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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
WHG
76
Westwood Holdings Group
Texas
$16.9M +$1.04M +5,993 +8%
RL
77
Ruffer LLP
United Kingdom
$16.6M +$14.3M +82,940 New
AllianceBernstein
78
AllianceBernstein
Tennessee
$16.6M -$169K -978 -1%
Wellington Management Group
79
Wellington Management Group
Massachusetts
$16.5M +$2.28M +13,200 +19%
Retirement Systems of Alabama
80
Retirement Systems of Alabama
Alabama
$16M -$147K -850 -1%
National Bank of Canada
81
National Bank of Canada
Quebec, Canada
$14.7M -$14.9M -86,328 -54%
Stifel Financial
82
Stifel Financial
Missouri
$13.4M +$6.46M +37,337 +126%
Canada Life
83
Canada Life
Manitoba, Canada
$13.2M -$237K -1,371 -2%
HKAM
84
Horizon Kinetics Asset Management
New York
$12.8M -$1.57M -9,072 -12%
Wells Fargo
85
Wells Fargo
California
$12.5M +$1.47M +8,517 +16%
California State Teachers Retirement System (CalSTRS)
86
California State Teachers Retirement System (CalSTRS)
California
$12.5M +$519 +3 +0%
VOYA Investment Management
87
VOYA Investment Management
Georgia
$12.4M -$3.3M -19,090 -24%
Man Group
88
Man Group
United Kingdom
$12.4M +$4.43M +25,615 +71%
MCM
89
Moore Capital Management
New York
$12.3M +$10.6M +61,138 New
Russell Investments Group
90
Russell Investments Group
United Kingdom
$12.1M -$2.38M -13,776 -19%
MAM
91
Martingale Asset Management
Massachusetts
$12M -$4.78M -27,643 -32%
SAM
92
Stansberry Asset Management
Texas
$11.9M +$4.16M +24,043 +68%
AA
93
Armor Advisors
New York
$11.8M -$830K -4,800 -8%
IC
94
IEQ Capital
California
$11.7M -$9.13M -52,762 -47%
IIM
95
INTECH Investment Management
Florida
$11.5M +$6.7M +38,761 +210%
DZ Bank
96
DZ Bank
Germany
$11.4M -$430K -2,485 -4%
SI
97
Sprott Inc
Ontario, Canada
$11.1M -$1.88M -10,872 -16%
New York State Teachers Retirement System (NYSTRS)
98
New York State Teachers Retirement System (NYSTRS)
New York
$10.4M -$588K -3,399 -6%
State Board of Administration of Florida Retirement System
99
State Board of Administration of Florida Retirement System
Florida
$10.3M -$1.19M -6,857 -12%
CI Investments Inc
100
CI Investments Inc
Ontario, Canada
$10M +$545K +3,151 +7%
2 3
4
5 6

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.