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

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 Q2 2025 Q3 2025: $408.0M $408.0M Q3 2025 Q4 2025: $418.0M Q4 2025 Q1 2026: $354.2M Q1 2026 Q2 2026: $422.4M Q2 2026

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
CVX Chevron Corp. 0.08% 2,101 $326K No change
SAND Sandstorm Gold Ltd. 0.08% 25,000 $313K No change
NJUL Innovator Growth 100 Power B 0.07% 4,294 $305K No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.07% 6,168 $302K Reduce -28.3%
APD Air Products & Chemicals Inc. 0.07% 1,105 $301K Reduce -36.1%
PG The Procter & Gamble Co. 0.07% 1,951 $300K No change
TXN Texas Instruments Inc. 0.07% 1,615 $297K No change
PEP Pepsico Inc. 0.07% 2,108 $296K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.07% 611 $283K No change
BP BP PLC-Spons ADR 0.07% 8,203 $283K No change
VYM Vanguard High DVD Yield ETF 0.07% 2,001 $282K Add +0.6%
XLE SS Energy Select Sector 0.07% 3,128 $279K New
XLF SS Financial Select Sector 0.07% 5,050 $272K No change
PAAS Pan American Silver Corp. 0.07% 7,000 $271K New
BWXT BWX Technologies Inc. 0.07% 1,439 $265K Reduce -15.9%
NEE Nextera Energy Inc. 0.06% 3,364 $254K No change
OXY Occidental Petroleum Corp. 0.06% 5,289 $250K New
LRCX Lam Research Corp. 0.06% 1,861 $249K New
SA Seabridge Gold Inc. 0.06% 10,300 $249K No change
VWO Vanguard Ftse Emerging Marke 0.06% 4,506 $244K No change
CG The Carlyle Group Inc. 0.06% 3,805 $239K New
INDA iShares MSCI India ETF 0.06% 4,535 $236K Reduce -73.7%
NLR Vaneck Urani & Nuclr ETF-Usd 0.06% 1,700 $231K New
WFC Wells Fargo & Co. 0.06% 2,746 $230K Reduce -49.5%
XLY SS Consumer Disc Select Sect 0.06% 960 $230K No change
ETN Eaton Corp. PLC 0.06% 608 $228K No change
TKO Tko Group Holdings Inc. 0.05% 1,108 $224K New
FCX Freeport-McMoran Inc. 0.05% 5,590 $219K No change
VIG Vanguard Dividend Apprec ETF 0.05% 1,002 $216K No change
ASHR Xtrackers Harvest Csi 300 CH 0.05% 6,500 $214K New
GOVT iShares US Treasury Bond ETF 0.05% 9,141 $211K Add +0.2%
NRP Natural Resource Partners LP 0.05% 2,000 $210K New
FERG Ferguson Enterprises Inc. 0.05% 921 $207K New

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

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