Merk Investments LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Merk Investments LLC reported 10 stock positions worth $360.7 million. Its top holding was Americas Gold and Silver Cor (USAS) at 33.2% of the portfolio, followed by Orla Mining (ORLA, 23.2%) and Equinox Gold (EQX, 19.1%). Compared with Q3 2025, it sold out of 1, added to 1 and reduced 5. The biggest buy was New Found Gold (NFGC, shares +102%) and the biggest sale Agnico Eagle Mines (AEM, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001302842
- Portfolio Value
- $360.7M (Q4 2025)
- SEC Filing
- 0001420506-26-000380 ↗ filed Feb 13, 2026
Holdings Value
Holdings 10 stocks · $360.7M
| USAS Americas Gold and Silver Cor | 33.20% | 23,429,000 | $119.7M | Reduce -8.8% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 23.15% | 6,200,000 | $83.5M | No change |
| EQX Equinox Gold Corp. | 19.09% | 4,900,000 | $68.9M | No change |
| MTA Metalla Royalty & Streaming | 6.47% | 3,000,000 | $23.3M | No change |
| AGI Alamos Gold Inc. Class A | 4.81% | 450,000 | $17.4M | Reduce -40.0% |
| NFGC New Found Gold Corp. | 3.90% | 4,750,000 | $14.1M | Add +102.1% |
| AEM Agnico Eagle Mines Ltd. | 3.76% | 80,000 | $13.6M | Reduce -42.9% |
| ITRG Integra Resources Corp. | 2.85% | 2,562,526 | $10.3M | Reduce -35.9% |
| BTG B2GOLD Corp. | 2.50% | 2,000,000 | $9.0M | No change |
| OUNZ Vaneck Merk Gold ETF | 0.26% | 22,867 | $949K | Reduce -14.1% |
Portfolio Sells Q3 2025 → Q4 2025
| AEM Agnico Eagle Mines Ltd. | Reduce -42.9% | 3.76% | −3.50 |
| AGI Alamos Gold Inc. Class A | Reduce -40.0% | 4.81% | −3.23 |
| GFI Gold Fields Ltd.-Spons ADR | Sold out | 0.00% | −3.23 |
| ITRG Integra Resources Corp. | Reduce -35.9% | 2.85% | −0.78 |
| OUNZ Vaneck Merk Gold ETF | Reduce -14.1% | 0.26% | −0.04 |
| USAS Americas Gold and Silver Cor | Reduce -8.8% | 33.20% | +3.80 |
Portfolio Buys Q3 2025 → Q4 2025
| NFGC New Found Gold Corp. | Add +102.1% | 3.90% | +2.18 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $313.5M | USAS, ORLA, EQX, NFGC, MTA |
| Q1 2026 | 11 | $367.9M | USAS, ORLA, EQX, AGI, MTA |
| Q4 2025 | 10 | $360.7M | USAS, ORLA, EQX, MTA, AGI |
| Q3 2025 | 11 | $324.9M | USAS, ORLA, EQX, AGI, AEM |
| Q2 2025 | 11 | $246.1M | ORLA, USAS, EQX, AGI, AEM |
| Q1 2025 | 10 | $183.4M | ORLA, USAS, AGI, AEM, GFI |
| Q4 2024 | 10 | $97.4M | ORLA, AGI, AEM, MTA, GFI |
| Q3 2024 | 11 | $105.6M | ORLA, AGI, AEM, B, GFI |
| Q2 2024 | 12 | $89.7M | ORLA, AGI, B, AEM, GFI |
| Q1 2024 | 13 | $89.6M | ORLA, AGI, B, AEM, GFI |