Institutional Manager · CIK 0001302842
Merk Investments LLC
Menlo Park, CA · File #028-20082
Latest AUM
$360.7M
Positions
10
Top-10 Concentration
100.0%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | ALAMOS GOLD INC NEW | AGI | -300,000 | -$11.6M | +$2.8M |
| REDUCE | AMERICAS GOLD AND SILVER COR | 03062D803 | -2,250,000 | -$11.5M | +$35.7M |
| EXITED | GOLD FIELDS LTD-ADR | 38059T106 | -250,000 | -$10.5M | $0 |
| REDUCE | AGNICO EAGLE MINES LTD | AEM | -60,000 | -$10.2M | +$135,800 |
| ADD | NEW FOUND GOLD CORP | NFGC | +2,400,000 | +$7.1M | +$1.4M |
| REDUCE | INTEGRA RES CORP | ITRG | -1,437,473 | -$5.8M | +$4.2M |
| REDUCE | VANECK MERK GOLD ETF | OUNZ | -3,737 | -$155,011 | +$114,131 |
| REDUCE | B2GOLD CORP | BTG | 0 | $0 | -$880,000 |
| REDUCE | EQUINOX GOLD CORP | EQX | 0 | $0 | +$14.0M |
| REDUCE | METALLA RTY & STREAMING LTD | 59124U605 | 0 | $0 | +$4.3M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202510 pos · $360.7M
- 13F HOLDINGS REPORTQ/E Sep 202511 pos · $324.9M
- 13F HOLDINGS REPORTQ/E Jun 202511 pos · $246.1M
- 13F HOLDINGS REPORTQ/E Mar 202510 pos · $183.4M
- 13F HOLDINGS REPORTQ/E Dec 202410 pos · $97.4M
- 13F HOLDINGS REPORTQ/E Sep 202411 pos · $105.6M
- 13F HOLDINGS REPORTQ/E Jun 202412 pos · $89.7M
- 13F HOLDINGS REPORTQ/E Mar 202413 pos · $89.6M
- 13F HOLDINGS REPORTQ/E Dec 202314 pos · $88.5M
Top 10 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | AMERICAS GOLD AND SILVER COR | 03062D803 | 23,429,000 | $119.7M | 33.20% |
| 2 | ORLA MNG LTD NEW | 68634K106 | 6,200,000 | $83.5M | 23.15% |
| 3 | EQUINOX GOLD CORP | EQX | 4,900,000 | $68.9M | 19.09% |
| 4 | METALLA RTY & STREAMING LTD | 59124U605 | 3,000,000 | $23.3M | 6.47% |
| 5 | ALAMOS GOLD INC NEW | AGI | 450,000 | $17.4M | 4.81% |
| 6 | NEW FOUND GOLD CORP | NFGC | 4,750,000 | $14.1M | 3.90% |
| 7 | AGNICO EAGLE MINES LTD | AEM | 80,000 | $13.6M | 3.76% |
| 8 | INTEGRA RES CORP | ITRG | 2,562,526 | $10.3M | 2.85% |
| 9 | B2GOLD CORP | BTG | 2,000,000 | $9.0M | 2.50% |
| 10 | VANECK MERK GOLD ETF | OUNZ | 22,867 | $948,523 | 0.26% |