Hedge Funds Trim SPDR Gold Trust Holdings in Q1 2026

Institutional investors have reduced their exposure to the SPDR Gold Trust (GLD), according to an analysis of the most recent 13F filings for the period ending March 31, 2026. The data suggests a cooling of sentiment among a segment of hedge fund managers, though the findings are subject to the inherent limitations of SEC reporting requirements. Out of a sample of 53 recent filers, 30 maintained positions in GLD. However, the trend was skewed toward liquidation; 15 funds decreased their positions during the reporting period, while only 10 increased their holdings and one fund established a new position. On a broader scale, across 1,484 funds, the aggregate share count for GLD fell by 755,970 shares. Total holdings dropped from 8,608,207 shares at the end of 2025 to 7,852,237 shares by the end of March 2026, representing a decline of approximately 8.78%. Market analysts caution that 13F filings provide an incomplete picture of institutional sentiment because funds are only required to disclose long positions. Because short positions and derivative hedges are not reported, a fund appearing long on GLD may actually be maintaining a net bearish position through other instruments. Despite these caveats, the aggregate decline in long positions indicates a shift in capital allocation away from gold among the tracked institutional managers during the first quarter of the year.