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SPPP

Sprott Physical Platinum and Palladium Trust
SPPP

68 hedge funds and large institutions have $192M invested in Sprott Physical Platinum and Palladium Trust in 2025 Q4 according to their latest regulatory filings, with 20 funds opening new positions, 24 increasing their positions, 9 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

191% more capital invested

Capital invested by funds: $66.1M → $192M (+$126M)

167% more repeat investments, than reductions

Existing positions increased: 24 | Existing positions reduced: 9

150% more first-time investments, than exits

New positions opened: 20 | Existing positions closed: 8

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

19% more funds holding

Funds holding: 57 → 68 (+11)

11.43% more ownership

Funds ownership: 15.71% → 27.14% (+11%)

Holders
68
Holders Change
+11
Holders Change %
+19.3%
% of All Funds
0.83%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.02%
New
20
Increased
24
Reduced
9
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
IMC Chicago
IMC Chicago
Illinois
+$32.5M
2
Jane Street
Jane Street
New York
+$22.9M
3
Morgan Stanley
Morgan Stanley
New York
+$7.8M
4
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$4.58M
5
WAM
Wolverine Asset Management
Illinois
+$2.3M

Top Sellers

1
UBS Group
UBS Group
Switzerland
-$733K
2
PAG
Private Advisor Group
New Jersey
-$508K
3
SWP
Stratos Wealth Partners
Ohio
-$502K
4
KAS
Kestra Advisory Services
Texas
-$417K
5
SAM
Synergy Asset Management
Washington
-$386K
Name Holding Trade Value Shares
Change 		Change in
Stake
PAG
26
Private Advisor Group
New Jersey
$781K -$508K -34,378 -43%
HA
27
HC Advisors
Georgia
$763K +$83.5K +5,651 +14%
SWP
28
Stratos Wealth Partners
Ohio
$714K -$502K -33,994 -44%
Cerity Partners
29
Cerity Partners
New York
$677K – – –
UBS Group
30
UBS Group
Switzerland
$561K -$733K -49,603 -60%
XT
31
XTX Topco
Cayman Islands
$520K +$298K +20,201 +189%
CS
32
Cannell & Spears
New York
$505K – – –
TSS
33
Two Sigma Securities
New York
$464K +$173K +11,736 +74%
BCA
34
Bayshore Capital Advisors
Florida
$451K +$396K +26,800 New
JWCA
35
J.W. Cole Advisors
Florida
$446K +$391K +26,460 New
P
36
&Partners
Tennessee
$421K – – –
Cambridge Investment Research Advisors
37
Cambridge Investment Research Advisors
Iowa
$402K +$39.3K +2,658 +13%
TAM
38
Tocqueville Asset Management
New York
$387K – – –
MFA
39
Morling Financial Advisors
California
$320K – – –
Wealth Enhancement Advisory Services
40
Wealth Enhancement Advisory Services
Minnesota
$312K +$81.9K +5,542 +53%
PFA
41
Pettinga Financial Advisors
Indiana
$264K -$57.2K -3,871 -20%
WAP
42
Wealthcare Advisory Partners
Pennsylvania
$255K +$14.6K +989 +7%
Commonwealth Equity Services
43
Commonwealth Equity Services
Massachusetts
$246K -$2.51K -170 -1%
PRP
44
Peak Retirement Planning
Ohio
$235K +$206K +13,928 New
PFS
45
Prospera Financial Services
Texas
$168K +$148K +10,000 New
National Bank of Canada
46
National Bank of Canada
Quebec, Canada
$158K +$136K +9,232 +1,449%
SIS
47
Strategic Investment Solutions
Illinois
$140K +$123K +8,327 New
ICM
48
Islay Capital Management
Texas
$84.2K – – –
SPIA
49
Steward Partners Investment Advisory
New York
$76.6K +$67.2K +4,550 New
HCM
50
Hollencrest Capital Management
California
$53K – – –
1
2
3 4

SPPP Hedge Fund Activity: Q4 2025 in Review

68 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Sprott Physical Platinum and Palladium Trust (SPPP) for Q4 2025, worth a combined $192M — up 191% from $66.1M a quarter earlier.

Buyers outnumbered sellers: 20 funds opened new SPPP positions and 8 closed out — a net gain of 12 holders — while 24 added to existing stakes and 9 trimmed.

The largest buyer was IMC Chicago, opening a new position worth an estimated $32.5M. The largest seller was UBS Group, cutting an estimated $733K.

  • 68 institutional investors held Sprott Physical Platinum and Palladium Trust (SPPP) as of Q4 2025, up from 57 in Q3 2025.
  • Funds reported $192M of Sprott Physical Platinum and Palladium Trust stock for Q4 2025, up 191% quarter-over-quarter.
  • 20 funds opened new Sprott Physical Platinum and Palladium Trust positions in Q4 2025 and 8 closed out, a net change of +12 holders.
  • The largest Sprott Physical Platinum and Palladium Trust buyer in Q4 2025 was IMC Chicago, an estimated $32.5M added.
  • The largest Sprott Physical Platinum and Palladium Trust seller in Q4 2025 was UBS Group, an estimated $733K sold.

Based on aggregated 13F filings for Q4 2025.