Merk Investments LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 18, 2026), Merk Investments LLC reported 11 stock positions worth $367.9 million. Its top holding was Americas Gold and Silver Cor (USAS) at 27.5% of the portfolio, followed by Orla Mining (ORLA, 27.2%) and Equinox Gold (EQX, 19.2%). Compared with Q4 2025, it opened 1 new position, added to 1 and reduced 1. The biggest buy was a new position in Versamet Royalties (VMET) and the biggest sale Americas Gold and Silver Cor (USAS, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001302842
- Portfolio Value
- $367.9M (Q1 2026)
- SEC Filing
- 0001420506-26-001171 ↗ filed May 18, 2026
Holdings Value
Holdings 11 stocks · $367.9M
| USAS Americas Gold and Silver Cor | 27.52% | 19,392,000 | $101.2M | Reduce -17.2% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 27.18% | 6,200,000 | $100.0M | No change |
| EQX Equinox Gold Corp. | 19.24% | 4,900,000 | $70.8M | No change |
| AGI Alamos Gold Inc. Class A | 5.43% | 450,000 | $20.0M | No change |
| MTA Metalla Royalty & Streaming | 5.41% | 3,000,000 | $19.9M | No change |
| AEM Agnico Eagle Mines Ltd. | 4.41% | 80,000 | $16.2M | No change |
| VMET Versamet Royalties Corp. | 3.61% | 1,400,000 | $13.3M | New |
| BTG B2GOLD Corp. | 2.46% | 2,000,000 | $9.1M | No change |
| NFGC New Found Gold Corp. | 2.41% | 4,750,000 | $8.9M | No change |
| ITRG Integra Resources Corp. | 1.90% | 2,562,526 | $7.0M | No change |
| OUNZ Vaneck Merk Gold ETF | 0.42% | 34,200 | $1.5M | Add +49.6% |
Portfolio Sells Q4 2025 → Q1 2026
| USAS Americas Gold and Silver Cor | Reduce -17.2% | 27.52% | −5.68 |
Portfolio Buys Q4 2025 → Q1 2026
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 |