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Sprott Physical Gold and Silver Trust
CEF

176 hedge funds and large institutions have $723M invested in Sprott Physical Gold and Silver Trust in 2017 Q4 according to their latest regulatory filings, with 17 funds opening new positions, 41 increasing their positions, 64 reducing their positions, and 34 closing their positions.

New
Increased
Maintained
Reduced
Closed

43% more funds holding in top 10

Funds holding in top 10: 7 → 10 (+3)

4.32% more ownership

Funds ownership: 17.01% → 21.34% (+4.3%)

10% less funds holding

Funds holding: 195 → 176 (-19)

36% less repeat investments, than reductions

Existing positions increased: 41 | Existing positions reduced: 64

50% less first-time investments, than exits

New positions opened: 17 | Existing positions closed: 34

99% less capital invested

Capital invested by funds: $58.5B → $723M (-$57.8B)

Holders
176
Holders Change
-19
Holders Change %
-9.74%
% of All Funds
3.99%
Holding in Top 10
10
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+42.86%
% of All Funds
0.23%
New
17
Increased
41
Reduced
64
Closed
34
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
WAM
Weiss Asset Management
Massachusetts
+$101M
2
PAMP
Polar Asset Management Partners
Ontario, Canada
+$64M
3
OTC
Opera Trading Capital
France
+$23.1M
4
AGM
Alpine Global Management
New York
+$15.9M
5
KPF
K2 Principal Fund
Ontario, Canada
+$4.58M

Top Sellers

Rank Fund Capital Flow
1
Neuberger Berman Group
Neuberger Berman Group
New York
-$11.2M
2
Citigroup
Citigroup
New York
-$9.57M
3
LCM
Landscape Capital Management
New Jersey
-$8.83M
4
PC
Periscope Capital
Ontario, Canada
-$7.85M
5
Wellington Management Group
Wellington Management Group
Massachusetts
-$7.34M
Name Holding Trade Value Shares
Change 		Change in
Stake
KLC
26
Knowledge Leaders Capital
Colorado
$4.93M – – –
KPF
27
K2 Principal Fund
Ontario, Canada
$4.67M +$4.58M +348,237 New
CL
28
CSS LLC
Illinois
$4.54M +$3.47M +263,933 +352%
CC
29
Cannell & Co
New York
$4.26M -$395K -30,000 -9%
UBS Group
30
UBS Group
Switzerland
$4.17M -$328K -24,909 -7%
FC
31
Fore Capital
New York
$3.95M +$3.88M +295,000 New
MHS
32
M Holdings Securities
Oregon
$3.86M +$81.3K +6,174 +2%
OC
33
Oppenheimer & Co
New York
$3.73M +$634K +48,199 +21%
CAN
34
Cetera Advisor Networks
California
$3.73M -$123K -9,327 -3%
VOAM
35
Vertex One Asset Management
British Columbia, Canada
$3.66M +$3.6M +273,314 New
SC
36
Scotia Capital
Ontario, Canada
$3.65M -$73.3K -5,572 -2%
HCM
37
Hollencrest Capital Management
California
$3.65M – – –
OFG
38
OTA Financial Group
New York
$3.41M +$2.56M +194,717 +326%
LTFS
39
Ladenburg Thalmann Financial Services
Florida
$3.33M +$314K +23,889 +11%
BA
40
Bennicas & Associates
California
$3.25M +$69.2K +5,255 +2%
HCM
41
Howland Capital Management
Massachusetts
$3.24M +$242K +18,366 +8%
Cambridge Investment Research Advisors
42
Cambridge Investment Research Advisors
Iowa
$3.21M -$249K -18,918 -7%
AII
43
AGF Investments Inc
Ontario, Canada
$3.17M -$654K -49,700 -17%
Stifel Financial
44
Stifel Financial
Missouri
$2.85M +$64K +4,865 +2%
Commonwealth Equity Services
45
Commonwealth Equity Services
Massachusetts
$2.78M -$202K -15,337 -7%
GIM
46
Greylin Investment Management
Virginia
$2.71M -$32.6K -2,475 -1%
MCM
47
Marathon Capital Management
Maryland
$2.68M +$116K +8,798 +5%
LPL Financial
48
LPL Financial
California
$2.58M +$451K +34,297 +22%
Fiera Capital (Canada)
49
Fiera Capital (Canada)
Quebec, Canada
$2.21M – – –
Ameriprise
50
Ameriprise
Minnesota
$2.06M -$801K -60,878 -28%
1
2
3 4 5

CEF Hedge Fund Activity: Q4 2017 in Review

176 of the 4,409 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q4 2017, worth a combined $723M — down 99% from $58.5B a quarter earlier.

Sellers outnumbered buyers: 34 funds closed out of CEF and 17 opened new positions — a net loss of 17 holders — while 64 trimmed existing stakes and 41 added.

The largest buyer was Weiss Asset Management, opening a new position worth an estimated $101M. The largest seller was Neuberger Berman Group, exiting entirely with an estimated $11.2M sold.

  • 176 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q4 2017, down from 195 in Q3 2017.
  • Funds reported $723M of Sprott Physical Gold and Silver Trust stock for Q4 2017, down 99% quarter-over-quarter.
  • 17 funds opened new Sprott Physical Gold and Silver Trust positions in Q4 2017 and 34 closed out, a net change of -17 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q4 2017 was Weiss Asset Management, an estimated $101M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q4 2017 was Neuberger Berman Group, an estimated $11.2M sold.

Based on aggregated 13F filings for Q4 2017.