Avalon Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), Avalon Capital Management reported 133 stock positions worth $408.0 million. Its top holding was Alphabet Class A (GOOGL) at 8.8% of the portfolio, followed by Vaneck Gold Miners ETF (GDX, 7.9%) and State Street SPDR Bloomberg (BWZ, 5.8%). Compared with Q2 2025, it opened 17 new positions, sold out of 11, added to 30 and reduced 47. The biggest buy was Vaneck Gold Miners ETF (GDX, shares +19%) and the biggest sale an exit from iShares Core MSCI Eafe ETF (IEFA).
- Most Recent 13F
- Q2 2026
- Location
- Port Of Redwood City, CA
- CIK
- 0001510809
- Portfolio Value
- $408.0M (Q3 2025)
- SEC Filing
- 0001172661-25-004386 ↗ filed Oct 22, 2025
Holdings Value
Holdings 133 stocks · $408.0M
| GOOGL Alphabet Inc. Class A | 8.77% | 147,269 | $35.8M | Reduce -2.5% |
| GDX Vaneck Gold Miners ETF | 7.92% | 422,938 | $32.3M | Add +19.2% |
| BWZ State Street SPDR Bloomberg | 5.75% | 843,388 | $23.5M | Add +2.3% |
| GOOG Alphabet Inc. Class C | 4.43% | 74,266 | $18.1M | Reduce -4.0% |
| GLD SPDR Gold Shares | 3.87% | 44,372 | $15.8M | Reduce -1.9% |
| AAPL Apple Inc. | 3.40% | 54,426 | $13.9M | Add +1.6% |
| AMZN Amazon.com Inc. | 3.33% | 61,833 | $13.6M | Reduce -4.8% |
| SMH Vaneck Semiconductor ETF | 3.30% | 41,259 | $13.5M | Reduce -0.8% |
| CSCO Cisco Systems Inc. | 2.70% | 160,793 | $11.0M | No change |
| MSFT Microsoft Corp. | 2.42% | 19,055 | $9.9M | Reduce -1.6% |
| IGV iShares Expanded Tech-Softwa | 2.41% | 85,450 | $9.8M | Reduce -8.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.32% | 18,836 | $9.5M | Add +106.5% |
| ILF iShares Latin America 40 ETF | 2.30% | 324,993 | $9.4M | Reduce -2.0% |
| GSST Goldman Sachs Ultra Short Bo | 2.29% | 184,039 | $9.3M | Add +51.8% |
| IEF iShares 7-10 Year Treasury B | 2.21% | 93,437 | $9.0M | New |
| URA Global X Uranium ETF | 2.17% | 186,144 | $8.9M | Reduce -0.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.98% | 92,620 | $8.1M | Reduce -1.6% |
| HODL Vaneck Bitcoin ETF | 1.97% | 248,731 | $8.1M | Reduce -0.3% |
| FDN First Trust DJ Internet Ind | 1.85% | 27,025 | $7.6M | Reduce -0.7% |
| PWRD TCW Transform Systems ETF | 1.68% | 70,123 | $6.9M | Add +20.8% |
| IEMG iShares Core MSCI Emerging | 1.60% | 98,821 | $6.5M | Add +7.0% |
| REMX Vaneck Rar Earth ND STG-Usdi | 1.45% | 89,809 | $5.9M | New |
| GRW TCW Durable Growth ETF | 1.17% | 149,447 | $4.8M | Add +45.5% |
| DIVO Amplify CWP Enhan Divid ETF | 1.02% | 93,706 | $4.2M | Add +1.2% |
| KROP Global X Agtech & Food Innov | 1.02% | 131,910 | $4.2M | Reduce -2.5% |
| PHO Invesco Water Resources ETF | 1.00% | 56,806 | $4.1M | Reduce -0.3% |
| LLY Eli Lilly & Co. | 0.98% | 5,219 | $4.0M | No change |
| SHV iShares 0-1 Year Treasury Bo | 0.97% | 35,668 | $3.9M | Reduce -31.3% |
| MOAT Vaneck Morningstar Wide Moat | 0.91% | 37,260 | $3.7M | Reduce -1.0% |
| IAU iShares Gold Trust | 0.88% | 49,336 | $3.6M | Add +7.0% |
| EUAD Select Stoxx Eur Aer DE ETF | 0.74% | 64,619 | $3.0M | Reduce -19.3% |
| RAAX Vaneck Real Assets ETF | 0.71% | 84,147 | $2.9M | Add +1.9% |
| VTIP Vanguard Short-Term Tips | 0.71% | 56,866 | $2.9M | Reduce -56.0% |
| GPIX GLDM SA S&P 500 PR in ETF-US | 0.70% | 55,056 | $2.9M | Reduce -0.2% |
| QUAL iShares MSCI USA Quality Fac | 0.70% | 14,760 | $2.9M | Reduce -49.7% |
| NVDA Nvidia Corp. | 0.67% | 14,687 | $2.7M | Add +2.9% |
| GBIL Goldman Sachs Access Treasur | 0.64% | 26,218 | $2.6M | Reduce -17.5% |
| AEM Agnico Eagle Mines Ltd. | 0.62% | 14,981 | $2.5M | No change |
| SCJ iShares MSCI Japan Small-Cap | 0.61% | 27,030 | $2.5M | Add +1.9% |
| DTCR Global X Data Center & Digit | 0.59% | 117,104 | $2.4M | Add +0.1% |
| ORCL Oracle Corp. | 0.55% | 7,920 | $2.2M | Reduce -9.5% |
| AOK iShares Core 30/70 Conservat | 0.51% | 51,559 | $2.1M | New |
| V Visa Inc. Class A | 0.49% | 5,842 | $2.0M | Add +4.5% |
| SLV iShares Silver Trust | 0.49% | 46,743 | $2.0M | Reduce -1.3% |
| DGRW Wisdomtree U.S. Quality Divi | 0.46% | 21,320 | $1.9M | No change |
| LCR Leuthold Core ETF filed as MANAGED PORTFOLIO SERIES | 0.45% | 48,798 | $1.9M | Reduce -0.6% |
| VBIL Vanguard 0-3M T-Bill ETF | 0.44% | 23,757 | $1.8M | Reduce -37.0% |
| FXF Invesco Currencyshares Swiss | 0.42% | 15,491 | $1.7M | Reduce -0.9% |
| HEI Heico Corp. | 0.41% | 5,217 | $1.7M | Add +33.9% |
| TIP iShares Tips Bond ETF | 0.39% | 14,414 | $1.6M | Reduce -1.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.36% | 2,458 | $1.5M | Add +17.7% |
| EMB iShares JP Morgan Usd Emergi | 0.36% | 15,268 | $1.5M | No change |
| GEV GE Vernova Inc. | 0.35% | 2,314 | $1.4M | Add +6.3% |
| ANET Arista Networks Inc. | 0.31% | 8,677 | $1.3M | Reduce -6.2% |
| META Meta Platforms Inc. Class A | 0.30% | 1,643 | $1.2M | Reduce -1.6% |
| COST Costco Wholesale Corp. | 0.28% | 1,247 | $1.2M | Reduce -17.4% |
| SLVP iShares MSCI Global Silver A | 0.27% | 40,770 | $1.1M | Add +48.2% |
| ULTA Ulta Beauty Inc. | 0.27% | 2,024 | $1.1M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.25% | 1,548 | $1.0M | Add +14.0% |
| ET Energy Transfer LP | 0.25% | 60,000 | $1.0M | No change |
| MCHI iShares MSCI China ETF | 0.24% | 14,680 | $967K | New |
| PLTR Palantir Technologies Inc. Class A | 0.23% | 5,155 | $940K | Reduce -36.3% |
| BX Blackstone Inc. | 0.22% | 5,320 | $909K | No change |
| TDG Transdigm Group Inc. | 0.22% | 680 | $896K | Add +12.2% |
| XAR SS SPDR S&P Aerospace Def | 0.21% | 3,721 | $874K | No change |
| BWX SS SPDR BB Intl Treasury BD | 0.21% | 37,176 | $855K | Reduce -63.6% |
| SCHD Schwab US DVD Equity ETF | 0.21% | 31,050 | $848K | No change |
| SIL Global X Silver Miners ETF | 0.21% | 11,761 | $842K | New |
| NFLX Netflix Inc. | 0.19% | 630 | $755K | Reduce -5.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.18% | 2,605 | $728K | Add +16.8% |
| RSG Republic Services Inc. | 0.18% | 3,158 | $725K | Add +184.5% |
| AXP American Express Co. | 0.16% | 1,934 | $642K | Reduce -4.2% |
| XLI SS Industrial Select Sector | 0.16% | 4,121 | $636K | No change |
| XLK SS Technology Select Sector | 0.15% | 2,131 | $601K | Reduce -33.0% |
| MPLX MPLX LP | 0.14% | 11,635 | $581K | No change |
| B Barrick Mining Corp. | 0.14% | 17,600 | $577K | No change |
| DISV Dimensional International SM | 0.14% | 15,990 | $571K | Reduce -2.0% |
| JNJ Johnson & Johnson | 0.13% | 2,959 | $549K | No change |
| SCHW Schwab (charles) Corp. | 0.13% | 5,630 | $538K | Reduce -0.8% |
| EWW iShares MSCI Mexico ETF | 0.13% | 7,568 | $516K | Reduce -47.9% |
| JPM JPMorgan Chase & Co. | 0.12% | 1,587 | $501K | No change |
| CNQ Canadian Natural Resources | 0.12% | 15,597 | $498K | Add +35.5% |
| HL Hecla Mining Co. | 0.12% | 39,002 | $472K | No change |
| VOO Vanguard S&P 500 ETF | 0.11% | 761 | $466K | Reduce -0.9% |
| VGT Vanguard Info Tech ETF | 0.11% | 610 | $455K | No change |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.11% | 3,425 | $446K | No change |
| MRSH Marsh & McLennan Cos | 0.11% | 2,207 | $445K | New |
| CPNG Coupang Inc. | 0.11% | 13,672 | $440K | Add +83.2% |
| WPM Wheaton Precious Metals Corp. | 0.10% | 3,801 | $425K | No change |
| KMI Kinder Morgan Inc. | 0.10% | 15,000 | $425K | No change |
| AON Aon PLC Class A | 0.10% | 1,120 | $399K | Add +69.7% |
| VDE Vanguard Energy ETF | 0.09% | 2,793 | $352K | No change |
| ADVISORS INNER CIRCLE FD III | 0.09% | 11,606 | $348K | Reduce -1.8% |
| AVGO Broadcom Inc. | 0.08% | 1,047 | $345K | Add +7.0% |
| SPGI S&P Global Inc. | 0.08% | 704 | $343K | Add +8.0% |
| VGUS Vanguard Ultra SHRT Treasury | 0.08% | 4,492 | $340K | Reduce -84.3% |
| VONV Vanguard Russell 1000 Value | 0.08% | 3,781 | $338K | No change |
| DGX Quest Diagnostics Inc. | 0.08% | 1,768 | $337K | New |
| DHR Danaher Corp. | 0.08% | 1,673 | $332K | Reduce -0.2% |
| MA Mastercard Inc. Class A | 0.08% | 579 | $329K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| IEFA iShares Core MSCI Eafe ETF | Sold out | 0.00% | −1.70 |
| FXY Invesco Currencyshares Japan | Sold out | 0.00% | −1.58 |
| SDY SS SPDR S&P Dividend ETF | Sold out | 0.00% | −1.48 |
| VTIP Vanguard Short-Term Tips | Reduce -56.0% | 0.71% | −1.04 |
| KAPR Innovator U.S. Small Cap Pow | Sold out | 0.00% | −0.81 |
| COWZ Pacer US Cash Cows 100 ETF | Sold out | 0.00% | −0.78 |
| QUAL iShares MSCI USA Quality Fac | Reduce -49.7% | 0.70% | −0.74 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -31.3% | 0.97% | −0.57 |
| AOR iShares Core 60/40 Balanced | Sold out | 0.00% | −0.56 |
| AMZN Amazon.com Inc. | Reduce -4.8% | 3.33% | −0.50 |
| VGUS Vanguard Ultra SHRT Treasury | Reduce -84.3% | 0.08% | −0.50 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -63.6% | 0.21% | −0.44 |
| IGV iShares Expanded Tech-Softwa | Reduce -8.8% | 2.41% | −0.35 |
| VBIL Vanguard 0-3M T-Bill ETF | Reduce -37.0% | 0.44% | −0.32 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Sold out | 0.00% | −0.21 |
| GBIL Goldman Sachs Access Treasur | Reduce -17.5% | 0.64% | −0.21 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.20 |
| INDA iShares MSCI India ETF | Reduce -73.7% | 0.06% | −0.20 |
| EUAD Select Stoxx Eur Aer DE ETF | Reduce -19.3% | 0.74% | −0.18 |
| MSFT Microsoft Corp. | Reduce -1.6% | 2.42% | −0.17 |
| KROP Global X Agtech & Food Innov | Reduce -2.5% | 1.02% | −0.15 |
| COST Costco Wholesale Corp. | Reduce -17.4% | 0.28% | −0.12 |
| FDN First Trust DJ Internet Ind | Reduce -0.7% | 1.85% | −0.12 |
| EWW iShares MSCI Mexico ETF | Reduce -47.9% | 0.13% | −0.11 |
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −0.11 |
| TTD Trade Desk Inc./the Class A | Reduce -28.3% | 0.07% | −0.09 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -1.6% | 1.98% | −0.09 |
| XLK SS Technology Select Sector | Reduce -33.0% | 0.15% | −0.07 |
| HODL Vaneck Bitcoin ETF | Reduce -0.3% | 1.97% | −0.07 |
| PHO Invesco Water Resources ETF | Reduce -0.3% | 1.00% | −0.07 |
| PLTR Palantir Technologies Inc. Class A | Reduce -36.3% | 0.23% | −0.07 |
| WFC Wells Fargo & Co. | Reduce -49.5% | 0.06% | −0.06 |
| APD Air Products & Chemicals Inc. | Reduce -36.1% | 0.07% | −0.06 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.05 |
| NFLX Netflix Inc. | Reduce -5.0% | 0.19% | −0.05 |
| FXF Invesco Currencyshares Swiss | Reduce -0.9% | 0.42% | −0.05 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -1.0% | 0.91% | −0.04 |
| TIP iShares Tips Bond ETF | Reduce -1.3% | 0.39% | −0.04 |
| META Meta Platforms Inc. Class A | Reduce -1.6% | 0.30% | −0.04 |
| ILF iShares Latin America 40 ETF | Reduce -2.0% | 2.30% | −0.03 |
| GPIX GLDM SA S&P 500 PR in ETF-US | Reduce -0.2% | 0.70% | −0.03 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −0.03 |
| LCR Leuthold Core ETF | Reduce -0.6% | 0.45% | −0.02 |
| AXP American Express Co. | Reduce -4.2% | 0.16% | −0.02 |
| DHR Danaher Corp. | Reduce -0.2% | 0.08% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -0.8% | 0.13% | −0.01 |
| ADVISORS INNER CIRCLE FD III | Reduce -1.8% | 0.09% | −0.01 |
| DISV Dimensional International SM | Reduce -2.0% | 0.14% | −0.00 |
| VOO Vanguard S&P 500 ETF | Reduce -0.9% | 0.11% | −0.00 |
| BWXT BWX Technologies Inc. | Reduce -15.9% | 0.07% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| GDX Vaneck Gold Miners ETF | Add +19.2% | 7.92% | +2.96 |
| IEF iShares 7-10 Year Treasury B | New | 2.21% | +2.21 |
| REMX Vaneck Rar Earth ND STG-Usdi | New | 1.45% | +1.45 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +106.5% | 2.32% | +1.13 |
| GSST Goldman Sachs Ultra Short Bo | Add +51.8% | 2.29% | +0.64 |
| AOK iShares Core 30/70 Conservat | New | 0.51% | +0.51 |
| AAPL Apple Inc. | Add +1.6% | 3.40% | +0.45 |
| PWRD TCW Transform Systems ETF | Add +20.8% | 1.68% | +0.27 |
| MCHI iShares MSCI China ETF | New | 0.24% | +0.24 |
| SIL Global X Silver Miners ETF | New | 0.21% | +0.21 |
| GRW TCW Durable Growth ETF | Add +45.5% | 1.17% | +0.20 |
| SLVP iShares MSCI Global Silver A | Add +48.2% | 0.27% | +0.14 |
| MRSH Marsh & McLennan Cos | New | 0.11% | +0.11 |
| IAU iShares Gold Trust | Add +7.0% | 0.88% | +0.11 |
| IEMG iShares Core MSCI Emerging | Add +7.0% | 1.60% | +0.11 |
| RSG Republic Services Inc. | Add +184.5% | 0.18% | +0.10 |
| DGX Quest Diagnostics Inc. | New | 0.08% | +0.08 |
| HEI Heico Corp. | Add +33.9% | 0.41% | +0.07 |
| XLE SS Energy Select Sector | New | 0.07% | +0.07 |
| PAAS Pan American Silver Corp. | New | 0.07% | +0.07 |
| NVDA Nvidia Corp. | Add +2.9% | 0.67% | +0.07 |
| OXY Occidental Petroleum Corp. | New | 0.06% | +0.06 |
| LRCX Lam Research Corp. | New | 0.06% | +0.06 |
| CG The Carlyle Group Inc. | New | 0.06% | +0.06 |
| NLR Vaneck Urani & Nuclr ETF-Usd | New | 0.06% | +0.06 |
| TKO Tko Group Holdings Inc. | New | 0.05% | +0.05 |
| ASHR Xtrackers Harvest Csi 300 CH | New | 0.05% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | Add +17.7% | 0.36% | +0.05 |
| NRP Natural Resource Partners LP | New | 0.05% | +0.05 |
| FERG Ferguson Enterprises Inc. | New | 0.05% | +0.05 |
| CPNG Coupang Inc. | Add +83.2% | 0.11% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | Add +16.8% | 0.18% | +0.04 |
| GEV GE Vernova Inc. | Add +6.3% | 0.35% | +0.04 |
| AON Aon PLC Class A | Add +69.7% | 0.10% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +14.0% | 0.25% | +0.03 |
| CNQ Canadian Natural Resources | Add +35.5% | 0.12% | +0.03 |
| RAAX Vaneck Real Assets ETF | Add +1.9% | 0.71% | +0.02 |
| AVGO Broadcom Inc. | Add +7.0% | 0.08% | +0.01 |
| SCJ iShares MSCI Japan Small-Cap | Add +1.9% | 0.61% | +0.00 |
| DTCR Global X Data Center & Digit | Add +0.1% | 0.59% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Add +0.6% | 0.07% | −0.00 |
| GOVT iShares US Treasury Bond ETF | Add +0.2% | 0.05% | −0.00 |
| SPGI S&P Global Inc. | Add +8.0% | 0.08% | −0.01 |
| TDG Transdigm Group Inc. | Add +12.2% | 0.22% | −0.03 |
| DIVO Amplify CWP Enhan Divid ETF | Add +1.2% | 1.02% | −0.03 |
| V Visa Inc. Class A | Add +4.5% | 0.49% | −0.04 |
| BWZ State Street SPDR Bloomberg | Add +2.3% | 5.75% | −0.47 |
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 |