Kercheville Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), Kercheville Advisors, LLC reported 117 stock positions worth $381.7 million. Its top holding was Agnico Eagle Mines (AEM) at 5.9% of the portfolio, followed by Amazon.com (AMZN, 5.9%) and Nvidia (NVDA, 5.6%). Compared with Q3 2025, it opened 27 new positions, sold out of 16, added to 44 and reduced 33. The biggest buy was Bloom Energy Class A (BE, shares +60%) and the biggest sale an exit from Hess Midstream Class A (HESM).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001890748
- Portfolio Value
- $381.7M (Q4 2025)
- SEC Filing
- 0002085853-26-000140 ↗ filed Jan 29, 2026
Holdings Value
Holdings 117 stocks · $381.7M
| AEM Agnico Eagle Mines Ltd. | 5.92% | 105,830 | $22.6M | Reduce -2.5% |
| AMZN Amazon.com Inc. | 5.89% | 95,901 | $22.5M | Add +2.1% |
| NVDA Nvidia Corp. | 5.62% | 116,025 | $21.4M | Add +2.4% |
| GOOG Alphabet Inc. Class C | 5.06% | 58,374 | $19.3M | Add +0.9% |
| AAPL Apple Inc. | 4.59% | 70,547 | $17.5M | Reduce -0.7% |
| GDX Vaneck Gold Miners ETF | 4.01% | 145,722 | $15.3M | Reduce -12.9% |
| CELH Celsius Holdings Inc. | 3.53% | 243,993 | $13.5M | Add +9.5% |
| META Meta Platforms Inc. Class A | 3.48% | 20,507 | $13.3M | Add +3.2% |
| GDXJ Vaneck Junior Gold Miners | 3.42% | 91,891 | $13.1M | Reduce -13.8% |
| COST Costco Wholesale Corp. | 3.12% | 12,200 | $11.9M | Reduce -2.6% |
| GOOGL Alphabet Inc. Class A | 2.72% | 31,398 | $10.4M | Reduce -3.8% |
| SUN Sunoco LP | 2.30% | 154,083 | $8.8M | Add +0.0% |
| TSLA Tesla Inc. | 2.16% | 18,365 | $8.3M | Add +16.6% |
| XOM Exxon Mobil Corp. | 2.16% | 61,674 | $8.2M | Add +4.3% |
| MSFT Microsoft Corp. | 2.03% | 17,216 | $7.8M | Reduce -21.5% |
| NFLX Netflix Inc. | 1.99% | 91,098 | $7.6M | Reduce -8.3% |
| MPLX MPLX LP | 1.91% | 131,336 | $7.3M | Reduce -2.6% |
| WMT Walmart Inc. | 1.89% | 61,230 | $7.2M | Add +9.4% |
| BE Bloom Energy Corp. Class A | 1.84% | 48,215 | $7.0M | Add +59.6% |
| CCJ Cameco Corp. | 1.60% | 50,037 | $6.1M | Add +11.8% |
| PLTR Palantir Technologies Inc. Class A | 1.48% | 33,990 | $5.6M | Add +21.1% |
| LUV Southwest Airlines Co. | 1.44% | 129,524 | $5.5M | Add +111.7% |
| SOFI Sofi Technologies Inc. | 1.44% | 209,965 | $5.5M | Reduce -20.1% |
| AMD Advanced Micro Devices | 1.38% | 20,760 | $5.3M | Add +17.2% |
| BX Blackstone Inc. | 1.37% | 33,851 | $5.2M | Reduce -38.0% |
| GEV GE Vernova Inc. | 1.37% | 7,907 | $5.2M | Add +61.2% |
| SLV iShares Silver Trust | 1.31% | 57,500 | $5.0M | Reduce -5.3% |
| IBRX Immunitybio Inc. | 1.12% | 584,174 | $4.3M | Add +12.5% |
| LLY Eli Lilly & Co. | 1.08% | 3,776 | $4.1M | Add +98.3% |
| BABA Alibaba Group Holding-SP ADR | 1.00% | 21,506 | $3.8M | Add +194.0% |
| AGI Alamos Gold Inc. Class A | 0.94% | 85,301 | $3.6M | Add +2.5% |
| GLD SPDR Gold Shares | 0.91% | 7,719 | $3.5M | Add +12.6% |
| UBER Uber Technologies Inc. | 0.86% | 39,785 | $3.3M | Reduce -6.9% |
| SBUX Starbucks Corp. | 0.84% | 33,572 | $3.2M | Reduce -17.1% |
| MU Micron Technology Inc. | 0.83% | 8,000 | $3.2M | New |
| BIDU Baidu Inc. - Spon ADR | 0.78% | 18,275 | $3.0M | Add +81.8% |
| SNPS Synopsys Inc. | 0.66% | 4,981 | $2.5M | New |
| UEC Uranium Energy Corp. | 0.63% | 120,900 | $2.4M | Add +75.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.62% | 4,866 | $2.4M | Reduce -1.9% |
| XBI SS SPDR S&P Biotech ETF | 0.61% | 17,720 | $2.3M | New |
| IE Ivanhoe Electric Inc. / US | 0.57% | 114,600 | $2.2M | Reduce -6.8% |
| IBIT iShares Bitcoin Trust ETF | 0.54% | 40,745 | $2.1M | Add +141.8% |
| JPM JPMorgan Chase & Co. | 0.49% | 6,195 | $1.9M | Add +7.5% |
| CAT Caterpillar Inc. | 0.49% | 2,875 | $1.9M | Add +0.3% |
| CAVA Cava Group Inc. | 0.48% | 27,600 | $1.8M | New |
| UTG Reaves Utility Income Fund | 0.48% | 47,990 | $1.8M | Add +11.7% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.44% | 34,000 | $1.7M | New |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.43% | 141,416 | $1.6M | Add +3.8% |
| MCD McDonald's Corp. | 0.41% | 5,118 | $1.6M | Reduce -1.4% |
| BA The Boeing Co. | 0.40% | 6,079 | $1.5M | Reduce -14.9% |
| CVX Chevron Corp. | 0.39% | 8,838 | $1.5M | Reduce -7.5% |
| LVS Las Vegas Sands Corp. | 0.37% | 23,383 | $1.4M | Add +5.7% |
| EPD Enterprise Products Partners | 0.35% | 40,700 | $1.4M | New |
| PYLD PIMCO Multisector Bond Actv | 0.33% | 46,560 | $1.2M | New |
| HD Home Depot Inc. | 0.32% | 3,175 | $1.2M | Reduce -3.2% |
| AVAV Aerovironment Inc. | 0.32% | 3,875 | $1.2M | Add +138.5% |
| ET Energy Transfer LP | 0.31% | 64,417 | $1.2M | Reduce -47.0% |
| ALG Alamo Group Inc. | 0.30% | 6,000 | $1.2M | No change |
| NAD Nuveen Quality Municipal Inc. | 0.29% | 92,706 | $1.1M | Add +2.3% |
| DE Deere & Co. | 0.28% | 2,040 | $1.1M | No change |
| CSCO Cisco Systems Inc. | 0.27% | 13,715 | $1.0M | Add +0.7% |
| DELL Dell Technologies -C | 0.27% | 8,652 | $1.0M | Reduce -25.8% |
| SHOP Shopify Inc. Class A | 0.27% | 7,360 | $1.0M | Reduce -2.6% |
| TYG Tortoise Energy Infrastruct | 0.25% | 21,343 | $972K | Add +6.6% |
| USAR USA Rare Earth Inc. | 0.22% | 37,200 | $845K | Add +272.0% |
| VIK Viking Holdings Ltd. | 0.20% | 11,000 | $767K | New |
| BRK.A Berkshire Hathaway Inc. Class A | 0.19% | 1 | $726K | No change |
| AVGO Broadcom Inc. | 0.19% | 2,190 | $713K | Add +9.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.18% | 2,050 | $671K | New |
| FTAI Ftai Aviation Ltd. | 0.17% | 2,200 | $646K | New |
| UPS United Parcel Service Class B | 0.16% | 5,440 | $595K | Add +18.5% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.15% | 13,001 | $555K | Reduce -73.8% |
| C Citigroup Inc. | 0.13% | 4,245 | $491K | New |
| KGC Kinross Gold Corp. | 0.13% | 13,400 | $491K | Reduce -31.8% |
| FNV Franco-Nevada Corp. | 0.13% | 1,881 | $486K | No change |
| WES Western Midstream Partners L | 0.12% | 11,400 | $465K | New |
| NVG Nuveen Amt-FR Muni CRDT | 0.12% | 36,586 | $462K | Add +78.0% |
| STLD Steel Dynamics Inc. | 0.12% | 2,582 | $462K | No change |
| APH Amphenol Corp. Class A | 0.12% | 3,000 | $458K | New |
| GS Goldman Sachs Group Inc. | 0.12% | 475 | $453K | No change |
| AKAM Akamai Technologies Inc. | 0.12% | 4,650 | $451K | No change |
| TT Trane Technologies PLC | 0.12% | 1,156 | $451K | No change |
| TEI Templeton Emrg MKTS Inc. | 0.11% | 63,172 | $420K | Add +4.0% |
| MRK Merck & Co. Inc. | 0.11% | 3,800 | $415K | New |
| GRMN Garmin Ltd. | 0.11% | 2,000 | $412K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.10% | 6,300 | $392K | New |
| AMLP Alerian MLP ETF | 0.10% | 7,820 | $385K | Reduce -5.2% |
| SHAK Shake Shack Inc. Class A | 0.10% | 4,000 | $370K | New |
| T AT&T Inc. | 0.09% | 14,414 | $340K | Reduce -47.2% |
| V Visa Inc. Class A | 0.09% | 1,040 | $339K | No change |
| ABBV Abbvie Inc. | 0.08% | 1,463 | $319K | Add +0.1% |
| GE General Electric filed as GE AEROSPACE | 0.08% | 1,050 | $310K | New |
| INTC Intel Corp. | 0.08% | 5,331 | $290K | New |
| MO Altria Group Inc. | 0.07% | 4,408 | $269K | Add +0.3% |
| MUX McEwen Inc. | 0.07% | 10,000 | $261K | New |
| ISRG Intuitive Surgical Inc. | 0.07% | 495 | $260K | Reduce -51.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.07% | 560 | $254K | Reduce -46.7% |
| DJAN FT Vest U.S. Equity Deep Buf | 0.07% | 5,700 | $248K | New |
| BKR Baker Hughes Co. | 0.06% | 4,500 | $245K | New |
| UPST Upstart Holdings Inc. | 0.06% | 5,000 | $231K | Reduce -66.7% |
Portfolio Sells Q3 2025 → Q4 2025
| HESM Hess Midstream LP Class A | Sold out | 0.00% | −1.62 |
| NFLX Netflix Inc. | Reduce -8.3% | 1.99% | −1.61 |
| BX Blackstone Inc. | Reduce -38.0% | 1.37% | −1.44 |
| MSFT Microsoft Corp. | Reduce -21.5% | 2.03% | −1.40 |
| AAPL Apple Inc. | Reduce -0.7% | 4.59% | −0.88 |
| SOFI Sofi Technologies Inc. | Reduce -20.1% | 1.44% | −0.66 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -73.8% | 0.15% | −0.51 |
| UBER Uber Technologies Inc. | Reduce -6.9% | 0.86% | −0.40 |
| COST Costco Wholesale Corp. | Reduce -2.6% | 3.12% | −0.38 |
| ET Energy Transfer LP | Reduce -47.0% | 0.31% | −0.32 |
| SHLD Global X Defense Tech ETF | Sold out | 0.00% | −0.27 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.25 |
| DELL Dell Technologies -C | Reduce -25.8% | 0.27% | −0.23 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.23 |
| GENI Genius Sports Ltd. | Sold out | 0.00% | −0.23 |
| SBUX Starbucks Corp. | Reduce -17.1% | 0.84% | −0.19 |
| UPST Upstart Holdings Inc. | Reduce -66.7% | 0.06% | −0.17 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −0.15 |
| T AT&T Inc. | Reduce -47.2% | 0.09% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.9% | 0.62% | −0.14 |
| MPLX MPLX LP | Reduce -2.6% | 1.91% | −0.12 |
| FSCO FS Credit Opportunities Corp. | Sold out | 0.00% | −0.10 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.10 |
| BTCO Invsco GLXY BTCN ETF | Sold out | 0.00% | −0.09 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -46.7% | 0.07% | −0.09 |
| HD Home Depot Inc. | Reduce -3.2% | 0.32% | −0.08 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −0.08 |
| SHOP Shopify Inc. Class A | Reduce -2.6% | 0.27% | −0.07 |
| ISRG Intuitive Surgical Inc. | Reduce -51.9% | 0.07% | −0.07 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.07 |
| MP MP Materials Corp. | Sold out | 0.00% | −0.07 |
| MCD McDonald's Corp. | Reduce -1.4% | 0.41% | −0.07 |
| BA The Boeing Co. | Reduce -14.9% | 0.40% | −0.07 |
| AMX America Movil Sab DE CV | Sold out | 0.00% | −0.06 |
| CVX Chevron Corp. | Reduce -7.5% | 0.39% | −0.06 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.06 |
| EQX Equinox Gold Corp. | Sold out | 0.00% | −0.03 |
| ARIS Aris Mining Corp. | Sold out | 0.00% | −0.03 |
| KGC Kinross Gold Corp. | Reduce -31.8% | 0.13% | −0.02 |
| DBL Doubleline Opport Credit | Reduce -10.5% | 0.05% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -1.5% | 0.05% | −0.02 |
| AMLP Alerian MLP ETF | Reduce -5.2% | 0.10% | −0.02 |
| VCV Invesco Ca Val Muni Inc. TR | Reduce -18.8% | 0.04% | −0.01 |
| IE Ivanhoe Electric Inc. / US | Reduce -6.8% | 0.57% | +0.11 |
| GDX Vaneck Gold Miners ETF | Reduce -12.9% | 4.01% | +0.15 |
| GDXJ Vaneck Junior Gold Miners | Reduce -13.8% | 3.42% | +0.23 |
| GOOGL Alphabet Inc. Class A | Reduce -3.8% | 2.72% | +0.32 |
| AEM Agnico Eagle Mines Ltd. | Reduce -2.5% | 5.92% | +0.40 |
| SLV iShares Silver Trust | Reduce -5.3% | 1.31% | +0.54 |
Portfolio Buys Q3 2025 → Q4 2025
| BE Bloom Energy Corp. Class A | Add +59.6% | 1.84% | +1.07 |
| LUV Southwest Airlines Co. | Add +111.7% | 1.44% | +0.85 |
| MU Micron Technology Inc. | New | 0.83% | +0.83 |
| GOOG Alphabet Inc. Class C | Add +0.9% | 5.06% | +0.80 |
| IBRX Immunitybio Inc. | Add +12.5% | 1.12% | +0.74 |
| SNPS Synopsys Inc. | New | 0.66% | +0.66 |
| LLY Eli Lilly & Co. | Add +98.3% | 1.08% | +0.64 |
| XBI SS SPDR S&P Biotech ETF | New | 0.61% | +0.61 |
| BABA Alibaba Group Holding-SP ADR | Add +194.0% | 1.00% | +0.60 |
| AMD Advanced Micro Devices | Add +17.2% | 1.38% | +0.51 |
| CAVA Cava Group Inc. | New | 0.48% | +0.48 |
| CCJ Cameco Corp. | Add +11.8% | 1.60% | +0.46 |
| GEV GE Vernova Inc. | Add +61.2% | 1.37% | +0.46 |
| SLB SLB Ltd. | New | 0.44% | +0.44 |
| BIDU Baidu Inc. - Spon ADR | Add +81.8% | 0.78% | +0.38 |
| EPD Enterprise Products Partners | New | 0.35% | +0.35 |
| UEC Uranium Energy Corp. | Add +75.5% | 0.63% | +0.35 |
| PYLD PIMCO Multisector Bond Actv | New | 0.33% | +0.33 |
| IBIT iShares Bitcoin Trust ETF | Add +141.8% | 0.54% | +0.21 |
| VIK Viking Holdings Ltd. | New | 0.20% | +0.20 |
| GLD SPDR Gold Shares | Add +12.6% | 0.91% | +0.18 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.18% | +0.18 |
| USAR USA Rare Earth Inc. | Add +272.0% | 0.22% | +0.17 |
| FTAI Ftai Aviation Ltd. | New | 0.17% | +0.17 |
| AVAV Aerovironment Inc. | Add +138.5% | 0.32% | +0.16 |
| WMT Walmart Inc. | Add +9.4% | 1.89% | +0.15 |
| XOM Exxon Mobil Corp. | Add +4.3% | 2.16% | +0.15 |
| C Citigroup Inc. | New | 0.13% | +0.13 |
| WES Western Midstream Partners L | New | 0.12% | +0.12 |
| APH Amphenol Corp. Class A | New | 0.12% | +0.12 |
| MRK Merck & Co. Inc. | New | 0.11% | +0.11 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.10% | +0.10 |
| SHAK Shake Shack Inc. Class A | New | 0.10% | +0.10 |
| GE General Electric | New | 0.08% | +0.08 |
| INTC Intel Corp. | New | 0.08% | +0.08 |
| CAT Caterpillar Inc. | Add +0.3% | 0.49% | +0.08 |
| MUX McEwen Inc. | New | 0.07% | +0.07 |
| DJAN FT Vest U.S. Equity Deep Buf | New | 0.07% | +0.07 |
| AGI Alamos Gold Inc. Class A | Add +2.5% | 0.94% | +0.07 |
| BKR Baker Hughes Co. | New | 0.06% | +0.06 |
| KTOS Kratos Defense & Security | New | 0.06% | +0.06 |
| CGSD Cap Group Short Duration | New | 0.06% | +0.06 |
| EWY iShares MSCI South Korea ETF | New | 0.06% | +0.06 |
| BMY Bristol-Myers Squibb Co. | New | 0.06% | +0.06 |
| IREN Iren Ltd. | New | 0.06% | +0.06 |
| FCX Freeport-McMoran Inc. | New | 0.05% | +0.05 |
| TSLA Tesla Inc. | Add +16.6% | 2.16% | +0.05 |
| NVG Nuveen Amt-FR Muni CRDT | Add +78.0% | 0.12% | +0.04 |
| UPS United Parcel Service Class B | Add +18.5% | 0.16% | +0.04 |
| IQI Invesco Quality Muni Inc. TR | Add +45.5% | 0.04% | +0.01 |
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 |