Merk Investments LLC

CIK 0001302842 · Q1 2026

13F Equity AUM

$367.9M

+2.0% QoQ

Positions

+1 QoQ

AUM Rank

#5,214

Top 42%

Skill Alpha (FF)

-3.4%/yr^ns

No Clear Edge

Rank #6,640 · Top 81%

vs S&P -4.8%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 84.8%Top 10: 99.6%Top 20: 100.0%

SZ727.5%

OLA27.2%

EQX19.2%

AGI5.4%

MTA5.4%

AEM4.4%

VERSAMET ROYALTIES CORP3.6%

BTO2.5%

NFG2.4%

ITR1.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Basic Materials64.1%

Unclassified33.0%

Energy2.4%

Other0.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 11Median: 4.41%Avg: 9.09%

0–0.5%

1(0.4%)

0.5–1%

0(0.0%)

1–3%

3(6.8%)

3–5%

2(8.0%)

5%+

5(84.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 10Unique: 1vs 20 funds

0.1%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 7 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.2%

BANK OF AMERICA CORP /DE/

0.2%

VANGUARD CAPITAL MANAGEMENT LLC

0.2%

GEODE CAPITAL MANAGEMENT, LLC

0.2%

JPMORGAN CHASE & CO

0.1%

FMR LLC

0.2%

BlackRock, Inc.

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New1Increased1Decreased1Exited0

New Positions

VERSAMET ROYALTIES C…3.6%

+1.4M

Increased

OUNZ0.4%

+11K(+50%)

Decreased

SZ727.5%

-4,037,000(-17%)

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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