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Sprott Physical Gold and Silver Trust
CEF

377 hedge funds and large institutions have $1.7B invested in Sprott Physical Gold and Silver Trust in 2025 Q2 according to their latest regulatory filings, with 40 funds opening new positions, 83 increasing their positions, 117 reducing their positions, and 24 closing their positions.

New
Increased
Maintained
Reduced
Closed

67% more first-time investments, than exits

New positions opened: 40 | Existing positions closed: 24

4% more funds holding

Funds holding: 363 → 377 (+14)

2% less capital invested

Capital invested by funds: $1.74B → $1.7B (-$33.8M)

1.77% less ownership

Funds ownership: 30.86% → 29.09% (-1.8%)

21% less funds holding in top 10

Funds holding in top 10: 14 → 11 (-3)

29% less repeat investments, than reductions

Existing positions increased: 83 | Existing positions reduced: 117

Holders
377
Holders Change
+14
Holders Change %
+3.86%
% of All Funds
4.96%
Holding in Top 10
11
Holding in Top 10 Change
-3
Holding in Top 10 Change %
-21.43%
% of All Funds
0.14%
New
40
Increased
83
Reduced
117
Closed
24
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$25.5M
2
JAM
Jupiter Asset Management
United Kingdom
+$10.5M
3
GS
GWN Securities
Florida
+$6.32M
4
IAIM
International Assets Investment Management
Florida
+$6.17M
5
TIAA Trust, National Association
TIAA Trust, National Association
North Carolina
+$5.75M

Top Sellers

Rank Fund Capital Flow
1
DFG
Demars Financial Group
Washington
-$68.3M
2
Parallax Volatility Advisers
Parallax Volatility Advisers
California
-$40.3M
3
BCM
Bluefin Capital Management
New York
-$36.5M
4
BFG
Bleakley Financial Group
New Jersey
-$10.5M
5
PJWM
Philip James Wealth Mangement
Georgia
-$7.39M
Name Holding Trade Value Shares
Change 		Change in
Stake
IA
76
IFP Advisors
Florida
$3.24M +$77.8K +2,661 +3%
MML Investors Services
77
MML Investors Services
Massachusetts
$3.23M -$391K -13,356 -11%
DIM
78
Delta Investment Management
California
$3.16M -$301K -10,293 -9%
Jones Financial Companies
79
Jones Financial Companies
Missouri
$3.16M +$1.43M +48,863 +86%
AA
80
Ancora Advisors
Ohio
$3.08M -$365K -12,500 -11%
CIC
81
Chase Investment Counsel
Virginia
$3.04M -$76K -2,600 -3%
RSWM
82
Robertson Stephens Wealth Management
California
$3M -$3.47M -118,714 -54%
Thrivent Financial for Lutherans
83
Thrivent Financial for Lutherans
Minnesota
$2.99M +$2.91M +99,387 New
GP
84
Guardian Partners
Canada
$2.88M +$464K +15,855 +20%
CAP
85
Columbia Advisory Partners
Washington
$2.86M +$170K +5,812 +7%
PAG
86
Private Advisor Group
New Jersey
$2.74M -$532K -18,203 -17%
MA
87
Mutual Advisors
Nebraska
$2.72M +$51.3K +1,756 +2%
IWC
88
Integrated Wealth Concepts
Massachusetts
$2.72M -$91.9K -3,142 -3%
PCM
89
Perritt Capital Management
Illinois
$2.71M -$29.2K -1,000 -1%
SWM
90
Spire Wealth Management
Virginia
$2.68M -$522K -17,859 -17%
DFG
91
Demars Financial Group
Washington
$2.66M -$68.3M -2,337,288 -96%
KWM
92
Kiker Wealth Management
Georgia
$2.51M +$568K +19,422 +30%
AWM
93
AE Wealth Management
Kansas
$2.48M +$50.8K +1,738 +2%
BCM
94
Bluefin Capital Management
New York
$2.44M -$36.5M -1,249,484 -94%
CL
95
Choreo LLC
Illinois
$2.35M +$67.3K +2,301 +3%
PFM
96
Peak Financial Management
Massachusetts
$2.33M – – –
SJIC
97
St. James Investment Company
Texas
$2.3M -$31.9K -1,090 -1%
WA
98
Wilmar Advisors
Florida
$2.26M -$380K -13,000 -15%
PTC
99
Philadelphia Trust Company
Pennsylvania
$2.25M -$110K -3,768 -5%
SW
100
Simplicity Wealth
New Jersey
$2.24M -$548K -18,728 -20%
2 3
4
5 6

CEF Hedge Fund Activity: Q2 2025 in Review

377 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q2 2025, worth a combined $1.7B — down 1.9% from $1.74B a quarter earlier.

Buyers outnumbered sellers: 40 funds opened new CEF positions and 24 closed out — a net gain of 16 holders — while 83 added to existing stakes and 117 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $25.5M. The largest seller was Demars Financial Group, cutting an estimated $68.3M.

  • 377 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q2 2025, up from 363 in Q1 2025.
  • Funds reported $1.7B of Sprott Physical Gold and Silver Trust stock for Q2 2025, down 1.9% quarter-over-quarter.
  • 40 funds opened new Sprott Physical Gold and Silver Trust positions in Q2 2025 and 24 closed out, a net change of +16 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q2 2025 was Morgan Stanley, an estimated $25.5M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q2 2025 was Demars Financial Group, an estimated $68.3M sold.

Based on aggregated 13F filings for Q2 2025.