Avalon Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Avalon Capital Management reported 126 stock positions worth $344.3 million. Its top holding was Alphabet Class A (GOOGL) at 7.0% of the portfolio, followed by Vaneck Gold Miners ETF (GDX, 5.6%) and SPDR Gold Shares (GLD, 5.0%). Compared with Q4 2024, it opened 30 new positions, sold out of 35, added to 23 and reduced 37. The biggest buy was Vaneck Gold Miners ETF (GDX, shares +112%) and the biggest sale Alphabet Class A (GOOGL, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- Port Of Redwood City, CA
- CIK
- 0001510809
- Portfolio Value
- $344.3M (Q1 2025)
- SEC Filing
- 0001172661-25-001599 ↗ filed May 7, 2025
Holdings Value
Holdings 126 stocks · $344.3M
| GOOGL Alphabet Inc. Class A | 7.00% | 155,848 | $24.1M | Reduce -4.1% |
| GDX Vaneck Gold Miners ETF | 5.65% | 423,016 | $19.4M | Add +111.7% |
| GLD SPDR Gold Shares | 4.96% | 59,211 | $17.1M | Add +1.0% |
| GOOG Alphabet Inc. Class C | 4.17% | 91,787 | $14.3M | Reduce -8.1% |
| AAPL Apple Inc. | 3.97% | 61,548 | $13.7M | Reduce -4.4% |
| AMZN Amazon.com Inc. | 3.69% | 66,693 | $12.7M | Reduce -15.8% |
| BWX SS SPDR BB Intl Treasury BD | 3.42% | 539,326 | $11.8M | New |
| MSFT Microsoft Corp. | 3.15% | 28,917 | $10.9M | Reduce -22.9% |
| CSCO Cisco Systems Inc. | 2.88% | 160,793 | $9.9M | No change |
| GSST Goldman Sachs Ultra Short Bo | 2.43% | 165,369 | $8.4M | Add +237.4% |
| FXI iShares China Large-Cap ETF | 2.36% | 226,956 | $8.1M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 2.19% | 95,466 | $7.5M | Add +0.4% |
| KWEB Kranesh Csi China Internet | 2.07% | 204,226 | $7.1M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 1.92% | 12,441 | $6.6M | Add +8.0% |
| GOVT iShares US Treasury Bond ETF | 1.77% | 265,255 | $6.1M | Add +2.4% |
| IEFA iShares Core MSCI Eafe ETF | 1.71% | 77,708 | $5.9M | New |
| FXY Invesco Currencyshares Japan | 1.69% | 94,674 | $5.8M | New |
| HODL Vaneck Bitcoin ETF | 1.67% | 246,438 | $5.7M | Reduce -1.8% |
| BWZ State Street SPDR Bloomberg | 1.65% | 216,859 | $5.7M | New |
| VGK Vanguard Ftse Europe ETF | 1.61% | 79,143 | $5.6M | New |
| SDY SS SPDR S&P Dividend ETF | 1.60% | 40,578 | $5.5M | New |
| VTIP Vanguard Short-Term Tips | 1.59% | 109,504 | $5.5M | New |
| QUAL iShares MSCI USA Quality Fac | 1.49% | 29,931 | $5.1M | Reduce -23.3% |
| MOAT Vaneck Morningstar Wide Moat | 1.36% | 53,089 | $4.7M | Reduce -20.2% |
| LLY Eli Lilly & Co. | 1.33% | 5,559 | $4.6M | Add +6.7% |
| VGUS Vanguard Ultra SHRT Treasury | 1.30% | 59,186 | $4.5M | New |
| SHV iShares 0-1 Year Treasury Bo | 1.25% | 38,870 | $4.3M | Add +46.0% |
| KROP Global X FDS | 1.20% | 416,118 | $4.1M | New |
| PWRD TCW Transform Systems ETF | 1.18% | 58,411 | $4.1M | Add +16.9% |
| PHO Invesco Water Resources ETF | 1.14% | 60,702 | $3.9M | Reduce -0.1% |
| VBIL Vanguard 0-3M T-Bill ETF | 1.13% | 51,633 | $3.9M | New |
| DIVO Amplify CWP Enhan Divid ETF | 1.08% | 91,503 | $3.7M | Add +1.9% |
| MRVL Marvell Technology Inc. | 1.01% | 56,601 | $3.5M | No change |
| UDEC Innovator U.S. Equity Ultra | 0.88% | 88,007 | $3.0M | New |
| COWZ Pacer US Cash Cows 100 ETF | 0.87% | 54,567 | $3.0M | Reduce -0.4% |
| IEMG iShares Core MSCI Emerging | 0.84% | 53,634 | $2.9M | New |
| IAU iShares Gold Trust | 0.84% | 49,027 | $2.9M | Add +61.3% |
| GPIX GLDM SA S&P 500 PR in ETF-US | 0.73% | 54,168 | $2.5M | Add +10.9% |
| RAAX Vaneck Real Assets ETF | 0.68% | 77,079 | $2.3M | Add +13.1% |
| PDBC Invesco Optimum Yield Divers | 0.66% | 167,602 | $2.3M | New |
| EMB iShares JP Morgan Usd Emergi | 0.64% | 24,242 | $2.2M | No change |
| SMH Vaneck Semiconductor ETF | 0.62% | 10,046 | $2.1M | Reduce -68.6% |
| SCJ iShares MSCI Japan Small-Cap | 0.60% | 27,016 | $2.1M | Add +92.0% |
| SLVP iShares MSCI Global Silver A | 0.58% | 133,785 | $2.0M | New |
| V Visa Inc. Class A | 0.57% | 5,588 | $2.0M | Reduce -14.6% |
| KBWB Invesco KBW Bank ETF | 0.51% | 28,052 | $1.8M | Reduce -22.8% |
| DGRW Wisdomtree U.S. Quality Divi | 0.51% | 22,001 | $1.8M | Reduce -49.3% |
| LCR Leuthold Core ETF filed as MANAGED PORTFOLIO SERIES | 0.49% | 49,447 | $1.7M | New |
| AOR iShares Core 60/40 Balanced | 0.49% | 29,406 | $1.7M | Add +62.3% |
| TSLA Tesla Inc. | 0.46% | 6,139 | $1.6M | Reduce -14.0% |
| AEM Agnico Eagle Mines Ltd. | 0.46% | 14,581 | $1.6M | Add +45.1% |
| VGLT Vanguard Long-Term Treasury | 0.43% | 25,422 | $1.5M | New |
| NVDA Nvidia Corp. | 0.42% | 13,288 | $1.4M | Reduce -3.1% |
| COST Costco Wholesale Corp. | 0.41% | 1,510 | $1.4M | No change |
| SLV iShares Silver Trust | 0.41% | 45,978 | $1.4M | Reduce -0.2% |
| VDE Vanguard Energy ETF | 0.37% | 9,941 | $1.3M | Add +151.2% |
| VGIT Vanguard Intermediate-Term T | 0.37% | 21,378 | $1.3M | New |
| ORCL Oracle Corp. | 0.36% | 8,771 | $1.2M | No change |
| ET Energy Transfer LP | 0.34% | 63,700 | $1.2M | Reduce -20.1% |
| IAI iShares U.S. Broker-Dealers | 0.32% | 7,752 | $1.1M | Reduce -46.1% |
| HEI Heico Corp. | 0.30% | 3,862 | $1.0M | Reduce -1.4% |
| DSTL Distillate US Fundamental St | 0.30% | 18,890 | $1.0M | Reduce -16.7% |
| META Meta Platforms Inc. Class A | 0.25% | 1,518 | $875K | Add +3.4% |
| SCHD Schwab US DVD Equity ETF | 0.25% | 31,050 | $868K | No change |
| TDG Transdigm Group Inc. | 0.24% | 596 | $824K | Add +2.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 1,397 | $782K | Reduce -1.2% |
| BX Blackstone Inc. | 0.22% | 5,320 | $744K | No change |
| ANET Arista Networks Inc. | 0.21% | 9,252 | $717K | Reduce -7.2% |
| INDA iShares MSCI India ETF | 0.20% | 13,504 | $695K | New |
| PLTR Palantir Technologies Inc. Class A | 0.20% | 8,093 | $683K | Reduce -8.6% |
| EEM iShares MSCI Emerging Market | 0.20% | 15,478 | $676K | New |
| XLK SS Technology Select Sector | 0.19% | 3,180 | $657K | No change |
| MPLX MPLX LP | 0.18% | 11,635 | $623K | No change |
| NFLX Netflix Inc. | 0.18% | 663 | $618K | Reduce -9.8% |
| XAR SS SPDR S&P Aerospace Def | 0.17% | 3,721 | $598K | No change |
| GEV GE Vernova Inc. | 0.17% | 1,940 | $592K | Add +15.5% |
| VWO Vanguard Ftse Emerging Marke | 0.17% | 13,031 | $590K | Reduce -50.5% |
| ULTA Ulta Beauty Inc. | 0.17% | 1,572 | $576K | No change |
| GPIQ GS Nasdaq-100 PR Inc. ETF-Usd | 0.16% | 12,500 | $558K | New |
| CNX CNX Resources Corp. | 0.16% | 17,410 | $548K | Add +151.5% |
| XLI SS Industrial Select Sector | 0.16% | 4,121 | $540K | No change |
| CVX Chevron Corp. | 0.15% | 3,170 | $530K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 3,123 | $518K | Reduce -3.1% |
| APD Air Products & Chemicals Inc. | 0.15% | 1,730 | $510K | No change |
| DISV Dimensional International SM | 0.15% | 17,480 | $509K | New |
| PG The Procter & Gamble Co. | 0.15% | 2,940 | $501K | No change |
| JNJ Johnson & Johnson | 0.14% | 2,959 | $491K | No change |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.14% | 8,600 | $471K | Reduce -34.4% |
| MA Mastercard Inc. Class A | 0.14% | 857 | $470K | Reduce -1.1% |
| SCHW Schwab (charles) Corp. | 0.13% | 5,871 | $460K | Reduce -2.9% |
| KMI Kinder Morgan Inc. | 0.12% | 15,000 | $428K | No change |
| CNQ Canadian Natural Resources | 0.12% | 13,359 | $411K | New |
| TIP iShares Tips Bond ETF | 0.12% | 3,692 | $410K | New |
| VOO Vanguard S&P 500 ETF | 0.11% | 768 | $394K | Reduce -2.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.11% | 834 | $391K | Reduce -53.6% |
| DHR Danaher Corp. | 0.11% | 1,846 | $378K | Reduce -43.5% |
| JPM JPMorgan Chase & Co. | 0.11% | 1,516 | $372K | No change |
| B Barrick Gold Corp. | 0.10% | 17,600 | $342K | No change |
| SPGI S&P Global Inc. | 0.10% | 652 | $331K | No change |
| VGT Vanguard Info Tech ETF | 0.10% | 610 | $331K | Reduce -5.9% |
Portfolio Sells Q4 2024 → Q1 2025
| GOOGL Alphabet Inc. Class A | Reduce -4.1% | 7.00% | −2.93 |
| GOOG Alphabet Inc. Class C | Reduce -8.1% | 4.17% | −1.97 |
| MSFT Microsoft Corp. | Reduce -22.9% | 3.15% | −1.95 |
| AMZN Amazon.com Inc. | Reduce -15.8% | 3.69% | −1.92 |
| SMH Vaneck Semiconductor ETF | Reduce -68.6% | 0.62% | −1.88 |
| DTCR Global X Data Center & Digit | Sold out | 0.00% | −1.63 |
| JEPQ JPM Nasdaq Equity Premium | Sold out | 0.00% | −1.58 |
| AAPL Apple Inc. | Reduce -4.4% | 3.97% | −1.23 |
| IWP iShares Russell Mid-Cap Grow | Sold out | 0.00% | −1.15 |
| KJAN Innovator U.S. Small Cap Pow | Sold out | 0.00% | −1.08 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Sold out | 0.00% | −1.05 |
| FLTR Vaneck Ig Floating Rate ETF | Sold out | 0.00% | −0.81 |
| QUAL iShares MSCI USA Quality Fac | Reduce -23.3% | 1.49% | −0.76 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.74 |
| BNDX Vanguard Total Intl Bond ETF | Sold out | 0.00% | −0.72 |
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −0.70 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -20.2% | 1.36% | −0.63 |
| VOX Vanguard Communication Servi | Sold out | 0.00% | −0.63 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -49.3% | 0.51% | −0.62 |
| LCR Leuthold Core ETF | Sold out | 0.00% | −0.50 |
| GLIN Vaneck India Growth Leaders | Sold out | 0.00% | −0.47 |
| HODL Vaneck Bitcoin ETF | Reduce -1.8% | 1.67% | −0.47 |
| TSLA Tesla Inc. | Reduce -14.0% | 0.46% | −0.47 |
| TTD Trade Desk Inc./the Class A | Reduce -34.4% | 0.14% | −0.36 |
| IAI iShares U.S. Broker-Dealers | Reduce -46.1% | 0.32% | −0.35 |
| EWJ iShares MSCI Japan ETF | Sold out | 0.00% | −0.31 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Sold out | 0.00% | −0.31 |
| KBWB Invesco KBW Bank ETF | Reduce -22.8% | 0.51% | −0.26 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.23 |
| BIP Brookfield Infrastructure Pa | Sold out | 0.00% | −0.22 |
| IGE iShares North American Natur | Sold out | 0.00% | −0.21 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.21 |
| VWO Vanguard Ftse Emerging Marke | Reduce -50.5% | 0.17% | −0.20 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -53.6% | 0.11% | −0.18 |
| NVDA Nvidia Corp. | Reduce -3.1% | 0.42% | −0.18 |
| A Agilent Technologies Inc. | Sold out | 0.00% | −0.17 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −0.17 |
| ET Energy Transfer LP | Reduce -20.1% | 0.34% | −0.16 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.16 |
| PHO Invesco Water Resources ETF | Reduce -0.1% | 1.14% | −0.15 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.15 |
| ANET Arista Networks Inc. | Reduce -7.2% | 0.21% | −0.15 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.14 |
| DHR Danaher Corp. | Reduce -43.5% | 0.11% | −0.13 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -0.4% | 0.87% | −0.13 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −0.12 |
| ADVISORS INNER CIRCLE FD III | Reduce -54.5% | 0.09% | −0.12 |
| GSSC Goldman Sachs Activebeta US | Sold out | 0.00% | −0.11 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.11 |
| DSTL Distillate US Fundamental St | Reduce -16.7% | 0.30% | −0.10 |
Portfolio Buys Q4 2024 → Q1 2025
| GDX Vaneck Gold Miners ETF | Add +111.7% | 5.65% | +3.46 |
| BWX SS SPDR BB Intl Treasury BD | New | 3.42% | +3.42 |
| FXI iShares China Large-Cap ETF | New | 2.36% | +2.36 |
| KWEB Kranesh Csi China Internet | New | 2.07% | +2.07 |
| IEFA iShares Core MSCI Eafe ETF | New | 1.71% | +1.71 |
| FXY Invesco Currencyshares Japan | New | 1.69% | +1.69 |
| BWZ State Street SPDR Bloomberg | New | 1.65% | +1.65 |
| GSST Goldman Sachs Ultra Short Bo | Add +237.4% | 2.43% | +1.63 |
| VGK Vanguard Ftse Europe ETF | New | 1.61% | +1.61 |
| SDY SS SPDR S&P Dividend ETF | New | 1.60% | +1.60 |
| VTIP Vanguard Short-Term Tips | New | 1.59% | +1.59 |
| VGUS Vanguard Ultra SHRT Treasury | New | 1.30% | +1.30 |
| KROP Global X FDS | New | 1.20% | +1.20 |
| VBIL Vanguard 0-3M T-Bill ETF | New | 1.13% | +1.13 |
| UDEC Innovator U.S. Equity Ultra | New | 0.88% | +0.88 |
| IEMG iShares Core MSCI Emerging | New | 0.84% | +0.84 |
| PDBC Invesco Optimum Yield Divers | New | 0.66% | +0.66 |
| SLVP iShares MSCI Global Silver A | New | 0.58% | +0.58 |
| LCR Leuthold Core ETF | New | 0.49% | +0.49 |
| VGLT Vanguard Long-Term Treasury | New | 0.43% | +0.43 |
| GLD SPDR Gold Shares | Add +1.0% | 4.96% | +0.37 |
| VGIT Vanguard Intermediate-Term T | New | 0.37% | +0.37 |
| IAU iShares Gold Trust | Add +61.3% | 0.84% | +0.35 |
| SHV iShares 0-1 Year Treasury Bo | Add +46.0% | 1.25% | +0.30 |
| SCJ iShares MSCI Japan Small-Cap | Add +92.0% | 0.60% | +0.27 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +8.0% | 1.92% | +0.24 |
| VDE Vanguard Energy ETF | Add +151.2% | 0.37% | +0.22 |
| AEM Agnico Eagle Mines Ltd. | Add +45.1% | 0.46% | +0.21 |
| INDA iShares MSCI India ETF | New | 0.20% | +0.20 |
| EEM iShares MSCI Emerging Market | New | 0.20% | +0.20 |
| GPIQ GS Nasdaq-100 PR Inc. ETF-Usd | New | 0.16% | +0.16 |
| AOR iShares Core 60/40 Balanced | Add +62.3% | 0.49% | +0.16 |
| DISV Dimensional International SM | New | 0.15% | +0.15 |
| CNQ Canadian Natural Resources | New | 0.12% | +0.12 |
| TIP iShares Tips Bond ETF | New | 0.12% | +0.12 |
| IEI iShares 3-7 Year Treasury Bo | New | 0.08% | +0.08 |
| CNX CNX Resources Corp. | Add +151.5% | 0.16% | +0.08 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.08% | +0.08 |
| TLT iShares 20+ Year Treasury BD | New | 0.07% | +0.07 |
| RAAX Vaneck Real Assets ETF | Add +13.1% | 0.68% | +0.06 |
| SH Proshares Short S&P500 | New | 0.06% | +0.06 |
| LLY Eli Lilly & Co. | Add +6.7% | 1.33% | +0.04 |
| DIREXION DLY S&P 500 BEAR 3X | New | 0.02% | +0.02 |
| RSG Republic Services Inc. | Add +10.6% | 0.09% | +0.02 |
| PWRD TCW Transform Systems ETF | Add +16.9% | 1.18% | +0.01 |
| TDG Transdigm Group Inc. | Add +2.6% | 0.24% | +0.00 |
| GEV GE Vernova Inc. | Add +15.5% | 0.17% | −0.01 |
| VYM Vanguard High DVD Yield ETF | Add +0.7% | 0.07% | −0.01 |
| META Meta Platforms Inc. Class A | Add +3.4% | 0.25% | −0.02 |
| GPIX GLDM SA S&P 500 PR in ETF-US | Add +10.9% | 0.73% | −0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 126 | $422.4M | GOOGL, SMH, GDX, GLD, GOOG |
| Q1 2026 | 121 | $354.2M | GOOGL, GDX, GOOG, SMH, PDBC |
| Q4 2025 | 139 | $418.0M | GOOGL, GDX, GOOG, SMH, GLD |
| Q3 2025 | 133 | $408.0M | GOOGL, GDX, BWZ, GOOG, GLD |
| Q2 2025 | 127 | $372.2M | GOOGL, BWZ, GDX, AMZN, GLD |
| Q1 2025 | 126 | $344.3M | GOOGL, GDX, GLD, GOOG, AAPL |
| Q4 2024 | 131 | $309.8M | GOOGL, GOOG, AMZN, AAPL, MSFT |
| Q3 2024 | 130 | $330.2M | GOOGL, GDX, GOOG, MSFT, GLD |
| Q2 2024 | 120 | $315.4M | GOOGL, GOOG, TLT, MSFT, AMZN |
| Q1 2024 | 99 | $244.1M | GOOGL, GOOG, MSFT, AMZN, GLD |