The mixed cluster with net selling from a large holder (Ninety One UK) and no insider buying suggests caution. Monitor the full Q3 earnings report on November 4 for final EPS and revenue figures, which may clarify the institutional thesis.
Executive Summary
Three asset managers added $13.6M to Royal Gold positions in Q3, while two trimmed $21.6M, led by Ninety One UK's $21.6M reduction. The cluster is mixed with net selling of $8M, and the 13F data (45-day stale) predates the company's preliminary Q3 earnings release on October 20, which showed strong stream sales and debt repayment but no final EPS.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$8.0M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Proshare Advisors | ADD | +28.7% | $32.5M | $11.1M |
| Fjarde Ap-Fonden /Fourth Swedish National | ADD | +40% | $3.3M | $1.3M |
| Vontobel Holding | DOUBLED | +171% | $1.6M | $1.1M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Ninety One Uk | TRIM | -31.7% | Not reported | -$21.6M |
| Assetmark | TRIM | -27.4% | Not reported | -$7.0K |
Key Facts
- 3 buyers added $13.6M in Q3: Proshare Advisors (+$11.1M), Fjarde Ap-Fonden (+$1.3M), Vontobel Holding (+$1.1M)
- 2 sellers trimmed $21.6M: Ninety One UK (-$21.6M), Assetmark (-$7K)
- Net institutional outflow of ~$8M in Q3
- No open-market insider buying (confluence score 0/100)
- Preliminary Q3 earnings released 9 days ago showed stream sales of $318.3M and $250M debt repayment
Financial Impact
Net institutional selling of approximately $8M in Q3, with $21.6M in trimming outweighing $13.6M in additions
Risk Factors
- 13F data is 45+ days stale; Q3 positions may have been unwound or adjusted since quarter-end
- No insider buying to corroborate institutional accumulation
- Large trim by Ninety One UK ($21.6M) could indicate thesis change or rebalancing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-RGLD-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | Institutional Cluster | $236.83 | awaiting T+5 | awaiting T+5 | No price |
Oct 20, 2026 12d ago | 8-K | $238.78 $239.66 | ▲ +0.37% | ▲ +0.29% | No price |
Sep 8, 2026 7w ago | Insider Cluster | $262.54 $245.51 | ▼ −6.49% | ▼ −5.39% | No price |
Aug 5, 2026 12w ago | 8-K | $218.11 $225.40 | ▲ +3.34% | ▲ +2.13% | No price |
Jul 21, 2026 14w ago | 8-K | $194.01 $201.02 | ▲ +3.61% | ▲ +4.84% | No price |
May 6, 2026 25w ago | 8-K | $232.55 $244.99 | ▲ +5.35% | ▲ +3.84% | No price |
Apr 3, 2026 30w ago | DEFA14A | $260.58 $264.32 | ▲ +1.44% | ▼ −2.70% | No price |
Feb 28, 2026 35w ago | Institutional Cluster | $304.09 $281.84 | ▼ −7.32% | ▼ −6.11% | No price |
US Market Status
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