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

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 Q4 2025 Q1 2026: $312.7M $312.7M Q1 2026 Q2 2026: $328.4M Q2 2026

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%
VMO Invesco Municipal Opport 0.06% 18,567 $177K No change
DBL Doubleline Opport Credit 0.06% 11,897 $174K Reduce -5.6%
VCV Invesco Ca Val Muni Inc. TR 0.04% 13,000 $136K No change
NRK Nuveen NY Amt-FR Muni Inc. 0.04% 12,316 $126K Add +0.5%
XNQPX Nuveen Pa QLTY Muni Inc. 0.04% 10,000 $119K New
VPV Invesco Pa Val Muni Inc. 0.03% 10,000 $106K Reduce -9.1%

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

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