Merk Investments LLC
- SEC CIK
- 0001302842
- Latest filing
- Aug 14, 2026
The latest 13F from Merk Investments LLC covers Q2 2026 (filed Aug 14, 2026): 11 long positions worth $313.5M. The top 10 holdings make up 99.6% of the portfolio, and the largest is Americas Gold & Silver Corp (USAS) at 29.2%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.
What changed in Q2 2026
Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.
- New
- 0
- Added
- 2
- Est. +$25.7M
- Reduced
- 1
- Est. −$170.0K
- Sold out
- 0
Top 5 holdings
Share of this quarter's portfolio value
Biggest buys
New and added positions, by estimated amount bought
- NFGCNew Found Gold Corp.
- Orla MNG Ltd New68634K106+$7.83MAdded
Metrics
13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $313.5M
- −$54.3M (−14.8%) vs. prior quarter
- Positions
- 11
- 0 vs. prior quarter
- Top 10 concentration
- 99.6%
- Top 10 as share of value
- Turnover
- <0.1%
- Q2 2026, one quarter
- Average holding period
- 10.5 quarters
- Weighted by value
How these are calculated
- Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
- Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
- Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
- Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.
13F filings by quarter
22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $367.9M (Q1 2026)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | 11 | $313.5M | USASOrla MNG Ltd NewEQX | vs. Q1 2026 | SEC |
| Q1 2026 | May 18, 2026 | 11 | $367.9M | USASOrla MNG Ltd NewEQX | vs. Q4 2025 | SEC |
| Q4 2025 | Feb 13, 2026 | 10 | $360.7M | USASOrla MNG Ltd NewEQX | vs. Q3 2025 | SEC |
| Q3 2025 | Nov 14, 2025 | 11 | $324.9M | USASOrla MNG Ltd NewEQX | vs. Q2 2025 | SEC |
| Q2 2025 | Aug 14, 2025 | 11 | $246.1M | Orla MNG Ltd NewUSASEQX | vs. Q1 2025 | SEC |
| Q1 2025 | May 16, 2025 | 10 | $183.4M | Orla MNG Ltd NewUSASAGI | vs. Q4 2024 | SEC |
| Q4 2024 | Feb 14, 2025 | 10 | $97.4M | Orla MNG Ltd NewAGIAEM | vs. Q3 2024 | SEC |
| Q3 2024 | Nov 14, 2024 | 11 | $105.6M | Orla MNG Ltd NewAGIAEM | vs. Q2 2024 | SEC |
| Q2 2024 | Aug 14, 2024 | 12 | $89.7M | Orla MNG Ltd NewAGIBarrick Gold Corp | vs. Q1 2024 | SEC |
| Q1 2024 | May 14, 2024 | 13 | $89.6M | Orla MNG Ltd NewAGIBarrick Gold Corp | vs. Q4 2023 | SEC |
| Q4 2023 | Feb 14, 2024 | 14 | $94.0M | Orla MNG Ltd NewAGIBarrick Gold Corp | vs. Q3 2023 | SEC |
| Q3 2023 | Nov 14, 2023 | 14 | $88.5M | Orla MNG Ltd NewAGISSRM | vs. Q2 2023 | SEC |
| Q2 2023 | Aug 14, 2023 | 14 | $105.9M | Orla MNG Ltd NewAGISSRM | vs. Q1 2023 | SEC |
| Q1 2023 | May 15, 2023 | 15 | $115.1M | Orla MNG Ltd NewAGISSRM | vs. Q4 2022 | SEC |
| Q4 2022 | Feb 13, 2023 | 15 | $110.5M | Orla MNG Ltd NewSSRMAGI | vs. Q3 2022 | SEC |
| Q3 2022 | Nov 14, 2022 | 15 | $101.7M | Orla MNG Ltd NewSSRMBarrick Gold Corp | vs. Q2 2022 | SEC |
| Q2 2022 | Aug 16, 2022 | 17 | $76.0M | Orla MNG Ltd NewSSRMBarrick Gold Corp | vs. Q1 2022 | SEC |
| Q1 2022 | May 12, 2022 | 14 | $179.4M | Orla MNG Ltd NewSSRMGFI | vs. Q4 2021 | SEC |
| Q4 2021 | Feb 9, 2022 | 14 | $146.3M | Orla MNG Ltd NewAUGFI | vs. Q3 2021 | SEC |
| Q3 2021 | Nov 15, 2021 | 14 | $132.1M | Orla MNG Ltd NewSSRMAU | vs. Q2 2021 | SEC |
| Q2 2021 | Aug 16, 2021 | 17 | $153.1M | Orla MNG Ltd NewAUBarrick Gold Corp | vs. Q1 2021 | SEC |
| Q1 2021 | May 20, 2021Amended | 17 | $159.9M | Orla MNG Ltd NewAUSSRM | – | SEC |