9AT: MERK INVESTMENTS LLC

MERK INVESTMENTS LLC

other names

MERK INVESTMENTS LLC

Adviser Profile

As of Date	10/07/2025
ADV Location	PALO ALTO, CA, United States
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	7
of those in investment advisory functions	5
Registration	SEC, Approved, 10/10/2001

AUM^*	3,116,985,105 180%
of that, discretionary	948,397,810 179%
Private Fund GAV^*	0 -100%
Avg Account Size	1,558,492,553 180%
SMA’s	Yes
Private Funds	0
Contact Info	650 xxxxxxx
Websites

Client Types

- Investment companies
- Pooled investment vehicles

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

597M 512M 427M 341M 256M 171M 85M

2015 2016 2017 2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Brochure Summary

Overview

Merk Investments LLC (“Merk Investments” or the “Firm”), a Delaware limited liability company, is an investment adviser with its principal place of business in Menlo Park, CA. Merk Investments was formed in December 2000 by Alexander “Axel” Merk, Managing Member, who is also the principal owner of Merk Investments (the “Principal”). Merk Investments is an investment management firm that provides advisory services to an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the “Closed-End Fund” and a U.S. listed exchange traded product (“ETP”). Merk Investments has previously provided (and may in the future) advisory services to sophisticated investors through a privately offered pooled investment vehicle. Collectively, the Closed-End Fund and ETP are referred to as “Pooled Vehicles.” Pooled Vehicles, and any private funds Merk Investments may manage, are collectively referred to as “Clients.” Merk Investments’ investment objective is to achieve superior risk-adjusted returns

by seeking to deliver uncorrelated returns using alternative strategies that seek optimal profit potential within tailored investment objectives. Merk Investments provides investment advice on liquid global markets, including domestic and international equities, fixed income, commodities and currencies and their respective derivative markets, as described in Item 8. Methods of Analysis, Investment Strategies and Risk of Loss. Merk Investments’ investment management services to the Pooled Vehicles are provided pursuant to the terms of the prospectus of each investment vehicle, and investors in the Pooled Vehicles cannot obtain services tailored to their individual specific needs. Merk Investments does not participate in a wrap fee program. Merk Investments managed client assets of approximately $1,114,080,628 in regulatory assets under management as of December 31, 2023. This consisted of approximately $339,649,030 of client assets on a discretionary basis, and approximately $774,431,598 of clients assets on a non-discretionary basis.