Merk Investments’s Gold Fields GFI Stock Holding History

Merk Investments’s Portfolio GFI Stock Details GFI Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-250,000	Closed	-$10.5M	–	11
2025 Q3	$10.5M	Sell	250,000 -250,000	-50%	-$7.75M	3.23%	8
2025 Q2	$11.8M	Hold	500,000	–	–	4.81%	7
2025 Q1	$11M	Hold	500,000	–	–	6.02%	5
2024 Q4	$6.6M	Hold	500,000	–	–	6.78%	5
2024 Q3	$7.67M	Sell	500,000 -100,000	-17%	-$1.55M	7.27%	5
2024 Q2	$8.94M	Hold	600,000	–	–	9.97%	5
2024 Q1	$9.53M	Hold	600,000	–	–	10.64%	5
2023 Q4	$8.68M	Hold	600,000	–	–	9.23%	5
2023 Q3	$6.52M	Hold	600,000	–	–	7.36%	6
2023 Q2	$8.3M	Hold	600,000	–	–	6.58%	6
2023 Q1	$7.99M	Hold	600,000	–	–	6.94%	6
2022 Q4	$6.21M	Sell	600,000 -400,000	-40%	-$3.87M	5.62%	8
2022 Q3	$8.09M	Hold	1,000,000	–	–	7.96%	7
2022 Q2	$91.2M	Sell	1,000,000 -300,000	-23%	-$3.58M	20.56%	2
2022 Q1	$20.1M	Sell	1,300,000 -200,000	-13%	-$2.57M	11.21%	3
2021 Q4	$16.5M	Hold	1,500,000	–	–	11.27%	3
2021 Q3	$12.2M	Hold	1,500,000	–	–	9.22%	5
2021 Q2	$13.3M	Hold	1,500,000	–	–	8.72%	5
2021 Q1	$14.2M	Sell	1,500,000 -200,000	-12%	-$1.86M	8.9%	5
2020 Q4	$15.8M	Buy	1,700,000 +1,029,577	+154%	+$10.9M	8.47%	7
2020 Q3	$8.24M	Hold	670,423	–	–	4.95%	9
2020 Q2	$6.3M	Hold	670,423	–	–	4.52%	9
2020 Q1	$3.19M	Hold	670,423	–	–	3.26%	11
2019 Q4	$4.42M	Buy	+670,423	New	+$3.8M	2.87%	12

Other funds holding GFI

VanEck Associates New York $164B AUM 112.45% 1-Year Est. Return

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

Robeco Institutional Asset Management Rotterdam, Netherlands $81.4B AUM 40.71% 1-Year Est. Return

Deutsche Bank Frankfurt Am Main Ge, Germany $344B AUM 42.99% 1-Year Est. Return

Arrowstreet Capital Boston, Massachusetts $225B AUM 49.49% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $552B AUM 44.19% 1-Year Est. Return

American Century Companies Kansas City, Missouri $226B AUM 44.75% 1-Year Est. Return

Goldman Sachs New York $1.15T AUM 47.82% 1-Year Est. Return

Invesco Atlanta, Georgia $1.26T AUM 61.52% 1-Year Est. Return

Man Group London, United Kingdom $62.7B AUM 29.77% 1-Year Est. Return

Merk Investments's GFI Position: Q4 2025 in Review

Merk Investments sold out of Gold Fields (GFI) in Q4 2025, closing a stake of 250,000 shares — an estimated $10.5M sold.

Merk Investments first reported a position in GFI in Q4 2019 and held it in 24 quarters. The position peaked at $91.2M in Q2 2022. 377 funds tracked by Wall St. Rank hold GFI as of Q4 2025.

Merk Investments reported no remaining Gold Fields position as of Q4 2025 after selling out during the quarter.
Merk Investments sold 250,000 Gold Fields shares in Q4 2025, an estimated $10.5M.
Merk Investments first reported a position in Gold Fields in Q4 2019 and held it in 24 quarters.
Merk Investments's Gold Fields position peaked at $91.2M in Q2 2022.
377 funds tracked by Wall St. Rank held Gold Fields as of Q4 2025.

Based on Merk Investments's 13F filing for Q4 2025, filed 13 Feb 2026.