# Merk Investments LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1302842. Source: https://holderbook.com/funds/1302842-merk-investments-llc/

- Reported value: $313.5M
- Positions: 11
- Weight of the ten largest: 99.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AMERICAS GOLD AND SILVER COR | [USAS](https://holderbook.com/stocks/USAS/) | $91.5M | 19,392,000 | 29.2% | 4 |
| ORLA MNG LTD NEW | [ORLA](https://holderbook.com/stocks/ORLA/) | $68.5M | 7,000,000 | 21.9% | 22 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $47.7M | 4,900,000 | 15.2% | 5 |
| NEW FOUND GOLD CORP | [NFGC](https://holderbook.com/stocks/NFGC/) | $25.2M | 16,312,500 | 8.0% | 4 |
| METALLA RTY & STREAMING LTD | [MTA](https://holderbook.com/stocks/MTA/) | $22.8M | 3,000,000 | 7.3% | 10 |
| VERSAMET ROYALTIES CORP | [VMET](https://holderbook.com/stocks/VMET/) | $17.2M | 1,400,000 | 5.5% | 2 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $13.7M | 450,000 | 4.4% | 27 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $12.4M | 80,000 | 4.0% | 27 |
| B2GOLD CORP | [BTG](https://holderbook.com/stocks/BTG/) | $7.5M | 2,000,000 | 2.4% | 27 |
| INTEGRA RES CORP | [ITRG](https://holderbook.com/stocks/ITRG/) | $5.8M | 2,562,526 | 1.9% | 13 |
| VANECK MERK GOLD ETF | [OUNZ](https://holderbook.com/stocks/OUNZ/) | $1.1M | 29,794 | 0.4% | 9 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -21.8% | +14.8% | -36.7% | 100% |
| Q1 2026 | +4.1% | -4.6% | +8.8% | 100% |
| Q4 2025 | +24.2% | +2.4% | +21.8% | 100% |
| Q3 2025 | +43.7% | +7.8% | +35.9% | 77% |
| Q2 2025 | +19.0% | +10.5% | +8.5% | 100% |
| Q1 2025 | +51.0% | -4.6% | +55.6% | 100% |
| Q4 2024 | -0.2% | +2.1% | -2.4% | 100% |
| Q3 2024 | +14.0% | +5.4% | +8.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $313.5M | 11 |
| Q1 2026 | $367.9M | 11 |
| Q4 2025 | $360.7M | 10 |
| Q3 2025 | $324.9M | 11 |
| Q2 2025 | $246.1M | 11 |
| Q1 2025 | $183.4M | 10 |
| Q4 2024 | $97.4M | 10 |
| Q3 2024 | $105.6M | 11 |
| Q2 2024 | $89.7M | 12 |
| Q1 2024 | $89.6M | 13 |
| Q4 2023 | $94.0M | 14 |
| Q3 2023 | $88.5M | 14 |