Merk Investments LLC

Q3 2025 13F-HR Holdings

Location
Palo Alto, CA
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
11
Total value ($000)
$324,942
Net value change ($000)
+78,855 (32.0%)
New positions
2
Sold out positions
2
Turnover %
52.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/13/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
USAS 95,532 NEW
EQX 26,607 94.1%
MTA 7,530 65.4%
NFGC 5,589 NEW
ORLA 4,836 7.8%
AEM 3,975 20.3%
ITRG 3,491 42.0%
BTG 2,680 37.1%
OUNZ 375 61.1%
Top Reduces (Value $000, Stocks/ETFs)
USAS -57,469 -100.0%
AU -12,532 -100.0%
GFI -1,345 -11.4%
AGI -415 -1.6%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type