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Royal Gold
RGLD

650 hedge funds and large institutions have $12.4B invested in Royal Gold in 2025 Q3 according to their latest regulatory filings, with 110 funds opening new positions, 225 increasing their positions, 211 reducing their positions, and 68 closing their positions.

New
Increased
Maintained
Reduced
Closed

62% more first-time investments, than exits

New positions opened: 110 | Existing positions closed: 68

33% more funds holding in top 10

Funds holding in top 10: 6 → 8 (+2)

21% more capital invested

Capital invested by funds: $10.2B → $12.4B (+$2.15B)

19% more call options, than puts

Call options by funds: $204M | Put options by funds: $171M

6.31% more ownership

Funds ownership: 87.52% → 93.83% (+6.3%)

6% more funds holding

Funds holding: 612 → 650 (+38)

7% more repeat investments, than reductions

Existing positions increased: 225 | Existing positions reduced: 211

Holders
650
Holders Change
+38
Holders Change %
+6.21%
% of All Funds
8.53%
Holding in Top 10
8
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+33.33%
% of All Funds
0.11%
New
110
Increased
225
Reduced
211
Closed
68
Calls
$204M
Puts
$171M
Net Calls
+$32.4M
Net Calls Change
+$28.2M

Top Buyers

1
VanEck Associates
VanEck Associates
New York
+$441M
2
Citadel Advisors
Citadel Advisors
Florida
+$86.7M
3
Millennium Management
Millennium Management
New York
+$84.2M
4
UBS Group
UBS Group
Switzerland
+$63.4M
5
Baird Financial Group
Baird Financial Group
Wisconsin
+$49.3M

Top Sellers

1
First Eagle Investment Management
First Eagle Investment Management
New York
-$190M
2
AQR Capital Management
AQR Capital Management
Connecticut
-$153M
3
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
-$33.5M
4
DCM
Driehaus Capital Management
Illinois
-$20.4M
5
UBS AM
UBS AM
Illinois
-$20.2M
Name Holding Trade Value Shares
Change 		Change in
Stake
Norges Bank
651
Norges Bank
Norway
– -$68M -382,527 Closed
Qube Research & Technologies (QRT)
652
Qube Research & Technologies (QRT)
United Kingdom
– -$33.5M -188,247 Closed
DCM
653
Driehaus Capital Management
Illinois
– -$20.4M -114,964 Closed
JAM
654
Jupiter Asset Management
United Kingdom
– -$7.79M -43,777 Closed
BHCM
655
Brevan Howard Capital Management
Jersey
– -$4.18M -23,522 Closed
AG
656
Algert Global
California
– -$3.81M -21,404 Closed
Canada Pension Plan Investment Board
657
Canada Pension Plan Investment Board
Ontario, Canada
– -$3.73M -21,000 Closed
OAM
658
OP Asset Management
– -$3.23M -18,179 Closed
PI
659
PineBridge Investments
New York
– -$2.54M -14,268 Closed
IMC Chicago
660
IMC Chicago
Illinois
– -$2.42M -13,968 Closed
EF
661
Empowered Funds
Pennsylvania
– -$2.16M -12,137 Closed
CMF
662
Counterpoint Mutual Funds
California
– -$1.88M -10,556 Closed
YIH
663
Y-Intercept (HK)
Hong Kong
– -$1.82M -10,220 Closed
BC
664
Burney Company
Virginia
– -$1.67M -9,384 Closed
SSIM
665
Sheets Smith Investment Management
Texas
– -$1.52M -8,570 Closed
ICP
666
Ilex Capital Partners
United Kingdom
– -$1.4M -7,853 Closed
NRD
667
Nebula Research & Development
New York
– -$1.09M -6,129 Closed
FF
668
Friedenthal Financial
New Jersey
– -$882K -4,959 Closed
ACM
669
Aster Capital Management
United Arab Emirates
– -$873K -4,909 Closed
VCM
670
Virtue Capital Management
Tennessee
– -$789K -4,434 Closed
CM
671
CoreCommodity Management
Connecticut
– -$770K -4,332 Closed
SRL
672
Scientech Research LLC
New Jersey
– -$766K -4,309 Closed
SPC
673
Sigma Planning Corp
Michigan
– -$725K -4,078 Closed
CIP
674
Convergence Investment Partners
Florida
– -$673K -3,784 Closed
SSWM
675
Sheets Smith Wealth Management
North Carolina
– -$662K -3,720 Closed
25 26
27
28 29

RGLD Hedge Fund Activity: Q3 2025 in Review

650 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Royal Gold (RGLD) for Q3 2025, worth a combined $12.4B — up 21% from $10.2B a quarter earlier.

Buyers outnumbered sellers: 110 funds opened new RGLD positions and 68 closed out — a net gain of 42 holders — while 225 added to existing stakes and 211 trimmed.

The largest buyer was VanEck Associates, adding an estimated $441M. The largest seller was First Eagle Investment Management, cutting an estimated $190M.

  • 650 institutional investors held Royal Gold (RGLD) as of Q3 2025, up from 612 in Q2 2025.
  • Funds reported $12.4B of Royal Gold stock for Q3 2025, up 21% quarter-over-quarter.
  • 110 funds opened new Royal Gold positions in Q3 2025 and 68 closed out, a net change of +42 holders.
  • The largest Royal Gold buyer in Q3 2025 was VanEck Associates, an estimated $441M added.
  • The largest Royal Gold seller in Q3 2025 was First Eagle Investment Management, an estimated $190M sold.

Based on aggregated 13F filings for Q3 2025.