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Sprott Physical Gold and Silver Trust
CEF

185 hedge funds and large institutions have $85.8B invested in Sprott Physical Gold and Silver Trust in 2014 Q1 according to their latest regulatory filings, with 14 funds opening new positions, 46 increasing their positions, 70 reducing their positions, and 23 closing their positions.

New
Increased
Maintained
Reduced
Closed

4% more capital invested

Capital invested by funds: $82.6B → $85.8B (+$3.26B)

1.17% less ownership

Funds ownership: 21.23% → 20.07% (-1.2%)

5% less funds holding

Funds holding: 194 → 185 (-9)

14% less funds holding in top 10

Funds holding in top 10: 14 → 12 (-2)

34% less repeat investments, than reductions

Existing positions increased: 46 | Existing positions reduced: 70

39% less first-time investments, than exits

New positions opened: 14 | Existing positions closed: 23

Holders
185
Holders Change
-9
Holders Change %
-4.64%
% of All Funds
5.34%
Holding in Top 10
12
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-14.29%
% of All Funds
0.35%
New
14
Increased
46
Reduced
70
Closed
23
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Millennium Management
Millennium Management
New York
+$13.7M
2
BC
BMI Capital
New York
+$7.16M
3
Parallax Volatility Advisers
Parallax Volatility Advisers
California
+$5.33M
4
LCM
Landscape Capital Management
New Jersey
+$4.13M
5
PHS
Pekin Hardy Strauss
Illinois
+$3.9M

Top Sellers

Rank Fund Capital Flow
1
FAM
Forty4 Asset Management
Illinois
-$26.4M
2
RA
Royce & Associates
New York
-$17.1M
3
SG Americas Securities
SG Americas Securities
New York
-$6.78M
4
MIG
Mariner Investment Group
New York
-$5.2M
5
RCMB
Revelation Capital Management (Bermuda)
Bermuda
-$5.15M
Name Holding Trade Value Shares
Change 		Change in
Stake
BFA
76
Bragg Financial Advisors
North Carolina
$1.16M -$160K -11,250 -12%
CC
77
Cannell & Co
New York
$1.13M – – –
Cambridge Investment Research Advisors
78
Cambridge Investment Research Advisors
Iowa
$1.11M -$56.3K -3,959 -5%
OAM
79
Orinda Asset Management
California
$1M -$366K -25,785 -26%
NES
80
New England Securities
New York
$996K -$56.6K -3,984 -5%
DADC
81
D.A. Davidson & Co
Montana
$947K -$153K -10,750 -14%
PRHC
82
P.R. Herzig & Co
New York
$928K +$200K +14,100 +26%
PL
83
Plancorp LLC
Missouri
$865K – – –
IC
84
Inverness Counsel
New York
$795K +$23.3K +1,640 +3%
SI
85
SII Investments
Wisconsin
$776K -$2.84K -200 -0.4%
RGC
86
Roberts, Glore & Co
Illinois
$766K +$104K +7,300 +15%
FIM
87
Freedom Investment Management
Connecticut
$720K -$8.34K -587 -1%
LCP
88
Legacy Capital Partners
Wisconsin
$690K – – –
MWM
89
Merriman Wealth Management
Washington
$673K -$682K -48,000 -50%
CCM
90
Catawba Capital Management
Virginia
$629K +$45.2K +3,180 +7%
AGM
91
Alpine Global Management
New York
$603K – – –
GG
92
Gofen & Glossberg
Illinois
$565K – – –
CIBC World Market
93
CIBC World Market
Ontario, Canada
$548K +$782 +55 +0.1%
TCT
94
TIAA CREF Trust
Missouri
$537K -$22.7K -1,600 -4%
NPC
95
National Planning Corporation
California
$523K -$10.3K -723 -2%
PHIMC
96
Private Harbour Investment Management & Counsel
Ohio
$502K -$17.8K -1,250 -3%
YP
97
Yellowstone Partners
Idaho
$502K +$199K +14,000 +62%
HC
98
Highmount Capital
New York
$499K +$516K +36,300 New
BBA
99
BLB&B Advisors
Pennsylvania
$494K – – –
T
100
Thomaspartners
Massachusetts
$492K +$508K +35,775 New
2 3
4
5 6

CEF Hedge Fund Activity: Q1 2014 in Review

185 of the 3,462 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q1 2014, worth a combined $85.8B — up 3.9% from $82.6B a quarter earlier.

Sellers outnumbered buyers: 23 funds closed out of CEF and 14 opened new positions — a net loss of 9 holders — while 70 trimmed existing stakes and 46 added.

The largest buyer was Millennium Management, adding an estimated $13.7M. The largest seller was Forty4 Asset Management, cutting an estimated $26.4M.

  • 185 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q1 2014, down from 194 in Q4 2013.
  • Funds reported $85.8B of Sprott Physical Gold and Silver Trust stock for Q1 2014, up 3.9% quarter-over-quarter.
  • 14 funds opened new Sprott Physical Gold and Silver Trust positions in Q1 2014 and 23 closed out, a net change of -9 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q1 2014 was Millennium Management, an estimated $13.7M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q1 2014 was Forty4 Asset Management, an estimated $26.4M sold.

Based on aggregated 13F filings for Q1 2014.