ISHARES GOLD TR

IAU Q1 2026 institutional ownership is a $33.0B book across 1,898 holders. Bank of America is the largest holder at $2.5B (28.3M shares, -2.7%, +$37M from share DECREASED; value change reflects gold price appreciation). Morgan Stanley $2.1B (23.3M shares, -1.3%). UBS Group $1.4B (15.3M shares, +71.0%, + $622M) -- the largest add, building from $90M to $1.35B. FMR LLC $1.3B (14.7M shares, -23.3%, - $523M) -- the largest seller. Wells Fargo $1.2B (13.2M shares, +2.0%, + $99M). LPL Financial $897M (10.2M shares, -27.3%, - $218M). Envestnet $792M (9.0M shares, -49.5%, - $775M) -- massive reduction, cutting position nearly in half. BlackRock $760M (8.6M shares, +2.3%, + $177M). JPMorgan $753M (8.9M shares, -27.8%, - $208M). Northern Trust $466M (5.3M shares, +21.4%, + $98M). Citi $628M (7.1M shares, -0.6%, + $43M). Ameriprise $619M (7.0M shares, -0.8%). Goldman Sachs not significant. UBS AM not significant. SCHF(GPE) $397M (4.5M shares, +54.8%, + $141M). Invesco $591M (not significant). KeyBank $319M (3.6M shares, -6.1%). Raymond James $486M (5.5M shares, -1.6%). Empower Advisory $476M (5.4M shares, -1.4%). AllianceBernstein $474M (5.8M shares, -8.7%). BNY Mellon not significant. Truist $460M (5.2M shares, -6.9%). RBC $337M (3.8M shares, -1.1%). State Farm not significant. New positions: CIBC Bancorp USA $238M (2.7M shares). Sellers: Envestnet - $775M, FMR - $523M, LPL - $218M, Sumitomo Mitsui - $218M, JPMorgan - $208M, BofA - $37M (from adjusted), Morgan Stanley - $30M, Citi + $43M (net). Buyers: UBS Group + $622M, SCHF(GPE) + $141M, Northern Trust + $97M, BlackRock + $177M, Wells Fargo + $99M, Citi + $43M. The 75.50 whaleScore reflects AUM. Smart-money read: cautious on gold. Envestnet's - $775M reduction (cutting position nearly in half) and FMR'- $523M are the dominant signals -- two large active managers simultaneously reducing gold exposure suggests either (a) gold-price de-risking or (b) rotation into other inflation hedges. UBS Group'+ $622M is the largest opposing add. The net is cautious: sellers outnumber buyers 5:3 and the sell-cohort magnitude (Envestnet+ $1.3B) exceeds the buy-cohort (UBS+ $622M). Read: cautious on gold via IAU -- institutional managers trimming gold/commodity exposure in Q1 2026, likely reflecting shifting macro expectations (rate-cut delays reducing gold appeal). This is consistent with the broader Q1 2026 rotation INTO energy/semiconductors and OUT of defensive/commodity hedges.