# EDGAR Filing Document

**Accession Number:** 0001890748
**File Stem:** 0002085853-25-000135
**Filing Date:** 2025-10
**Character Count:** 14067
**Document Hash:** 3ad27281bd4ab235792ee3958732abce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-25-000135.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0002085853-25-000135

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**EFFECTIVENESS DATE**: 20251022

**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:** 251409253

**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:** 09-30-2025

**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  10-22-2025<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:** 106

**Form 13F Information Table Value Total:** $330971538

      (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 |  | 338557 | 1462 | SH |  | SOLE |  | 0 | 0 | 1462 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 2865301 | 17710 | SH |  | SOLE |  | 0 | 0 | 17710 |
| AEROVIRONMENT INC | COM | 008073108 |  | 511696 | 1625 | SH |  | SOLE |  | 0 | 0 | 1625 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 18295149 | 108538 | SH |  | SOLE |  | 0 | 0 | 108538 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 352284 | 4650 | SH |  | SOLE |  | 0 | 0 | 4650 |
| ALAMO GROUP INC | COM | 011311107 |  | 1145400 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 2902876 | 83251 | SH |  | SOLE |  | 0 | 0 | 83251 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1307550 | 7316 | SH |  | SOLE |  | 0 | 0 | 7316 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 7930647 | 32623 | SH |  | SOLE |  | 0 | 0 | 32623 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 14092679 | 57864 | SH |  | SOLE |  | 0 | 0 | 57864 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 387173 | 8250 | SH |  | SOLE |  | 0 | 0 | 8250 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 290437 | 4397 | SH |  | SOLE |  | 0 | 0 | 4397 |
| AMAZON COM INC | COM | 023135106 |  | 20630632 | 93959 | SH |  | SOLE |  | 0 | 0 | 93959 |
| AMERICA MOVIL SAB DE CV | SPON ADS RP CL B | 02390A101 |  | 210000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| APPLE INC | COM | 037833100 |  | 18087968 | 71036 | SH |  | SOLE |  | 0 | 0 | 71036 |
| ARIS MNG CORP | COM | 04040Y109 |  | 98044 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| AT INC | COM | 00206R102 |  | 771449 | 27318 | SH |  | SOLE |  | 0 | 0 | 27318 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 1324289 | 10050 | SH |  | SOLE |  | 0 | 0 | 10050 |
| BANK AMERICA CORP | COM | 060505104 |  | 222943 | 4321 | SH |  | SOLE |  | 0 | 0 | 4321 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754200 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2493758 | 4960 | SH |  | SOLE |  | 0 | 0 | 4960 |
| BLACKSTONE INC | COM | 09260D107 |  | 9326728 | 54590 | SH |  | SOLE |  | 0 | 0 | 54590 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 2554014 | 30200 | SH |  | SOLE |  | 0 | 0 | 30200 |
| BOEING CO | COM | 097023105 |  | 1541819 | 7144 | SH |  | SOLE |  | 0 | 0 | 7144 |
| BROADCOM INC | COM | 11135F101 |  | 660810 | 2003 | SH |  | SOLE |  | 0 | 0 | 2003 |
| CAMECO CORP | COM | 13321L108 |  | 3751673 | 44737 | SH |  | SOLE |  | 0 | 0 | 44737 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 751660 | 26000 | SH |  | SOLE |  | 0 | 0 | 26000 |
| CATERPILLAR INC | COM | 149123101 |  | 1367035 | 2865 | SH |  | SOLE |  | 0 | 0 | 2865 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 12808370 | 222793 | SH |  | SOLE |  | 0 | 0 | 222793 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1483175 | 9551 | SH |  | SOLE |  | 0 | 0 | 9551 |
| CISCO SYS INC | COM | 17275R102 |  | 931563 | 13615 | SH |  | SOLE |  | 0 | 0 | 13615 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 11597839 | 12530 | SH |  | SOLE |  | 0 | 0 | 12530 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 514899 | 1050 | SH |  | SOLE |  | 0 | 0 | 1050 |
| DEERE  CO | COM | 244199105 |  | 932810 | 2040 | SH |  | SOLE |  | 0 | 0 | 2040 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1651904 | 11652 | SH |  | SOLE |  | 0 | 0 | 11652 |
| DOUBLELINE OPPORTUNISTIC CR | COM | 258623107 |  | 219521 | 14090 | SH |  | SOLE |  | 0 | 0 | 14090 |
| ELI LILLY  CO | COM | 532457108 |  | 1452811 | 1904 | SH |  | SOLE |  | 0 | 0 | 1904 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 2083873 | 121438 | SH |  | SOLE |  | 0 | 0 | 121438 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 112061 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 6665603 | 59118 | SH |  | SOLE |  | 0 | 0 | 59118 |
| FRANCO NEV CORP | COM | 351858105 |  | 419244 | 1881 | SH |  | SOLE |  | 0 | 0 | 1881 |
| FS CREDIT OPPORTUNITIES CORP | COMMON STOCK | 30290Y101 |  | 329596 | 47698 | SH |  | SOLE |  | 0 | 0 | 47698 |
| GARMIN LTD | SHS | H2906T109 |  | 492440 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| GE VERNOVA INC | COM | 36828A101 |  | 3016085 | 4905 | SH |  | SOLE |  | 0 | 0 | 4905 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 749609 | 60550 | SH |  | SOLE |  | 0 | 0 | 60550 |
| GLOBAL X FDS | DEFENSE TECH ETF | 37960A529 |  | 899072 | 12800 | SH |  | SOLE |  | 0 | 0 | 12800 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 378266 | 475 | SH |  | SOLE |  | 0 | 0 | 475 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 5365748 | 155304 | SH |  | SOLE |  | 0 | 0 | 155304 |
| HOME DEPOT INC | COM | 437076102 |  | 1329428 | 3281 | SH |  | SOLE |  | 0 | 0 | 3281 |
| IMMUNITYBIO INC | COM | 45256X103 |  | 1276986 | 519100 | SH |  | SOLE |  | 0 | 0 | 519100 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 460647 | 1030 | SH |  | SOLE |  | 0 | 0 | 1030 |
| INVESCO CALIF VALUE MUN INCO | COM | 46132H106 |  | 169440 | 16000 | SH |  | SOLE |  | 0 | 0 | 16000 |
| INVESCO GALAXY BITCOIN ETF | COM SHS BEN INT | 46091J101 |  | 296426 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| INVESCO MUN OPPORTUNITY TR | COM | 46132C107 |  | 179543 | 18567 | SH |  | SOLE |  | 0 | 0 | 18567 |
| INVESCO PA VALUE MUN INC TR | COM | 46132K109 |  | 113630 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 108350 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 |  | 223468 | 22082 | SH |  | SOLE |  | 0 | 0 | 22082 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 1095445 | 16853 | SH |  | SOLE |  | 0 | 0 | 16853 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 2571859 | 60700 | SH |  | SOLE |  | 0 | 0 | 60700 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 480600 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 1543023 | 122950 | SH |  | SOLE |  | 0 | 0 | 122950 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1818454 | 5765 | SH |  | SOLE |  | 0 | 0 | 5765 |
| KINROSS GOLD CORP | COM | 496902404 |  | 488303 | 19650 | SH |  | SOLE |  | 0 | 0 | 19650 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 1190492 | 22132 | SH |  | SOLE |  | 0 | 0 | 22132 |
| LYFT INC | CL A COM | 55087P104 |  | 836380 | 38000 | SH |  | SOLE |  | 0 | 0 | 38000 |
| MCDONALDS CORP | COM | 580135101 |  | 1576634 | 5188 | SH |  | SOLE |  | 0 | 0 | 5188 |
| META PLATFORMS INC | CL A | 30303M102 |  | 14593690 | 19872 | SH |  | SOLE |  | 0 | 0 | 19872 |
| MICROSOFT CORP | COM | 594918104 |  | 11356620 | 21926 | SH |  | SOLE |  | 0 | 0 | 21926 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 201381 | 625 | SH |  | SOLE |  | 0 | 0 | 625 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 221331 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 6732734 | 134789 | SH |  | SOLE |  | 0 | 0 | 134789 |
| NETFLIX INC | COM | 64110L106 |  | 11917265 | 9940 | SH |  | SOLE |  | 0 | 0 | 9940 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 252640 | 20557 | SH |  | SOLE |  | 0 | 0 | 20557 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 1552348 | 136290 | SH |  | SOLE |  | 0 | 0 | 136290 |
| NUVEEN MUN HIGH INCOME OPPOR | COM | 670682103 |  | 185655 | 17531 | SH |  | SOLE |  | 0 | 0 | 17531 |
| NUVEEN NEW YORK AMT QLT MUNI | COM | 670656107 |  | 123878 | 12145 | SH |  | SOLE |  | 0 | 0 | 12145 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 1059468 | 90630 | SH |  | SOLE |  | 0 | 0 | 90630 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 21140702 | 113306 | SH |  | SOLE |  | 0 | 0 | 113306 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 5119617 | 28065 | SH |  | SOLE |  | 0 | 0 | 28065 |
| PIMCO MUN INCOME FD II | COM | 72200W106 |  | 208998 | 26422 | SH |  | SOLE |  | 0 | 0 | 26422 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 1702809 | 42979 | SH |  | SOLE |  | 0 | 0 | 42979 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 251424 | 1756 | SH |  | SOLE |  | 0 | 0 | 1756 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 234805 | 726 | SH |  | SOLE |  | 0 | 0 | 726 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 2162021 | 24791 | SH |  | SOLE |  | 0 | 0 | 24791 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1122749 | 7555 | SH |  | SOLE |  | 0 | 0 | 7555 |
| SNOWFLAKE INC | CL A | 833445109 |  | 321409 | 1425 | SH |  | SOLE |  | 0 | 0 | 1425 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 6942912 | 262790 | SH |  | SOLE |  | 0 | 0 | 262790 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 1952052 | 61174 | SH |  | SOLE |  | 0 | 0 | 61174 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2436391 | 6854 | SH |  | SOLE |  | 0 | 0 | 6854 |
| STARBUCKS CORP | COM | 855244109 |  | 3428105 | 40521 | SH |  | SOLE |  | 0 | 0 | 40521 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 360008 | 2582 | SH |  | SOLE |  | 0 | 0 | 2582 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 7705617 | 154082 | SH |  | SOLE |  | 0 | 0 | 154082 |
| TEMPLETON EMERGING MKTS INCO | COM | 880192109 |  | 376776 | 60770 | SH |  | SOLE |  | 0 | 0 | 60770 |
| TESLA INC | COM | 88160R101 |  | 7004340 | 15750 | SH |  | SOLE |  | 0 | 0 | 15750 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 |  | 862903 | 20026 | SH |  | SOLE |  | 0 | 0 | 20026 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 487786 | 1156 | SH |  | SOLE |  | 0 | 0 | 1156 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 4187728 | 42745 | SH |  | SOLE |  | 0 | 0 | 42745 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 383525 | 4591 | SH |  | SOLE |  | 0 | 0 | 4591 |
| UPSTART HLDGS INC | COM | 91680M107 |  | 762000 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 919126 | 68900 | SH |  | SOLE |  | 0 | 0 | 68900 |
| USA RARE EARTH INC | COM | 91733P107 |  | 171900 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 12788505 | 167389 | SH |  | SOLE |  | 0 | 0 | 167389 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 10550718 | 106541 | SH |  | SOLE |  | 0 | 0 | 106541 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 233766 | 5319 | SH |  | SOLE |  | 0 | 0 | 5319 |
| VISA INC | COM CL A | 92826C839 |  | 355035 | 1040 | SH |  | SOLE |  | 0 | 0 | 1040 |
| WALMART INC | COM | 931142103 |  | 5770433 | 55991 | SH |  | SOLE |  | 0 | 0 | 55991 |

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