1y return+79.8%S&P 500 +20.9%
3y return+251.8%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since September 30, 2022: $431 against $209 in the S&P 500.2
Merk Investments LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| USASAmericas Gold And Silver Cor | $91.5M | 29.2% | |
| Orla Mng Ltd NewCUSIP 68634K106 | $68.5M | 21.9% | +12.9% |
| EQXEquinox Gold Corp | $47.7M | 15.2% | |
| NFGCNew Found Gold Corp | $25.2M | 8.0% | +243.4% |
| MTAMetalla Rty & Streaming Ltd | $22.8M | 7.3% | |
| VMETVersamet Royalties Corp | $17.2M | 5.5% | |
| AGIAlamos Gold Inc | $13.7M | 4.4% | |
| AEMAgnico Eagle Mines Ltd | $12.4M | 4.0% | |
| BTGB2gold Corp | $7.5M | 2.4% | |
| ITRGIntegra Res Corp | $5.8M | 1.9% | |
| OUNZVaneck Merk Gold Etf | $1.1M | 0.4% | −12.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AGIAlamos Gold Inc | June 30, 2020 | +223.5% | $13.7M |
| Orla Mng Ltd NewCUSIP 68634K106 | March 31, 2021 | +163.2% | $68.5M |
| MTAMetalla Rty & Streaming Ltd | March 31, 2024 | +144.7% | $22.8M |
| AEMAgnico Eagle Mines Ltd | June 30, 2020 | +142.2% | $12.4M |
| ITRGIntegra Res Corp | June 30, 2023 | +106.3% | $5.8M |
| OUNZVaneck Merk Gold Etf | June 30, 2024 | +71.8% | $1.1M |
| EQXEquinox Gold Corp | June 30, 2025 | +69.0% | $47.7M |
| VMETVersamet Royalties Corp | March 31, 2026 | +29.4% | $17.2M |
| USASAmericas Gold And Silver Cor | September 30, 2025 | +26.9% | $91.5M |
| BTGB2gold Corp | June 30, 2020 | −34.3% | $7.5M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −21.8% | +14.8% |
| March 31, 2026 | +4.1% | −4.6% |
| December 31, 2025 | +24.2% | +2.4% |
| September 30, 2025 | +77.8% | +7.8% |
| June 30, 2025 | +19.0% | +10.5% |
| March 31, 2025 | +51.0% | −4.6% |
| December 31, 2024 | −0.2% | +2.1% |
| September 30, 2024 | +14.0% | +5.4% |
| June 30, 2024 | +4.7% | +4.0% |
| March 31, 2024 | −1.4% | +10.0% |
| December 31, 2023 | +7.2% | +11.2% |
| September 30, 2023 | −13.4% | −3.6% |
| June 30, 2023 | −8.6% | +8.3% |
| March 31, 2023 | +10.8% | +7.0% |
| December 31, 2022 | +20.9% | +7.1% |
| June 30, 2022 | −32.9% | −16.5% |
| March 31, 2022 | +19.3% | −4.9% |
| December 31, 2021 | +15.9% | +10.7% |
| September 30, 2021 | −15.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Merk Investments LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1302842&type=13F-HR&dateb=&owner=include&count=40CIK 1302842
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1302842/000142050626001784/Filed August 14, 2026 · accession 0001420506-26-001784