Merk Investments LLC
Merk Investments LLC, managed by Axel Merk, reported 11 positions worth $313.54M in its 2026 Q2 13F filing: 0 new and 0 closed.
Estimated return
Since 2025 Q2 the disclosed positions returned an estimated +83.0% against +34.4% for the S&P 500. Price-only return of the fund's top 100 US longs at each quarter start, vs the S&P 500 over the same windows. Not the fund's actual return (no trades, fees, shorts, derivatives, cash).
| Quarter | Fund | S&P 500 |
|---|---|---|
| 2025 Q2 | +18.6% | +11.4% |
| 2025 Q3 | +52.5% | +7.6% |
| 2025 Q4 | +24.2% | +3.1% |
| 2026 Q1 | +4.0% | -5.8% |
| 2026 Q2 | -21.7% | +15.5% |
Top holdings, 2026 Q2
| Ticker | Company | Value | Portfolio % | Change |
|---|---|---|---|---|
| USAS | AMERICAS GOLD AND SILVER COR | $91.55M | 29.20% | NO CHANGE |
| ORLA | ORLA MNG LTD NEW | $68.53M | 21.90% | +12.9% |
| EQX | EQUINOX GOLD CORP | $47.75M | 15.20% | NO CHANGE |
| NFGC | NEW FOUND GOLD CORP | $25.19M | 8.00% | +243.4% |
| MTA | METALLA RTY & STREAMING LTD | $22.83M | 7.30% | NO CHANGE |
| VMET | VERSAMET ROYALTIES CORP | $17.19M | 5.50% | NO CHANGE |
| AGI | ALAMOS GOLD INC | $13.65M | 4.40% | NO CHANGE |
| AEM | AGNICO EAGLE MINES LTD | $12.41M | 4.00% | NO CHANGE |
| BTG | B2GOLD CORP | $7.48M | 2.40% | NO CHANGE |
| ITRG | INTEGRA RES CORP | $5.81M | 1.90% | NO CHANGE |
| OUNZ | VANECK MERK GOLD ETF | $1.15M | 0.37% | -12.9% |
All funds · Hedge Fund Tracker
Source: SEC EDGAR 13F filings, reported as of quarter end and filed up to 45 days later. Not investment advice.