Merk Investments LLC

Q4 2025 13F-HR Holdings

Location
Palo Alto, CA
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
10
Total value ($000)
$360,686
Net value change ($000)
+35,744 (11.0%)
New positions
0
Sold out positions
1
Turnover %
2.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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 24,217 25.3%
ORLA 16,554 24.7%
EQX 13,975 25.5%
NFGC 8,461 151.4%
MTA 4,290 22.5%
Top Reduces (Value $000, Stocks/ETFs)
GFI -10,490 -100.0%
AEM -10,036 -42.5%
AGI -8,784 -33.6%
ITRG -1,522 -12.9%
BTG -880 -8.9%
OUNZ -40 -4.0%
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