San Juan Basin Royalty Trust
SJT
90 hedge funds and large institutions have $86.8M invested in San Juan Basin Royalty Trust in 2025 Q4 according to their latest regulatory filings, with 14 funds opening new positions, 24 increasing their positions, 26 reducing their positions, and 10 closing their positions.
40% more first-time investments, than exits
New positions opened: 14 | Existing positions closed: 10
2% more funds holding
Funds holding: 88 → 90 (+2)
0.59% more ownership
Funds ownership: 32.55% → 33.14% (+0.59%)
8% less repeat investments, than reductions
Existing positions increased: 24 | Existing positions reduced: 26
5% less capital invested
Capital invested by funds: $91.6M → $86.8M (-$4.82M)
74% less call options, than puts
Call options by funds: $388K | Put options by funds: $1.5M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HKAM
Horizon Kinetics Asset Management
New York
|
+$3.59M |
| 2 |
PAIM
Punch & Associates Investment Management
Edina,
Minnesota
|
+$1.48M |
| 3 |
Morgan Stanley
New York
|
+$1.34M |
| 4 |
Citadel Advisors
Miami,
Florida
|
+$959K |
| 5 |
ATPW
Ashton Thomas Private Wealth
Scottsdale,
Arizona
|
+$767K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CC
Cannell Capital
Alta,
Wyoming
|
-$2.19M |
| 2 |
RA
RR Advisors
Dallas,
Texas
|
-$1.83M |
| 3 |
KWA
Kingswood Wealth Advisors
San Diego,
California
|
-$1.74M |
| 4 |
Verition Fund Management
Greenwich,
Connecticut
|
-$968K |
| 5 |
MTC
McDaniel Terry & Co
Austin,
Texas
|
-$856K |
SJT Hedge Fund Activity: Q4 2025 in Review
90 of the 8,274 institutional investors tracked by Wall St. Rank reported a position in San Juan Basin Royalty Trust (SJT) for Q4 2025, worth a combined $86.8M — down 5.3% from $91.6M a quarter earlier.
Buyers outnumbered sellers: 14 funds opened new SJT positions and 10 closed out — a net gain of 4 holders — while 24 added to existing stakes and 26 trimmed.
The largest buyer was Horizon Kinetics Asset Management, adding an estimated $3.59M. The largest seller was Cannell Capital, cutting an estimated $2.19M.
- 90 institutional investors held San Juan Basin Royalty Trust (SJT) as of Q4 2025, up from 88 in Q3 2025.
- Funds reported $86.8M of San Juan Basin Royalty Trust stock for Q4 2025, down 5.3% quarter-over-quarter.
- 14 funds opened new San Juan Basin Royalty Trust positions in Q4 2025 and 10 closed out, a net change of +4 holders.
- The largest San Juan Basin Royalty Trust buyer in Q4 2025 was Horizon Kinetics Asset Management, an estimated $3.59M added.
- The largest San Juan Basin Royalty Trust seller in Q4 2025 was Cannell Capital, an estimated $2.19M sold.
Based on aggregated 13F filings for Q4 2025.