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Sprott Physical Gold and Silver Trust
CEF

363 hedge funds and large institutions have $1.74B invested in Sprott Physical Gold and Silver Trust in 2025 Q1 according to their latest regulatory filings, with 39 funds opening new positions, 106 increasing their positions, 95 reducing their positions, and 28 closing their positions.

New
Increased
Maintained
Reduced
Closed

39% more first-time investments, than exits

New positions opened: 39 | Existing positions closed: 28

15% more capital invested

Capital invested by funds: $1.51B → $1.74B (+$225M)

12% more repeat investments, than reductions

Existing positions increased: 106 | Existing positions reduced: 95

2% more funds holding

Funds holding: 356 → 363 (+7)

0.18% more ownership

Funds ownership: 30.68% → 30.86% (+0.18%)

0% more funds holding in top 10

Funds holding in top 10: 14 → 14 (0)

Holders
363
Holders Change
+7
Holders Change %
+1.97%
% of All Funds
4.87%
Holding in Top 10
14
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.19%
New
39
Increased
106
Reduced
95
Closed
28
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
DFG
Demars Financial Group
Washington
+$11.2M
2
AWA
Arkadios Wealth Advisors
Georgia
+$6.9M
3
JAM
Jupiter Asset Management
United Kingdom
+$6.55M
4
Morgan Stanley
Morgan Stanley
New York
+$4.98M
5
Osaic Holdings
Osaic Holdings
Arizona
+$3.74M

Top Sellers

Rank Fund Capital Flow
1
Parallax Volatility Advisers
Parallax Volatility Advisers
California
-$52.1M
2
BFM
Boothbay Fund Management
New York
-$20.4M
3
SRC
Shufro Rose & Co
New York
-$18.5M
4
Jane Street
Jane Street
New York
-$12.2M
5
FFO
Fiduciary Family Office
Florida
-$8.61M
Name Holding Trade Value Shares
Change 		Change in
Stake
RA
201
RFG Advisory
Alabama
$449K -$30K -1,137 -7%
MAS
202
Madden Advisory Services
Florida
$448K -$343 -13 -0.1%
GAA
203
Global Assets Advisory
Florida
$442K +$427K +16,182 New
IFO
204
Independent Family Office
New York
$430K – – –
MCI
205
MRP Capital Investments
Georgia
$429K +$34.9K +1,325 +10%
STA
206
Summit Trail Advisors
New York
$426K – – –
IAP
207
Indie Asset Partners
Indiana
$423K +$106K +4,002 +37%
FAIM
208
Financial Advocates Investment Management
Washington
$418K +$388K +14,709 New
CL
209
CLG LLC
California
$404K +$20.3K +770 +6%
OA
210
Oxbow Advisors
Texas
$401K – – –
MW
211
MBL Wealth
North Carolina
$399K -$13.2K -500 -3%
FFA
212
Farther Finance Advisors
California
$393K +$1.32K +50 +0.4%
MLA
213
MB, Levis & Associates
Pennsylvania
$388K – – –
TIA
214
Tiemann Investment Advisors
California
$378K – – –
Fisher Asset Management
215
Fisher Asset Management
Washington
$378K +$351K +13,302 New
SF
216
Summit Financial
New Jersey
$375K +$124K +4,689 +55%
MFG
217
Midwest Financial Group
Kansas
$366K +$33K +1,250 +11%
Bank of New York Mellon
218
Bank of New York Mellon
New York
$363K -$53 -2 -0%
SFFS
219
Stonehage Fleming Financial Services
Jersey
$362K – – –
KWA
220
Kellett Wealth Advisors
Ohio
$361K – – –
BFIM
221
Beese Fulmer Investment Management
Ohio
$360K +$334K +12,680 New
4A
222
4Wealth Advisors
Illinois
$357K -$19.8K -750 -6%
NFTC
223
North Forty Two & Co
Oregon
$355K +$26.4K +1,000 +9%
MAA
224
Mraz Amerine & Associates
California
$345K – – –
BFO
225
Boston Family Office
Massachusetts
$343K – – –
7 8
9
10 11

CEF Hedge Fund Activity: Q1 2025 in Review

363 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q1 2025, worth a combined $1.74B — up 15% from $1.51B a quarter earlier.

Buyers outnumbered sellers: 39 funds opened new CEF positions and 28 closed out — a net gain of 11 holders — while 106 added to existing stakes and 95 trimmed.

The largest buyer was Demars Financial Group, adding an estimated $11.2M. The largest seller was Parallax Volatility Advisers, cutting an estimated $52.1M.

  • 363 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q1 2025, up from 356 in Q4 2024.
  • Funds reported $1.74B of Sprott Physical Gold and Silver Trust stock for Q1 2025, up 15% quarter-over-quarter.
  • 39 funds opened new Sprott Physical Gold and Silver Trust positions in Q1 2025 and 28 closed out, a net change of +11 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q1 2025 was Demars Financial Group, an estimated $11.2M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q1 2025 was Parallax Volatility Advisers, an estimated $52.1M sold.

Based on aggregated 13F filings for Q1 2025.