Abrdn Physical Silver Shares
Held by 1 superinvestor (SIVR).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Abrdn Physical Silver Shares (SIVR): A conservative earnings-power estimate, $80–$107 / sh; today’s price sits below it (price $58 as of 2026-07-02).
Price is at or below the reproducible tangible asset base ($90 / sh) — a rarer, harder floor.
Model cautions
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.5% @ 2026-07-01.
Method & numbers
Owner-earnings DCF $80.25 – $107.23 · Greenwald zero-growth $106.99 · zero-growth base $106.99 · reproduction $90.11
Moat Commodity-like · terminal value 37% of present value · owner-earnings yield 17% vs 10Y 4.5%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: 2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$87.54 – $106.99 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $5.43B = $90.11 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (No effective-rate data available; fell back to the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.98%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-01). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
1 superinvestor hold it · $303,984 combined
No disclosed position changes this quarter.
Largest holder Chris Bloomstran
Held by 1 superinvestor of Abrdn Physical Silver Shares (SIVR); no disclosed position changes this quarter (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
SIVR's price sits below its conservative value band.
See which other stocks are in the strike zoneSuperinvestors Holding This Security
- Value$303,984Weight (prev→now)0.0% → 0.0%
Ownership overview
Abrdn Physical Silver Shares (SIVR) is held by 1 of the superinvestors tracked on Compounder, with a combined $303,984 in reported 13F value. The largest position belongs to Chris Bloomstran, where it makes up 0.0% of the portfolio.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 2 quarters: 1 → 1.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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