At Holdings Channel, we have reviewed the latest batch of the 34 most recent 13F filings for the 03/31/2025 reporting period, and noticed that SPDR Gold Trust (Symbol: GLD) was held by 16 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen.
Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in GLD positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| Asset Management One Co. Ltd. | Existing | -100 | -$19 |
| GHP Investment Advisors Inc. | Existing | UNCH | +$28 |
| Narwhal Capital Management | Existing | -236 | +$603 |
| Johnson Bixby & Associates LLC | Existing | -98 | +$210 |
| Private Harbour Investment Management & Counsel LLC | Existing | -663 | +$178 |
| Elwood & Goetz Wealth Advisory Group LLC | Existing | +199 | +$109 |
| Post Resch Tallon Group Inc. | Existing | -48 | +$80 |
| Walkner Condon Financial Advisors LLC | Existing | -988 | +$176 |
| Eagle Strategies LLC | Existing | +418 | +$1,072 |
| Valmark Advisers Inc. | Existing | -494 | +$139 |
| Oppenheimer & Co. Inc. | Existing | +5,734 | +$5,859 |
| Clearview Wealth Advisors LLC | Existing | UNCH | +$75 |
| Mascagni Wealth Management Inc. | Existing | +425 | +$212 |
| Consolidated Portfolio Review Corp | Existing | +352 | +$748 |
| Moneywise Inc. | NEW | +775 | +$223 |
| Professional Financial Advisors LLC | Existing | +401 | +$590 |
| Aggregate Change: | +5,677 | +$10,283 | |
In terms of shares owned, we count 6 of the above funds having increased existing GLD positions from 12/31/2024 to 03/31/2025, with 7 having decreased their positions and 1 new position. Worth noting is that Figure 8 Investment Strategies LLC, and Symphony Financial Ltd. Co., included in this recent batch of 13F filers, exited GLD common stock as of 03/31/2025.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the GLD share count in the aggregate among all of the funds which held GLD at the 03/31/2025 reporting period (out of the 1,655 we looked at in total). We then compared that number to the sum total of GLD shares those same funds held back at the 12/31/2024 period, to see how the aggregate share count held by hedge funds has moved for GLD. We found that between these two periods, funds increased their holdings by 814,325 shares in the aggregate, from 9,765,460 up to 10,579,785 for a share count increase of approximately 8.34%. The overall top three funds holding GLD on 03/31/2025 were:
| » | Fund | Shares of GLD Held |
|---|---|---|
| 1. | WealthNavi Inc. | 880,806 |
| 2. | SG Americas Securities LLC | 616,882 |
| 3. | Cambridge Investment Research Advisors Inc. | 608,222 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding GLD | » |
We'll keep following the latest 13F filings by hedge fund managers and bring you interesting stories derived from a look at the aggregate information across groups of managers between filing periods. While looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total across groups of funds from one reporting period to another can be a lot more revealing and relevant, providing interesting stock ideas that merit further research, like SPDR Gold Trust (Symbol: GLD).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
