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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
+26.74%
1 Year Est. Return
+152.26%
3 Year Est. Return
+337.51%
5 Year Est. Return
+400.35%
10 Year Est. Return
–
AUM
$361M
AUM Growth
+$35.7M
Cap. Flow
-$40.3M
Cap. Flow %
-11.16%
Top 10 Hldgs %
100%
Holding
11
New
–
Increased
1
Reduced
5
Closed
1

Top Buys

Rank Stock Value
1
NFGC
New Found Gold
NFGC
+$5.89M

Top Sells

Rank Stock Value
1
GFI icon
Gold Fields
GFI
+$10.5M
2
AGI icon
Alamos Gold
AGI
+$10.5M
3
USAS
Americas Gold and Silver
USAS
+$10.1M
4
AEM icon
Agnico Eagle Mines
AEM
+$10.1M
5
ITRG
Integra Resources
ITRG
+$4.85M

Sector Composition

Rank Sector Weight
1 Materials 99.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
USAS
1
Americas Gold and Silver
USAS
$1.29B
$120M 33.2%
23,429,000
-2,250,000
-9% -$10.1M
ORLA
2
DELISTED
Orla Mining
ORLA
$83.5M 23.15%
6,200,000
– –
EQX icon
3
Equinox Gold
EQX
$7.06B
$68.9M 19.09%
4,900,000
– –
MTA
4
Metalla Royalty & Streaming
MTA
$688M
$23.3M 6.47%
3,000,000
– –
AGI icon
5
Alamos Gold
AGI
$11.6B
$17.4M 4.81%
450,000
-300,000
-40% -$10.5M
NFGC
6
New Found Gold
NFGC
$522M
$14.1M 3.9%
4,750,000
+2,400,000
+102% +$5.89M
AEM icon
7
Agnico Eagle Mines
AEM
$73.6B
$13.6M 3.76%
80,000
-60,000
-43% -$10.1M
ITRG
8
Integra Resources
ITRG
$424M
$10.3M 2.85%
2,562,526
-1,437,473
-36% -$4.85M
BTG icon
9
B2Gold
BTG
$5B
$9.02M 2.5%
2,000,000
– –
OUNZ icon
10
VanEck Merk Gold Trust
OUNZ
$2.51B
$949K 0.26%
22,867
-3,737
-14% -$149K
GFI icon
11
Gold Fields
GFI
$29B
– –
-250,000
Closed -$10.5M

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Merk Investments's Q4 2025 Portfolio in Review

As of Q4 2025, Merk Investments held 11 positions worth $361M, up 11% from $325M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Merk Investments withdrew a net $40.3M in Q4 2025, closing 1 position and reducing 5 holdings. Its most notable exit was Gold Fields, an estimated $10.5M position sold in full.

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

Against the trend, Merk Investments added an estimated $5.89M to New Found Gold.

  • Merk Investments added most to New Found Gold in Q4 2025, an estimated $5.89M increase.
  • Merk Investments's biggest Q4 2025 reduction was Alamos Gold, cutting an estimated $10.5M.
  • Merk Investments fully exited Gold Fields in Q4 2025, selling an estimated $10.5M.
  • Merk Investments's ten largest holdings make up 100% of its $361M portfolio in Q4 2025.
  • Merk Investments opened 0 new positions and closed 1 in Q4 2025.
  • Merk Investments's portfolio value rose 11% quarter-over-quarter to $361M.

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