Kercheville Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 22, 2025), Kercheville Advisors, LLC reported 105 stock positions worth $289.7 million. Its top holding was Amazon.com (AMZN) at 7.0% of the portfolio, followed by Apple (AAPL, 5.1%) and Meta Platforms Class A (META, 5.0%). Compared with Q1 2025, it opened 24 new positions, sold out of 8, added to 37 and reduced 33. The biggest buy was Celsius (CELH, shares +305%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001890748
- Portfolio Value
- $289.7M (Q2 2025)
- SEC Filing
- 0001667731-25-000922 ↗ filed Jul 22, 2025
Holdings Value
Holdings 105 stocks · $289.7M
| AMZN Amazon.com Inc. | 7.01% | 92,529 | $20.3M | Add +0.6% |
| AAPL Apple Inc. | 5.07% | 71,656 | $14.7M | Reduce -1.1% |
| META Meta Platforms Inc. Class A | 4.96% | 19,467 | $14.4M | Add +10.2% |
| AEM Agnico Eagle Mines Ltd. | 4.58% | 111,590 | $13.3M | Reduce -5.2% |
| NFLX Netflix Inc. | 4.52% | 9,785 | $13.1M | Add +3.9% |
| NVDA Nvidia Corp. | 4.44% | 81,379 | $12.9M | Reduce -10.9% |
| COST Costco Wholesale Corp. | 4.29% | 12,565 | $12.4M | Add +0.7% |
| MSFT Microsoft Corp. | 4.06% | 23,635 | $11.8M | Add +15.3% |
| GOOG Alphabet Inc. Class C | 3.58% | 58,504 | $10.4M | Add +2.1% |
| CELH Celsius Holdings Inc. | 3.25% | 203,273 | $9.4M | Add +305.4% |
| GDX Vaneck Gold Miners ETF | 3.25% | 181,090 | $9.4M | Reduce -4.8% |
| SUN Sunoco LP | 2.85% | 154,080 | $8.3M | Add +0.0% |
| BX Blackstone Inc. | 2.70% | 52,380 | $7.8M | Add +21.2% |
| HESM Hess Midstream LP Class A | 2.57% | 193,383 | $7.4M | Reduce -2.7% |
| GDXJ Vaneck Junior Gold Miners | 2.55% | 109,392 | $7.4M | Reduce -2.6% |
| MPLX MPLX LP | 2.40% | 134,897 | $6.9M | Reduce -20.8% |
| LLY Eli Lilly & Co. | 2.28% | 8,483 | $6.6M | Reduce -1.9% |
| XOM Exxon Mobil Corp. | 2.20% | 59,243 | $6.4M | Reduce -6.8% |
| GOOGL Alphabet Inc. Class A | 2.05% | 33,773 | $6.0M | Add +1.0% |
| TSLA Tesla Inc. | 2.02% | 18,397 | $5.8M | Add +75.4% |
| WMT Walmart Inc. | 1.76% | 52,139 | $5.1M | Add +7.4% |
| UBER Uber Technologies Inc. | 1.45% | 45,070 | $4.2M | Reduce -23.1% |
| SBUX Starbucks Corp. | 1.30% | 40,997 | $3.8M | Reduce -6.6% |
| PLTR Palantir Technologies Inc. Class A | 1.11% | 23,590 | $3.2M | Add +64.1% |
| SOFI Sofi Technologies Inc. | 1.02% | 162,400 | $3.0M | New |
| CCJ Cameco Corp. | 0.98% | 38,137 | $2.8M | Add +128.2% |
| JPM JPMorgan Chase & Co. | 0.91% | 9,065 | $2.6M | Add +342.2% |
| AGI Alamos Gold Inc. Class A | 0.90% | 97,701 | $2.6M | Reduce -4.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.87% | 5,185 | $2.5M | Add +3.3% |
| BA The Boeing Co. | 0.81% | 11,249 | $2.4M | New |
| ET Energy Transfer LP | 0.77% | 123,218 | $2.2M | Reduce -22.9% |
| MU Micron Technology Inc. | 0.74% | 17,301 | $2.1M | Add +52.1% |
| GLD SPDR Gold Shares | 0.72% | 6,879 | $2.1M | Add +1.7% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.67% | 23,741 | $1.9M | Add +9.7% |
| LUV Southwest Airlines Co. | 0.61% | 54,854 | $1.8M | Reduce -23.4% |
| AMD Advanced Micro Devices | 0.60% | 12,350 | $1.8M | New |
| AVGO Broadcom Inc. | 0.58% | 6,103 | $1.7M | Add +157.0% |
| SLV iShares Silver Trust | 0.58% | 51,200 | $1.7M | Add +280.9% |
| DELL Dell Technologies -C | 0.58% | 13,652 | $1.7M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.56% | 3,190 | $1.6M | Add +311.6% |
| MCD McDonald's Corp. | 0.52% | 5,198 | $1.5M | Reduce -24.6% |
| CRDO Credo Technology Group Holdi | 0.51% | 16,075 | $1.5M | New |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.50% | 133,186 | $1.5M | Add +1.6% |
| CSCO Cisco Systems Inc. | 0.50% | 20,930 | $1.5M | Reduce -3.5% |
| HES Hess Corp. | 0.48% | 10,083 | $1.4M | Reduce -37.2% |
| ALG Alamo Group Inc. | 0.47% | 6,200 | $1.4M | Reduce -11.4% |
| UTG Reaves Utility Income Fund | 0.43% | 34,770 | $1.3M | Reduce -2.2% |
| HD Home Depot Inc. | 0.42% | 3,281 | $1.2M | Reduce -2.1% |
| CAT Caterpillar Inc. | 0.38% | 2,865 | $1.1M | Add +9.7% |
| NAD Nuveen Quality Municipal Inc. | 0.36% | 93,567 | $1.1M | Add +0.1% |
| DE Deere & Co. | 0.35% | 2,000 | $1.0M | No change |
| UPST Upstart Holdings Inc. | 0.33% | 15,000 | $970K | No change |
| HMY Harmony Gold MNG-Spon ADR | 0.33% | 68,368 | $955K | Reduce -20.6% |
| SHOP Shopify Inc. Class A | 0.30% | 7,605 | $877K | Reduce -17.8% |
| T AT&T Inc. | 0.27% | 26,902 | $779K | Add +33.9% |
| GEV GE Vernova Inc. | 0.26% | 1,450 | $767K | New |
| TYG Tortoise Energy Infrastruct | 0.26% | 17,366 | $762K | Add +24.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.25% | 1 | $729K | No change |
| BABA Alibaba Group Holding-SP ADR | 0.24% | 6,176 | $700K | Reduce -80.0% |
| ISRG Intuitive Surgical Inc. | 0.22% | 1,195 | $649K | Reduce -9.8% |
| IE Ivanhoe Electric Inc. / US | 0.22% | 69,950 | $634K | New |
| CCL Carnival Corp. | 0.22% | 22,500 | $633K | New |
| TT Trane Technologies PLC | 0.17% | 1,156 | $506K | Reduce -23.2% |
| SONY Sony Group Corp. - SP ADR | 0.16% | 17,550 | $457K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.16% | 2,015 | $456K | New |
| SPOT Spotify Technology SA | 0.15% | 572 | $439K | New |
| FSCO FS Credit Opportunities Corp. | 0.15% | 58,790 | $427K | Add +0.0% |
| AKAM Akamai Technologies Inc. | 0.15% | 5,350 | $427K | Reduce -50.7% |
| GRMN Garmin Ltd. | 0.14% | 2,000 | $417K | No change |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.14% | 1,015 | $410K | New |
| FNV Franco-Nevada Corp. | 0.13% | 2,380 | $390K | Reduce -6.8% |
| AMLP Alerian MLP ETF | 0.13% | 7,950 | $388K | Reduce -34.2% |
| V Visa Inc. Class A | 0.13% | 1,040 | $369K | Reduce -28.3% |
| IBIT iShares Bitcoin Trust ETF | 0.12% | 5,725 | $350K | New |
| STLD Steel Dynamics Inc. | 0.12% | 2,705 | $346K | No change |
| TEI Templeton Emrg MKTS Inc. | 0.12% | 57,571 | $345K | Add +1.6% |
| ARGT Global X MSCI Argentina ETF | 0.12% | 4,000 | $339K | Reduce -42.9% |
| GS Goldman Sachs Group Inc. | 0.12% | 475 | $336K | Reduce -82.2% |
| UPS United Parcel Service Class B | 0.11% | 3,296 | $333K | Add +22.7% |
| NVG Nuveen Amt-FR Muni CRDT | 0.11% | 25,534 | $305K | Add +0.1% |
| SHLD Global X Defense Tech ETF | 0.10% | 4,700 | $283K | New |
| IBRX Immunitybio Inc. | 0.09% | 100,500 | $265K | New |
| ABBV Abbvie Inc. | 0.09% | 1,423 | $264K | Add +16.5% |
| GNRC Generac Holdings Inc. | 0.09% | 1,750 | $251K | New |
| MO Altria Group Inc. | 0.09% | 4,241 | $249K | Add +3.4% |
| AXON Axon Enterprise Inc. | 0.08% | 293 | $243K | New |
| AVAV Aerovironment Inc. | 0.08% | 850 | $242K | New |
| VZ Verizon Communications Inc. | 0.08% | 5,299 | $229K | Reduce -5.0% |
| BTCO Invsco GLXY BTCN ETF | 0.08% | 2,100 | $226K | New |
| DBL Doubleline Opport Credit | 0.07% | 14,073 | $216K | Add +0.1% |
| RCL Royal Caribbean Cruises Ltd. | 0.07% | 676 | $212K | New |
| CPNG Coupang Inc. | 0.07% | 7,000 | $210K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.07% | 4,317 | $204K | New |
| NMZ Nuveen Muni Hi Inc. Opport | 0.06% | 17,507 | $182K | Add +0.1% |
| VCV Invesco Ca Val Muni Inc. TR | 0.06% | 16,000 | $166K | No change |
| VMO Invesco Municipal Opport | 0.05% | 16,067 | $147K | Add +6.6% |
| VGM Invesco Trust for Investmen | 0.05% | 14,551 | $138K | Add +7.6% |
| NZF Nuveen Municipal Credit Inc. | 0.05% | 11,000 | $131K | Reduce -8.3% |
| VPV Invesco Pa Val Muni Inc. | 0.04% | 11,000 | $111K | No change |
| IQI Invesco Quality Muni Inc. TR | 0.04% | 11,000 | $103K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -1.1% | 5.07% | −1.49 |
| BABA Alibaba Group Holding-SP ADR | Reduce -80.0% | 0.24% | −1.42 |
| MPLX MPLX LP | Reduce -20.8% | 2.40% | −1.32 |
| XOM Exxon Mobil Corp. | Reduce -6.8% | 2.20% | −0.88 |
| HESM Hess Midstream LP Class A | Reduce -2.7% | 2.57% | −0.86 |
| LLY Eli Lilly & Co. | Reduce -1.9% | 2.28% | −0.63 |
| AEM Agnico Eagle Mines Ltd. | Reduce -5.2% | 4.58% | −0.62 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.56 |
| HES Hess Corp. | Reduce -37.2% | 0.48% | −0.56 |
| GS Goldman Sachs Group Inc. | Reduce -82.2% | 0.12% | −0.48 |
| SBUX Starbucks Corp. | Reduce -6.6% | 1.30% | −0.46 |
| ET Energy Transfer LP | Reduce -22.9% | 0.77% | −0.44 |
| MMM 3M Co. | Sold out | 0.00% | −0.43 |
| LUV Southwest Airlines Co. | Reduce -23.4% | 0.61% | −0.37 |
| MCD McDonald's Corp. | Reduce -24.6% | 0.52% | −0.35 |
| GDX Vaneck Gold Miners ETF | Reduce -4.8% | 3.25% | −0.31 |
| UBER Uber Technologies Inc. | Reduce -23.1% | 1.45% | −0.29 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.22 |
| AGI Alamos Gold Inc. Class A | Reduce -4.0% | 0.90% | −0.21 |
| AKAM Akamai Technologies Inc. | Reduce -50.7% | 0.15% | −0.21 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -20.6% | 0.33% | −0.19 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.17 |
| AMLP Alerian MLP ETF | Reduce -34.2% | 0.13% | −0.12 |
| ARGT Global X MSCI Argentina ETF | Reduce -42.9% | 0.12% | −0.11 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.10 |
| LNC Lincoln National Corp. | Sold out | 0.00% | −0.09 |
| HD Home Depot Inc. | Reduce -2.1% | 0.42% | −0.09 |
| V Visa Inc. Class A | Reduce -28.3% | 0.13% | −0.08 |
| GDXJ Vaneck Junior Gold Miners | Reduce -2.6% | 2.55% | −0.07 |
| SHOP Shopify Inc. Class A | Reduce -17.8% | 0.30% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -3.5% | 0.50% | −0.04 |
| ISRG Intuitive Surgical Inc. | Reduce -9.8% | 0.22% | −0.04 |
| ALG Alamo Group Inc. | Reduce -11.4% | 0.47% | −0.04 |
| UTG Reaves Utility Income Fund | Reduce -2.2% | 0.43% | −0.04 |
| TT Trane Technologies PLC | Reduce -23.2% | 0.17% | −0.03 |
| FNV Franco-Nevada Corp. | Reduce -6.8% | 0.13% | −0.03 |
| CDE Coeur Mining Inc. | Sold out | 0.00% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -5.0% | 0.08% | −0.02 |
| NZF Nuveen Municipal Credit Inc. | Reduce -8.3% | 0.05% | −0.01 |
| OSISKO DEVELOPMENT CORP | Sold out | 0.00% | −0.01 |
| NVDA Nvidia Corp. | Reduce -10.9% | 4.44% | +0.40 |
Portfolio Buys Q1 2025 → Q2 2025
| CELH Celsius Holdings Inc. | Add +305.4% | 3.25% | +2.53 |
| SOFI Sofi Technologies Inc. | New | 1.02% | +1.02 |
| NFLX Netflix Inc. | Add +3.9% | 4.52% | +0.94 |
| MSFT Microsoft Corp. | Add +15.3% | 4.06% | +0.92 |
| TSLA Tesla Inc. | Add +75.4% | 2.02% | +0.91 |
| BA The Boeing Co. | New | 0.81% | +0.81 |
| META Meta Platforms Inc. Class A | Add +10.2% | 4.96% | +0.81 |
| JPM JPMorgan Chase & Co. | Add +342.2% | 0.91% | +0.70 |
| CCJ Cameco Corp. | Add +128.2% | 0.98% | +0.70 |
| PLTR Palantir Technologies Inc. Class A | Add +64.1% | 1.11% | +0.62 |
| AMD Advanced Micro Devices | New | 0.60% | +0.60 |
| CRDO Credo Technology Group Holdi | New | 0.51% | +0.51 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +311.6% | 0.56% | +0.45 |
| AVGO Broadcom Inc. | Add +157.0% | 0.58% | +0.42 |
| SLV iShares Silver Trust | Add +280.9% | 0.58% | +0.41 |
| MU Micron Technology Inc. | Add +52.1% | 0.74% | +0.33 |
| GEV GE Vernova Inc. | New | 0.26% | +0.26 |
| BX Blackstone Inc. | Add +21.2% | 2.70% | +0.24 |
| IE Ivanhoe Electric Inc. / US | New | 0.22% | +0.22 |
| CCL Carnival Corp. | New | 0.22% | +0.22 |
| SONY Sony Group Corp. - SP ADR | New | 0.16% | +0.16 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.16% | +0.16 |
| SPOT Spotify Technology SA | New | 0.15% | +0.15 |
| MSTR Strategy Inc. | New | 0.14% | +0.14 |
| IBIT iShares Bitcoin Trust ETF | New | 0.12% | +0.12 |
| SHLD Global X Defense Tech ETF | New | 0.10% | +0.10 |
| IBRX Immunitybio Inc. | New | 0.09% | +0.09 |
| GNRC Generac Holdings Inc. | New | 0.09% | +0.09 |
| AXON Axon Enterprise Inc. | New | 0.08% | +0.08 |
| AVAV Aerovironment Inc. | New | 0.08% | +0.08 |
| BTCO Invsco GLXY BTCN ETF | New | 0.08% | +0.08 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.07% | +0.07 |
| CPNG Coupang Inc. | New | 0.07% | +0.07 |
| BAC Bank of America Corp. | New | 0.07% | +0.07 |
| T AT&T Inc. | Add +33.9% | 0.27% | +0.04 |
| ABEV Ambev SA-ADR | New | 0.03% | +0.03 |
| CAT Caterpillar Inc. | Add +9.7% | 0.38% | +0.03 |
| NXE Nexgen Energy Ltd. | New | 0.02% | +0.02 |
| ARIS Aris Mining Corp. | New | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +7.4% | 1.76% | +0.02 |
| TYG Tortoise Energy Infrastruct | Add +24.9% | 0.26% | +0.02 |
| TEI Templeton Emrg MKTS Inc. | Add +1.6% | 0.12% | −0.01 |
| UPS United Parcel Service Class B | Add +22.7% | 0.11% | −0.01 |
| VGM Invesco Trust for Investmen | Add +7.6% | 0.05% | −0.01 |
| VMO Invesco Municipal Opport | Add +6.6% | 0.05% | −0.01 |
| ABBV Abbvie Inc. | Add +16.5% | 0.09% | −0.01 |
| MO Altria Group Inc. | Add +3.4% | 0.09% | −0.01 |
| DBL Doubleline Opport Credit | Add +0.1% | 0.07% | −0.01 |
| NMZ Nuveen Muni Hi Inc. Opport | Add +0.1% | 0.06% | −0.02 |
| FSCO FS Credit Opportunities Corp. | Add +0.0% | 0.15% | −0.02 |
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 |