# EDGAR Filing Document

**Accession Number:** 0001890748
**File Stem:** 0002085853-26-000140
**Filing Date:** 2026-1
**Character Count:** 15120
**Document Hash:** e65e8e34dc9d50f5211edc6c516a9364
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-26-000140.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0002085853-26-000140

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kercheville Advisors, LLC
- **CENTRAL INDEX KEY:** 0001890748

**ORGANIZATION NAME:**
- **EIN:** 463542675
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21407
- **FILM NUMBER:** 26574975

**BUSINESS ADDRESS:**
- **STREET 1:** 15750 IH-10 WEST
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78249
- **BUSINESS PHONE:** 12106945000

**MAIL ADDRESS:**
- **STREET 1:** 15750 IH-10 WEST
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78249

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Kercheville Advisors LLC<br>**Address:** 15750 Ih-10 West<br>San Antonio, TX 78249

**Form 13F File Number:** 028-21407

**CRD Number (if applicable):** 000169471

**SEC File Number (if applicable):** 801-92169

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jeffrey S. Dabbs<br>**Title:** CCO<br>**Phone:** 210-694-5000

**Signature, Place, and Date of Signing:**

/s/ Jeffrey S. Dabbs  78249, TX  01-29-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 117

**Form 13F Information Table Value Total:** $381706629

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 319192 | 1463 | SH |  | SOLE |  | 0 | 0 | 1463 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 5267435 | 20760 | SH |  | SOLE |  | 0 | 0 | 20760 |
| AEROVIRONMENT INC | COM | 008073108 |  | 1209465 | 3875 | SH |  | SOLE |  | 0 | 0 | 3875 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 22614896 | 105830 | SH |  | SOLE |  | 0 | 0 | 105830 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 451190 | 4650 | SH |  | SOLE |  | 0 | 0 | 4650 |
| ALAMO GROUP INC | COM | 011311107 |  | 1156680 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 3595975 | 85301 | SH |  | SOLE |  | 0 | 0 | 85301 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 3810395 | 21506 | SH |  | SOLE |  | 0 | 0 | 21506 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 10378356 | 31398 | SH |  | SOLE |  | 0 | 0 | 31398 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 19312326 | 58374 | SH |  | SOLE |  | 0 | 0 | 58374 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 384588 | 7820 | SH |  | SOLE |  | 0 | 0 | 7820 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 269000 | 4408 | SH |  | SOLE |  | 0 | 0 | 4408 |
| AMAZON COM INC | COM | 023135106 |  | 22473500 | 95901 | SH |  | SOLE |  | 0 | 0 | 95901 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 457500 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| APPLE INC | COM | 037833100 |  | 17520288 | 70547 | SH |  | SOLE |  | 0 | 0 | 70547 |
| AT INC | COM | 00206R102 |  | 339888 | 14414 | SH |  | SOLE |  | 0 | 0 | 14414 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 2970053 | 18275 | SH |  | SOLE |  | 0 | 0 | 18275 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 245070 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 726200 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2357690 | 4866 | SH |  | SOLE |  | 0 | 0 | 4866 |
| BLACKSTONE INC | COM | 09260D107 |  | 5243901 | 33851 | SH |  | SOLE |  | 0 | 0 | 33851 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 7021550 | 48215 | SH |  | SOLE |  | 0 | 0 | 48215 |
| BOEING CO | COM | 097023105 |  | 1528239 | 6079 | SH |  | SOLE |  | 0 | 0 | 6079 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 221772 | 4037 | SH |  | SOLE |  | 0 | 0 | 4037 |
| BROADCOM INC | COM | 11135F101 |  | 712823 | 2190 | SH |  | SOLE |  | 0 | 0 | 2190 |
| CAMECO CORP | COM | 13321L108 |  | 6098050 | 50037 | SH |  | SOLE |  | 0 | 0 | 50037 |
| CAPITAL GRP FIXED INCM ETF T | SHORT DURATION | 14020Y409 |  | 227069 | 8720 | SH |  | SOLE |  | 0 | 0 | 8720 |
| CATERPILLAR INC | COM | 149123101 |  | 1864179 | 2875 | SH |  | SOLE |  | 0 | 0 | 2875 |
| CAVA GROUP INC | COM | 148929102 |  | 1824084 | 27600 | SH |  | SOLE |  | 0 | 0 | 27600 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 13478173 | 243993 | SH |  | SOLE |  | 0 | 0 | 243993 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1472941 | 8838 | SH |  | SOLE |  | 0 | 0 | 8838 |
| CISCO SYS INC | COM | 17275R102 |  | 1019463 | 13715 | SH |  | SOLE |  | 0 | 0 | 13715 |
| CITIGROUP INC | COM NEW | 172967424 |  | 490977 | 4245 | SH |  | SOLE |  | 0 | 0 | 4245 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 11909098 | 12200 | SH |  | SOLE |  | 0 | 0 | 12200 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 254111 | 560 | SH |  | SOLE |  | 0 | 0 | 560 |
| DEERE  CO | COM | 244199105 |  | 1065655 | 2040 | SH |  | SOLE |  | 0 | 0 | 2040 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1013755 | 8652 | SH |  | SOLE |  | 0 | 0 | 8652 |
| DOUBLELINE OPPORTUNISTIC CR | COM | 258623107 |  | 190681 | 12607 | SH |  | SOLE |  | 0 | 0 | 12607 |
| ELI LILLY  CO | COM | 532457108 |  | 4106063 | 3776 | SH |  | SOLE |  | 0 | 0 | 3776 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 1166586 | 64417 | SH |  | SOLE |  | 0 | 0 | 64417 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 1350833 | 40700 | SH |  | SOLE |  | 0 | 0 | 40700 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 8242145 | 61674 | SH |  | SOLE |  | 0 | 0 | 61674 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST US | 33740F631 |  | 248320 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| FRANCO NEV CORP | COM | 351858105 |  | 485931 | 1881 | SH |  | SOLE |  | 0 | 0 | 1881 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 207742 | 3530 | SH |  | SOLE |  | 0 | 0 | 3530 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 645678 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| GARMIN LTD | SHS | H2906T109 |  | 412240 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| GE AEROSPACE | COM NEW | 369604301 |  | 309750 | 1050 | SH |  | SOLE |  | 0 | 0 | 1050 |
| GE VERNOVA INC | COM | 36828A101 |  | 5231825 | 7907 | SH |  | SOLE |  | 0 | 0 | 7907 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 453459 | 475 | SH |  | SOLE |  | 0 | 0 | 475 |
| HOME DEPOT INC | COM | 437076102 |  | 1209770 | 3175 | SH |  | SOLE |  | 0 | 0 | 3175 |
| IMMUNITYBIO INC | COM | 45256X103 |  | 4287837 | 584174 | SH |  | SOLE |  | 0 | 0 | 584174 |
| INTEL CORP | COM | 458140100 |  | 289555 | 5331 | SH |  | SOLE |  | 0 | 0 | 5331 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 260276 | 495 | SH |  | SOLE |  | 0 | 0 | 495 |
| INVESCO CALIF VALUE MUN INCO | COM | 46132H106 |  | 143650 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| INVESCO MUN OPPORTUNITY TR | COM | 46132C107 |  | 179357 | 18567 | SH |  | SOLE |  | 0 | 0 | 18567 |
| INVESCO PA VALUE MUN INC TR | COM | 46132K109 |  | 116380 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 159520 | 16000 | SH |  | SOLE |  | 0 | 0 | 16000 |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 |  | 226206 | 22112 | SH |  | SOLE |  | 0 | 0 | 22112 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 219492 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2064549 | 40745 | SH |  | SOLE |  | 0 | 0 | 40745 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 226181 | 1950 | SH |  | SOLE |  | 0 | 0 | 1950 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 5009975 | 57500 | SH |  | SOLE |  | 0 | 0 | 57500 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 2190006 | 114600 | SH |  | SOLE |  | 0 | 0 | 114600 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1880988 | 6195 | SH |  | SOLE |  | 0 | 0 | 6195 |
| KINROSS GOLD CORP | COM | 496902404 |  | 490976 | 13400 | SH |  | SOLE |  | 0 | 0 | 13400 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 227700 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 1401577 | 23383 | SH |  | SOLE |  | 0 | 0 | 23383 |
| MCDONALDS CORP | COM | 580135101 |  | 1566355 | 5118 | SH |  | SOLE |  | 0 | 0 | 5118 |
| MCEWEN INC. | COM NEW | 58039P305 |  | 261400 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| MERCK  CO INC | COM | 58933Y105 |  | 414884 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| META PLATFORMS INC | CL A | 30303M102 |  | 13281049 | 20507 | SH |  | SOLE |  | 0 | 0 | 20507 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 3180640 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| MICROSOFT CORP | COM | 594918104 |  | 7766953 | 17216 | SH |  | SOLE |  | 0 | 0 | 17216 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 7298332 | 131336 | SH |  | SOLE |  | 0 | 0 | 131336 |
| NETFLIX INC | COM | 64110L106 |  | 7610327 | 91098 | SH |  | SOLE |  | 0 | 0 | 91098 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 392049 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 461712 | 36586 | SH |  | SOLE |  | 0 | 0 | 36586 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 1639011 | 141416 | SH |  | SOLE |  | 0 | 0 | 141416 |
| NUVEEN MUN HIGH INCOME OPPOR | COM | 670682103 |  | 181777 | 17563 | SH |  | SOLE |  | 0 | 0 | 17563 |
| NUVEEN NEW YORK AMT QLT MUNI | COM | 670656107 |  | 124796 | 12259 | SH |  | SOLE |  | 0 | 0 | 12259 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 1108769 | 92706 | SH |  | SOLE |  | 0 | 0 | 92706 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 21446147 | 116025 | SH |  | SOLE |  | 0 | 0 | 116025 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 5638941 | 33990 | SH |  | SOLE |  | 0 | 0 | 33990 |
| PIMCO ETF TR | MULTISECTOR BD | 72201R585 |  | 1248739 | 46560 | SH |  | SOLE |  | 0 | 0 | 46560 |
| PIMCO MUN INCOME FD II | COM | 72200W106 |  | 199222 | 26422 | SH |  | SOLE |  | 0 | 0 | 26422 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 1817857 | 47990 | SH |  | SOLE |  | 0 | 0 | 47990 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 218441 | 765 | SH |  | SOLE |  | 0 | 0 | 765 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 555258 | 13001 | SH |  | SOLE |  | 0 | 0 | 13001 |
| SHAKE SHACK INC | CL A | 819047101 |  | 370360 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1013030 | 7360 | SH |  | SOLE |  | 0 | 0 | 7360 |
| SLB LIMITED | COM STK | 806857108 |  | 1676880 | 34000 | SH |  | SOLE |  | 0 | 0 | 34000 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 5477987 | 209965 | SH |  | SOLE |  | 0 | 0 | 209965 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 5496984 | 129524 | SH |  | SOLE |  | 0 | 0 | 129524 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 3487367 | 7719 | SH |  | SOLE |  | 0 | 0 | 7719 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 2331468 | 17720 | SH |  | SOLE |  | 0 | 0 | 17720 |
| STARBUCKS CORP | COM | 855244109 |  | 3217212 | 33572 | SH |  | SOLE |  | 0 | 0 | 33572 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 461687 | 2582 | SH |  | SOLE |  | 0 | 0 | 2582 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 8784282 | 154083 | SH |  | SOLE |  | 0 | 0 | 154083 |
| SYNOPSYS INC | COM | 871607107 |  | 2537760 | 4981 | SH |  | SOLE |  | 0 | 0 | 4981 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 671109 | 2050 | SH |  | SOLE |  | 0 | 0 | 2050 |
| TEMPLETON EMERGING MKTS INCO | COM | 880192109 |  | 420095 | 63172 | SH |  | SOLE |  | 0 | 0 | 63172 |
| TESLA INC | COM | 88160R101 |  | 8252496 | 18365 | SH |  | SOLE |  | 0 | 0 | 18365 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 |  | 971534 | 21343 | SH |  | SOLE |  | 0 | 0 | 21343 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 450990 | 1156 | SH |  | SOLE |  | 0 | 0 | 1156 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3284650 | 39785 | SH |  | SOLE |  | 0 | 0 | 39785 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 594580 | 5440 | SH |  | SOLE |  | 0 | 0 | 5440 |
| UPSTART HLDGS INC | COM | 91680M107 |  | 231400 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 2401074 | 120900 | SH |  | SOLE |  | 0 | 0 | 120900 |
| USA RARE EARTH INC | COM | 91733P107 |  | 844812 | 37200 | SH |  | SOLE |  | 0 | 0 | 37200 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 15325533 | 145722 | SH |  | SOLE |  | 0 | 0 | 145722 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 13056739 | 91891 | SH |  | SOLE |  | 0 | 0 | 91891 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 206930 | 5241 | SH |  | SOLE |  | 0 | 0 | 5241 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 766590 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| VISA INC | COM CL A | 92826C839 |  | 339414 | 1040 | SH |  | SOLE |  | 0 | 0 | 1040 |
| WALMART INC | COM | 931142103 |  | 7214770 | 61230 | SH |  | SOLE |  | 0 | 0 | 61230 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 465462 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |

---