Merk Investments LLC
Long book
$367.9M
Q1 2026
Positions
11
Top-10 weight
100%
concentration
Last quarter
-19.3%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsMerk Investments LLC is a concentrated fundamental stock-picker, specialised in materials (96% of the long book), running a $367.9M US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AMERICAS GOLD AND SILVER COR, ORLA MINING LTD, EQUINOX GOLD CORP, ALAMOS GOLD INC-CLASS A, METALLA ROYALTY & STREAMING.
Over the last 9 quarters its long book ran on average 10pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.3%
Q2 2024
+14.0%
Q3 2024
-0.3%
Q4 2024
+51.7%
Q1 2025
+10.3%
Q2 2025
+43.9%
Q3 2025
+24.2%
Q4 2025
+4.2%
Q1 2026
-19.3%
Sector allocation
Materials 96%
Financials 4%
Long book by quarter
What does Merk Investments own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| USAS AMERICAS GOLD AND SILVER COR | Materials | 19.4M | $101.2M | 27.5% | -17.2% |
| ORLA ORLA MINING LTD | Materials | 6.2M | $100.0M | 27.2% | Held |
| EQX EQUINOX GOLD CORP | Materials | 4.9M | $70.8M | 19.2% | Held |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 450.0K | $20.0M | 5.4% | Held |
| MTA METALLA ROYALTY & STREAMING | Materials | 3.0M | $19.9M | 5.4% | Held |
| AEM AGNICO EAGLE MINES LTD | Materials | 80.0K | $16.2M | 4.4% | Held |
| VMET VERSAMET ROYALTIES CORP | Financials | 1.4M | $13.3M | 3.6% | New |
| BTG B2GOLD CORP | Materials | 2.0M | $9.1M | 2.5% | Held |
| NFGC NEW FOUND GOLD CORP | Materials | 4.8M | $8.9M | 2.4% | Held |
| ITRG INTEGRA RESOURCES CORP | Materials | 2.6M | $7.0M | 1.9% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 18, 2026 | 11 | $367.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 10 | $360.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 11 | $324.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $246.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 16, 2025 | 10 | $183.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 10 | $97.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $105.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 12 | $89.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 13 | $89.6M | canonical | SEC ↗ |
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