Merk Investments LLC
Annual return '25
+18.2%
SPY '25
+17.7%
Alpha
+0.5ptsvs SPY
Invested
$367.9M
Holdings
11
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 93%. 4 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR01
$USAS
AMERICAS GOLD AND SILVER COR
Q4 2025: Exited (was 25.68M shares)
27.5%
02
$ORLA
ORLA MNG LTD NEW
Q4 2025: Exited (was 6.20M shares)
27.2%
03
$EQX
EQUINOX GOLD CORP
Q4 2025: Exited (was 4.90M shares)
19.2%
04
$AGI
ALAMOS GOLD INC
Q4 2025: Exited (was 750.0k shares)
5.4%
05
$MTA
METALLA RTY & STREAMING LTD
Q4 2025: Exited (was 3.00M shares)
5.4%
06
$AEM
AGNICO EAGLE MINES LTD
Q4 2025: Exited (was 140.0k shares)
4.4%
07
$VMET
VERSAMET ROYALTIES CORP
Held since at least Q1 2024
3.6%
08
$BTG
B2GOLD CORP
Q4 2025: Exited (was 2.00M shares)
2.5%
09
$NFGC
NEW FOUND GOLD CORP
Q4 2025: Exited (was 2.35M shares)
2.4%
10
$ITRG
INTEGRA RES CORP
Q4 2025: Exited (was 4.00M shares)
1.9%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 08:05 UTC.