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Sprott Physical Gold and Silver Trust
CEF

192 hedge funds and large institutions have $583M invested in Sprott Physical Gold and Silver Trust in 2018 Q3 according to their latest regulatory filings, with 17 funds opening new positions, 44 increasing their positions, 58 reducing their positions, and 21 closing their positions.

New
Increased
Maintained
Reduced
Closed

6% more capital invested

Capital invested by funds: $550M → $583M (+$33M)

4.2% more ownership

Funds ownership: 16.09% → 20.29% (+4.2%)

0% more funds holding in top 10

Funds holding in top 10: 8 → 8 (0)

3% less funds holding

Funds holding: 197 → 192 (-5)

19% less first-time investments, than exits

New positions opened: 17 | Existing positions closed: 21

24% less repeat investments, than reductions

Existing positions increased: 44 | Existing positions reduced: 58

Holders
192
Holders Change
-5
Holders Change %
-2.54%
% of All Funds
4.39%
Holding in Top 10
8
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.18%
New
17
Increased
44
Reduced
58
Closed
21
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
PAMP
Polar Asset Management Partners
Ontario, Canada
+$37M
2
CTC
Central Trust Company
Missouri
+$28.4M
3
WAM
Weiss Asset Management
Massachusetts
+$22.9M
4
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$7.58M
5
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$3.44M

Top Sellers

1
RJA
Raymond James & Associates
Florida
-$7.95M
2
BFA
Beaumont Financial Advisors
Massachusetts
-$6.2M
3
RCM
Rivernorth Capital Management
Florida
-$5.48M
4
KPF
K2 Principal Fund
Ontario, Canada
-$5.01M
5
Cohen & Steers
Cohen & Steers
New York
-$3.49M
Name Holding Trade Value Shares
Change 		Change in
Stake
CWM
1
Cornerstone Wealth Management
Missouri
$55.7M +$553K +46,201 +7%
Parallax Volatility Advisers
2
Parallax Volatility Advisers
California
$48.6M – – –
PAMP
3
Polar Asset Management Partners
Ontario, Canada
$36.1M +$37M +3,089,056 New
WAM
4
Weiss Asset Management
Massachusetts
$31.7M +$22.9M +1,911,520 +237%
Morgan Stanley
5
Morgan Stanley
New York
$30.1M +$884K +73,797 +3%
CTC
6
Central Trust Company
Missouri
$27.7M +$28.4M +2,368,509 New
Royal Bank of Canada
7
Royal Bank of Canada
Ontario, Canada
$21.2M -$538K -44,902 -2%
HighTower Advisors
8
HighTower Advisors
Illinois
$16.3M +$413K +34,463 +3%
T. Rowe Price Associates
9
T. Rowe Price Associates
Maryland
$15.7M +$3.44M +286,900 +27%
AP
10
Antipodes Partners
Australia
$14.7M -$2.13M -178,034 -12%
AGM
11
Alpine Global Management
New York
$14M +$71.9K +6,004 +0.5%
CVM
12
Cheviot Value Management
California
$10.8M -$262K -21,880 -2%
Neuberger Berman Group
13
Neuberger Berman Group
New York
$10.2M -$176K -14,675 -2%
Bank of America
14
Bank of America
North Carolina
$10M -$2.45M -204,443 -19%
CI
15
Cowen Inc
New York
$9.61M +$247K +20,610 +3%
PC
16
Periscope Capital
Ontario, Canada
$9.32M +$15.8K +1,323 +0.2%
Susquehanna International Group
17
Susquehanna International Group
Pennsylvania
$9.17M +$7.58M +633,168 +418%
OFG
18
OTA Financial Group
New York
$8.98M – – –
RJA
19
Raymond James & Associates
Florida
$8.43M -$7.95M -664,356 -48%
Wells Fargo
20
Wells Fargo
California
$8.24M -$1.85M -154,195 -18%
EAM
21
Evanson Asset Management
California
$7.75M -$12.7K -1,064 -0.2%
Cohen & Steers
22
Cohen & Steers
New York
$6.54M -$3.49M -291,668 -34%
PHS
23
Pekin Hardy Strauss
Illinois
$6.53M -$454K -37,950 -6%
HCM
24
Howland Capital Management
Massachusetts
$6.29M +$377K +31,515 +6%
RJFSA
25
Raymond James Financial Services Advisors
Florida
$6.15M -$2.94M -245,771 -32%
1
2 3 4 5

CEF Hedge Fund Activity: Q3 2018 in Review

192 of the 4,374 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold and Silver Trust (CEF) for Q3 2018, worth a combined $583M — up 6% from $550M a quarter earlier.

Sellers outnumbered buyers: 21 funds closed out of CEF and 17 opened new positions — a net loss of 4 holders — while 58 trimmed existing stakes and 44 added.

The largest buyer was Polar Asset Management Partners, opening a new position worth an estimated $37M. The largest seller was Raymond James & Associates, cutting an estimated $7.95M.

  • 192 institutional investors held Sprott Physical Gold and Silver Trust (CEF) as of Q3 2018, down from 197 in Q2 2018.
  • Funds reported $583M of Sprott Physical Gold and Silver Trust stock for Q3 2018, up 6% quarter-over-quarter.
  • 17 funds opened new Sprott Physical Gold and Silver Trust positions in Q3 2018 and 21 closed out, a net change of -4 holders.
  • The largest Sprott Physical Gold and Silver Trust buyer in Q3 2018 was Polar Asset Management Partners, an estimated $37M added.
  • The largest Sprott Physical Gold and Silver Trust seller in Q3 2018 was Raymond James & Associates, an estimated $7.95M sold.

Based on aggregated 13F filings for Q3 2018.