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

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $244.1M Q1 2024 Q2 2024: $315.4M Q2 2024 Q3 2024: $330.2M Q3 2024 Q4 2024: $309.8M Q4 2024 Q1 2025: $344.3M $344.3M Q1 2025 Q2 2025: $372.2M Q2 2025 Q3 2025: $408.0M Q3 2025 Q4 2025: $418.0M Q4 2025 Q1 2026: $354.2M Q1 2026 Q2 2026: $422.4M Q2 2026

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%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.10% 3,425 $327K Reduce -21.3%
RSG Republic Services Inc. 0.09% 1,330 $322K Add +10.6%
PEP Pepsico Inc. 0.09% 2,108 $316K No change
VONV Vanguard Russell 1000 Value 0.09% 3,781 $312K No change
ADVISORS INNER CIRCLE FD III 0.09% 11,811 $306K Reduce -54.5%
WPM Wheaton Precious Metals Corp. 0.09% 3,801 $295K No change
TXN Texas Instruments Inc. 0.08% 1,615 $290K No change
IEI iShares 3-7 Year Treasury Bo 0.08% 2,427 $287K New
VTV Vanguard Mrngstr Val ETF-Aui 0.08% 1,540 $266K New
NJUL Innovator Growth 100 Power B 0.07% 4,294 $258K No change
TLT iShares 20+ Year Treasury BD 0.07% 2,823 $257K New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.07% 611 $257K No change
VYM Vanguard High DVD Yield ETF 0.07% 1,976 $255K Add +0.7%
XLF SS Financial Select Sector 0.07% 5,050 $252K No change
NEE Nextera Energy Inc. 0.07% 3,364 $238K No change
HPQ HP Inc. 0.06% 8,050 $223K No change
HL Hecla Mining Co. 0.06% 39,114 $217K No change
FCX Freeport-McMoran Inc. 0.06% 5,590 $212K No change
CG The Carlyle Group Inc. 0.06% 4,778 $208K No change
NRP Natural Resource Partners LP 0.06% 2,000 $208K No change
SH Proshares Short S&P500 0.06% 4,500 $201K New
VMC Vulcan Materials Co. 0.06% 859 $200K Reduce -30.6%
SAND Sandstorm Gold Ltd. 0.05% 25,000 $189K No change
SA Seabridge Gold Inc. 0.03% 10,300 $120K No change
CLF Cleveland-Cliffs Inc. 0.03% 14,000 $115K No change
DIREXION DLY S&P 500 BEAR 3X 0.02% 11,197 $80K New

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 126$422.4MGOOGL, SMH, GDX, GLD, GOOG
Q1 2026 121$354.2MGOOGL, GDX, GOOG, SMH, PDBC
Q4 2025 139$418.0MGOOGL, GDX, GOOG, SMH, GLD
Q3 2025 133$408.0MGOOGL, GDX, BWZ, GOOG, GLD
Q2 2025 127$372.2MGOOGL, BWZ, GDX, AMZN, GLD
Q1 2025 126$344.3MGOOGL, GDX, GLD, GOOG, AAPL
Q4 2024 131$309.8MGOOGL, GOOG, AMZN, AAPL, MSFT
Q3 2024 130$330.2MGOOGL, GDX, GOOG, MSFT, GLD
Q2 2024 120$315.4MGOOGL, GOOG, TLT, MSFT, AMZN
Q1 2024 99$244.1MGOOGL, GOOG, MSFT, AMZN, GLD