Merk Investments LLC

CIK 0001302842 · Q2 2026

13F Equity AUM

$313.5M

-14.8% QoQ

Positions

0 QoQ

AUM Rank

#6,432

Top 51%

Skill Alpha (FF)

-2.4%/yr^ns

No Clear Edge

Rank #6,265 · Top 75%

vs S&P -1.2%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 81.6%Top 10: 99.6%Top 20: 100.0%

SZ729.2%

OLA21.9%

EQX15.2%

NFG8.0%

MTA7.3%

VERSAMET ROYALTIES CORP5.5%

AGI4.3%

AEM4.0%

BTO2.4%

ITR1.9%

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

Sector Allocation

Basic Materials55.1%

Unclassified36.5%

Energy8.0%

Other0.4%

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

Position Sizing

Positions: 11Median: 5.48%Avg: 9.09%

0–0.5%

1(0.4%)

0.5–1%

0(0.0%)

1–3%

2(4.2%)

3–5%

2(8.3%)

5%+

6(87.1%)

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

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Portfolio Overlap

Shared: 0Unique: 11vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New0Increased2Decreased1Exited0

Increased

NFG8.0%

+11.6M(+243%)

OLA21.9%

+800K(+13%)

Decreased

OUNZ0.4%

-4,406(-13%)

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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