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Merk Investments Portfolio holdings

AUM $368M
1-Year Est. Return 152.26%
This Fund
S&P 500
This Quarter Est. Return
+60.13%
1 Year Est. Return
+152.26%
3 Year Est. Return
+337.51%
5 Year Est. Return
+400.35%
10 Year Est. Return
–
AUM
$325M
AUM Growth
+$78.9M
Cap. Flow
-$36.8M
Cap. Flow %
-11.33%
Top 10 Hldgs %
99.7%
Holding
12
New
1
Increased
1
Reduced
5
Closed
1

Top Buys

Rank Stock Value
1
NFGC
New Found Gold
NFGC
+$4.13M
2
OUNZ icon
VanEck Merk Gold Trust
OUNZ
+$245K

Top Sells

Rank Stock Value
1
AU icon
AngloGold Ashanti
AU
+$12.5M
2
GFI icon
Gold Fields
GFI
+$7.75M
3
USAS
Americas Gold and Silver
USAS
+$7.27M
4
AGI icon
Alamos Gold
AGI
+$7.15M
5
AEM icon
Agnico Eagle Mines
AEM
+$3.43M

Sector Composition

Rank Sector Weight
1 Materials 99.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
USAS
1
Americas Gold and Silver
USAS
$1.61B
$95.5M 29.4%
25,679,000
-2,781,411
-10% -$7.27M
ORLA
2
DELISTED
Orla Mining
ORLA
$67M 20.61%
6,200,000
– –
EQX icon
3
Equinox Gold
EQX
$8.05B
$54.9M 16.89%
4,900,000
– –
AGI icon
4
Alamos Gold
AGI
$13B
$26.1M 8.05%
750,000
-250,000
-25% -$7.15M
AEM icon
5
Agnico Eagle Mines
AEM
$82.6B
$23.6M 7.26%
140,000
-25,000
-15% -$3.43M
MTA
6
Metalla Royalty & Streaming
MTA
$781M
$19.1M 5.86%
3,000,000
– –
ITRG
7
Integra Resources
ITRG
$487M
$11.8M 3.63%
3,999,999
-1,524,511
-28% -$3.06M
GFI icon
8
Gold Fields
GFI
$33.5B
$10.5M 3.23%
250,000
-250,000
-50% -$7.75M
BTG icon
9
B2Gold
BTG
$5.42B
$9.9M 3.05%
2,000,000
– –
NFGC
10
New Found Gold
NFGC
$588M
$5.59M 1.72%
+2,350,000
New +$4.13M
OUNZ icon
11
VanEck Merk Gold Trust
OUNZ
$2.63B
$989K 0.3%
26,604
+7,355
+38% +$245K
AU icon
12
AngloGold Ashanti
AU
$44.7B
– –
-275,000
Closed -$12.5M

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V
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CWM
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NWM
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PCM
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LP
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MB
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Merk Investments's Q3 2025 Portfolio in Review

As of Q3 2025, Merk Investments held 12 positions worth $325M, up 32% from $246M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Merk Investments withdrew a net $36.8M in Q3 2025, closing 1 position and reducing 5 holdings. Its most notable exit was AngloGold Ashanti, an estimated $12.5M position sold in full.

By sector, the portfolio is most concentrated in Materials at 100% of assets, down from 100% a quarter earlier.

Against the trend, Merk Investments opened a new position in New Found Gold worth $5.59M.

  • Merk Investments's largest Q3 2025 buy was New Found Gold: 2,350,000 shares worth $5.59M.
  • Merk Investments added most to VanEck Merk Gold Trust in Q3 2025, an estimated $245K increase.
  • Merk Investments's biggest Q3 2025 reduction was Gold Fields, cutting an estimated $7.75M.
  • Merk Investments fully exited AngloGold Ashanti in Q3 2025, selling an estimated $12.5M.
  • Merk Investments's ten largest holdings make up 100% of its $325M portfolio in Q3 2025.
  • Merk Investments opened 1 new position and closed 1 in Q3 2025.
  • Merk Investments's portfolio value rose 32% quarter-over-quarter to $325M.

Based on Merk Investments's 13F filing for Q3 2025, filed 14 Nov 2025.