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Sprott Physical Gold and Silver Trust
CEF

188 hedge funds and large institutions have $664M invested in Sprott Physical Gold and Silver Trust in 2014 Q4 according to their latest regulatory filings, with 32 funds opening new positions, 42 increasing their positions, 70 reducing their positions, and 25 closing their positions.

New
Increased
Maintained
Reduced
Closed

28% more first-time investments, than exits

New positions opened: 32 | Existing positions closed: 25

2% more funds holding

Funds holding: 185 → 188 (+3)

1% less capital invested

Capital invested by funds: $674M → $664M (-$9.45M)

1.02% less ownership

Funds ownership: 19.02% → 18% (-1%)

8% less funds holding in top 10

Funds holding in top 10: 12 → 11 (-1)

40% less repeat investments, than reductions

Existing positions increased: 42 | Existing positions reduced: 70

Holders
188
Holders Change
+3
Holders Change %
+1.62%
% of All Funds
5.01%
Holding in Top 10
11
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-8.33%
% of All Funds
0.29%
New
32
Increased
42
Reduced
70
Closed
25
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Capstone Investment Advisors
Capstone Investment Advisors
New York
+$23.9M
2
Morgan Stanley
Morgan Stanley
New York
+$15M
3
AGM
Alpine Global Management
New York
+$11.1M
4
COLIM
City of London Investment Management
United Kingdom
+$9.1M
5
Bank of America
Bank of America
North Carolina
+$8.75M

Top Sellers

Rank Fund Capital Flow
1
Millennium Management
Millennium Management
New York
-$18.2M
2
EPIM
Equinox Partners Investment Management
Connecticut
-$16.5M
3
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
-$14.7M
4
PAMP
Polar Asset Management Partners
Ontario, Canada
-$12M
5
VFAM
Valley Forge Asset Management
Pennsylvania
-$8.48M
Name Holding Trade Value Shares
Change 		Change in
Stake
JIP
26
Jaffetilchin Investment Partners
Florida
$6.89M +$7.06M +594,988 New
Neuberger Berman Group
27
Neuberger Berman Group
New York
$6.88M -$2.64M -222,429 -27%
TD Asset Management
28
TD Asset Management
Ontario, Canada
$5.46M +$2.11M +178,294 +61%
SG Americas Securities
29
SG Americas Securities
New York
$5.43M +$5.56M +468,875 New
UBS Group
30
UBS Group
Switzerland
$5.17M +$5.3M +446,773 New
OC
31
Oppenheimer & Close
New York
$5.09M +$5.09M +428,700 +3,794%
CCMD
32
Cypress Capital Management (Delaware)
Delaware
$4.81M -$3.47M -292,481 -41%
NHFG
33
New Harbor Financial Group
Massachusetts
$4.8M +$733K +61,759 +18%
MWM
34
Merriman Wealth Management
Washington
$4.78M +$2.06M +173,800 +78%
Stifel Financial
35
Stifel Financial
Missouri
$4.23M -$1.15M -97,344 -21%
GIM
36
Greylin Investment Management
Virginia
$3.55M -$1.08M -91,100 -23%
VFAM
37
Valley Forge Asset Management
Pennsylvania
$3.52M -$8.48M -715,073 -70%
AIM
38
Assured Investment Management
New York
$3.47M – – –
HCM
39
Hollencrest Capital Management
California
$3.34M +$12K +1,011 +0.4%
Mackenzie Financial
40
Mackenzie Financial
Ontario, Canada
$3.25M -$203K -17,100 -6%
BA
41
Bennicas & Associates
California
$3.25M +$158K +13,300 +5%
Federated Hermes
42
Federated Hermes
Pennsylvania
$3.24M -$415K -35,000 -11%
CA
43
Cetera Advisors
Colorado
$3.13M -$174K -14,662 -5%
B
44
Baird
Wisconsin
$2.9M +$1.26M +106,629 +74%
BNP Paribas Financial Markets
45
BNP Paribas Financial Markets
France
$2.81M +$1.76M +148,182 +157%
PAG
46
Private Advisor Group
New Jersey
$2.75M +$117K +9,823 +4%
CPS
47
Counsel Portfolio Services
Ontario, Canada
$2.42M +$85.8K +7,230 +4%
WAM
48
Wolverine Asset Management
Illinois
$2.39M +$935K +78,833 +69%
PG
49
Portola Group
California
$2.15M -$86.6K -7,300 -4%
BIA
50
Barry Investment Advisors
Massachusetts
$2.01M +$2.06M +173,858 New
1
2
3 4 5

CEF Hedge Fund Activity: Q4 2014 in Review

188 of the 3,749 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q4 2014, worth a combined $664M — down 1.4% from $674M a quarter earlier.

Buyers outnumbered sellers: 32 funds opened new CEF positions and 25 closed out — a net gain of 7 holders — while 42 added to existing stakes and 70 trimmed.

The largest buyer was Capstone Investment Advisors, adding an estimated $23.9M. The largest seller was Millennium Management, exiting entirely with an estimated $18.2M sold.

  • 188 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q4 2014, up from 185 in Q3 2014.
  • Funds reported $664M of Sprott Physical Gold and Silver Trust stock for Q4 2014, down 1.4% quarter-over-quarter.
  • 32 funds opened new Sprott Physical Gold and Silver Trust positions in Q4 2014 and 25 closed out, a net change of +7 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q4 2014 was Capstone Investment Advisors, an estimated $23.9M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q4 2014 was Millennium Management, an estimated $18.2M sold.

Based on aggregated 13F filings for Q4 2014.