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

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 Q2 2025 Q3 2025: $331.0M Q3 2025 Q4 2025: $381.7M $381.7M Q4 2025 Q1 2026: $312.7M Q1 2026 Q2 2026: $328.4M Q2 2026

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%
KTOS Kratos Defense & Security 0.06% 2,000 $228K New
CGSD Cap Group Short Duration 0.06% 8,720 $227K New
VGM Invesco Trust for Investmen 0.06% 22,112 $226K Add +0.1%
EWY iShares MSCI South Korea ETF 0.06% 1,950 $226K New
BMY Bristol-Myers Squibb Co. 0.06% 4,037 $222K New
IREN Iren Ltd. filed as IREN LIMITED 0.06% 4,200 $219K New
RCL Royal Caribbean Cruises Ltd. 0.06% 765 $218K Add +5.4%
FCX Freeport-McMoran Inc. 0.05% 3,530 $208K New
VZ Verizon Communications Inc. 0.05% 5,241 $207K Reduce -1.5%
PML PIMCO Municipal Income FD II 0.05% 26,422 $199K No change
DBL Doubleline Opport Credit 0.05% 12,607 $191K Reduce -10.5%
NMZ Nuveen Muni Hi Inc. Opport 0.05% 17,563 $182K Add +0.2%
VMO Invesco Municipal Opport 0.05% 18,567 $179K No change
IQI Invesco Quality Muni Inc. TR 0.04% 16,000 $160K Add +45.5%
VCV Invesco Ca Val Muni Inc. TR 0.04% 13,000 $144K Reduce -18.8%
NRK Nuveen NY Amt-FR Muni Inc. 0.03% 12,259 $125K Add +0.9%
VPV Invesco Pa Val Muni Inc. 0.03% 11,000 $116K No change

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

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