Kercheville Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), Kercheville Advisors, LLC reported 106 stock positions worth $331.0 million. Its top holding was Nvidia (NVDA) at 6.4% of the portfolio, followed by Amazon.com (AMZN, 6.2%) and Agnico Eagle Mines (AEM, 5.5%). Compared with Q2 2025, it opened 17 new positions, sold out of 16, added to 41 and reduced 36. The biggest buy was Nvidia (NVDA, shares +39%) and the biggest sale Eli Lilly (LLY, shares −78%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001890748
- Portfolio Value
- $331.0M (Q3 2025)
- SEC Filing
- 0002085853-25-000135 ↗ filed Oct 22, 2025
Holdings Value
Holdings 106 stocks · $331.0M
| NVDA Nvidia Corp. | 6.39% | 113,306 | $21.1M | Add +39.2% |
| AMZN Amazon.com Inc. | 6.23% | 93,959 | $20.6M | Add +1.6% |
| AEM Agnico Eagle Mines Ltd. | 5.53% | 108,538 | $18.3M | Reduce -2.7% |
| AAPL Apple Inc. | 5.47% | 71,036 | $18.1M | Reduce -0.9% |
| META Meta Platforms Inc. Class A | 4.41% | 19,872 | $14.6M | Add +2.1% |
| GOOG Alphabet Inc. Class C | 4.26% | 57,864 | $14.1M | Reduce -1.1% |
| CELH Celsius Holdings Inc. | 3.87% | 222,793 | $12.8M | Add +9.6% |
| GDX Vaneck Gold Miners ETF | 3.86% | 167,389 | $12.8M | Reduce -7.6% |
| NFLX Netflix Inc. | 3.60% | 9,940 | $11.9M | Add +1.6% |
| COST Costco Wholesale Corp. | 3.50% | 12,530 | $11.6M | Reduce -0.3% |
| MSFT Microsoft Corp. | 3.43% | 21,926 | $11.4M | Reduce -7.2% |
| GDXJ Vaneck Junior Gold Miners | 3.19% | 106,541 | $10.6M | Reduce -2.6% |
| BX Blackstone Inc. | 2.82% | 54,590 | $9.3M | Add +4.2% |
| GOOGL Alphabet Inc. Class A | 2.40% | 32,623 | $7.9M | Reduce -3.4% |
| SUN Sunoco LP | 2.33% | 154,082 | $7.7M | Add +0.0% |
| TSLA Tesla Inc. | 2.12% | 15,750 | $7.0M | Reduce -14.4% |
| SOFI Sofi Technologies Inc. | 2.10% | 262,790 | $6.9M | Add +61.8% |
| MPLX MPLX LP | 2.03% | 134,789 | $6.7M | Reduce -0.1% |
| XOM Exxon Mobil Corp. | 2.01% | 59,118 | $6.7M | Reduce -0.2% |
| WMT Walmart Inc. | 1.74% | 55,991 | $5.8M | Add +7.4% |
| HESM Hess Midstream LP Class A | 1.62% | 155,304 | $5.4M | Reduce -19.7% |
| PLTR Palantir Technologies Inc. Class A | 1.55% | 28,065 | $5.1M | Add +19.0% |
| UBER Uber Technologies Inc. | 1.27% | 42,745 | $4.2M | Reduce -5.2% |
| CCJ Cameco Corp. | 1.13% | 44,737 | $3.8M | Add +17.3% |
| SBUX Starbucks Corp. | 1.04% | 40,521 | $3.4M | Reduce -1.2% |
| GEV GE Vernova Inc. | 0.91% | 4,905 | $3.0M | Add +238.3% |
| AGI Alamos Gold Inc. Class A | 0.88% | 83,251 | $2.9M | Reduce -14.8% |
| AMD Advanced Micro Devices | 0.87% | 17,710 | $2.9M | Add +43.4% |
| SLV iShares Silver Trust | 0.78% | 60,700 | $2.6M | Add +18.6% |
| BE Bloom Energy Corp. Class A | 0.77% | 30,200 | $2.6M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.75% | 4,960 | $2.5M | Reduce -4.3% |
| GLD SPDR Gold Shares | 0.74% | 6,854 | $2.4M | Reduce -0.4% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.65% | 24,791 | $2.2M | Add +4.4% |
| ET Energy Transfer LP | 0.63% | 121,438 | $2.1M | Reduce -1.4% |
| LUV Southwest Airlines Co. | 0.59% | 61,174 | $2.0M | Add +11.5% |
| JPM JPMorgan Chase & Co. | 0.55% | 5,765 | $1.8M | Reduce -36.4% |
| UTG Reaves Utility Income Fund | 0.51% | 42,979 | $1.7M | Add +23.6% |
| DELL Dell Technologies -C | 0.50% | 11,652 | $1.7M | Reduce -14.7% |
| MCD McDonald's Corp. | 0.48% | 5,188 | $1.6M | Reduce -0.2% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.47% | 136,290 | $1.6M | Add +2.3% |
| IE Ivanhoe Electric Inc. / US | 0.47% | 122,950 | $1.5M | Add +75.8% |
| BA The Boeing Co. | 0.47% | 7,144 | $1.5M | Reduce -36.5% |
| CVX Chevron Corp. | 0.45% | 9,551 | $1.5M | New |
| LLY Eli Lilly & Co. | 0.44% | 1,904 | $1.5M | Reduce -77.6% |
| CAT Caterpillar Inc. | 0.41% | 2,865 | $1.4M | No change |
| HD Home Depot Inc. | 0.40% | 3,281 | $1.3M | No change |
| BIDU Baidu Inc. - Spon ADR | 0.40% | 10,050 | $1.3M | New |
| BABA Alibaba Group Holding-SP ADR | 0.40% | 7,316 | $1.3M | Add +18.5% |
| IBRX Immunitybio Inc. | 0.39% | 519,100 | $1.3M | Add +416.5% |
| LVS Las Vegas Sands Corp. | 0.36% | 22,132 | $1.2M | New |
| ALG Alamo Group Inc. | 0.35% | 6,000 | $1.1M | Reduce -3.2% |
| SHOP Shopify Inc. Class A | 0.34% | 7,555 | $1.1M | Reduce -0.7% |
| IBIT iShares Bitcoin Trust ETF | 0.33% | 16,853 | $1.1M | Add +194.4% |
| NAD Nuveen Quality Municipal Inc. | 0.32% | 90,630 | $1.1M | Reduce -3.1% |
| DE Deere & Co. | 0.28% | 2,040 | $933K | Add +2.0% |
| CSCO Cisco Systems Inc. | 0.28% | 13,615 | $932K | Reduce -35.0% |
| UEC Uranium Energy Corp. | 0.28% | 68,900 | $919K | New |
| SHLD Global X Defense Tech ETF | 0.27% | 12,800 | $899K | Add +172.3% |
| TYG Tortoise Energy Infrastruct | 0.26% | 20,026 | $863K | Add +15.3% |
| LYFT LYFT Inc. Class A | 0.25% | 38,000 | $836K | New |
| T AT&T Inc. | 0.23% | 27,318 | $771K | Add +1.6% |
| UPST Upstart Holdings Inc. | 0.23% | 15,000 | $762K | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.23% | 1 | $754K | No change |
| CCL Carnival Corp. | 0.23% | 26,000 | $752K | Add +15.6% |
| GENI Genius Sports Ltd. | 0.23% | 60,550 | $750K | New |
| AVGO Broadcom Inc. | 0.20% | 2,003 | $661K | Reduce -67.2% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.16% | 1,050 | $515K | Reduce -67.1% |
| AVAV Aerovironment Inc. | 0.15% | 1,625 | $512K | Add +91.2% |
| GRMN Garmin Ltd. | 0.15% | 2,000 | $492K | No change |
| KGC Kinross Gold Corp. | 0.15% | 19,650 | $488K | New |
| TT Trane Technologies PLC | 0.15% | 1,156 | $488K | No change |
| EEM iShares MSCI Emerging Market | 0.15% | 9,000 | $481K | New |
| ISRG Intuitive Surgical Inc. | 0.14% | 1,030 | $461K | Reduce -13.8% |
| FNV Franco-Nevada Corp. | 0.13% | 1,881 | $419K | Reduce -21.0% |
| AMLP Alerian MLP ETF | 0.12% | 8,250 | $387K | Add +3.8% |
| UPS United Parcel Service Class B | 0.12% | 4,591 | $384K | Add +39.3% |
| GS Goldman Sachs Group Inc. | 0.11% | 475 | $378K | No change |
| TEI Templeton Emrg MKTS Inc. | 0.11% | 60,770 | $377K | Add +5.6% |
| STLD Steel Dynamics Inc. | 0.11% | 2,582 | $360K | Reduce -4.5% |
| V Visa Inc. Class A | 0.11% | 1,040 | $355K | No change |
| AKAM Akamai Technologies Inc. | 0.11% | 4,650 | $352K | Reduce -13.1% |
| ABBV Abbvie Inc. | 0.10% | 1,462 | $339K | Add +2.7% |
| FSCO FS Credit Opportunities Corp. | 0.10% | 47,698 | $330K | Reduce -18.9% |
| SNOW Snowflake Inc. | 0.10% | 1,425 | $321K | New |
| BTCO Invsco GLXY BTCN ETF | 0.09% | 2,600 | $296K | Add +23.8% |
| MO Altria Group Inc. | 0.09% | 4,397 | $290K | Add +3.7% |
| NVG Nuveen Amt-FR Muni CRDT | 0.08% | 20,557 | $253K | Reduce -19.5% |
| HOOD Robinhood Markets Inc. Class A | 0.08% | 1,756 | $251K | New |
| RCL Royal Caribbean Cruises Ltd. | 0.07% | 726 | $235K | Add +7.4% |
| VZ Verizon Communications Inc. | 0.07% | 5,319 | $234K | Add +0.4% |
| VGM Invesco Trust for Investmen | 0.07% | 22,082 | $223K | Add +51.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.07% | 4,321 | $223K | Add +0.1% |
| MP MP Materials Corp. | 0.07% | 3,300 | $221K | New |
| DBL Doubleline Opport Credit | 0.07% | 14,090 | $220K | Add +0.1% |
| AMX America Movil Sab DE CV | 0.06% | 10,000 | $210K | New |
| PML PIMCO Municipal Income FD II | 0.06% | 26,422 | $209K | New |
| MSTR Strategy Inc. | 0.06% | 625 | $201K | Reduce -38.4% |
| NMZ Nuveen Muni Hi Inc. Opport | 0.06% | 17,531 | $186K | Add +0.1% |
| VMO Invesco Municipal Opport | 0.05% | 18,567 | $180K | Add +15.6% |
| USAR USA Rare Earth Inc. | 0.05% | 10,000 | $172K | New |
Portfolio Sells Q2 2025 → Q3 2025
| LLY Eli Lilly & Co. | Reduce -77.6% | 0.44% | −1.84 |
| HESM Hess Midstream LP Class A | Reduce -19.7% | 1.62% | −0.95 |
| COST Costco Wholesale Corp. | Reduce -0.3% | 3.50% | −0.79 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.74 |
| MSFT Microsoft Corp. | Reduce -7.2% | 3.43% | −0.63 |
| CRDO Credo Technology Group Holdi | Sold out | 0.00% | −0.51 |
| HES Hess Corp. | Sold out | 0.00% | −0.48 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -67.1% | 0.16% | −0.41 |
| AVGO Broadcom Inc. | Reduce -67.2% | 0.20% | −0.38 |
| MPLX MPLX LP | Reduce -0.1% | 2.03% | −0.36 |
| JPM JPMorgan Chase & Co. | Reduce -36.4% | 0.55% | −0.36 |
| BA The Boeing Co. | Reduce -36.5% | 0.47% | −0.35 |
| HMY Harmony Gold MNG-Spon ADR | Sold out | 0.00% | −0.33 |
| SBUX Starbucks Corp. | Reduce -1.2% | 1.04% | −0.26 |
| CSCO Cisco Systems Inc. | Reduce -35.0% | 0.28% | −0.22 |
| XOM Exxon Mobil Corp. | Reduce -0.2% | 2.01% | −0.19 |
| UBER Uber Technologies Inc. | Reduce -5.2% | 1.27% | −0.19 |
| SONY Sony Group Corp. - SP ADR | Sold out | 0.00% | −0.16 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.16 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.15 |
| ET Energy Transfer LP | Reduce -1.4% | 0.63% | −0.14 |
| ALG Alamo Group Inc. | Reduce -3.2% | 0.35% | −0.12 |
| ARGT Global X MSCI Argentina ETF | Sold out | 0.00% | −0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.3% | 0.75% | −0.12 |
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −0.09 |
| ISRG Intuitive Surgical Inc. | Reduce -13.8% | 0.14% | −0.09 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.08 |
| MSTR Strategy Inc. | Reduce -38.4% | 0.06% | −0.08 |
| DELL Dell Technologies -C | Reduce -14.7% | 0.50% | −0.08 |
| CPNG Coupang Inc. | Sold out | 0.00% | −0.07 |
| MCD McDonald's Corp. | Reduce -0.2% | 0.48% | −0.05 |
| FSCO FS Credit Opportunities Corp. | Reduce -18.9% | 0.10% | −0.05 |
| NZF Nuveen Municipal Credit Inc. | Sold out | 0.00% | −0.05 |
| NAD Nuveen Quality Municipal Inc. | Reduce -3.1% | 0.32% | −0.04 |
| AKAM Akamai Technologies Inc. | Reduce -13.1% | 0.11% | −0.04 |
| XPMQX PIMCO Muni Income Fund III | Sold out | 0.00% | −0.04 |
| ABEV Ambev SA-ADR | Sold out | 0.00% | −0.03 |
| NVG Nuveen Amt-FR Muni CRDT | Reduce -19.5% | 0.08% | −0.03 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.02 |
| AGI Alamos Gold Inc. Class A | Reduce -14.8% | 0.88% | −0.02 |
| BTG B2GOLD Corp. | Sold out | 0.00% | −0.01 |
| STLD Steel Dynamics Inc. | Reduce -4.5% | 0.11% | −0.01 |
| FNV Franco-Nevada Corp. | Reduce -21.0% | 0.13% | −0.01 |
| GLD SPDR Gold Shares | Reduce -0.4% | 0.74% | +0.01 |
| SHOP Shopify Inc. Class A | Reduce -0.7% | 0.34% | +0.04 |
| TSLA Tesla Inc. | Reduce -14.4% | 2.12% | +0.10 |
| GOOGL Alphabet Inc. Class A | Reduce -3.4% | 2.40% | +0.34 |
| AAPL Apple Inc. | Reduce -0.9% | 5.47% | +0.39 |
| GDX Vaneck Gold Miners ETF | Reduce -7.6% | 3.86% | +0.61 |
| GDXJ Vaneck Junior Gold Miners | Reduce -2.6% | 3.19% | +0.64 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +39.2% | 6.39% | +1.95 |
| SOFI Sofi Technologies Inc. | Add +61.8% | 2.10% | +1.08 |
| BE Bloom Energy Corp. Class A | New | 0.77% | +0.77 |
| GEV GE Vernova Inc. | Add +238.3% | 0.91% | +0.65 |
| CELH Celsius Holdings Inc. | Add +9.6% | 3.87% | +0.62 |
| CVX Chevron Corp. | New | 0.45% | +0.45 |
| PLTR Palantir Technologies Inc. Class A | Add +19.0% | 1.55% | +0.44 |
| BIDU Baidu Inc. - Spon ADR | New | 0.40% | +0.40 |
| LVS Las Vegas Sands Corp. | New | 0.36% | +0.36 |
| IBRX Immunitybio Inc. | Add +416.5% | 0.39% | +0.29 |
| UEC Uranium Energy Corp. | New | 0.28% | +0.28 |
| AMD Advanced Micro Devices | Add +43.4% | 0.87% | +0.26 |
| LYFT LYFT Inc. Class A | New | 0.25% | +0.25 |
| IE Ivanhoe Electric Inc. / US | Add +75.8% | 0.47% | +0.25 |
| GENI Genius Sports Ltd. | New | 0.23% | +0.23 |
| IBIT iShares Bitcoin Trust ETF | Add +194.4% | 0.33% | +0.21 |
| SLV iShares Silver Trust | Add +18.6% | 0.78% | +0.20 |
| SHLD Global X Defense Tech ETF | Add +172.3% | 0.27% | +0.17 |
| CCJ Cameco Corp. | Add +17.3% | 1.13% | +0.16 |
| BABA Alibaba Group Holding-SP ADR | Add +18.5% | 0.40% | +0.15 |
| KGC Kinross Gold Corp. | New | 0.15% | +0.15 |
| EEM iShares MSCI Emerging Market | New | 0.15% | +0.15 |
| BX Blackstone Inc. | Add +4.2% | 2.82% | +0.11 |
| SNOW Snowflake Inc. | New | 0.10% | +0.10 |
| UTG Reaves Utility Income Fund | Add +23.6% | 0.51% | +0.08 |
| HOOD Robinhood Markets Inc. Class A | New | 0.08% | +0.08 |
| AVAV Aerovironment Inc. | Add +91.2% | 0.15% | +0.07 |
| MP MP Materials Corp. | New | 0.07% | +0.07 |
| AMX America Movil Sab DE CV | New | 0.06% | +0.06 |
| PML PIMCO Municipal Income FD II | New | 0.06% | +0.06 |
| USAR USA Rare Earth Inc. | New | 0.05% | +0.05 |
| NRK Nuveen NY Amt-FR Muni Inc. | New | 0.04% | +0.04 |
| EQX Equinox Gold Corp. | New | 0.03% | +0.03 |
| VGM Invesco Trust for Investmen | Add +51.8% | 0.07% | +0.02 |
| BTCO Invsco GLXY BTCN ETF | Add +23.8% | 0.09% | +0.01 |
| ABBV Abbvie Inc. | Add +2.7% | 0.10% | +0.01 |
| CCL Carnival Corp. | Add +15.6% | 0.23% | +0.01 |
| VMO Invesco Municipal Opport | Add +15.6% | 0.05% | +0.00 |
| MO Altria Group Inc. | Add +3.7% | 0.09% | +0.00 |
| UPS United Parcel Service Class B | Add +39.3% | 0.12% | +0.00 |
| RCL Royal Caribbean Cruises Ltd. | Add +7.4% | 0.07% | −0.00 |
| TYG Tortoise Energy Infrastruct | Add +15.3% | 0.26% | −0.00 |
| BAC Bank of America Corp. | Add +0.1% | 0.07% | −0.00 |
| TEI Templeton Emrg MKTS Inc. | Add +5.6% | 0.11% | −0.01 |
| NMZ Nuveen Muni Hi Inc. Opport | Add +0.1% | 0.06% | −0.01 |
| DBL Doubleline Opport Credit | Add +0.1% | 0.07% | −0.01 |
| VZ Verizon Communications Inc. | Add +0.4% | 0.07% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +4.4% | 0.65% | −0.02 |
| WMT Walmart Inc. | Add +7.4% | 1.74% | −0.02 |
| AMLP Alerian MLP ETF | Add +3.8% | 0.12% | −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 |