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

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 Q1 2025 Q2 2025: $372.2M $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 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%
MA Mastercard Inc. Class A 0.09% 579 $325K Reduce -32.4%
VONV Vanguard Russell 1000 Value 0.09% 3,781 $322K No change
PG The Procter & Gamble Co. 0.08% 1,951 $311K Reduce -33.6%
CVX Chevron Corp. 0.08% 2,101 $301K Reduce -33.7%
NJUL Innovator Growth 100 Power B 0.08% 4,294 $292K No change
PEP Pepsico Inc. 0.07% 2,108 $278K No change
RSG Republic Services Inc. 0.07% 1,110 $274K Reduce -16.5%
AVGO Broadcom Inc. 0.07% 979 $270K New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.07% 611 $269K No change
VYM Vanguard High DVD Yield ETF 0.07% 1,989 $265K Add +0.7%
XLF SS Financial Select Sector 0.07% 5,050 $264K No change
BWXT BWX Technologies Inc. 0.07% 1,711 $246K New
BP BP PLC-Spons ADR 0.07% 8,203 $246K New
FCX Freeport-McMoran Inc. 0.07% 5,590 $242K No change
AON Aon PLC Class A 0.06% 660 $235K New
SAND Sandstorm Gold Ltd. 0.06% 25,000 $235K No change
HL Hecla Mining Co. 0.06% 39,002 $234K Reduce -0.3%
NEE Nextera Energy Inc. 0.06% 3,364 $234K No change
CPNG Coupang Inc. 0.06% 7,463 $224K New
VWO Vanguard Ftse Emerging Marke 0.06% 4,506 $223K Reduce -65.4%
ETN Eaton Corp. PLC 0.06% 608 $217K New
GOVT iShares US Treasury Bond ETF 0.06% 9,124 $210K Reduce -96.6%
XLY SS Consumer Disc Select Sect 0.06% 960 $209K New
VIG Vanguard Dividend Apprec ETF 0.06% 1,002 $205K New
CRWD CrowdStrike Holdings Inc. Class A 0.05% 400 $204K New
SA Seabridge Gold Inc. 0.04% 10,300 $150K No change
CLF Cleveland-Cliffs Inc. 0.03% 14,000 $106K No change

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

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