Sprott Physical Gold and Silver Trust

CEF • XASE

Sprott Physical Gold and Silver Trust is a publicly traded company on XASE. As of Q3 2025, 369 institutional investors hold shares in this company, with total holdings valued at $1.9B. CENTRAL TRUST & INVESTMENT CO is the largest holder with a position valued at $287.0M.

Overview

Overview of institutional ownership in CEF as of Q3 2025

All Institutions

Institutions: 369
Value Held: $1.9B
Shares Held: 50.7M
Avg Position: $5.0M
Median Position: $538.0K

Hedge Funds

Hedge Funds: 1
Value Held: $8.3M
Shares Held: 225.7K
Avg Position: $8.3M
Median Position: $8.3M

Biggest Investors

Institutions with the largest positions in CEF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
C CENTRAL TRUST & INVESTMENT CO Institution	-	$287.0M 6.00% of portfolio	0.00% 7.8M shares	Q4 2022 Held for 2y 11m	$4.8B
Bleakley Financial Group, LLC RIA/Wealth	Andy Mark Schwartz CEO	$191.5M 4.44% of portfolio	0.00% 5.2M shares	Q4 2022 Held for 2y 11m	$4.3B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$188.1M 0.01% of portfolio	0.00% 5.1M shares	Q4 2022 Held for 2y 11m	$1.65T
JUPITER ASSET MANAGEMENT LTD Long Only Manager	Matthew Charles Beesley CEO	$130.1M 1.12% of portfolio	0.00% 3.6M shares	Q4 2022 Held for 2y 11m	$11.6B
Baird Financial Group, Inc. Private Equity	Paul Lee Schultz General Counsel	$50.7M 0.08% of portfolio	0.00% 1.4M shares	Q2 2025 Held for 5 months	$62.0B
MANAGED ASSET PORTFOLIOS, LLC Long Only Manager	Michael Stephen Dzialo President	$41.8M 5.35% of portfolio	0.00% 1.1M shares	Q2 2023 Held for 2y 5m	$781.9M
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$41.4M 0.01% of portfolio	0.00% 1.1M shares	Q4 2024 Held for 11 months	$310.43B
L LPL Financial LLC Institution	-	$33.5M 0.01% of portfolio	0.00% 912.7K shares	Q4 2022 Held for 2y 11m	$340.07B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$29.0M 0.01% of portfolio	0.00% 791.3K shares	Q4 2022 Held for 2y 11m	$488.50B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$28.0M 0.01% of portfolio	0.00% 753.1K shares	Q1 2023 Held for 2y 8m	$433.11B

Net Capital Flow

Institutional buying and selling activity for CEF in Q3 2025

Traded: +$68.7M
Buyers: 145
Sellers: 114
Total Bought: +$147.9M
Total Sold: −$79.2M
Avg Position: $4.8M

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$41.1M +1.1M shares	$188.1M 5.1M shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	+$29.8M +812.7K shares	$130.1M 3.6M shares
L LPL Financial LLC Institution	+$6.9M +188.5K shares	$33.5M 912.7K shares
Bleakley Financial Group, LLC RIA/Wealth	+$5.9M +159.8K shares	$191.5M 5.2M shares
MML INVESTORS SERVICES, LLC RIA/Wealth	+$4.2M +7.9K shares	$4.2M 115.3K shares
F Fore Capital, LLC Institution	+$4.0M +- shares	$4.0M 110.0K shares
IFP Advisors, Inc RIA/Wealth	+$3.3M +90.7K shares	$7.3M 198.5K shares
UBS Group AG Institution	+$3.3M +90.2K shares	$3.5M 96.4K shares
HOHIMER WEALTH MANAGEMENT, LLC RIA/Wealth	+$3.0M +82.9K shares	$3.0M 82.9K shares
N NATIONAL BANK OF CANADA /FI/ Institution	+$2.9M +81.3K shares	$17.2M 473.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	−$19.3M −641.8K shares	Sold Off 0 shares
3EDGE Asset Management, LP Long Only Manager	−$17.6M −589.3K shares	Sold Off 0 shares
GWN SECURITIES INC. RIA/Wealth	−$5.1M −138.8K shares	$3.3M 88.8K shares
Capital Wealth Alliance, LLC RIA/Wealth	−$4.0M −132.7K shares	Sold Off 0 shares
Belpointe Asset Management LLC RIA/Wealth	−$3.8M −103.2K shares	$1.6M 44.6K shares
C CENTRAL TRUST & INVESTMENT CO Institution	−$3.7M −101.8K shares	$287.0M 7.8M shares
Simplicity Wealth,LLC RIA/Wealth	−$1.9M −50.7K shares	$866.8K 23.6K shares
IMC-Chicago, LLC RIA/Wealth	−$1.6M −53.9K shares	Sold Off 0 shares
J JANE STREET GROUP, LLC Institution	−$1.5M −40.5K shares	$18.9M 515.5K shares
P Philip James Wealth Mangement, LLC Institution	−$1.4M −37.9K shares	$1.1M 30.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CEF in Q3 2025

New Positions: 38
New Value: $20.0M
Exited Positions: 20
Exited Value: $47.2M

New Positions

Institution	Position Value
MML INVESTORS SERVICES, LLC RIA/Wealth	$4.2M 115.3K shares
F Fore Capital, LLC Institution	$4.0M 110.0K shares
HOHIMER WEALTH MANAGEMENT, LLC RIA/Wealth	$3.0M 82.9K shares
BARCLAYS PLC Institution	$873.3K 23.8K shares
Continuum Advisory, LLC RIA/Wealth	$818.2K 22.3K shares
BLB&B Advisors, LLC RIA/Wealth	$733.8K 20.0K shares
C CHICAGO TRUST Co NA Institution	$468.7K 12.8K shares
C Colony Group, LLC Institution	$407.3K 11.0K shares
PARSONS CAPITAL MANAGEMENT INC/RI RIA/Wealth	$366.9K 10.0K shares
GREAT VALLEY ADVISOR GROUP, INC. RIA/Wealth	$293.8K 8.0K shares

Exited Positions

Institution	Previous Position
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$19.3M 641.8K shares
3EDGE Asset Management, LP Long Only Manager	$17.6M 589.3K shares
Capital Wealth Alliance, LLC RIA/Wealth	$4.0M 132.7K shares
IMC-Chicago, LLC RIA/Wealth	$1.6M 53.9K shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.3M 42.8K shares
WINNOW WEALTH LLC RIA/Wealth	$783.9K 26.0K shares
Financial Advocates Investment Management RIA/Wealth	$734.4K 24.4K shares
London & Capital Asset Management Ltd Digital Asset Manager	$677.6K 22.5K shares
Buckingham Strategic Partners RIA/Wealth	$322.1K 10.7K shares
Carmel Capital Partners, LLC Hedge Fund•Value	$319.2K 10.6K shares

Options Activity

Institutions with the largest Call and Put options positions in CEF as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with CEF as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
F Fore Capital, LLC Institution	-	10.20% $4.0M	0.00% 110.0K shares	Q3 2025 Held for 2 months	$39.6M
I Inlight Wealth Management, LLC RIA/Wealth	Jason S Joffe CIO	6.95% $14.7M	0.00% 401.7K shares	Q4 2024 Held for 11 months	$212.2M
C CENTRAL TRUST & INVESTMENT CO Institution	-	6.00% $287.0M	0.00% 7.8M shares	Q4 2022 Held for 2y 11m	$4.8B
MANAGED ASSET PORTFOLIOS, LLC Long Only Manager	Michael Stephen Dzialo President	5.35% $41.8M	0.00% 1.1M shares	Q2 2023 Held for 2y 5m	$781.9M
Cadence Wealth Management LLC RIA/Wealth	Thomas Garth Shiffer Managing Partner	5.15% $9.7M	0.00% 265.7K shares	Q4 2022 Held for 2y 11m	$189.4M
PYA Waltman Capital, LLC RIA/Wealth	Jack William Waltman President	4.74% $17.7M	0.00% 482.6K shares	Q4 2022 Held for 2y 11m	$373.2M
Bleakley Financial Group, LLC RIA/Wealth	Andy Mark Schwartz CEO	4.44% $191.5M	0.00% 5.2M shares	Q4 2022 Held for 2y 11m	$4.3B
INTREPID CAPITAL MANAGEMENT INC Hedge Fund•Value	Mark Forrest Travis CEO	4.06% $8.3M	0.00% 225.7K shares	Q1 2023 Held for 2y 8m	$204.1M
Cheviot Value Management, LLC RIA/Wealth	David Aaron Horvitz Managing Partner	2.83% $26.6M	0.00% 726.9K shares	Q4 2022 Held for 2y 11m	$939.2M
New Harbor Financial Group, LLC RIA/Wealth	John Christopher Llodra Managing Partner	2.62% $12.9M	0.00% 351.9K shares	Q4 2022 Held for 2y 11m	$493.1M

Hedge Fund Spotlight

Discover hedge funds investing in CEF

INTREPID CAPITAL MANAGEMENT INC

Hedge Fund • Value

Portfolio ManagerMark Forrest Travis

Portfolio Value: $204.1M
Positions: 104
Last Reported: Q3 2025

Sector Allocation

Position in Sprott Physical Gold and Silver Trust

Market Value: $8.3M
Shares Held: 225.7K
Portfolio Weight: 4.06%
Owned Since: 2023-Q1

Top Holding	Sector	Market Value	Weight
1 Dimensional US High Profitability DUHP	ETF ETF	$17.2M	8.43%
2 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$9.1M	4.48%
3 Sprott Physical Gold and Silver Trust CEF	Unknown Unknown	$8.3M	4.06%