Kercheville Advisors, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 17, 2025), Kercheville Advisors, LLC reported 89 stock positions worth $245.3 million. Its top holding was Amazon.com (AMZN) at 7.1% of the portfolio, followed by Apple (AAPL, 6.6%) and Agnico Eagle Mines (AEM, 5.2%). Compared with Q4 2024, it opened 11 new positions, sold out of 16, added to 37 and reduced 29. The biggest buy was Agnico Eagle Mines (AEM, shares +3%) and the biggest sale Nvidia (NVDA, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001890748
- Portfolio Value
- $245.3M (Q1 2025)
- SEC Filing
- 0001667731-25-000453 ↗ filed Apr 17, 2025
Holdings Value
Holdings 89 stocks · $245.3M
| AMZN Amazon.com Inc. | 7.13% | 91,985 | $17.5M | Reduce -3.4% |
| AAPL Apple Inc. | 6.56% | 72,460 | $16.1M | Reduce -4.1% |
| AEM Agnico Eagle Mines Ltd. | 5.20% | 117,667 | $12.8M | Add +2.7% |
| COST Costco Wholesale Corp. | 4.81% | 12,484 | $11.8M | Reduce -0.8% |
| META Meta Platforms Inc. Class A | 4.15% | 17,667 | $10.2M | Reduce -7.0% |
| NVDA Nvidia Corp. | 4.04% | 91,374 | $9.9M | Reduce -24.9% |
| MPLX MPLX LP | 3.71% | 170,263 | $9.1M | Add +2.3% |
| GOOG Alphabet Inc. Class C | 3.65% | 57,312 | $9.0M | Reduce -3.7% |
| SUN Sunoco LP | 3.65% | 154,078 | $8.9M | Add +0.0% |
| NFLX Netflix Inc. | 3.58% | 9,420 | $8.8M | Reduce -27.6% |
| GDX Vaneck Gold Miners ETF | 3.57% | 190,265 | $8.7M | Add +0.1% |
| HESM Hess Midstream LP Class A | 3.43% | 198,769 | $8.4M | Add +0.5% |
| MSFT Microsoft Corp. | 3.14% | 20,496 | $7.7M | Reduce -19.1% |
| XOM Exxon Mobil Corp. | 3.08% | 63,586 | $7.6M | Add +3.8% |
| LLY Eli Lilly & Co. | 2.91% | 8,648 | $7.1M | Add +5.3% |
| GDXJ Vaneck Junior Gold Miners | 2.62% | 112,317 | $6.4M | Add +0.6% |
| BX Blackstone Inc. | 2.46% | 43,230 | $6.0M | Reduce -4.9% |
| GOOGL Alphabet Inc. Class A | 2.11% | 33,431 | $5.2M | Reduce -3.2% |
| SBUX Starbucks Corp. | 1.75% | 43,875 | $4.3M | Reduce -0.5% |
| UBER Uber Technologies Inc. | 1.74% | 58,620 | $4.3M | Add +2.9% |
| WMT Walmart Inc. | 1.74% | 48,557 | $4.3M | Add +14.7% |
| BABA Alibaba Group Holding-SP ADR | 1.66% | 30,871 | $4.1M | New |
| ET Energy Transfer LP | 1.21% | 159,850 | $3.0M | Add +16.6% |
| AGI Alamos Gold Inc. Class A | 1.11% | 101,750 | $2.7M | Reduce -4.5% |
| TSLA Tesla Inc. | 1.11% | 10,487 | $2.7M | Add +13.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.09% | 5,019 | $2.7M | Add +2.5% |
| HES Hess Corp. | 1.05% | 16,060 | $2.6M | Reduce -28.1% |
| LUV Southwest Airlines Co. | 0.98% | 71,620 | $2.4M | Reduce -5.8% |
| MCD McDonald's Corp. | 0.88% | 6,898 | $2.2M | Add +19.0% |
| GLD SPDR Gold Shares | 0.79% | 6,764 | $1.9M | Add +4.4% |
| CELH Celsius Holdings Inc. | 0.73% | 50,141 | $1.8M | Reduce -8.5% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.70% | 21,650 | $1.7M | Reduce -2.0% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.60% | 131,097 | $1.5M | Add +5.7% |
| GS Goldman Sachs Group Inc. | 0.60% | 2,675 | $1.5M | Add +8.1% |
| BIDU Baidu Inc. - Spon ADR | 0.56% | 15,050 | $1.4M | New |
| CSCO Cisco Systems Inc. | 0.55% | 21,689 | $1.3M | Add +68.3% |
| HMY Harmony Gold MNG-Spon ADR | 0.52% | 86,100 | $1.3M | Reduce -38.3% |
| ALG Alamo Group Inc. | 0.51% | 7,000 | $1.2M | No change |
| DELL Dell Technologies -C | 0.51% | 13,652 | $1.2M | Reduce -6.8% |
| HD Home Depot Inc. | 0.50% | 3,350 | $1.2M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.49% | 14,375 | $1.2M | Reduce -46.6% |
| UTG Reaves Utility Income Fund | 0.47% | 35,537 | $1.2M | Add +21.9% |
| NAD Nuveen Quality Municipal Inc. | 0.44% | 93,505 | $1.1M | Add +0.0% |
| MMM 3M Co. | 0.43% | 7,100 | $1.0M | New |
| MU Micron Technology Inc. | 0.40% | 11,375 | $988K | Reduce -46.3% |
| DE Deere & Co. | 0.38% | 2,000 | $939K | No change |
| SHOP Shopify Inc. Class A | 0.36% | 9,255 | $884K | Add +4.5% |
| AKAM Akamai Technologies Inc. | 0.36% | 10,850 | $873K | Reduce -24.4% |
| CAT Caterpillar Inc. | 0.35% | 2,612 | $861K | Add +4.5% |
| UPST Upstart Holdings Inc. | 0.28% | 15,000 | $690K | Reduce -0.3% |
| CCJ Cameco Corp. | 0.28% | 16,709 | $688K | Reduce -11.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 1 | $681K | No change |
| ISRG Intuitive Surgical Inc. | 0.27% | 1,325 | $656K | Add +23.8% |
| AMLP Alerian MLP ETF | 0.26% | 12,080 | $627K | Add +10.8% |
| TYG Tortoise Energy Infrastruct | 0.24% | 13,901 | $598K | Add +21.6% |
| T AT&T Inc. | 0.23% | 20,087 | $568K | New |
| ARGT Global X MSCI Argentina ETF | 0.23% | 7,000 | $565K | New |
| BMY Bristol-Myers Squibb Co. | 0.22% | 9,001 | $549K | Add +143.5% |
| V Visa Inc. Class A | 0.21% | 1,450 | $508K | Add +23.9% |
| TT Trane Technologies PLC | 0.21% | 1,506 | $507K | No change |
| JPM JPMorgan Chase & Co. | 0.20% | 2,050 | $503K | Add +1.2% |
| GRMN Garmin Ltd. | 0.18% | 2,000 | $434K | No change |
| XBI SS SPDR S&P Biotech ETF | 0.17% | 5,205 | $422K | Reduce -59.9% |
| SLV iShares Silver Trust | 0.17% | 13,440 | $417K | Reduce -1.9% |
| FSCO FS Credit Opportunities Corp. | 0.17% | 58,774 | $414K | Add +0.0% |
| FNV Franco-Nevada Corp. | 0.16% | 2,555 | $403K | Reduce -26.1% |
| AVGO Broadcom Inc. | 0.16% | 2,375 | $398K | Add +11.0% |
| STLD Steel Dynamics Inc. | 0.14% | 2,705 | $338K | No change |
| NVG Nuveen Amt-FR Muni CRDT | 0.13% | 25,512 | $316K | Add +0.1% |
| TEI Templeton Emrg MKTS Inc. | 0.12% | 56,669 | $305K | Reduce -5.6% |
| UPS United Parcel Service Class B | 0.12% | 2,687 | $296K | Add +69.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.11% | 775 | $273K | Add +8.4% |
| ABBV Abbvie Inc. | 0.10% | 1,221 | $256K | No change |
| VZ Verizon Communications Inc. | 0.10% | 5,580 | $253K | New |
| MO Altria Group Inc. | 0.10% | 4,100 | $246K | New |
| NOW ServiceNow Inc. | 0.10% | 305 | $243K | Reduce -11.6% |
| DBL Doubleline Opport Credit | 0.09% | 14,057 | $220K | Add +0.1% |
| LNC Lincoln National Corp. | 0.09% | 6,000 | $215K | New |
| NMZ Nuveen Muni Hi Inc. Opport | 0.08% | 17,484 | $191K | Add +0.1% |
| VCV Invesco Ca Val Muni Inc. TR | 0.07% | 16,000 | $170K | Reduce -5.9% |
| NZF Nuveen Municipal Credit Inc. | 0.06% | 12,000 | $147K | Add +9.1% |
| VMO Invesco Municipal Opport | 0.06% | 15,067 | $143K | No change |
| VGM Invesco Trust for Investmen | 0.05% | 13,520 | $135K | Add +0.2% |
| VPV Invesco Pa Val Muni Inc. | 0.05% | 11,000 | $112K | No change |
| XPMQX PIMCO Muni Income Fund III | 0.04% | 15,000 | $107K | No change |
| IQI Invesco Quality Muni Inc. TR | 0.04% | 11,000 | $106K | No change |
| CDE Coeur Mining Inc. | 0.03% | 11,000 | $65K | New |
| BTG B2GOLD Corp. | 0.01% | 11,000 | $31K | New |
| OSISKO DEVELOPMENT CORP | 0.01% | 10,000 | $15K | New |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -24.9% | 4.04% | −2.30 |
| MSFT Microsoft Corp. | Reduce -19.1% | 3.14% | −1.01 |
| AMZN Amazon.com Inc. | Reduce -3.4% | 7.13% | −0.97 |
| NFLX Netflix Inc. | Reduce -27.6% | 3.58% | −0.92 |
| AAPL Apple Inc. | Reduce -4.1% | 6.56% | −0.78 |
| GOOG Alphabet Inc. Class C | Reduce -3.7% | 3.65% | −0.75 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.68 |
| SOFI Sofi Technologies Inc. | Sold out | 0.00% | −0.62 |
| BX Blackstone Inc. | Reduce -4.9% | 2.46% | −0.58 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.56 |
| GOOGL Alphabet Inc. Class A | Reduce -3.2% | 2.11% | −0.43 |
| PLTR Palantir Technologies Inc. Class A | Reduce -46.6% | 0.49% | −0.30 |
| MU Micron Technology Inc. | Reduce -46.3% | 0.40% | −0.29 |
| LVS Las Vegas Sands Corp. | Sold out | 0.00% | −0.28 |
| XBI SS SPDR S&P Biotech ETF | Reduce -59.9% | 0.17% | −0.28 |
| FBTC Fidelity Wise Origin Bitcoin | Sold out | 0.00% | −0.25 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.18 |
| AKAM Akamai Technologies Inc. | Reduce -24.4% | 0.36% | −0.18 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.18 |
| META Meta Platforms Inc. Class A | Reduce -7.0% | 4.15% | −0.17 |
| CIBR First Trust Nasdaq Cybersecu | Sold out | 0.00% | −0.17 |
| DELL Dell Technologies -C | Reduce -6.8% | 0.51% | −0.15 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.15 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.12 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.12 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.12 |
| URNM Sprott Uranium Miners ETF | Sold out | 0.00% | −0.12 |
| HES Hess Corp. | Reduce -28.1% | 1.05% | −0.11 |
| CCJ Cameco Corp. | Reduce -11.6% | 0.28% | −0.10 |
| UPST Upstart Holdings Inc. | Reduce -0.3% | 0.28% | −0.08 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.07 |
| SMR Nuscale Power Corp. | Sold out | 0.00% | −0.07 |
| NOW ServiceNow Inc. | Reduce -11.6% | 0.10% | −0.04 |
| UA Under Armour Inc. Class C | Sold out | 0.00% | −0.03 |
| LUV Southwest Airlines Co. | Reduce -5.8% | 0.98% | −0.01 |
| VCV Invesco Ca Val Muni Inc. TR | Reduce -5.9% | 0.07% | −0.00 |
| TEI Templeton Emrg MKTS Inc. | Reduce -5.6% | 0.12% | +0.00 |
| FNV Franco-Nevada Corp. | Reduce -26.1% | 0.16% | +0.01 |
| SLV iShares Silver Trust | Reduce -1.9% | 0.17% | +0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -2.0% | 0.70% | +0.05 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -38.3% | 0.52% | +0.07 |
| CELH Celsius Holdings Inc. | Reduce -8.5% | 0.73% | +0.17 |
| SBUX Starbucks Corp. | Reduce -0.5% | 1.75% | +0.19 |
| COST Costco Wholesale Corp. | Reduce -0.8% | 4.81% | +0.34 |
| AGI Alamos Gold Inc. Class A | Reduce -4.5% | 1.11% | +0.35 |
Portfolio Buys Q4 2024 → Q1 2025
| AEM Agnico Eagle Mines Ltd. | Add +2.7% | 5.20% | +1.72 |
| BABA Alibaba Group Holding-SP ADR | New | 1.66% | +1.66 |
| GDX Vaneck Gold Miners ETF | Add +0.1% | 3.57% | +1.06 |
| GDXJ Vaneck Junior Gold Miners | Add +0.6% | 2.62% | +0.77 |
| MPLX MPLX LP | Add +2.3% | 3.71% | +0.62 |
| HESM Hess Midstream LP Class A | Add +0.5% | 3.43% | +0.58 |
| SUN Sunoco LP | Add +0.0% | 3.65% | +0.57 |
| BIDU Baidu Inc. - Spon ADR | New | 0.56% | +0.56 |
| XOM Exxon Mobil Corp. | Add +3.8% | 3.08% | +0.53 |
| LLY Eli Lilly & Co. | Add +5.3% | 2.91% | +0.45 |
| MMM 3M Co. | New | 0.43% | +0.43 |
| UBER Uber Technologies Inc. | Add +2.9% | 1.74% | +0.41 |
| WMT Walmart Inc. | Add +14.7% | 1.74% | +0.25 |
| CSCO Cisco Systems Inc. | Add +68.3% | 0.55% | +0.25 |
| T AT&T Inc. | New | 0.23% | +0.23 |
| ARGT Global X MSCI Argentina ETF | New | 0.23% | +0.23 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.5% | 1.09% | +0.23 |
| MCD McDonald's Corp. | Add +19.0% | 0.88% | +0.23 |
| GLD SPDR Gold Shares | Add +4.4% | 0.79% | +0.19 |
| ET Energy Transfer LP | Add +16.6% | 1.21% | +0.17 |
| BMY Bristol-Myers Squibb Co. | Add +143.5% | 0.22% | +0.14 |
| UTG Reaves Utility Income Fund | Add +21.9% | 0.47% | +0.11 |
| VZ Verizon Communications Inc. | New | 0.10% | +0.10 |
| MO Altria Group Inc. | New | 0.10% | +0.10 |
| LNC Lincoln National Corp. | New | 0.09% | +0.09 |
| V Visa Inc. Class A | Add +23.9% | 0.21% | +0.06 |
| TYG Tortoise Energy Infrastruct | Add +21.6% | 0.24% | +0.06 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Add +5.7% | 0.60% | +0.06 |
| AMLP Alerian MLP ETF | Add +10.8% | 0.26% | +0.05 |
| ISRG Intuitive Surgical Inc. | Add +23.8% | 0.27% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +8.1% | 0.60% | +0.05 |
| UPS United Parcel Service Class B | Add +69.3% | 0.12% | +0.04 |
| CDE Coeur Mining Inc. | New | 0.03% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +1.2% | 0.20% | +0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +8.4% | 0.11% | +0.02 |
| NAD Nuveen Quality Municipal Inc. | Add +0.0% | 0.44% | +0.02 |
| FSCO FS Credit Opportunities Corp. | Add +0.0% | 0.17% | +0.01 |
| BTG B2GOLD Corp. | New | 0.01% | +0.01 |
| NZF Nuveen Municipal Credit Inc. | Add +9.1% | 0.06% | +0.01 |
| NVG Nuveen Amt-FR Muni CRDT | Add +0.1% | 0.13% | +0.01 |
| OSISKO DEVELOPMENT CORP | New | 0.01% | +0.01 |
| DBL Doubleline Opport Credit | Add +0.1% | 0.09% | +0.01 |
| NMZ Nuveen Muni Hi Inc. Opport | Add +0.1% | 0.08% | +0.00 |
| VGM Invesco Trust for Investmen | Add +0.2% | 0.05% | +0.00 |
| CAT Caterpillar Inc. | Add +4.5% | 0.35% | −0.00 |
| SHOP Shopify Inc. Class A | Add +4.5% | 0.36% | −0.01 |
| AVGO Broadcom Inc. | Add +11.0% | 0.16% | −0.03 |
| TSLA Tesla Inc. | Add +13.7% | 1.11% | −0.34 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 108 | $328.4M | NVDA, AMZN, AAPL, GOOG, AEM |
| Q1 2026 | 106 | $312.7M | AEM, NVDA, AMZN, AAPL, GOOG |
| Q4 2025 | 117 | $381.7M | AEM, AMZN, NVDA, GOOG, AAPL |
| Q3 2025 | 106 | $331.0M | NVDA, AMZN, AEM, AAPL, META |
| Q2 2025 | 105 | $289.7M | AMZN, AAPL, META, AEM, NFLX |
| Q1 2025 | 89 | $245.3M | AMZN, AAPL, AEM, COST, META |
| Q4 2024 | 94 | $257.7M | AMZN, AAPL, NVDA, NFLX, COST |
| Q3 2024 | 85 | $237.0M | AMZN, AAPL, NVDA, COST, MSFT |
| Q2 2024 | 84 | $230.4M | AMZN, AAPL, NVDA, GOOG, MSFT |
| Q1 2024 | 86 | $211.7M | AMZN, AAPL, MSFT, GOOG, COST |