Avalon Capital Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Avalon Capital Management reported 127 stock positions worth $372.2 million. Its top holding was Alphabet Class A (GOOGL) at 7.2% of the portfolio, followed by State Street SPDR Bloomberg (BWZ, 6.2%) and Vaneck Gold Miners ETF (GDX, 5.0%). Compared with Q1 2025, it opened 24 new positions, sold out of 23, added to 26 and reduced 44. The biggest buy was State Street SPDR Bloomberg (BWZ, shares +280%) and the biggest sale SS SPDR BB Intl Treasury BD (BWX, shares −81%).
- Most Recent 13F
- Q2 2026
- Location
- Port Of Redwood City, CA
- CIK
- 0001510809
- Portfolio Value
- $372.2M (Q2 2025)
- SEC Filing
- 0001172661-25-002951 ↗ filed Aug 7, 2025
Holdings Value
Holdings 127 stocks · $372.2M
| GOOGL Alphabet Inc. Class A | 7.15% | 151,128 | $26.6M | Reduce -3.0% |
| BWZ State Street SPDR Bloomberg | 6.22% | 824,784 | $23.2M | Add +280.3% |
| GDX Vaneck Gold Miners ETF | 4.96% | 354,781 | $18.5M | Reduce -16.1% |
| AMZN Amazon.com Inc. | 3.83% | 64,940 | $14.2M | Reduce -2.6% |
| GLD SPDR Gold Shares | 3.71% | 45,250 | $13.8M | Reduce -23.6% |
| GOOG Alphabet Inc. Class C | 3.69% | 77,397 | $13.7M | Reduce -15.7% |
| SMH Vaneck Semiconductor ETF | 3.12% | 41,588 | $11.6M | Add +314.0% |
| CSCO Cisco Systems Inc. | 3.00% | 160,793 | $11.2M | No change |
| AAPL Apple Inc. | 2.95% | 53,549 | $11.0M | Reduce -13.0% |
| IGV iShares Expanded Tech-Softwa | 2.75% | 93,648 | $10.3M | New |
| MSFT Microsoft Corp. | 2.59% | 19,362 | $9.6M | Reduce -33.0% |
| ILF iShares Latin America 40 ETF | 2.34% | 331,765 | $8.7M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 2.07% | 94,174 | $7.7M | Reduce -1.4% |
| HODL Vaneck Bitcoin ETF | 2.04% | 249,365 | $7.6M | Add +1.2% |
| FDN First Trust DJ Internet Ind | 1.97% | 27,215 | $7.3M | New |
| URA Global X Uranium ETF | 1.95% | 186,794 | $7.2M | New |
| VTIP Vanguard Short-Term Tips | 1.75% | 129,340 | $6.5M | Add +18.1% |
| IEFA iShares Core MSCI Eafe ETF | 1.70% | 75,985 | $6.3M | Reduce -2.2% |
| GSST Goldman Sachs Ultra Short Bo | 1.65% | 121,239 | $6.1M | Reduce -26.7% |
| FXY Invesco Currencyshares Japan | 1.58% | 91,811 | $5.9M | Reduce -3.0% |
| SHV iShares 0-1 Year Treasury Bo | 1.54% | 51,938 | $5.7M | Add +33.6% |
| IEMG iShares Core MSCI Emerging | 1.49% | 92,390 | $5.5M | Add +72.3% |
| SDY SS SPDR S&P Dividend ETF | 1.48% | 40,667 | $5.5M | Add +0.2% |
| QUAL iShares MSCI USA Quality Fac | 1.44% | 29,362 | $5.4M | Reduce -1.9% |
| PWRD TCW Transform Systems ETF | 1.41% | 58,034 | $5.2M | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.19% | 9,121 | $4.4M | Reduce -26.7% |
| KROP Global X FDS | 1.17% | 405,970 | $4.4M | Reduce -2.4% |
| LLY Eli Lilly & Co. | 1.09% | 5,219 | $4.1M | Reduce -6.1% |
| PHO Invesco Water Resources ETF | 1.07% | 56,969 | $4.0M | Reduce -6.2% |
| DIVO Amplify CWP Enhan Divid ETF | 1.06% | 92,596 | $3.9M | Add +1.2% |
| GRW TCW Durable Growth ETF | 0.97% | 102,732 | $3.6M | New |
| MOAT Vaneck Morningstar Wide Moat | 0.95% | 37,621 | $3.5M | Reduce -29.1% |
| EUAD Select Stoxx Eur Aer DE ETF | 0.93% | 80,039 | $3.5M | New |
| GBIL Goldman Sachs Access Treasur | 0.85% | 31,764 | $3.2M | New |
| KAPR Innovator U.S. Small Cap Pow | 0.81% | 92,851 | $3.0M | New |
| COWZ Pacer US Cash Cows 100 ETF | 0.78% | 52,912 | $2.9M | Reduce -3.0% |
| IAU iShares Gold Trust | 0.77% | 46,118 | $2.9M | Reduce -5.9% |
| VBIL Vanguard 0-3M T-Bill ETF | 0.77% | 37,696 | $2.8M | Reduce -27.0% |
| GPIX GLDM SA S&P 500 PR in ETF-US | 0.74% | 55,166 | $2.7M | Add +1.8% |
| RAAX Vaneck Real Assets ETF | 0.69% | 82,607 | $2.6M | Add +7.2% |
| BWX SS SPDR BB Intl Treasury BD | 0.65% | 102,231 | $2.4M | Reduce -81.0% |
| NVDA Nvidia Corp. | 0.61% | 14,275 | $2.3M | Add +7.4% |
| SCJ iShares MSCI Japan Small-Cap | 0.60% | 26,521 | $2.3M | Reduce -1.8% |
| DTCR Global X Data Center & Digit | 0.59% | 117,031 | $2.2M | New |
| VGUS Vanguard Ultra SHRT Treasury | 0.58% | 28,695 | $2.2M | Reduce -51.5% |
| AOR iShares Core 60/40 Balanced | 0.56% | 33,568 | $2.1M | Add +14.2% |
| V Visa Inc. Class A | 0.53% | 5,588 | $2.0M | No change |
| ORCL Oracle Corp. | 0.51% | 8,755 | $1.9M | Reduce -0.2% |
| DGRW Wisdomtree U.S. Quality Divi | 0.48% | 21,320 | $1.8M | Reduce -3.1% |
| AEM Agnico Eagle Mines Ltd. | 0.48% | 14,981 | $1.8M | Add +2.7% |
| LCR Leuthold Core ETF filed as MANAGED PORTFOLIO SERIES | 0.48% | 49,111 | $1.8M | Reduce -0.7% |
| FXF Invesco Currencyshares Swiss | 0.47% | 15,637 | $1.7M | New |
| TIP iShares Tips Bond ETF | 0.43% | 14,606 | $1.6M | Add +295.6% |
| SLV iShares Silver Trust | 0.42% | 47,341 | $1.6M | Add +3.0% |
| COST Costco Wholesale Corp. | 0.40% | 1,510 | $1.5M | No change |
| EMB iShares JP Morgan Usd Emergi | 0.38% | 15,268 | $1.4M | Reduce -37.0% |
| HEI Heico Corp. | 0.34% | 3,895 | $1.3M | Add +0.8% |
| META Meta Platforms Inc. Class A | 0.33% | 1,670 | $1.2M | Add +10.0% |
| GEV GE Vernova Inc. | 0.31% | 2,177 | $1.2M | Add +12.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.31% | 2,088 | $1.2M | Add +150.4% |
| PLTR Palantir Technologies Inc. Class A | 0.30% | 8,093 | $1.1M | No change |
| ET Energy Transfer LP | 0.29% | 60,000 | $1.1M | Reduce -5.8% |
| INDA iShares MSCI India ETF | 0.26% | 17,212 | $958K | Add +27.5% |
| ULTA Ulta Beauty Inc. | 0.25% | 2,024 | $947K | Add +28.8% |
| ANET Arista Networks Inc. | 0.25% | 9,252 | $947K | No change |
| TDG Transdigm Group Inc. | 0.25% | 606 | $922K | Add +1.7% |
| NFLX Netflix Inc. | 0.24% | 663 | $888K | No change |
| EWW iShares MSCI Mexico ETF | 0.24% | 14,535 | $880K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 1,358 | $839K | Reduce -2.8% |
| SCHD Schwab US DVD Equity ETF | 0.22% | 31,050 | $823K | No change |
| XLK SS Technology Select Sector | 0.22% | 3,180 | $805K | No change |
| BX Blackstone Inc. | 0.21% | 5,320 | $796K | No change |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.21% | 2,779 | $790K | New |
| XAR SS SPDR S&P Aerospace Def | 0.21% | 3,721 | $785K | No change |
| CP Canadian Pacific Kansas City | 0.20% | 9,571 | $759K | New |
| AXP American Express Co. | 0.17% | 2,018 | $644K | New |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.17% | 8,600 | $619K | No change |
| XLI SS Industrial Select Sector | 0.16% | 4,121 | $608K | No change |
| MPLX MPLX LP | 0.16% | 11,635 | $599K | No change |
| DISV Dimensional International SM | 0.14% | 16,311 | $537K | Reduce -6.7% |
| SCHW Schwab (charles) Corp. | 0.14% | 5,677 | $518K | Reduce -3.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 2,230 | $505K | Reduce -28.6% |
| SLVP iShares MSCI Global Silver A | 0.13% | 27,505 | $490K | Reduce -79.4% |
| APD Air Products & Chemicals Inc. | 0.13% | 1,730 | $488K | No change |
| JPM JPMorgan Chase & Co. | 0.12% | 1,587 | $460K | Add +4.7% |
| JNJ Johnson & Johnson | 0.12% | 2,959 | $452K | No change |
| KMI Kinder Morgan Inc. | 0.12% | 15,000 | $441K | No change |
| VOO Vanguard S&P 500 ETF | 0.12% | 768 | $436K | No change |
| WFC Wells Fargo & Co. | 0.12% | 5,436 | $436K | New |
| VGT Vanguard Info Tech ETF | 0.11% | 610 | $405K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.11% | 2,238 | $396K | Add +45.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.10% | 3,425 | $379K | No change |
| B Barrick Mining Corp. | 0.10% | 17,600 | $366K | No change |
| CNQ Canadian Natural Resources | 0.10% | 11,512 | $361K | Reduce -13.8% |
| SPGI S&P Global Inc. | 0.09% | 652 | $344K | No change |
| WPM Wheaton Precious Metals Corp. | 0.09% | 3,801 | $341K | No change |
| ADVISORS INNER CIRCLE FD III | 0.09% | 11,820 | $336K | Add +0.1% |
| TXN Texas Instruments Inc. | 0.09% | 1,615 | $335K | No change |
| VDE Vanguard Energy ETF | 0.09% | 2,793 | $333K | Reduce -71.9% |
| DHR Danaher Corp. | 0.09% | 1,677 | $331K | Reduce -9.2% |
Portfolio Sells Q1 2025 → Q2 2025
| BWX SS SPDR BB Intl Treasury BD | Reduce -81.0% | 0.65% | −2.78 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −2.36 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −2.07 |
| GOVT iShares US Treasury Bond ETF | Reduce -96.6% | 0.06% | −1.71 |
| VGK Vanguard Ftse Europe ETF | Sold out | 0.00% | −1.61 |
| GLD SPDR Gold Shares | Reduce -23.6% | 3.71% | −1.25 |
| AAPL Apple Inc. | Reduce -13.0% | 2.95% | −1.02 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −1.01 |
| UDEC Innovator U.S. Equity Ultra | Sold out | 0.00% | −0.88 |
| GSST Goldman Sachs Ultra Short Bo | Reduce -26.7% | 1.65% | −0.78 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -26.7% | 1.19% | −0.73 |
| VGUS Vanguard Ultra SHRT Treasury | Reduce -51.5% | 0.58% | −0.72 |
| GDX Vaneck Gold Miners ETF | Reduce -16.1% | 4.96% | −0.69 |
| PDBC Invesco Optimum Yield Divers | Sold out | 0.00% | −0.66 |
| MSFT Microsoft Corp. | Reduce -33.0% | 2.59% | −0.57 |
| KBWB Invesco KBW Bank ETF | Sold out | 0.00% | −0.51 |
| GOOG Alphabet Inc. Class C | Reduce -15.7% | 3.69% | −0.48 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.46 |
| SLVP iShares MSCI Global Silver A | Reduce -79.4% | 0.13% | −0.45 |
| VGLT Vanguard Long-Term Treasury | Sold out | 0.00% | −0.43 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -29.1% | 0.95% | −0.41 |
| VGIT Vanguard Intermediate-Term T | Sold out | 0.00% | −0.37 |
| VBIL Vanguard 0-3M T-Bill ETF | Reduce -27.0% | 0.77% | −0.37 |
| IAI iShares U.S. Broker-Dealers | Sold out | 0.00% | −0.32 |
| DSTL Distillate US Fundamental St | Sold out | 0.00% | −0.30 |
| VDE Vanguard Energy ETF | Reduce -71.9% | 0.09% | −0.29 |
| EMB iShares JP Morgan Usd Emergi | Reduce -37.0% | 0.38% | −0.26 |
| LLY Eli Lilly & Co. | Reduce -6.1% | 1.09% | −0.24 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −0.20 |
| GPIQ GS Nasdaq-100 PR Inc. ETF-Usd | Sold out | 0.00% | −0.16 |
| CNX CNX Resources Corp. | Sold out | 0.00% | −0.16 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -1.4% | 2.07% | −0.12 |
| FXY Invesco Currencyshares Japan | Reduce -3.0% | 1.58% | −0.11 |
| VWO Vanguard Ftse Emerging Marke | Reduce -65.4% | 0.06% | −0.11 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -3.0% | 0.78% | −0.08 |
| IEI iShares 3-7 Year Treasury Bo | Sold out | 0.00% | −0.08 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.07 |
| CVX Chevron Corp. | Reduce -33.7% | 0.08% | −0.07 |
| PHO Invesco Water Resources ETF | Reduce -6.2% | 1.07% | −0.07 |
| IAU iShares Gold Trust | Reduce -5.9% | 0.77% | −0.07 |
| HPQ HP Inc. | Sold out | 0.00% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -33.6% | 0.08% | −0.06 |
| CG The Carlyle Group Inc. | Sold out | 0.00% | −0.06 |
| NRP Natural Resource Partners LP | Sold out | 0.00% | −0.06 |
| SH Proshares Short S&P500 | Sold out | 0.00% | −0.06 |
| VMC Vulcan Materials Co. | Sold out | 0.00% | −0.06 |
| ET Energy Transfer LP | Reduce -5.8% | 0.29% | −0.05 |
| MA Mastercard Inc. Class A | Reduce -32.4% | 0.09% | −0.05 |
| QUAL iShares MSCI USA Quality Fac | Reduce -1.9% | 1.44% | −0.04 |
| KROP Global X FDS | Reduce -2.4% | 1.17% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| BWZ State Street SPDR Bloomberg | Add +280.3% | 6.22% | +4.57 |
| IGV iShares Expanded Tech-Softwa | New | 2.75% | +2.75 |
| SMH Vaneck Semiconductor ETF | Add +314.0% | 3.12% | +2.50 |
| ILF iShares Latin America 40 ETF | New | 2.34% | +2.34 |
| FDN First Trust DJ Internet Ind | New | 1.97% | +1.97 |
| URA Global X Uranium ETF | New | 1.95% | +1.95 |
| GRW TCW Durable Growth ETF | New | 0.97% | +0.97 |
| EUAD Select Stoxx Eur Aer DE ETF | New | 0.93% | +0.93 |
| GBIL Goldman Sachs Access Treasur | New | 0.85% | +0.85 |
| KAPR Innovator U.S. Small Cap Pow | New | 0.81% | +0.81 |
| IEMG iShares Core MSCI Emerging | Add +72.3% | 1.49% | +0.65 |
| DTCR Global X Data Center & Digit | New | 0.59% | +0.59 |
| FXF Invesco Currencyshares Swiss | New | 0.47% | +0.47 |
| HODL Vaneck Bitcoin ETF | Add +1.2% | 2.04% | +0.37 |
| TIP iShares Tips Bond ETF | Add +295.6% | 0.43% | +0.31 |
| SHV iShares 0-1 Year Treasury Bo | Add +33.6% | 1.54% | +0.29 |
| EWW iShares MSCI Mexico ETF | New | 0.24% | +0.24 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | New | 0.21% | +0.21 |
| CP Canadian Pacific Kansas City | New | 0.20% | +0.20 |
| QQQ Invesco QQQ Trust Series 1 | Add +150.4% | 0.31% | +0.20 |
| NVDA Nvidia Corp. | Add +7.4% | 0.61% | +0.19 |
| AXP American Express Co. | New | 0.17% | +0.17 |
| VTIP Vanguard Short-Term Tips | Add +18.1% | 1.75% | +0.16 |
| GEV GE Vernova Inc. | Add +12.2% | 0.31% | +0.14 |
| WFC Wells Fargo & Co. | New | 0.12% | +0.12 |
| ULTA Ulta Beauty Inc. | Add +28.8% | 0.25% | +0.09 |
| META Meta Platforms Inc. Class A | Add +10.0% | 0.33% | +0.08 |
| AVGO Broadcom Inc. | New | 0.07% | +0.07 |
| BWXT BWX Technologies Inc. | New | 0.07% | +0.07 |
| BP BP PLC-Spons ADR | New | 0.07% | +0.07 |
| AOR iShares Core 60/40 Balanced | Add +14.2% | 0.56% | +0.06 |
| AON Aon PLC Class A | New | 0.06% | +0.06 |
| CPNG Coupang Inc. | New | 0.06% | +0.06 |
| ETN Eaton Corp. PLC | New | 0.06% | +0.06 |
| XLY SS Consumer Disc Select Sect | New | 0.06% | +0.06 |
| INDA iShares MSCI India ETF | Add +27.5% | 0.26% | +0.06 |
| VIG Vanguard Dividend Apprec ETF | New | 0.06% | +0.06 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.05% | +0.05 |
| HEI Heico Corp. | Add +0.8% | 0.34% | +0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +45.3% | 0.11% | +0.03 |
| AEM Agnico Eagle Mines Ltd. | Add +2.7% | 0.48% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +4.7% | 0.12% | +0.02 |
| TDG Transdigm Group Inc. | Add +1.7% | 0.25% | +0.01 |
| RAAX Vaneck Real Assets ETF | Add +7.2% | 0.69% | +0.01 |
| GPIX GLDM SA S&P 500 PR in ETF-US | Add +1.8% | 0.74% | +0.01 |
| SLV iShares Silver Trust | Add +3.0% | 0.42% | +0.00 |
| ADVISORS INNER CIRCLE FD III | Add +0.1% | 0.09% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Add +0.7% | 0.07% | −0.00 |
| DIVO Amplify CWP Enhan Divid ETF | Add +1.2% | 1.06% | −0.03 |
| SDY SS SPDR S&P Dividend ETF | Add +0.2% | 1.48% | −0.12 |
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 |