Merk Investments portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Merk Investments reported a $314M portfolio of 11 positions to the SEC as of the end of Q2 2026. Its largest positions are USAS, ORLA, EQX.
Sections with a free account
What changed this quarter
3 positions with a change (2 added to, 1 trimmed). 2 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- New Found Gold+243%more sharesIncreased2.4% → 8.0%
- Orla Mining+13%more sharesIncreased27.2% → 21.9%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Americas Gold and SilverUSAS29.2%
- ORLA MiningORLA21.9%
- Equinox GoldEQX15.2%
- New Found GoldNFGC8.0%
- Metalla Royalty & StreamingMTA7.3%
- Versamet RoyaltiesVMET5.5%
- Alamos GoldAGI4.4%
- Agnico Eagle MinesAEM4.0%
- B2goldBTG2.4%
- Integra ResourcesITRG1.9%
- Vaneck Merk Gold ETFOUNZ0.4%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Materials 94%
- ● Financials 6%
How its portfolio changed (8 quarters)
Q2 2026: 11
Q2 2026: 100%
Q2 2026: 3.5%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Aug 11, 2026 (medium confidence).
The data, as reported: MERK INVESTMENTS LLC (CRD 112305): 7.B no private funds; 5.D assets by client type: pooled vehicles 100% (of $2.5 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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