Sprott Physical Gold
PHYS
638 hedge funds and large institutions have $4.66B invested in Sprott Physical Gold in 2025 Q4 according to their latest regulatory filings, with 97 funds opening new positions, 181 increasing their positions, 188 reducing their positions, and 30 closing their positions.
223% more first-time investments, than exits
New positions opened: 97 | Existing positions closed: 30
18% more funds holding in top 10
Funds holding in top 10: 38 → 45 (+7)
17% more capital invested
Capital invested by funds: $3.98B → $4.66B (+$681M)
10% more funds holding
Funds holding: 581 → 638 (+57)
0.39% more ownership
Funds ownership: 28.88% → 29.26% (+0.39%)
4% less repeat investments, than reductions
Existing positions increased: 181 | Existing positions reduced: 188
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HWA
Heritage Wealth Advisors
Richmond,
Virginia
|
+$163M |
| 2 |
3AM
3EDGE Asset Management
Naples,
Florida
|
+$30.2M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$22.9M |
| 4 |
Cambridge Investment Research Advisors
Fairfield,
Iowa
|
+$12.9M |
| 5 |
LPL Financial
San Diego,
California
|
+$12.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PAMP
Polar Asset Management Partners
Toronto,
Ontario, Canada
|
-$111M |
| 2 |
CF
Concorde Financial
Dallas,
Texas
|
-$18.3M |
| 3 |
EAM
Evanson Asset Management
Carmel,
California
|
-$14.5M |
| 4 |
Cerity Partners
New York
|
-$13.4M |
| 5 |
SB
Strategic Blueprint
Atlanta,
Georgia
|
-$11.2M |
PHYS Hedge Fund Activity: Q4 2025 in Review
638 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Gold (PHYS) for Q4 2025, worth a combined $4.66B — up 17% from $3.98B a quarter earlier.
Buyers outnumbered sellers: 97 funds opened new PHYS positions and 30 closed out — a net gain of 67 holders — while 181 added to existing stakes and 188 trimmed.
The largest buyer was Heritage Wealth Advisors, opening a new position worth an estimated $163M. The largest seller was Polar Asset Management Partners, cutting an estimated $111M.
- 638 institutional investors held Sprott Physical Gold (PHYS) as of Q4 2025, up from 581 in Q3 2025.
- Funds reported $4.66B of Sprott Physical Gold stock for Q4 2025, up 17% quarter-over-quarter.
- 97 funds opened new Sprott Physical Gold positions in Q4 2025 and 30 closed out, a net change of +67 holders.
- The largest Sprott Physical Gold buyer in Q4 2025 was Heritage Wealth Advisors, an estimated $163M added.
- The largest Sprott Physical Gold seller in Q4 2025 was Polar Asset Management Partners, an estimated $111M sold.
Based on aggregated 13F filings for Q4 2025.