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

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $211.7M Q1 2024 Q2 2024: $230.4M Q2 2024 Q3 2024: $237.0M Q3 2024 Q4 2024: $257.7M Q4 2024 Q1 2025: $245.3M Q1 2025 Q2 2025: $289.7M $289.7M Q2 2025 Q3 2025: $331.0M Q3 2025 Q4 2025: $381.7M Q4 2025 Q1 2026: $312.7M Q1 2026 Q2 2026: $328.4M Q2 2026

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
XPMQX PIMCO Muni Income Fund III 0.04% 15,000 $103K No change
ABEV Ambev SA-ADR 0.03% 39,400 $95K New
NXE Nexgen Energy Ltd. 0.02% 10,000 $69K New
ARIS Aris Mining Corp. filed as ARIS MNG CORP 0.02% 10,000 $67K New
BTG B2GOLD Corp. 0.01% 11,000 $40K 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 108$328.4MNVDA, AMZN, AAPL, GOOG, AEM
Q1 2026 106$312.7MAEM, NVDA, AMZN, AAPL, GOOG
Q4 2025 117$381.7MAEM, AMZN, NVDA, GOOG, AAPL
Q3 2025 106$331.0MNVDA, AMZN, AEM, AAPL, META
Q2 2025 105$289.7MAMZN, AAPL, META, AEM, NFLX
Q1 2025 89$245.3MAMZN, AAPL, AEM, COST, META
Q4 2024 94$257.7MAMZN, AAPL, NVDA, NFLX, COST
Q3 2024 85$237.0MAMZN, AAPL, NVDA, COST, MSFT
Q2 2024 84$230.4MAMZN, AAPL, NVDA, GOOG, MSFT
Q1 2024 86$211.7MAMZN, AAPL, MSFT, GOOG, COST