VanEck Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The reported value of $120.34 billion marks Van Eck as one of the preeminent asset managers in the global financial landscape. When analyzing the scale, we see an institution that is not merely maintaining its positions but actively expanding its footprint in key secular growth areas. The sheer volume of 1,379 stocks suggests a diversified approach, likely driven by their extensive lineup of Exchange Traded Funds (ETFs). However, a deeper look into the concentration reveals that the top 10 holdings account for a substantial portion of the total AUM, indicating that while the "tail" of the portfolio is long and diversified, the "head" is concentrated in high-conviction bets.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

Within the Technology sector, the allocation is heavily skewed toward Semiconductors . However, the Q4 moves show an interesting internal rotation. While they remain "all-in" on the foundry and logic leaders (TSM, NVDA), there is a noticeable trimming of semiconductor equipment manufacturers (AMAT, LRCX). This suggests a shift in focus from the "build-out" phase of chip factories to the "utilization" phase, where the companies designing and selling the chips (the "fabless" and "foundry" models) capture more of the value.

Based on this allocation, Van Eck’s macro judgment can be summarized as "Growth with Protection." They are betting on a world where technological innovation (AI) creates immense wealth, but where that wealth is constantly threatened by inflation, debt, and geopolitical instability. Their portfolio is designed to win if the AI revolution succeeds, and to survive if the global financial system faces stress. It is a "bipolar" portfolio for a "bipolar" world.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

NVIDIA is the undisputed anchor of the Van Eck portfolio. With a weight of 7.77% and a market value of $9.4 billion , it is nearly double the size of the second-largest holding. This quarter, Van Eck added 25.39% to its position, a massive increase for a stock that was already at the top of the list.

The Top 10 holdings perfectly mirror the sector allocation. It is a "Bipolar Core" : 5 Semiconductor/Tech giants and 4 Gold Mining giants (with KGC at #6). This construction creates a unique risk-return profile: the Tech names provide the explosive growth potential, while the Mining names provide a non-correlated hedge. It is a portfolio built for a world of "Extreme Outcomes"—either massive technological progress or significant monetary instability.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

Where did this money come from? As we will see in Section V, Van Eck recouped significant capital by trimming "second-tier" semiconductor names and exiting underperforming mining royalties. This is a "Concentration Rotation" —selling the "good" to buy the "best." They are moving capital from the periphery of their themes to the very center.

These additions have significantly increased the "Offensiveness" of the portfolio. By adding to NVDA and META, Van Eck is chasing high-beta growth. However, by balancing this with $1.5B in gold miners, they have created a "Self-Hedging" mechanism. If the economy booms, Tech wins. If the economy falters and inflation spikes, Gold wins. This is a sophisticated institutional play designed to capture "Volatility Alpha."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The overall quality of these exits is high. Most of the reductions (MU, AMAT, LRCX) are in stocks that have had massive runs over the last two years. This is "Disciplined Rebalancing." Van Eck is not panic-selling; they are harvesting gains from the "infrastructure" phase of the AI cycle to fund the "dominance" phase.

There is a fascinating internal logic to the capital flow this quarter. In both cases, they moved from "service/support" roles to "primary producer" roles. This indicates a belief that we are entering a phase of the cycle where the producers of the core asset (whether it's AI logic or Gold) will capture the lion's share of the profits.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The most unique insight from this quarter is Van Eck’s shift toward operational leverage. By moving from royalty companies and equipment makers into the actual producers (miners and chip designers), they are positioning for a "high-margin" environment. They believe the "build-out" is maturing, and the "profit-harvesting" phase has begun.

With over 71% of the portfolio in just two sectors (Tech and Materials), Van Eck is highly vulnerable to "Black Swan" events in these areas. A sudden breakthrough in non-silicon computing or a massive discovery of new gold deposits could devalue their core holdings. Furthermore, a "Goldilocks" economy (low inflation, moderate growth) might actually cause this portfolio to underperform, as it is built for "Extreme Outcomes."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.