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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
NMERB
201
New Mexico Educational Retirement Board
New Mexico
$2.69M – – –
Northwestern Mutual Wealth Management
202
Northwestern Mutual Wealth Management
Wisconsin
$2.67M +$91.3K +528 +4%
OPERF
203
Oregon Public Employees Retirement Fund
Oregon
$2.67M -$35.3K -204 -2%
Simplex Trading
204
Simplex Trading
Illinois
$2.66M +$1.87M +10,791 +433%
LIP
205
Lighthouse Investment Partners
Florida
$2.66M +$2.29M +13,255 New
AAP
206
Arax Advisory Partners
Colorado
$2.63M +$2.19M +12,636 +2,796%
PCA
207
Pallas Capital Advisors
Massachusetts
$2.56M -$494K -2,854 -18%
Wolverine Trading
208
Wolverine Trading
Illinois
$2.52M +$499K +2,887 +29%
AIP
209
Ameritas Investment Partners
Nebraska
$2.48M -$75.9K -439 -3%
Cetera Investment Advisers
210
Cetera Investment Advisers
Illinois
$2.47M +$544K +3,143 +34%
CF
211
Canoe Financial
Alberta, Canada
$2.46M -$592K -3,423 -22%
Credit Agricole
212
Credit Agricole
France
$2.44M +$2.1M +12,163 New
TIM
213
Timelo Investment Management
Ontario, Canada
$2.41M +$2.08M +12,000 New
Boston Partners
214
Boston Partners
Massachusetts
$2.4M +$2.07M +11,986 New
UCI
215
Uncommon Cents Investing
Wisconsin
$2.37M -$8.65K -50 -0.4%
RAM
216
Resona Asset Management
Japan
$2.36M -$63.6K -368 -3%
Universal-Beteiligungs- und Servicegesellschaft
217
Universal-Beteiligungs- und Servicegesellschaft
Germany
$2.36M +$174K +1,004 +9%
VPIM
218
Vanguard Personalized Indexing Management
California
$2.33M -$13.3K -77 -0.7%
SG Americas Securities
219
SG Americas Securities
New York
$2.32M +$1.05M +6,095 +111%
Prudential Financial
220
Prudential Financial
New Jersey
$2.21M -$4.79M -27,686 -71%
Pathstone Holdings
221
Pathstone Holdings
New Jersey
$2.19M -$410K -2,372 -18%
VT
222
Vise Technologies
New York
$2.18M -$208K -1,205 -10%
URS
223
Utah Retirement Systems
Utah
$2.17M – – –
EMPI
224
Elo Mutual Pension Insurance
Finland
$2.16M +$36K +208 +2%
TWC
225
TD Waterhouse Canada
Ontario, Canada
$2.15M +$73.7K +426 +4%
7 8
9
10 11

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.