Van Eck Associates 13F Portfolio

The biggest statement this quarter is Van Eck adding roughly $3.9B of NVIDIA, even with the position already up 124.1% vs its average cost. That isn’t averaging down or trading noise; it’s an assertion that the AI spending cycle has longer to run than the market is currently pricing.

Just as important is where they’re building around that core. The largest incremental dollar adds, after NVIDIA, are not other headline GPUs but the plumbing of the chip ecosystem:

• Lam Research: shares up a staggering +411.8%, lifting the stake to $4.81B. Van Eck is leaning into wafer fab equipment capacity as the bottleneck to AI scaling.
• ASML: +31.7% shares, now a $4.89B position. You don’t buy more ASML this high in the cycle unless you think leading-edge foundry capex is underappreciated.
• Applied Materials: +16.2% in shares, to $5.58B, reinforcing the same equipment thesis.
• Marvell and Analog Devices: both see +20%‑plus share increases and >70% gains vs cost, signaling continued belief in data-center and high-performance signal-chain demand rather than just CPUs/GPUs.

Down the stack, they’re also scaling enabling niches: QCOM, CDNS, SNPS, MPWR, STM, MCHP, ON, ARM, and Astera Labs all see double‑digit percentage share adds. This is a classic Van Eck pattern: once a secular theme starts working, they build a lattice of correlated enablers rather than betting on a single node.

If the buy tape is about future AI capacity, the sell tape is about skimming off what’s already been paid for. The biggest trims are in semis that have run very hard — and in gold miners that did their job as a macro hedge.

On the tech side, Van Eck is systematically taking money out of older or more cyclical names:

• Micron: shares cut -25.0% after an extraordinary 1102.1% gain vs average cost. That’s not lost faith in memory; it’s classic “harvest the bubble froth” behavior.
• Intel: -26.5% shares; TSMC: -10.6%; AMD: -21.5%. All three are still big positions, but Van Eck is clearly rotating from broad CPU/foundry exposure into equipment and specialized AI/data-center plays.

The other major funding source is gold and silver miners, many sitting on triple-digit gains. Kinross is slashed -47.9% in shares, Newmont -10.8%, Barrick -10.3%, with trims across Franco-Nevada, Pan American, Harmony, Coeur, and others. Even RTX in aerospace is cut by -43.1%, and Pepsi is reduced by -19.3%, underscoring the point: defensives and diversifiers are cash registers, not destinations, when the team sees a live secular growth runway.

The sector chart shows a book that is no longer hedging its AI bet with much else. Technology climbs to 77.16% of the disclosed portfolio, adding nearly 3.6 percentage points in a single quarter, while Basic Materials — nearly all precious metals plus a slice of uranium through Cameco — drops by about 3 percentage points to 18.4%.

Inside tech, this isn’t a move into generic software; it’s a reweighting within the semiconductor value chain. High-conviction adds in equipment (ASML, LRCX, AMAT, KLAC, TER), AI-enabling logic (NVDA, AVGO, MRVL, ARM, Astera Labs), and design/EDA (CDNS, SNPS) dominate, while more generalist or slower-growth chip names (INTC, AMD, NXPI, TSM) are modestly pared.

Outside tech, almost every sector bleeds a little. Industrials edge down to 2.63%, with RTX and Royal Gold trimmed and only Teradyne and Hecla seeing increased capital. Consumer staples declines as Pepsi is cut, energy inches lower as SLB is reduced, and healthcare stays a rounding error via a barely-touched Bristol-Myers stake.

One nuance: within the shrinking Basic Materials sleeve, Van Eck is subtly rotating. They trim many incumbents but add or increase in Equinox, Eldorado, Iamgold, and Cameco, signalling a shift toward more levered or operationally geared resource names rather than the biggest, safest producers.

Taken together, these moves read like a very clear macro call: the AI build-out will be longer and more capital-intensive than consensus, and gold has already earned its keep for this cycle. Van Eck is willing to run a 39.6% top‑10 concentration and a >77% tech weight because they view the risk/reward of the AI hardware stack as structurally skewed up.

They’re not just chasing NVIDIA’s stock chart; they’re building around it with lithography, wafer equipment, power management, connectivity, EDA, and niche semis that capture the second and third derivatives of AI demand. Trims in memory and legacy CPUs suggest a view that the most explosive upside has shifted from commodity capacity to the tools and architectures enabling next‑gen data centers.

On the risk side, the portfolio is now much more exposed to a reversal in AI infrastructure spending or a policy shock hitting capex at hyperscalers and foundries. The reduced weight in precious metals and defensives like Pepsi and RTX lowers ballast if the cycle turns or if real rates spike.

For now, though, the posture is aggressive and unambiguous: Van Eck is using past gains in gold and mature semis to buy more of the AI future, and is comfortable letting performance ride on whether that capex supercycle actually materializes.