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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
STA
201
Summit Trail Advisors
New York
$550K – – –
PAS
202
Park Avenue Securities
New York
$546K -$45.1K -1,403 -9%
MAS
203
Madden Advisory Services
Florida
$545K -$23.9K -745 -5%
APA
204
Astoria Portfolio Advisors
New York
$538K +$448K +13,949 New
OA
205
Oxbow Advisors
Texas
$525K +$32.1K +1,000 +8%
MFG
206
Midwest Financial Group
Kansas
$524K +$15.7K +490 +4%
CB
207
Commerce Bank
Missouri
$519K +$141K +4,400 +45%
AWM
208
Apollon Wealth Management
South Carolina
$507K +$30.6K +953 +7%
MLA
209
MB, Levis & Associates
Pennsylvania
$501K – – –
CL
210
CLG LLC
California
$491K -$18.8K -585 -4%
TIA
211
Tiemann Investment Advisors
California
$488K – – –
MW
212
MBL Wealth
North Carolina
$488K – – –
Bank of New York Mellon
213
Bank of New York Mellon
New York
$484K +$13.5K +419 +3%
KWA
214
Kellett Wealth Advisors
Ohio
$483K +$62.6K +1,950 +17%
CF
215
Centaurus Financial
California
$482K +$422K +13,135 New
CT
216
Chicago Trust
Illinois
$469K +$410K +12,775 New
BFIM
217
Beese Fulmer Investment Management
Ohio
$465K – – –
FA
218
Fermata Advisors
California
$462K +$13.1K +409 +3%
NFTC
219
North Forty Two & Co
Oregon
$459K – – –
4A
220
4Wealth Advisors
Illinois
$451K -$8.03K -250 -2%
MAA
221
Mraz Amerine & Associates
California
$451K – – –
GK
222
Graney & King
New York
$443K – – –
BFO
223
Boston Family Office
Massachusetts
$442K – – –
CCM
224
Chilton Capital Management
Texas
$440K – – –
MT
225
Midwest Trust
Kansas
$440K +$3.21K +100 +0.8%
7 8
9
10 11

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.