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 29% of Axel Merk's $312.4M disclosed book
10 tracked · Filing-sourced (SEC) · Latest filing Aug 14, 2026 · $312.4M · 13F, Form 4, 13D/G
Axel Merk is president of Merk Investments and manager of the Merk Gold Trust (OUNZ). This page is not ASA Gold & Precious Metals.
Portfolio allocation
Holdings (10)
Showing 10 of 11 reported positions · ordered by reported value
USAS 29.3%
Largest by weight
$312.4M
Tracked value
19,392,000 shares · $91.5M
7,000,000 shares · $68.5M
4,900,000 shares · $47.7M
16,312,500 shares · $25.2M
3,000,000 shares · $22.8M
1,400,000 shares · $17.2M
450,000 shares · $13.7M
80,000 shares · $12.4M
2,000,000 shares · $7.5M
2,562,526 shares · $5.8M
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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.
Similar Portfolios
No shared holdings found in the cache.
Filing Timeline
No recent activity rows in the cache.
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. A 13F line printed as Orla Mining is shown as Equinox Gold, the listed successor after the 2026-07-31 close; Merk also has a separate native EQX 13F line. Do not combine those two rows into one weight. Only 0.4% of the book is a bullion ETF; the remaining 99.6% is precious-metals mining equities.