Kercheville Advisors, LLC

Q4 2025 13F-HR Holdings

Location
San Antonio, TX
Holdings as of
12/31/2025
Date filed
1/29/2026
Form type
13F-HR
Num holdings
117
Total value ($000)
$381,707
Net value change ($000)
+50,735 (15.3%)
New positions
27
Sold out positions
16
Turnover %
8.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/22/2025 Next filing: 4/20/2026 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)
GOOGL 5,219 37.0%
BE 4,468 174.9%
AEM 4,320 23.6%
LUV 3,545 181.6%
MU 3,181 NEW
IBRX 3,011 235.8%
LLY 2,653 182.6%
SNPS 2,538 NEW
GDX 2,537 19.8%
GDXJ 2,506 23.8%
Top Reduces (Value $000, Stocks/ETFs)
HESM -5,366 -100.0%
NFLX -4,307 -36.1%
BX -4,083 -43.8%
MSFT -3,590 -31.6%
XLU -1,607 -74.3%
SOFI -1,465 -21.1%
META -1,313 -9.0%
ET -917 -44.0%
UBER -903 -21.6%
SHLD -899 -100.0%
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.
Filter:
Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type