4%
RCMB
33
Revelation Capital Management (Bermuda)
Bermuda
$5.15M -$8.51M -605,229 -61%
GIM
34
Greylin Investment Management
Virginia
$4.97M +$75.5K +5,375 +1%
CAN
35
Cetera Advisor Networks
California
$4.51M +$1.03M +73,092 +27%
AIM
36
Assured Investment Management
New York
$3.98M +$873K +62,139 +26%
LCM
37
Landscape Capital Management
New Jersey
$3.94M +$4.18M +297,677 New
Mackenzie Financial
38
Mackenzie Financial
Ontario, Canada
$3.82M +$130K +9,230 +3%
BA
39
Bennicas & Associates
California
$3.8M -$376K -26,781 -9%
Envestnet Asset Management
40
Envestnet Asset Management
Illinois
$3.78M +$4.01M +285,410 New
HCM
41
Hollencrest Capital Management
California
$3.65M +$3.87M +275,209 New
PG
42
Portola Group
California
$3.6M -$481K -34,250 -11%
CPS
43
Counsel Portfolio Services
Ontario, Canada
$3.58M +$301K +21,386 +9%
Federated Hermes
44
Federated Hermes
Pennsylvania
$3.44M -$281K -20,000 -7%
Millennium Management
45
Millennium Management
New York
$3.25M +$2.93M +208,407 +563%
AA
46
Ancora Advisors
Ohio
$3.23M +$48.1K +3,422 +1%
MAP
47
Managed Asset Portfolios
Michigan
$3.19M +$3.38M +240,476 New
CA
48
Cetera Advisors
Colorado
$3.17M -$159K -11,283 -5%
Barclays
49
Barclays
United Kingdom
$2.98M -$583K -41,450 -15%
B
50
Baird
Wisconsin
$2.67M +$626K +44,525 +28%
1
2
3 4 5

CEF Hedge Fund Activity: Q4 2013 in Review

194 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q4 2013, worth a combined $82.6B — down 4.3% from $86.3B a quarter earlier.

Buyers outnumbered sellers: 40 funds opened new CEF positions and 17 closed out — a net gain of 23 holders — while 36 added to existing stakes and 76 trimmed.

The largest buyer was Parallax Volatility Advisers, opening a new position worth an estimated $50.1M. The largest seller was Revelation Capital Management (Bermuda), cutting an estimated $8.51M.

  • 194 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q4 2013, up from 174 in Q3 2013.
  • Funds reported $82.6B of Sprott Physical Gold and Silver Trust stock for Q4 2013, down 4.3% quarter-over-quarter.
  • 40 funds opened new Sprott Physical Gold and Silver Trust positions in Q4 2013 and 17 closed out, a net change of +23 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q4 2013 was Parallax Volatility Advisers, an estimated $50.1M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q4 2013 was Revelation Capital Management (Bermuda), an estimated $8.51M sold.

Based on aggregated 13F filings for Q4 2013.