2026-Q1 VAN ECK ASSOCIATES CORP 13F Filing: Van Eck added AEM and NEM while slashing PAAS

Van Eck Associates' 2026-Q1 13F shows heavy buying in gold miners and semiconductors, while several software and precious-metal positions were cut.

Note on KLAC: shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — not a buy.

Why did Van Eck add so aggressively to AEM and NEM?

AEM grew by +$1.39B and its weight moved from 2.41% to 3.23%. NEM grew by +$923.3M, lifting its weight from 2.46% to 2.93%. KGC, CDE, and FNV were also added, making gold and silver producers the clearest cluster of buying in the quarter.

Why did PAAS and NGDN get sold down at the same time?

PAAS's value change was -$874.8M, with its weight falling from 1.69% to 0.88%. NGDN's value change was -$559.0M, leaving it at 0.00% weight. The two trims stand out because the broader precious-metals complex was being increased, making these sales stock-specific rather than sector-wide.

Why do several trims show higher dollar values at quarter-end?

KLAC, ASML, INTC, AMAT, AU, WPM, and AG were all trimmed, yet each has a higher quarter-end value. The filing's explanation is explicit: shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — not a buy. For example, KLAC's value grew by +$312.0M even though the position was reduced.

How large is Van Eck's semiconductor exposure after the quarter?

Information Technology remains the biggest sector sleeve at 0.4536 of portfolio value, down from 0.4604. NVDA grew by +$422.6M, TSM grew by +$1.20B, and ARM went from $5.5M to $334.8M. At the same time, the fund trimmed KLAC, AMAT, INTC, and ASML, so the chip book was adjusted selectively rather than expanded across the board.

Why did ADBE, CRM, and WDAY get cut?

ADBE's value change was -$237.2M, CRM's was -$230.5M, and WDAY's was -$227.0M. Their weights dropped to 0.12%, 0.10%, and 0.08%, respectively. These trims contrast with the semiconductor adds and mark a rotation out of application software into hardware and miners.

What does this mean for other investors?

The filing shows a manager making deliberate, concentrated trades rather than passive drift. Turnover was 0.218208, and the biggest active moves clustered in gold miners, semiconductors, and a few software cuts. For investors reading 13Fs, the KLAC, ASML, and INTC pattern is a reminder that a rising quarter-end value is not automatically a buy.