Pan American Silver

PAAS • NYSE

Pan American Silver is a silver company in the basic materials sector on NYSE, led by Geoff Burns, with a market cap of $18.7B. As of Q3 2025, 55% of shares are held by 472 institutional investors, with VAN ECK ASSOCIATES CORP as the largest holder at 10.7%.

President and CEOGeoff Burns

Market Cap$18.7B

Silver

Basic Materials

Employees9.9K

Websitepanamericansilver.com

Overview

Overview of institutional ownership in PAAS as of Q3 2025 with a market cap of $16.3B

All Institutions

Institutions: 472
Value Held: $9.0B
Shares Held: 250.4M
Avg Position: $19.1M
Median Position: $910.5K

Hedge Funds

Hedge Funds: 48
Value Held: $859.4M
Shares Held: 22.2M
Avg Position: $17.9M
Median Position: $2.0M

Ownership Breakdown

Institutional (non-HF)

49.95%

$8.2B

Hedge Funds

5.26%

$859.4M

Retail & Other

44.8%

$7.3B

Based on market cap of $16.3B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PAAS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$1.7B 1.81% of portfolio	10.70% 45.1M shares	≤ Q2 2013 Held for 12y 5m+	$96.6B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$666.2M 0.01% of portfolio	4.07% 17.2M shares	Q1 2015 Held for 10y 8m	$6.69T
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	-	$560.1M 0.91% of portfolio	3.43% 14.5M shares	Q2 2024 Held for 1y 5m	$61.8B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$383.4M 0.06% of portfolio	2.35% 9.9M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
B BlackRock, Inc. Institution	-	$284.7M 0.01% of portfolio	1.74% 7.4M shares	Q4 2016 Held for 8y 11m	$5.67T
FMR LLC Institution	-	$281.0M 0.01% of portfolio	1.72% 7.3M shares	Q1 2022 Held for 3y 8m	$1.92T
R ROYAL BANK OF CANADA Institution	-	$196.4M 0.04% of portfolio	1.20% 5.1M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$181.0M 0.11% of portfolio	1.11% 4.7M shares	Q4 2024 Held for 11 months	$158.92B
F First Eagle Investment Management, LLC Long Only Manager	David Lynn Summers Managing Partner	$178.0M 0.32% of portfolio	1.09% 4.6M shares	Q3 2025 Held for 2 months	$54.9B
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	John Warren Stoddart President	$168.6M 0.53% of portfolio	1.03% 4.4M shares	Q1 2014 Held for 11y 8m	$31.7B

Net Capital Flow

Institutional buying and selling activity for PAAS in Q3 2025

Net Flow: +$1.1B
Buyers: 195
Sellers: 154
Total Bought: +$2.0B
Total Sold: −$865.3M
Avg Position: $21.2M

Biggest Buyers

Institution	Net Bought	Current Position
VAN ECK ASSOCIATES CORP ETF Provider	+$596.7M +15.4M shares	$1.7B 45.1M shares
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	+$156.4M +4.0M shares	$560.1M 14.5M shares
VANGUARD GROUP INC Institution	+$116.5M +3.0M shares	$666.2M 17.2M shares
N North of South Capital LLP Hedge Fund•Long/Short	+$94.8M +2.4M shares	$116.2M 3.0M shares
B BlackRock, Inc. Institution	+$88.9M +2.3M shares	$284.7M 7.4M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$57.9M +1.5M shares	$91.8M 2.4M shares
R ROYAL BANK OF CANADA Institution	+$55.0M +1.4M shares	$196.4M 5.1M shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	+$49.9M +1.3M shares	$83.1M 2.1M shares
FMR LLC Institution	+$46.4M +1.2M shares	$281.0M 7.3M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$44.8M +1.2M shares	$45.2M 1.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
F FIL Ltd Institution	−$78.3M −2.0M shares	$111.2M 2.9M shares
Slate Path Capital LP Hedge Fund•Long/Short	−$59.0M −1.5M shares	$123.7M 3.2M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$56.9M −1.5M shares	$181.0M 4.7M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$55.4M −1.4M shares	$21.5M 554.3K shares
CIBC Global Asset Management Inc Long Only Manager	−$52.7M −1.4M shares	$19.2M 494.9K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$48.2M −1.7M shares	Sold Off 0 shares
A AGF MANAGEMENT LTD Institution	−$45.4M −1.2M shares	$36.4M 939.3K shares
S SPROTT INC. Institution	−$43.1M −1.1M shares	$57.8M 1.5M shares
BANK OF AMERICA CORP /DE/ Institution	−$42.9M −1.1M shares	$87.5M 2.3M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$36.9M −953.6K shares	$25.4M 656.2K shares

Entry and Exit Activity

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

New Positions: 64
New Value: $322.5M
Exited Positions: 42
Exited Value: $174.9M

New Positions

Institution	Position Value
F First Eagle Investment Management, LLC Long Only Manager	$178.0M 4.6M shares
E Evergreen Quality Fund GP, Ltd. Institution	$77.3M 2.0M shares
WESTWOOD HOLDINGS GROUP INC Institution	$17.8M 459.3K shares
GILDER GAGNON HOWE & CO LLC RIA/Wealth	$6.3M 163.0K shares
F Fourth Sail Capital LP Institution	$6.3M 17.9M shares
DF DENT & CO INC Long Only Manager	$6.2M 159.2K shares
S Spears Abacus Advisors LLC Long Only Manager	$5.8M 150.8K shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	$4.7M 120.6K shares
H Hedges Asset Management LLC RIA/Wealth	$1.9M 48.0K shares
U Utah Retirement Systems Institution	$1.8M 46.5K shares

Exited Positions

Institution	Previous Position
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$48.2M 1.7M shares
C Cubist Systematic Strategies, LLC Institution	$25.8M 908.5K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$19.6M 688.9K shares
P Pale Fire Capital SE Institution	$18.4M 649.5K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$9.2M 322.6K shares
H HRT FINANCIAL LLC Institution	$8.7M 307.6K shares
W Wealth High Governance Capital Ltda Institution	$7.0M 248.0K shares
P Point72 Asia Pte. Ltd. Institution	$4.4M 154.9K shares
B BW Gestao de Investimentos Ltda. Institution	$4.3M 152.0K shares
M MACQUARIE GROUP LTD Institution	$3.3M 93.9K shares

Options Activity

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

Call Positions: 27
Call Value: $309.1M
Put Positions: 24
Put Value: $251.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$100.1M 25.8K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$47.9M 12.4K contracts
J JANE STREET GROUP, LLC Institution	$28.9M 7.5K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$18.0M 4.6K contracts
P PEAK6 LLC Institution	$17.8M 4.6K contracts
W WOLVERINE TRADING, LLC Institution	$17.7M 4.6K contracts
R ROYAL BANK OF CANADA Institution	$17.2M 4.4K contracts
Walleye Trading LLC RIA/Wealth	$17.0M 4.4K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$10.3M 2.7K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$8.8M 2.3K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$62.2M 16.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$46.6M 12.0K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$43.3M 11.2K contracts
J JANE STREET GROUP, LLC Institution	$23.9M 6.2K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$16.2M 4.2K contracts
Walleye Trading LLC RIA/Wealth	$11.4M 2.9K contracts
W WOLVERINE TRADING, LLC Institution	$10.9M 2.8K contracts
Shaolin Capital Management LLC Hedge Fund•Multi-Strategy	$9.7M 2.5K contracts
P PEAK6 LLC Institution	$8.9M 2.3K contracts
S SIG North Trading, ULC Institution	$4.9M 1.3K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
N North of South Capital LLP Hedge Fund•Long/Short	Matthew Alan Linsey CEO	11.17% $116.2M	0.71% 3.0M shares	Q2 2025 Held for 5 months	$1.0B
Euro Pacific Asset Management, LLC Long Only Manager	Brian Whitfield Cox Managing Partner	7.69% $51.5M	0.32% 1.3M shares	Q4 2019 Held for 5y 11m	$670.2M
L Lesa Sroufe & Co RIA/Wealth	Lesa Anne Sroufe President	7.54% $7.6M	0.05% 196.4K shares	Q1 2025 Held for 8 months	$100.9M
V Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group Institution	-	6.55% $11.1M	0.07% 286.3K shares	Q1 2025 Held for 8 months	$169.3M
Puplava Financial Services, Inc. RIA/Wealth	Lisa Helm CEO	5.73% $27.0M	0.17% 697.6K shares	Q2 2024 Held for 1y 5m	$471.5M
T Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. Institution	-	3.99% $1.6M	0.01% 41.8K shares	Q1 2024 Held for 1y 8m	$40.5M
Steadtrust LLC RIA/Wealth	Thomas David Kowalczyk CEO	3.91% $5.8M	0.04% 148.9K shares	Q2 2025 Held for 5 months	$147.7M
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	Blair Irving Levinsky CEO	3.53% $51.9M	0.32% 1.3M shares	Q1 2025 Held for 8 months	$1.5B
INGALLS & SNYDER LLC RIA/Wealth	Robert Anthony Case CEO	2.37% $69.5M	0.43% 1.8M shares	Q2 2019 Held for 6y 5m	$2.9B
G GeoSphere Capital Management Hedge Fund•Long/Short	Arvind Singh Sanger CIO	2.36% $3.1M	0.02% 80.0K shares	Q2 2025 Held for 5 months	$131.0M

Hedge Fund Spotlight

Discover hedge funds investing in PAAS

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Pan American Silver

Market Value: $1.8M
Shares Held: 45.7K
Portfolio Weight: 0.00%
Owned Since: 2024-Q2

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