# Royal Gold (RGLD): value investors who own it | moatshark

3 value investors held Royal Gold in their Q3 2026 13F, led by Muhlenkamp & Company, First Eagle Investment Management, Horizon Kinetics.

## 13F holders

| Manager | Portfolio | Value | Change | Quarters held |
| --- | --- | --- | --- | --- |
| Muhlenkamp & Company | 5.1% | $17.6m | Added +0.2% | 22 |
| First Eagle Investment Management | 0.3% | $172m | Trimmed -6.1% | 53 |
| Horizon Kinetics | 0.1% | $9.2m | Trimmed -2.3% | 30 |

## Directors buying and selling (Form 4, last 12 months)

| Date | Who | Role | Bought or sold | Shares | Value |
| --- | --- | --- | --- | --- | --- |
| 2026-10-05 | Heissenbuttel William Holmes | President & CEO | Sold | 983 | $231k |
| 2026-10-05 | Heissenbuttel William Holmes | President & CEO | Sold | 841 | $197k |
| 2026-10-05 | Heissenbuttel William Holmes | President & CEO | Sold | 280 | $65k |
| 2026-10-05 | Heissenbuttel William Holmes | President & CEO | Sold | 160 | $37k |
| 2026-10-05 | Heissenbuttel William Holmes | President & CEO | Sold | 120 | $28k |
| 2026-10-05 | Heissenbuttel William Holmes | President & CEO | Sold | 41 | $10k |
| 2026-09-03 | Heissenbuttel William Holmes | President & CEO | Sold | 3560 | $942k |
| 2026-09-03 | Heissenbuttel William Holmes | President & CEO | Sold | 1608 | $420k |
| 2026-09-03 | Heissenbuttel William Holmes | President & CEO | Sold | 1173 | $309k |
| 2026-09-03 | Heissenbuttel William Holmes | President & CEO | Sold | 877 | $230k |
| 2026-09-03 | Heissenbuttel William Holmes | President & CEO | Sold | 57 | $15k |
| 2026-08-28 | Shefman Randy | SVP & General Counsel | Sold | 500 | $131k |

## Fund holders

| Fund | Manager | Weight | Value | As at |
| --- | --- | --- | --- | --- |
| Muhlenkamp Fund | Muhlenkamp & Company | 4.7% | $12.3m | 2026-06-30 |

Source: SEC filings, via moatshark (https://www.moatshark.com/s/rgld). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.