Northwestern Mutual Wealth Management Co reports 18.36% decrease in ownership of PHYS / Sprott Physical Gold Trust

Sprott Physical Gold Trust

US ˙ ARCA ˙ CA85207H1047

Security	PHYS / Sprott Physical Gold Trust
Institution	Northwestern Mutual Wealth Management Co
Latest Disclosed Ownership	799,576 shares
Latest Disclosed Value	$ 28,336,973

On May 7, 2026 - Northwestern Mutual Wealth Management Co filed a 13F-HR form disclosing ownership of 799,576 shares of Sprott Physical Gold Trust (US:PHYS) valued at $28,336,973 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on February 10, 2026 disclosing 979,421 shares of Sprott Physical Gold Trust. This represents a change in shares of -18.36% during the quarter. The current value of the position is $26,018,203 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-07	2026-03-31	13F	SPROTT ASSET MANAGEMENT	PHYSICAL GOLD TR	85207H104	799,576	-179,845	-18.36	28,337	-12.38	0.0174
2026-02-10	2025-12-31	13F/A-1	SPROTT ASSET MANAGEMENT	PHYSICAL GOLD TR	85207H104	979,421	-7,520	-0.76	32,340	10.63	0.0205
2026-02-05	2025-12-31	13F	SPROTT ASSET MANAGEMENT	PHYSICAL GOLD TR	85207H104	289,463	-697,478		167,102		0.1055
2025-11-14	2025-09-30	13F	SPROTT ASSET MANAGEMENT	PHYSICAL GOLD TR	85207H104	986,941	17,283	1.78	29,233	18.93	0.0195
2025-08-13	2025-06-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	969,658	26,246	2.78	24,581	8.29	0.0179
2025-05-14	2025-03-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	943,412	-31,213	-3.20	22,698	15.64	0.0186
2025-02-11	2024-12-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	974,625	45,793	4.93	19,629	3.69	0.0166
2024-11-12	2024-09-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	928,832	494,901	114.05	18,930	141.56	0.0168
2024-08-16	2024-06-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	433,931	33,820	8.45	7,837	13.22	0.0077
2024-05-15	2024-03-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	400,111	-42,268	-9.55	6,922	-1.79	0.0071
2024-02-13	2023-12-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	442,379	362,876	456.43	7,047	519.24	0.0079
2023-11-14	2023-09-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	79,503	-22,187	-21.82	1,138	-24.98	0.0015
2023-08-14	2023-06-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	101,690	63,411	165.65	1,517	156.68	0.0020
2023-05-15	2023-03-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	38,279	-9,839	-20.45	592	-12.83	0.0008
2023-02-21	2022-12-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	48,118	-18,127	-27.36	678	-20.14	0.0010
2022-11-14	2022-09-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	66,245	16,359	32.79	849	19.92	0.0015
2022-08-04	2022-06-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	49,886	-4,080	-7.56	708	-14.60	0.0012
2022-05-09	2022-03-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	53,966	5,423	11.17	829	18.94	0.0013
2022-02-03	2021-12-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	48,543	-19,314	-28.46	697	-25.53	0.0011
2021-11-15	2021-09-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	67,857	4,555	7.20	936	5.41	0.0017
2021-08-13	2021-06-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	63,302	10,551	20.00	888	25.42	0.0017
2021-05-14	2021-03-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	52,751	20,173	61.92	708	43.90	0.0015
2021-02-12	2020-12-31	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	32,578	22,927	237.56	492	239.31	0.0011
2020-11-13	2020-09-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	9,651	1,854	23.78	145	29.46	0.0004
2020-08-14	2020-06-30	13F	SPROTT PHYSICAL GOLD TR	UNIT	85207H104	7,797	3,766	93.43	112	111.32	0.0003
2020-05-08	2020-03-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	4,031	1,906	89.69	53	103.85	0.0002
2020-02-13	2019-12-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,125	0	0.00	26	4.00	0.0001
2019-11-12	2019-09-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,125	0	0.00	25	4.17	0.0001
2019-08-12	2019-06-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,125	-3,070	-59.10	24	-56.36	0.0001
2019-05-10	2019-03-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	5,195	70	1.37	55	3.77	0.0002
2019-02-12	2018-12-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	5,125	-1,591	-23.69	53	-17.19	0.0003
2018-11-01	2018-09-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	6,716	1,591	31.04	64	23.08	0.0003
2018-08-10	2018-06-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	5,125	3,000	141.18	52	126.09	0.0003
2018-05-14	2018-03-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,125	-981	-31.58	23	-30.30	0.0001
2018-01-31	2017-12-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	3,106	-4,019	-56.41	33	-55.41	0.0002
2017-11-07	2017-09-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	7,125	5,000	235.29	74	236.36	0.0005
2017-08-10	2017-06-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,125	0	0.00	22	0.00	0.0002
2017-05-09	2017-03-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,125	2,125		22		0.0002
2016-08-29	2016-06-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	0	-2,100	-100.00	0	-100.00
2016-05-16	2016-03-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,100	1,266	151.80	21	200.00	0.0003
2016-02-16	2015-12-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	834	834	0.00	7		0.0001
2015-05-15	2015-03-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	0	-2,610	-100.00	0	-100.00
2015-02-13	2014-12-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,610	0	0.00	25	-3.85	0.0008
2014-11-14	2014-09-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,610	0	0.00	26	-10.34	0.0009
2014-08-05	2014-06-30	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	2,610	1,250	91.91	29	93.33	0.0011
2014-05-15	2014-03-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	1,360	-11,104	-89.09	15	-87.90	0.0006
2014-02-14	2013-12-31	13F	SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	12,464	12,464		124		0.0056

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.