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Sprott Physical Gold and Silver Trust
CEF

405 hedge funds and large institutions have $2.13B invested in Sprott Physical Gold and Silver Trust in 2025 Q3 according to their latest regulatory filings, with 52 funds opening new positions, 107 increasing their positions, 105 reducing their positions, and 19 closing their positions.

New
Increased
Maintained
Reduced
Closed

174% more first-time investments, than exits

New positions opened: 52 | Existing positions closed: 19

25% more capital invested

Capital invested by funds: $1.7B → $2.13B (+$424M)

18% more funds holding in top 10

Funds holding in top 10: 11 → 13 (+2)

7% more funds holding

Funds holding: 377 → 405 (+28)

2% more repeat investments, than reductions

Existing positions increased: 107 | Existing positions reduced: 105

0.95% more ownership

Funds ownership: 29.09% → 30.04% (+0.95%)

Holders
405
Holders Change
+28
Holders Change %
+7.43%
% of All Funds
5.32%
Holding in Top 10
13
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+18.18%
% of All Funds
0.17%
New
52
Increased
107
Reduced
105
Closed
19
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Morgan Stanley
Morgan Stanley
New York
+$36M
2
JAM
Jupiter Asset Management
United Kingdom
+$26.1M
3
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$10.8M
4
LPL Financial
LPL Financial
California
+$6.06M
5
Janney Montgomery Scott
Janney Montgomery Scott
Pennsylvania
+$5.43M

Top Sellers

1
Parallax Volatility Advisers
Parallax Volatility Advisers
California
-$19.3M
2
3AM
3EDGE Asset Management
Florida
-$17.6M
3
IAIM
International Assets Investment Management
Florida
-$5.32M
4
GS
GWN Securities
Florida
-$4.46M
5
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$4.03M
Name Holding Trade Value Shares
Change 		Change in
Stake
CA
176
Continuum Advisory
Idaho
$818K +$716K +22,300 New
HAS
177
HBW Advisory Services
California
$816K -$7.55K -235 -1%
HCP
178
Hardin Capital Partners
South Carolina
$813K +$54.5K +1,695 +8%
DWM
179
Dakota Wealth Management
Florida
$807K – – –
VC
180
Veracity Capital
Georgia
$781K +$26.6K +828 +4%
SCA
181
Sandy Cove Advisors
Massachusetts
$774K – – –
MGWM
182
Marks Group Wealth Management
Minnesota
$773K – – –
CCA
183
Cobblestone Capital Advisors
New York
$760K – – –
MSAM
184
Moloney Securities Asset Management
Missouri
$757K +$65.7K +2,044 +11%
AAG
185
Accordant Advisory Group
Maryland
$751K -$179K -5,582 -21%
BBA
186
BLB&B Advisors
Pennsylvania
$734K – – –
CAM
187
Cresset Asset Management
Illinois
$683K – – –
TSS
188
Two Sigma Securities
New York
$682K +$142K +4,413 +31%
Carson Wealth (CWM LLC)
189
Carson Wealth (CWM LLC)
Nebraska
$669K +$555K +17,280 +1,808%
CA
190
Clearstead Advisors
Ohio
$661K – – –
Cerity Partners
191
Cerity Partners
New York
$646K -$85.7K -2,666 -13%
AIP
192
Almanack Investment Partners
Pennsylvania
$633K – – –
MC
193
Moors & Cabot
Massachusetts
$629K – – –
OPA
194
Old Port Advisors
Maine
$622K – – –
WWC
195
Waypoint Wealth Counsel
Georgia
$605K – – –
RCAG
196
Rehmann Capital Advisory Group
Michigan
$602K – – –
PA
197
Procyon Advisors
Connecticut
$602K – – –
WCM
198
WealthBridge Capital Management
Ohio
$600K – – –
SFFS
199
Stonehage Fleming Financial Services
Jersey
$571K – – –
IFO
200
Independent Family Office
New York
$555K – – –
6 7
8
9 10

CEF Hedge Fund Activity: Q3 2025 in Review

405 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q3 2025, worth a combined $2.13B — up 25% from $1.7B a quarter earlier.

Buyers outnumbered sellers: 52 funds opened new CEF positions and 19 closed out — a net gain of 33 holders — while 107 added to existing stakes and 105 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $36M. The largest seller was Parallax Volatility Advisers, exiting entirely with an estimated $19.3M sold.

  • 405 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q3 2025, up from 377 in Q2 2025.
  • Funds reported $2.13B of Sprott Physical Gold and Silver Trust stock for Q3 2025, up 25% quarter-over-quarter.
  • 52 funds opened new Sprott Physical Gold and Silver Trust positions in Q3 2025 and 19 closed out, a net change of +33 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q3 2025 was Morgan Stanley, an estimated $36M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q3 2025 was Parallax Volatility Advisers, an estimated $19.3M sold.

Based on aggregated 13F filings for Q3 2025.