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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
Toronto Dominion Bank
101
Toronto Dominion Bank
Ontario, Canada
$350K -$750 -57 -0.2%
FAAS
102
First Allied Advisory Services
California
$345K +$35.1K +2,670 +12%
SPIA
103
Steward Partners Investment Advisory
New York
$336K – – –
WF
104
Welch & Forbes
Massachusetts
$336K – – –
JIC
105
Johnson Investment Counsel
Ohio
$329K -$6.58K -500 -2%
First Manhattan
106
First Manhattan
New York
$324K -$1.03M -78,380 -76%
GCM
107
GoodHaven Capital Management
New Jersey
$308K – – –
FCMC
108
Founders Capital Management (Connecticut)
Connecticut
$299K -$103K -7,850 -26%
First Eagle Investment Management
109
First Eagle Investment Management
New York
$296K -$236K -17,900 -45%
Citadel Advisors
110
Citadel Advisors
Florida
$296K +$291K +22,078 New
NSAM
111
North Star Asset Management
Wisconsin
$273K -$29.7K -2,255 -10%
PAS
112
Partnervest Advisory Services
California
$264K -$9.74K -740 -4%
BEAM
113
Baker Ellis Asset Management
Washington
$255K +$13 +1 +0%
SBH
114
Segall Bryant & Hamill
Illinois
$249K – – –
TAM
115
Tocqueville Asset Management
New York
$247K -$1.32K -100 -0.5%
DADC
116
D.A. Davidson & Co
Montana
$245K -$38.2K -2,900 -14%
AWA
117
Arete Wealth Advisors
Illinois
$245K -$13.6K -1,033 -5%
TD Asset Management
118
TD Asset Management
Ontario, Canada
$244K – – –
LRPA
119
L. Roy Papp & Associates
Arizona
$236K – – –
AA
120
Ancora Advisors
Ohio
$231K -$25K -1,900 -10%
LIC
121
Lodestar Investment Counsel
Illinois
$228K – – –
WS
122
Wedbush Securities
California
$217K -$106K -8,060 -33%
AIP
123
Almanack Investment Partners
Pennsylvania
$214K – – –
SAM
124
Silvercrest Asset Management
New York
$185K -$13.2K -1,000 -7%
VF
125
Virtu Financial
New York
$172K +$168K +12,802 New
3 4
5
6 7

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.