13F Insight
DOSSIER · 13F-HR · Q1 2026

Merk Investments LLC

$368M in tracked AUM across 11 positions as of Q1 2026.

MI
CIK 0001302842 · last filed Mar 31, 2026
Total AUM
$368M
as of Q1 2026
Holdings
11
—
positions
Whale Score
69
69
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026

Portfolio Overview

Merk Investments LLC manages a highly concentrated, specialized portfolio totaling approximately $274.21 million as of the report date September 30, 2025. The firm's strategy is characterized by extreme conviction, with only 8 holdings in the portfolio. Despite the low number of positions, the portfolio experienced significant growth, increasing in value by 11.4% (from $246.09M in the previous quarter). This performance was driven both by asset appreciation an...

The portfolio exhibits a "barbell" structure regarding concentration. The top three positions—Americas Gold and Silver, Orla Mining Ltd, and Equinox Gold Corp—command a combined 79.28% of the total portfolio value. This indicates a high-risk, high-conviction approach where the fund’s performance is heavily dependent on the success of a small number of underlying assets. The lack of diversification across traditional sectors (such as Technology or Healthcare) confirms a thematic, rather than broad-market, investment mandate.

Key Holdings

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
USAS
AMERICAS GOLD AND SILVER COR
$101M19.4M27.5%02
ORLA
ORLA MNG LTD NEW
$100M6.2M27.2%03
EQX
EQUINOX GOLD CORP
$71M4.9M19.2%04
AGI
ALAMOS GOLD INC
$20M450K5.4%05
MTA
METALLA RTY & STREAMING LTD
$20M3.0M5.4%06
AEM
AGNICO EAGLE MINES LTD
$16M80K4.4%07
VMET
VERSAMET ROYALTIES CORP
$13M1.4M3.6%08
BTG
B2GOLD CORP
$9M2.0M2.5%09
NFGC
NEW FOUND GOLD CORP
$9M4.8M2.4%10
ITRG
INTEGRA RES CORP
$7M2.6M1.9%

Filing history

2026Q1Mar 31
$368M▲ 2.0%
11 positionsView →2025Q4Dec 31
$361M▲ 31.5%
10 positionsView →2025Q3Sep 30
$274M▲ 11.4%
8 positionsView →2025Q2Jun 30
$246M▲ 77.8%
11 positionsLocked2025Q1Mar 31
$138M▲ 42.1%
7 positionsLocked2024Q4Dec 31
$97M▼ 7.8%
10 positionsLocked2024Q3Sep 30
$106M▲ 17.8%
11 positionsLocked2024Q2Jun 30
$90M▲ 0.0%
12 positionsLocked2024Q1Mar 31
$90M▼ 4.6%
13 positionsLocked2023Q4Dec 31
$94M▲ 6.1%
14 positionsLocked2023Q3Sep 30
$89M▼ 29.8%
14 positionsLocked2023Q2Jun 30
$126M▲ 9.6%
14 positionsLocked
Showing 12 of 26