Sandstorm Gold

SAND • NYSE

Sandstorm Gold is a gold company in the basic materials sector on NYSE, led by Nolan Allan Watson, with a market cap of $3.6B. As of Q3 2025, 64% of shares are held by 266 institutional investors, with Capital International Investors as the largest holder at 8.54%.

CEONolan Allan Watson

Market Cap$3.6B

Gold

Basic Materials

Employees29.0

Websitesandstormgold.com

Overview

Overview of institutional ownership in SAND as of Q3 2025 with a market cap of $3.7B

All Institutions

Institutions: 266
Value Held: $2.3B
Shares Held: 187.0M
Avg Position: $8.8M
Median Position: $870.1K

Hedge Funds

Hedge Funds: 44
Value Held: $632.1M
Shares Held: 50.5M
Avg Position: $14.4M
Median Position: $3.0M

Ownership Breakdown

Institutional (non-HF)

46.59%

$1.7B

Hedge Funds

17.22%

$632.1M

Retail & Other

36.19%

$1.3B

Based on market cap of $3.7B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SAND as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
C Capital International Investors Institution	-	$313.3M 0.05% of portfolio	8.54% 25.0M shares	Q3 2018 Held for 7y 3m	$617.62B
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$298.2M 0.31% of portfolio	8.12% 23.8M shares	≤ Q2 2013 Held for 12y 6m+	$96.6B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$132.0M 0.02% of portfolio	3.60% 10.5M shares	≤ Q2 2013 Held for 12y 6m+	$633.08B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$104.6M 0.07% of portfolio	2.85% 8.4M shares	Q3 2024 Held for 1y 3m	$158.94B
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dmitry Balyasny CIO	$94.6M 0.20% of portfolio	2.58% 7.6M shares	Q2 2025 Held for 6 months	$48.1B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$93.9M 0.01% of portfolio	2.56% 7.5M shares	Q3 2013 Held for 12y 3m	$691.37B
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	$75.9M 2.82% of portfolio	2.07% 6.1M shares	Q3 2025 Held for 3 months	$2.7B
O OMERS ADMINISTRATION Corp Institution	-	$73.9M 0.53% of portfolio	2.01% 5.9M shares	Q3 2025 Held for 3 months	$13.9B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Israel Alexander Englander CEO	$62.8M 0.05% of portfolio	1.71% 5.0M shares	Q4 2020 Held for 5 years	$121.99B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$49.8M 0.01% of portfolio	1.36% 4.0M shares	Q2 2020 Held for 5y 6m	$466.34B

Net Capital Flow

Institutional buying and selling activity for SAND in Q3 2025

Traded: +$292.6M
Buyers: 141
Sellers: 113
Total Bought: +$967.2M
Total Sold: −$674.6M
Avg Position: $7.6M

Biggest Buyers

Institution	Net Bought	Current Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$93.9M +7.5M shares	$94.6M 7.6M shares
GOLDMAN SACHS GROUP INC Institution	+$78.0M +6.2M shares	$93.9M 7.5M shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	+$75.9M +6.1M shares	$75.9M 6.1M shares
O OMERS ADMINISTRATION Corp Institution	+$73.9M +5.9M shares	$73.9M 5.9M shares
VAN ECK ASSOCIATES CORP ETF Provider	+$65.2M +5.2M shares	$298.2M 23.8M shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	+$47.2M +3.8M shares	$47.2M 3.8M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$46.0M +3.7M shares	$104.6M 8.4M shares
VANGUARD GROUP INC Institution	+$45.3M +3.6M shares	$48.4M 3.9M shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	+$42.4M +3.4M shares	$43.1M 3.4M shares
G Grantham, Mayo, Van Otterloo & Co. LLC Long Only Manager	+$27.3M +2.2M shares	$27.3M 2.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
O Orion Resource Partners LP Private Equity	−$196.3M −20.9M shares	Sold Off 0 shares
Robeco Investment Management, Inc. Long Only Manager	−$61.5M −4.8M shares	Sold Off 0 shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	−$42.9M −4.6M shares	Sold Off 0 shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$39.2M −3.1M shares	$17.5M 1.4M shares
S SPROTT INC. Institution	−$37.8M −3.0M shares	$19.1M 1.5M shares
MORGAN STANLEY RIA/Wealth	−$30.0M −2.4M shares	$8.2M 656.2K shares
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	−$29.7M −2.4M shares	$16.0M 1.3M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$26.0M −2.1M shares	$16.6M 1.3M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$21.7M −1.7M shares	$20.4M 1.6M shares
Hillsdale Investment Management Inc. Long Only Manager	−$20.1M −2.1M shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 46
New Value: $311.9M
Exited Positions: 43
Exited Value: $380.7M

New Positions

Institution	Position Value
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	$75.9M 6.1M shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	$47.2M 3.8M shares
G Grantham, Mayo, Van Otterloo & Co. LLC Long Only Manager	$27.3M 2.2M shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$27.2M 2.2M shares
A Absolute Gestao de Investimentos Ltda. Institution	$24.5M 2.0M shares
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	$21.7M 1.7M shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$11.9M 953.6K shares
Kintayl Capital LP Hedge Fund•Long/Short	$11.6M 930.3K shares
A ABC ARBITRAGE SA Institution	$7.4M 587.8K shares
NEW YORK LIFE INVESTMENT MANAGEMENT LLC Long Only Manager	$7.3M 582.9K shares

Exited Positions

Institution	Previous Position
O Orion Resource Partners LP Private Equity	$196.3M 20.9M shares
Robeco Investment Management, Inc. Long Only Manager	$61.5M 4.8M shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	$42.9M 4.6M shares
Hillsdale Investment Management Inc. Long Only Manager	$20.1M 2.1M shares
N NewGen Asset Management Ltd Hedge Fund•Long/Short	$9.4M 1.0M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$7.4M 786.8K shares
U U S GLOBAL INVESTORS INC Institution	$6.6M 699.7K shares
INTACT INVESTMENT MANAGEMENT INC. Private Equity	$5.9M 629.0K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$5.8M 612.3K shares
PDT Partners, LLC Hedge Fund•Quant	$4.7M 501.4K shares

Options Activity

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

Call Positions: 10
Call Value: $22.3M
Put Positions: 9
Put Value: $13.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$12.6M 10.1K contracts
P PEAK6 LLC Institution	$4.4M 3.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.8M 2.2K contracts
W WOLVERINE TRADING, LLC Institution	$1.0M 820.0 contracts
S SIG North Trading, ULC Institution	$447.0K 357.0 contracts
C Cubist Systematic Strategies, LLC Institution	$428.2K 342.0 contracts
J JANE STREET GROUP, LLC Institution	$384.4K 307.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$298.0K 238.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	- - contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.6M 2.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.5M 2.8K contracts
P PEAK6 LLC Institution	$3.0M 2.4K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$883.9K 706.0 contracts
S SIG North Trading, ULC Institution	$733.7K 586.0 contracts
W WOLVERINE TRADING, LLC Institution	$644.7K 522.0 contracts
J JANE STREET GROUP, LLC Institution	$636.0K 508.0 contracts
BANK OF AMERICA CORP /DE/ Institution	- - contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Kintayl Capital LP Hedge Fund•Long/Short	Ashley Taylor Amarosa COO	7.99% $11.6M	0.32% 930.3K shares	Q3 2025 Held for 3 months	$145.8M
K Knoll Capital Management, LP Institution	-	4.70% $8.8M	0.24% 700.0K shares	Q1 2025 Held for 9 months	$186.6M
Spark Investment Management LLC Hedge Fund•Multi-Strategy	Glenn Elliot Dropkin CCO	3.52% $1.4M	0.04% 111.0K shares	Q2 2025 Held for 6 months	$39.5M
A Absolute Gestao de Investimentos Ltda. Institution	-	3.24% $24.5M	0.67% 2.0M shares	Q3 2025 Held for 3 months	$754.7M
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	Robert Emil Zoellner CEO	2.88% $47.2M	1.29% 3.8M shares	Q3 2025 Held for 3 months	$1.6B
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	2.82% $75.9M	2.07% 6.1M shares	Q3 2025 Held for 3 months	$2.7B
ARP AMERICAS LLC Hedge Fund•Multi-Strategy	Ludger (Nmn) Hentschel President	1.78% $9.7M	0.26% 776.0K shares	Q3 2025 Held for 3 months	$544.4M
Kopernik Global Investors, LLC Hedge Fund•Long/Short	Neda Yarich President	1.62% $19.9M	0.54% 1.6M shares	Q4 2022 Held for 3 years	$1.2B
C CREDIT INDUSTRIEL ET COMMERCIAL Institution	-	1.57% $6.9M	0.19% 553.2K shares	Q3 2025 Held for 3 months	$440.6M
G GARDNER LEWIS ASSET MANAGEMENT L P Hedge Fund•Multi-Strategy	William Whitfield Gardner Partner	1.53% $5.8M	0.16% 465.8K shares	Q3 2025 Held for 3 months	$381.3M

Hedge Fund Spotlight

Discover hedge funds investing in SAND

Manatuck Hill Partners, LLC

Hedge Fund • Long/Short

Portfolio ManagerMark Allen Broach

Portfolio Value: $282.7M
Positions: 99
Last Reported: Q3 2025

Sector Allocation

Position in Sandstorm Gold

Market Value: $1.0M
Shares Held: 83.6K
Portfolio Weight: 0.37%
Owned Since: 2025-Q1

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