Data as of Q4 2025 (Dec 31, 2025)

Merk Investments LLC

•CIK: 1302842•Filing: Q4 2025

**Merk Investments LLC** manages $361M across a concentrated portfolio of 10 positions. The fund exhibits significant overweighting in technology and industrial sectors, anchored by a substantial $119.7M holding in SZ7 and an $83.5M position in OLA. Further notable allocations include $68.9M in EQX and $23.3M in MTA, suggesting a focused, high-conviction approach to market opportunities.

Total AUM
$360.7M
QoQ Performance
+11.0%
Positions
10
Top 10 Concentration
100.0%
Latest Filing
Q4 2025

Top Holdings Allocation

SZ7
OLA
EQX
MTA
SZ733.2%
OLA23.2%
EQX19.1%
MTA6.5%
AGI4.8%
NFG3.9%
AEM3.8%
ITR2.8%

📈 Biggest Buys

NFG
NEW FOUND GOLD CORP
+102.1%
3.9% of portfolio

📉 Biggest Sells

AGI
ALAMOS GOLD INC NEW
-40.0%
4.8% of portfolio
SZ7
AMERICAS GOLD AND SILVER COR
-8.8%
33.2% of portfolio
AEM
AGNICO EAGLE MINES LTD
-42.9%
3.8% of portfolio
ITR
INTEGRA RES CORP
-35.9%
2.8% of portfolio
OUNZ
VANECK MERK GOLD ETF
-14.0%
0.3% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

EDG
GOLD FIELDS LTD-ADR
SOLD
$10.5M

Changes from Q3 2025

↑1 increased
↓5 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

SZ733.2%
AMERICAS GOLD AND SILVER COR
$119.7M
OLA23.2%
ORLA MNG LTD NEW
$83.5M
EQX19.1%
EQUINOX GOLD CORP
$68.9M
MTA6.5%
METALLA RTY & STREAMING LTD
$23.3M
AGI4.8%
ALAMOS GOLD INC NEW
$17.4M

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