Kercheville Advisors, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 20, 2026), Kercheville Advisors, LLC reported 106 stock positions worth $312.7 million. Its top holding was Agnico Eagle Mines (AEM) at 6.7% of the portfolio, followed by Nvidia (NVDA, 6.4%) and Amazon.com (AMZN, 6.1%). Compared with Q4 2025, it opened 10 new positions, sold out of 21, added to 33 and reduced 53. The biggest buy was Exxon Mobil (XOM, shares +1%) and the biggest sale Celsius (CELH, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001890748
- Portfolio Value
- $312.7M (Q1 2026)
- SEC Filing
- 0002085853-26-000413 ↗ filed Apr 20, 2026
Holdings Value
Holdings 106 stocks · $312.7M
| AEM Agnico Eagle Mines Ltd. | 6.72% | 103,568 | $21.0M | Reduce -2.1% |
| NVDA Nvidia Corp. | 6.37% | 114,226 | $19.9M | Reduce -1.6% |
| AMZN Amazon.com Inc. | 6.09% | 91,448 | $19.0M | Reduce -4.6% |
| AAPL Apple Inc. | 5.69% | 70,137 | $17.8M | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 5.00% | 54,542 | $15.6M | Reduce -6.6% |
| COST Costco Wholesale Corp. | 3.98% | 12,480 | $12.4M | Add +2.3% |
| GDX Vaneck Gold Miners ETF | 3.81% | 129,813 | $11.9M | Reduce -10.9% |
| XOM Exxon Mobil Corp. | 3.38% | 62,358 | $10.6M | Add +1.1% |
| GDXJ Vaneck Junior Gold Miners | 3.28% | 85,371 | $10.2M | Reduce -7.1% |
| META Meta Platforms Inc. Class A | 3.21% | 17,544 | $10.0M | Reduce -14.4% |
| SUN Sunoco LP | 3.20% | 154,085 | $10.0M | Add +0.0% |
| NFLX Netflix Inc. | 2.60% | 84,386 | $8.1M | Reduce -7.4% |
| WMT Walmart Inc. | 2.53% | 63,544 | $7.9M | Add +3.8% |
| GOOGL Alphabet Inc. Class A | 2.49% | 27,047 | $7.8M | Reduce -13.9% |
| MPLX MPLX LP | 2.47% | 135,336 | $7.7M | Add +3.0% |
| GEV GE Vernova Inc. | 2.13% | 7,637 | $6.7M | Reduce -3.4% |
| CELH Celsius Holdings Inc. | 2.01% | 176,710 | $6.3M | Reduce -27.6% |
| TSLA Tesla Inc. | 1.88% | 15,815 | $5.9M | Reduce -13.9% |
| MSFT Microsoft Corp. | 1.77% | 14,982 | $5.5M | Reduce -13.0% |
| IBRX Immunitybio Inc. | 1.58% | 643,137 | $4.9M | Add +10.1% |
| CCJ Cameco Corp. | 1.50% | 43,227 | $4.7M | Reduce -13.6% |
| BE Bloom Energy Corp. Class A | 1.38% | 31,855 | $4.3M | Reduce -33.9% |
| MU Micron Technology Inc. | 1.33% | 12,355 | $4.2M | Add +54.4% |
| AMD Advanced Micro Devices | 1.18% | 18,125 | $3.7M | Reduce -12.7% |
| PLTR Palantir Technologies Inc. Class A | 1.16% | 24,827 | $3.6M | Reduce -27.0% |
| EPD Enterprise Products Partners | 1.13% | 93,320 | $3.5M | Add +129.3% |
| AGI Alamos Gold Inc. Class A | 1.09% | 77,124 | $3.4M | Reduce -9.6% |
| LUV Southwest Airlines Co. | 1.08% | 90,174 | $3.4M | Reduce -30.4% |
| GLD SPDR Gold Shares | 1.05% | 7,639 | $3.3M | Reduce -1.0% |
| BX Blackstone Inc. | 1.04% | 28,160 | $3.2M | Reduce -16.8% |
| SBUX Starbucks Corp. | 0.95% | 33,074 | $3.0M | Reduce -1.5% |
| UBER Uber Technologies Inc. | 0.82% | 35,861 | $2.6M | Reduce -9.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.72% | 4,716 | $2.3M | Reduce -3.1% |
| CAT Caterpillar Inc. | 0.65% | 2,865 | $2.0M | Reduce -0.3% |
| SNPS Synopsys Inc. | 0.63% | 4,981 | $2.0M | No change |
| CVX Chevron Corp. | 0.61% | 9,178 | $1.9M | Add +3.9% |
| LLY Eli Lilly & Co. | 0.60% | 2,048 | $1.9M | Reduce -45.8% |
| UTG Reaves Utility Income Fund | 0.60% | 47,645 | $1.9M | Reduce -0.7% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.52% | 146,035 | $1.6M | Add +3.3% |
| MCD McDonald's Corp. | 0.51% | 5,094 | $1.6M | Reduce -0.5% |
| ET Energy Transfer LP | 0.48% | 77,990 | $1.5M | Add +21.1% |
| SLV iShares Silver Trust | 0.48% | 21,825 | $1.5M | Reduce -62.0% |
| PYLD PIMCO Multisector Bond Actv | 0.47% | 56,330 | $1.5M | Add +21.0% |
| DE Deere & Co. | 0.41% | 2,260 | $1.3M | Add +10.8% |
| TYG Tortoise Energy Infrastruct | 0.37% | 23,100 | $1.2M | Add +8.2% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.35% | 21,400 | $1.1M | Reduce -37.1% |
| NAD Nuveen Quality Municipal Inc. | 0.34% | 92,301 | $1.1M | Reduce -0.4% |
| HD Home Depot Inc. | 0.33% | 3,175 | $1.0M | No change |
| CSCO Cisco Systems Inc. | 0.32% | 12,715 | $987K | Reduce -7.3% |
| ALG Alamo Group Inc. | 0.31% | 5,900 | $973K | Reduce -1.7% |
| DELL Dell Technologies -C | 0.30% | 5,652 | $928K | Reduce -34.7% |
| LVS Las Vegas Sands Corp. | 0.27% | 15,684 | $845K | Reduce -32.9% |
| NVG Nuveen Amt-FR Muni CRDT | 0.26% | 66,600 | $821K | Add +82.0% |
| UEC Uranium Energy Corp. | 0.26% | 60,550 | $817K | Reduce -49.9% |
| SHOP Shopify Inc. Class A | 0.26% | 6,850 | $813K | Reduce -6.9% |
| AKAM Akamai Technologies Inc. | 0.26% | 6,950 | $798K | Add +49.5% |
| WES Western Midstream Partners L | 0.25% | 19,300 | $795K | Add +69.3% |
| FANG Diamondback Energy Inc. | 0.25% | 4,000 | $791K | New |
| XBI SS SPDR S&P Biotech ETF | 0.24% | 5,870 | $750K | Reduce -66.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.23% | 1 | $718K | No change |
| HAL Halliburton Co. | 0.21% | 17,050 | $665K | New |
| AVGO Broadcom Inc. | 0.20% | 1,990 | $616K | Reduce -9.1% |
| UPS United Parcel Service Class B | 0.18% | 5,620 | $553K | Add +3.3% |
| BA The Boeing Co. | 0.18% | 2,764 | $550K | Reduce -54.5% |
| TT Trane Technologies PLC | 0.15% | 1,156 | $482K | No change |
| MRK Merck & Co. Inc. | 0.15% | 4,003 | $482K | Add +5.3% |
| GRMN Garmin Ltd. | 0.15% | 2,000 | $464K | No change |
| T AT&T Inc. | 0.15% | 15,995 | $464K | Add +11.0% |
| BKR Baker Hughes Co. | 0.15% | 7,500 | $458K | Add +66.7% |
| FNV Franco-Nevada Corp. | 0.14% | 1,831 | $452K | Reduce -2.7% |
| VLO Valero Energy Corp. | 0.14% | 1,798 | $444K | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.14% | 9,600 | $441K | Reduce -26.2% |
| AMLP Alerian MLP ETF | 0.14% | 8,150 | $429K | Add +4.2% |
| STLD Steel Dynamics Inc. | 0.14% | 2,382 | $429K | Reduce -7.8% |
| GLW Corning Inc. | 0.14% | 3,130 | $426K | New |
| UPST Upstart Holdings Inc. | 0.12% | 15,000 | $385K | Add +200.0% |
| TEI Templeton Emrg MKTS Inc. | 0.12% | 63,587 | $382K | Add +0.7% |
| STX Seagate Technology Holdings | 0.12% | 950 | $372K | New |
| V Visa Inc. Class A | 0.11% | 1,131 | $342K | Add +8.8% |
| AVAV Aerovironment Inc. | 0.11% | 1,850 | $339K | Reduce -52.3% |
| KGC Kinross Gold Corp. | 0.11% | 10,800 | $330K | Reduce -19.4% |
| WDC Western Digital Corp. | 0.10% | 1,200 | $325K | New |
| GS Goldman Sachs Group Inc. | 0.10% | 375 | $317K | Reduce -21.1% |
| ABBV Abbvie Inc. | 0.10% | 1,415 | $308K | Reduce -3.3% |
| VZ Verizon Communications Inc. | 0.09% | 5,867 | $295K | Add +11.9% |
| MO Altria Group Inc. | 0.09% | 4,408 | $291K | No change |
| XEL Xcel Energy Inc. | 0.09% | 3,641 | $289K | New |
| CGSD Cap Group Short Duration | 0.08% | 10,220 | $264K | Add +17.2% |
| BMY Bristol-Myers Squibb Co. | 0.08% | 4,037 | $245K | No change |
| DJAN FT Vest U.S. Equity Deep Buf | 0.08% | 5,700 | $242K | No change |
| EWY iShares MSCI South Korea ETF | 0.07% | 1,900 | $234K | Reduce -2.6% |
| MUX McEwen Inc. | 0.07% | 11,000 | $225K | Add +10.0% |
| GPIX GLDM SA S&P 500 PR in ETF-US | 0.07% | 4,420 | $221K | New |
| VGM Invesco Trust for Investmen | 0.07% | 22,143 | $219K | Add +0.1% |
| MPC Marathon Petroleum Corp. | 0.07% | 867 | $212K | New |
| FCX Freeport-McMoran Inc. | 0.07% | 3,531 | $208K | Add +0.0% |
| IQI Invesco Quality Muni Inc. TR | 0.06% | 21,000 | $202K | Add +31.3% |
| PML PIMCO Municipal Income FD II | 0.06% | 26,022 | $197K | Reduce -1.5% |
| SOFI Sofi Technologies Inc. | 0.06% | 12,290 | $195K | Reduce -94.2% |
| NMZ Nuveen Muni Hi Inc. Opport | 0.06% | 17,579 | $182K | Add +0.1% |
Portfolio Sells Q4 2025 → Q1 2026
| CELH Celsius Holdings Inc. | Reduce -27.6% | 2.01% | −1.53 |
| SOFI Sofi Technologies Inc. | Reduce -94.2% | 0.06% | −1.37 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −1.00 |
| SLV iShares Silver Trust | Reduce -62.0% | 0.48% | −0.84 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.78 |
| IE Ivanhoe Electric Inc. / US | Sold out | 0.00% | −0.57 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.54 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.49 |
| CAVA Cava Group Inc. | Sold out | 0.00% | −0.48 |
| LLY Eli Lilly & Co. | Reduce -45.8% | 0.60% | −0.47 |
| BE Bloom Energy Corp. Class A | Reduce -33.9% | 1.38% | −0.46 |
| XBI SS SPDR S&P Biotech ETF | Reduce -66.9% | 0.24% | −0.37 |
| UEC Uranium Energy Corp. | Reduce -49.9% | 0.26% | −0.37 |
| LUV Southwest Airlines Co. | Reduce -30.4% | 1.08% | −0.36 |
| BX Blackstone Inc. | Reduce -16.8% | 1.04% | −0.34 |
| PLTR Palantir Technologies Inc. Class A | Reduce -27.0% | 1.16% | −0.32 |
| TSLA Tesla Inc. | Reduce -13.9% | 1.88% | −0.28 |
| META Meta Platforms Inc. Class A | Reduce -14.4% | 3.21% | −0.27 |
| MSFT Microsoft Corp. | Reduce -13.0% | 1.77% | −0.26 |
| GOOGL Alphabet Inc. Class A | Reduce -13.9% | 2.49% | −0.23 |
| BA The Boeing Co. | Reduce -54.5% | 0.18% | −0.22 |
| USAR USA Rare Earth Inc. | Sold out | 0.00% | −0.22 |
| AVAV Aerovironment Inc. | Reduce -52.3% | 0.11% | −0.21 |
| GDX Vaneck Gold Miners ETF | Reduce -10.9% | 3.81% | −0.20 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.20 |
| AMD Advanced Micro Devices | Reduce -12.7% | 1.18% | −0.20 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.18 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.17 |
| GDXJ Vaneck Junior Gold Miners | Reduce -7.1% | 3.28% | −0.14 |
| C Citigroup Inc. | Sold out | 0.00% | −0.13 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.12 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.10 |
| SHAK Shake Shack Inc. Class A | Sold out | 0.00% | −0.10 |
| LVS Las Vegas Sands Corp. | Reduce -32.9% | 0.27% | −0.10 |
| CCJ Cameco Corp. | Reduce -13.6% | 1.50% | −0.10 |
| SLB SLB Ltd. | Reduce -37.1% | 0.35% | −0.09 |
| GE General Electric | Sold out | 0.00% | −0.08 |
| INTC Intel Corp. | Sold out | 0.00% | −0.08 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.07 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.07 |
| KTOS Kratos Defense & Security | Sold out | 0.00% | −0.06 |
| IREN Iren Ltd. | Sold out | 0.00% | −0.06 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.06 |
| GOOG Alphabet Inc. Class C | Reduce -6.6% | 5.00% | −0.06 |
| UBER Uber Technologies Inc. | Reduce -9.9% | 0.82% | −0.04 |
| KGC Kinross Gold Corp. | Reduce -19.4% | 0.11% | −0.02 |
| GS Goldman Sachs Group Inc. | Reduce -21.1% | 0.10% | −0.02 |
| SHOP Shopify Inc. Class A | Reduce -6.9% | 0.26% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -26.2% | 0.14% | −0.00 |
| VPV Invesco Pa Val Muni Inc. | Reduce -9.1% | 0.03% | +0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| XOM Exxon Mobil Corp. | Add +1.1% | 3.38% | +1.22 |
| SUN Sunoco LP | Add +0.0% | 3.20% | +0.90 |
| COST Costco Wholesale Corp. | Add +2.3% | 3.98% | +0.86 |
| EPD Enterprise Products Partners | Add +129.3% | 1.13% | +0.78 |
| WMT Walmart Inc. | Add +3.8% | 2.53% | +0.64 |
| MPLX MPLX LP | Add +3.0% | 2.47% | +0.56 |
| MU Micron Technology Inc. | Add +54.4% | 1.33% | +0.50 |
| IBRX Immunitybio Inc. | Add +10.1% | 1.58% | +0.45 |
| FANG Diamondback Energy Inc. | New | 0.25% | +0.25 |
| CVX Chevron Corp. | Add +3.9% | 0.61% | +0.22 |
| HAL Halliburton Co. | New | 0.21% | +0.21 |
| ET Energy Transfer LP | Add +21.1% | 0.48% | +0.18 |
| PYLD PIMCO Multisector Bond Actv | Add +21.0% | 0.47% | +0.14 |
| VLO Valero Energy Corp. | New | 0.14% | +0.14 |
| NVG Nuveen Amt-FR Muni CRDT | Add +82.0% | 0.26% | +0.14 |
| AKAM Akamai Technologies Inc. | Add +49.5% | 0.26% | +0.14 |
| GLW Corning Inc. | New | 0.14% | +0.14 |
| WES Western Midstream Partners L | Add +69.3% | 0.25% | +0.13 |
| DE Deere & Co. | Add +10.8% | 0.41% | +0.13 |
| STX Seagate Technology Holdings | New | 0.12% | +0.12 |
| TYG Tortoise Energy Infrastruct | Add +8.2% | 0.37% | +0.11 |
| WDC Western Digital Corp. | New | 0.10% | +0.10 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Add +3.3% | 0.52% | +0.10 |
| XEL Xcel Energy Inc. | New | 0.09% | +0.09 |
| BKR Baker Hughes Co. | Add +66.7% | 0.15% | +0.08 |
| GPIX GLDM SA S&P 500 PR in ETF-US | New | 0.07% | +0.07 |
| MPC Marathon Petroleum Corp. | New | 0.07% | +0.07 |
| UPST Upstart Holdings Inc. | Add +200.0% | 0.12% | +0.06 |
| T AT&T Inc. | Add +11.0% | 0.15% | +0.06 |
| MRK Merck & Co. Inc. | Add +5.3% | 0.15% | +0.05 |
| VZ Verizon Communications Inc. | Add +11.9% | 0.09% | +0.04 |
| XNQPX Nuveen Pa QLTY Muni Inc. | New | 0.04% | +0.04 |
| AMLP Alerian MLP ETF | Add +4.2% | 0.14% | +0.04 |
| CGSD Cap Group Short Duration | Add +17.2% | 0.08% | +0.02 |
| IQI Invesco Quality Muni Inc. TR | Add +31.3% | 0.06% | +0.02 |
| UPS United Parcel Service Class B | Add +3.3% | 0.18% | +0.02 |
| V Visa Inc. Class A | Add +8.8% | 0.11% | +0.02 |
| TEI Templeton Emrg MKTS Inc. | Add +0.7% | 0.12% | +0.01 |
| FCX Freeport-McMoran Inc. | Add +0.0% | 0.07% | +0.01 |
| NMZ Nuveen Muni Hi Inc. Opport | Add +0.1% | 0.06% | +0.01 |
| VGM Invesco Trust for Investmen | Add +0.1% | 0.07% | +0.01 |
| NRK Nuveen NY Amt-FR Muni Inc. | Add +0.5% | 0.04% | +0.01 |
| MUX McEwen Inc. | Add +10.0% | 0.07% | +0.00 |
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 |