Axel Merk
Fund ManagerPrecious metals fund manager. Founder of Merk Investments. Concentrated 13F book led by Americas Gold and Silver (USAS) and Equinox Gold (EQX).
Americas Gold and Silver is 38% of Axel Merk's $266.3M disclosed book
9 tracked · Filing-sourced (SEC) · Latest filing May 18, 2026 · $266.3M · 13F, Form 4, 13D/G
Axel Merk is the founder and President of Merk Investments LLC, a Palo Alto, California investment advisory firm focused on precious metals and hard assets. As of Q1 2026, Merk's SEC 13F filing reports a $368 million portfolio concentrated across a small set of positions. Americas Gold and Silver (USAS) comprised over 27% of the book. The portfolio also holds significant positions in Equinox Gold (19.2%), Alamos Gold, Metalla Royalty, and Agnico Eagle. Excluding a small bullion ETF allocation, the portfolio is 99.6% precious-metals mining equities.
Portfolio allocation
Holdings (9)
Showing 9 of 11 reported positions · ordered by reported value
USAS 38.0%
Largest by weight
$266.3M
Tracked value
19,392,000 shares · $101.2M
4,900,000 shares · $70.8M
450,000 shares · $20.0M
3,000,000 shares · $19.9M
80,000 shares · $16.2M
1,400,000 shares · $13.3M
2,000,000 shares · $9.1M
4,750,000 shares · $8.9M
2,562,526 shares · $7.0M
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Portfolio Intelligence
Portfolio Intelligence
Aggregated from this investor's disclosed positions. Methodology
Portfolio Gold Beta
Equal-weight average of cached stock-level gold beta values across disclosed holdings with available regression data.
Beta
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R-squared
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Coverage
Limited coverage: 0%
0 of 0 holdings, equal weight
Consensus Holdings
Holdings also disclosed by other tracked investors.
No overlapping disclosed holdings in the cache.
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Filing Timeline
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Additional disclosed positions from interviews and public statements may appear above the 13F-sourced list.
Holdings from the most recent SEC 13F filing by Merk Investments LLC, a precious-metals focused asset manager. This page shows names in the GoldSignal universe that appeared in that filing. Americas Gold and Silver (USAS) is the largest position at over 27% of the full 13F book. Equinox Gold (EQX) is also a major holding at 19.2%. Only 0.4% of the book is a bullion ETF; the remaining 99.6% is precious-metals mining equities.