Avalon Capital Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Avalon Capital Management reported 139 stock positions worth $418.0 million. Its top holding was Alphabet Class A (GOOGL) at 10.4% of the portfolio, followed by Vaneck Gold Miners ETF (GDX, 7.3%) and Alphabet Class C (GOOG, 5.5%). Compared with Q3 2025, it opened 19 new positions, sold out of 13, added to 38 and reduced 38. The biggest buy was Eli Lilly (LLY, shares +173%) and the biggest sale State Street SPDR Bloomberg (BWZ, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- Port Of Redwood City, CA
- CIK
- 0001510809
- Portfolio Value
- $418.0M (Q4 2025)
- SEC Filing
- 0001172661-26-000599 ↗ filed Feb 11, 2026
Holdings Value
Holdings 139 stocks · $418.0M
| GOOGL Alphabet Inc. Class A | 10.38% | 138,681 | $43.4M | Reduce -5.8% |
| GDX Vaneck Gold Miners ETF | 7.31% | 356,305 | $30.6M | Reduce -15.8% |
| GOOG Alphabet Inc. Class C | 5.50% | 73,281 | $23.0M | Reduce -1.3% |
| SMH Vaneck Semiconductor ETF | 4.31% | 50,002 | $18.0M | Add +21.2% |
| GLD SPDR Gold Shares | 4.15% | 43,729 | $17.3M | Reduce -1.4% |
| LLY Eli Lilly & Co. | 3.66% | 14,223 | $15.3M | Add +172.5% |
| AAPL Apple Inc. | 3.54% | 54,379 | $14.8M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 3.09% | 56,030 | $12.9M | Reduce -9.4% |
| CSCO Cisco Systems Inc. | 2.96% | 160,795 | $12.4M | Add +0.0% |
| ILF iShares Latin America 40 ETF | 2.37% | 325,858 | $9.9M | Add +0.3% |
| EMBX Vaneck Em Bond ETF | 2.31% | 190,349 | $9.6M | New |
| AMGN Amgen Inc. | 2.26% | 28,909 | $9.5M | New |
| FXF Invesco Currencyshares Swiss | 2.24% | 83,796 | $9.4M | Add +440.9% |
| MSFT Microsoft Corp. | 2.22% | 19,186 | $9.3M | Add +0.7% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.92% | 187,998 | $8.0M | Add +1.5% |
| URA Global X Uranium ETF | 1.89% | 185,119 | $7.9M | Reduce -0.6% |
| IEMG iShares Core MSCI Emerging | 1.80% | 112,119 | $7.5M | Add +13.5% |
| PWRD TCW Transform Systems ETF | 1.65% | 71,735 | $6.9M | Add +2.3% |
| REMX Vaneck Rar Earth ND STG-Usdi | 1.64% | 92,834 | $6.9M | Add +3.4% |
| EWG iShares MSCI Germany ETF | 1.34% | 131,912 | $5.6M | New |
| SLV iShares Silver Trust | 1.33% | 86,141 | $5.5M | Add +84.3% |
| GSST Goldman Sachs Ultra Short Bo | 1.26% | 104,321 | $5.3M | Reduce -43.3% |
| MOAT Vaneck Morningstar Wide Moat | 1.20% | 48,374 | $5.0M | Add +29.8% |
| HODL Vaneck Bitcoin ETF | 1.08% | 182,839 | $4.5M | Reduce -26.5% |
| EEM iShares MSCI Emerging Market | 1.07% | 81,554 | $4.5M | New |
| INDA iShares MSCI India ETF | 1.04% | 80,150 | $4.3M | Add +1667.4% |
| DIVO Amplify CWP Enhan Divid ETF | 1.03% | 96,527 | $4.3M | Add +3.0% |
| IAU iShares Gold Trust | 1.02% | 52,769 | $4.3M | Add +7.0% |
| PHO Invesco Water Resources ETF | 0.96% | 57,292 | $4.0M | Add +0.9% |
| TDG Transdigm Group Inc. | 0.89% | 2,782 | $3.7M | Add +309.1% |
| RAAX Vaneck Real Assets ETF | 0.74% | 88,819 | $3.1M | Add +5.5% |
| GPIX GLDM SA S&P 500 PR in ETF-US | 0.69% | 54,711 | $2.9M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.68% | 5,638 | $2.8M | Reduce -70.1% |
| NVDA Nvidia Corp. | 0.66% | 14,690 | $2.7M | Add +0.0% |
| IEF iShares 7-10 Year Treasury B | 0.64% | 27,994 | $2.7M | Reduce -70.0% |
| EUAD Select Stoxx Eur Aer DE ETF | 0.64% | 63,719 | $2.7M | Reduce -1.4% |
| AEM Agnico Eagle Mines Ltd. | 0.61% | 14,981 | $2.5M | No change |
| DTCR Global X Data Center & Digit | 0.60% | 117,891 | $2.5M | Add +0.7% |
| SCJ iShares MSCI Japan Small-Cap | 0.58% | 26,321 | $2.4M | Reduce -2.6% |
| GBIL Goldman Sachs Access Treasur | 0.56% | 23,327 | $2.3M | Reduce -11.0% |
| VTIP Vanguard Short-Term Tips | 0.56% | 46,924 | $2.3M | Reduce -17.5% |
| AOR iShares Core 60/40 Balanced | 0.53% | 34,207 | $2.2M | New |
| V Visa Inc. Class A | 0.52% | 6,207 | $2.2M | Add +6.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.51% | 3,476 | $2.1M | Add +41.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.48% | 10,541 | $2.0M | New |
| GEV GE Vernova Inc. | 0.46% | 2,947 | $1.9M | Add +27.4% |
| DGRW Wisdomtree U.S. Quality Divi | 0.45% | 20,883 | $1.9M | Reduce -2.0% |
| LCR Leuthold Core ETF filed as MANAGED PORTFOLIO SERIES | 0.44% | 48,074 | $1.8M | Reduce -1.5% |
| HEI Heico Corp. | 0.43% | 5,507 | $1.8M | Add +5.6% |
| QUAL iShares MSCI USA Quality Fac | 0.41% | 8,609 | $1.7M | Reduce -41.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.40% | 2,470 | $1.7M | Add +59.6% |
| ORCL Oracle Corp. | 0.37% | 7,920 | $1.5M | No change |
| KROP Global X Agtech & Food Innov | 0.36% | 49,014 | $1.5M | Reduce -62.8% |
| EMB iShares JP Morgan Usd Emergi | 0.35% | 15,268 | $1.5M | No change |
| BWZ State Street SPDR Bloomberg | 0.34% | 51,535 | $1.4M | Reduce -93.9% |
| SLVP iShares MSCI Global Silver A | 0.33% | 40,233 | $1.4M | Reduce -1.3% |
| ANET Arista Networks Inc. | 0.27% | 8,677 | $1.1M | No change |
| COST Costco Wholesale Corp. | 0.26% | 1,257 | $1.1M | Add +0.8% |
| SIL Global X Silver Miners ETF | 0.25% | 12,502 | $1.0M | Add +6.3% |
| ULTA Ulta Beauty Inc. | 0.24% | 1,684 | $1.0M | Reduce -16.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.24% | 3,319 | $1.0M | Add +27.4% |
| ET Energy Transfer LP | 0.24% | 60,000 | $989K | No change |
| PLTR Palantir Technologies Inc. Class A | 0.22% | 5,255 | $934K | Add +1.9% |
| XAR SS SPDR S&P Aerospace Def | 0.21% | 3,721 | $898K | No change |
| SCHD Schwab US DVD Equity ETF | 0.20% | 31,050 | $852K | No change |
| SHV iShares 0-1 Year Treasury Bo | 0.20% | 7,683 | $846K | Reduce -78.5% |
| BX Blackstone Inc. | 0.20% | 5,320 | $820K | No change |
| VBIL Vanguard 0-3M T-Bill ETF | 0.19% | 10,585 | $798K | Reduce -55.4% |
| B Barrick Mining Corp. | 0.18% | 17,600 | $766K | No change |
| HL Hecla Mining Co. | 0.18% | 39,002 | $748K | No change |
| CNQ Canadian Natural Resources | 0.17% | 21,259 | $720K | Add +36.3% |
| META Meta Platforms Inc. Class A | 0.17% | 1,048 | $692K | Reduce -36.2% |
| DISV Dimensional International SM | 0.16% | 17,299 | $657K | Add +8.2% |
| IBIT iShares Bitcoin Trust ETF | 0.16% | 13,219 | $656K | New |
| XLI SS Industrial Select Sector | 0.15% | 4,121 | $639K | No change |
| JNJ Johnson & Johnson | 0.15% | 3,075 | $636K | Add +3.9% |
| GE General Electric filed as GE AEROSPACE | 0.15% | 2,059 | $634K | New |
| MPLX MPLX LP | 0.15% | 11,635 | $621K | No change |
| XLK SS Technology Select Sector | 0.15% | 4,288 | $617K | Add +0.6% |
| BWX SS SPDR BB Intl Treasury BD | 0.14% | 26,839 | $605K | Reduce -27.8% |
| NFLX Netflix Inc. | 0.14% | 6,300 | $591K | No change |
| SCHW Schwab (charles) Corp. | 0.13% | 5,538 | $553K | Reduce -1.6% |
| FXE Invesco Currencyshares Euro | 0.13% | 4,959 | $538K | New |
| XOM Exxon Mobil Corp. | 0.12% | 4,257 | $512K | New |
| JPM JPMorgan Chase & Co. | 0.12% | 1,587 | $511K | No change |
| EWW iShares MSCI Mexico ETF | 0.12% | 7,168 | $497K | Reduce -5.3% |
| VOO Vanguard S&P 500 ETF | 0.11% | 761 | $477K | No change |
| KWEB Kranesh Csi China Internet | 0.11% | 13,824 | $471K | New |
| VGT Vanguard Info Tech ETF | 0.11% | 610 | $460K | No change |
| WPM Wheaton Precious Metals Corp. | 0.11% | 3,801 | $447K | No change |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.11% | 3,425 | $445K | No change |
| MCHI iShares MSCI China ETF | 0.10% | 7,173 | $431K | Reduce -51.1% |
| QQQM Invesco Nasdaq 100 ETF | 0.10% | 1,660 | $420K | New |
| KMI Kinder Morgan Inc. | 0.10% | 15,000 | $412K | No change |
| DHR Danaher Corp. | 0.09% | 1,673 | $383K | No change |
| RGLD Royal Gold Inc. | 0.09% | 1,694 | $377K | New |
| SPGI S&P Global Inc. | 0.09% | 704 | $368K | No change |
| PAAS Pan American Silver Corp. | 0.09% | 7,000 | $363K | No change |
| AVGO Broadcom Inc. | 0.09% | 1,047 | $362K | No change |
| ADVISORS INNER CIRCLE FD III | 0.09% | 11,613 | $360K | Add +0.1% |
Portfolio Sells Q3 2025 → Q4 2025
| BWZ State Street SPDR Bloomberg | Reduce -93.9% | 0.34% | −5.41 |
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −2.41 |
| FDN First Trust DJ Internet Ind | Sold out | 0.00% | −1.85 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -70.1% | 0.68% | −1.64 |
| IEF iShares 7-10 Year Treasury B | Reduce -70.0% | 0.64% | −1.56 |
| GRW TCW Durable Growth ETF | Reduce -95.5% | 0.05% | −1.12 |
| GSST Goldman Sachs Ultra Short Bo | Reduce -43.3% | 1.26% | −1.03 |
| HODL Vaneck Bitcoin ETF | Reduce -26.5% | 1.08% | −0.89 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -78.5% | 0.20% | −0.76 |
| KROP Global X Agtech & Food Innov | Reduce -62.8% | 0.36% | −0.66 |
| GDX Vaneck Gold Miners ETF | Reduce -15.8% | 7.31% | −0.61 |
| AOK iShares Core 30/70 Conservat | Sold out | 0.00% | −0.51 |
| TIP iShares Tips Bond ETF | Sold out | 0.00% | −0.39 |
| QUAL iShares MSCI USA Quality Fac | Reduce -41.7% | 0.41% | −0.29 |
| URA Global X Uranium ETF | Reduce -0.6% | 1.89% | −0.28 |
| VBIL Vanguard 0-3M T-Bill ETF | Reduce -55.4% | 0.19% | −0.25 |
| AMZN Amazon.com Inc. | Reduce -9.4% | 3.09% | −0.23 |
| RSG Republic Services Inc. | Sold out | 0.00% | −0.18 |
| VTIP Vanguard Short-Term Tips | Reduce -17.5% | 0.56% | −0.15 |
| MCHI iShares MSCI China ETF | Reduce -51.1% | 0.10% | −0.13 |
| META Meta Platforms Inc. Class A | Reduce -36.2% | 0.17% | −0.13 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.11 |
| EUAD Select Stoxx Eur Aer DE ETF | Reduce -1.4% | 0.64% | −0.10 |
| GBIL Goldman Sachs Access Treasur | Reduce -11.0% | 0.56% | −0.09 |
| AXP American Express Co. | Reduce -54.4% | 0.08% | −0.08 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.08 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.07 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.07 |
| BWXT BWX Technologies Inc. | Sold out | 0.00% | −0.07 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -27.8% | 0.14% | −0.06 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.06 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.06 |
| CPNG Coupang Inc. | Reduce -30.0% | 0.05% | −0.05 |
| GOVT iShares US Treasury Bond ETF | Sold out | 0.00% | −0.05 |
| AON Aon PLC Class A | Reduce -41.1% | 0.06% | −0.04 |
| SCJ iShares MSCI Japan Small-Cap | Reduce -2.6% | 0.58% | −0.03 |
| DGX Quest Diagnostics Inc. | Reduce -29.6% | 0.05% | −0.03 |
| CVX Chevron Corp. | Reduce -33.3% | 0.05% | −0.03 |
| ULTA Ulta Beauty Inc. | Reduce -16.8% | 0.24% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -27.6% | 0.05% | −0.03 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -2.0% | 0.45% | −0.02 |
| LCR Leuthold Core ETF | Reduce -1.5% | 0.44% | −0.02 |
| GPIX GLDM SA S&P 500 PR in ETF-US | Reduce -0.6% | 0.69% | −0.01 |
| VGUS Vanguard Ultra SHRT Treasury | Reduce -11.6% | 0.07% | −0.01 |
| EWW iShares MSCI Mexico ETF | Reduce -5.3% | 0.12% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -1.6% | 0.13% | +0.00 |
| SLVP iShares MSCI Global Silver A | Reduce -1.3% | 0.33% | +0.06 |
| AAPL Apple Inc. | Reduce -0.1% | 3.54% | +0.14 |
| GLD SPDR Gold Shares | Reduce -1.4% | 4.15% | +0.28 |
| GOOG Alphabet Inc. Class C | Reduce -1.3% | 5.50% | +1.07 |
Portfolio Buys Q3 2025 → Q4 2025
| LLY Eli Lilly & Co. | Add +172.5% | 3.66% | +2.68 |
| EMBX Vaneck Em Bond ETF | New | 2.31% | +2.31 |
| AMGN Amgen Inc. | New | 2.26% | +2.26 |
| FXF Invesco Currencyshares Swiss | Add +440.9% | 2.24% | +1.81 |
| EWG iShares MSCI Germany ETF | New | 1.34% | +1.34 |
| EEM iShares MSCI Emerging Market | New | 1.07% | +1.07 |
| SMH Vaneck Semiconductor ETF | Add +21.2% | 4.31% | +1.01 |
| INDA iShares MSCI India ETF | Add +1667.4% | 1.04% | +0.98 |
| SLV iShares Silver Trust | Add +84.3% | 1.33% | +0.84 |
| TDG Transdigm Group Inc. | Add +309.1% | 0.89% | +0.67 |
| AOR iShares Core 60/40 Balanced | New | 0.53% | +0.53 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.48% | +0.48 |
| MOAT Vaneck Morningstar Wide Moat | Add +29.8% | 1.20% | +0.29 |
| CSCO Cisco Systems Inc. | Add +0.0% | 2.96% | +0.27 |
| IEMG iShares Core MSCI Emerging | Add +13.5% | 1.80% | +0.21 |
| REMX Vaneck Rar Earth ND STG-Usdi | Add +3.4% | 1.64% | +0.19 |
| IBIT iShares Bitcoin Trust ETF | New | 0.16% | +0.16 |
| GE General Electric | New | 0.15% | +0.15 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +59.6% | 0.40% | +0.15 |
| QQQ Invesco QQQ Trust Series 1 | Add +41.4% | 0.51% | +0.15 |
| IAU iShares Gold Trust | Add +7.0% | 1.02% | +0.14 |
| FXE Invesco Currencyshares Euro | New | 0.13% | +0.13 |
| XOM Exxon Mobil Corp. | New | 0.12% | +0.12 |
| KWEB Kranesh Csi China Internet | New | 0.11% | +0.11 |
| GEV GE Vernova Inc. | Add +27.4% | 0.46% | +0.11 |
| QQQM Invesco Nasdaq 100 ETF | New | 0.10% | +0.10 |
| RGLD Royal Gold Inc. | New | 0.09% | +0.09 |
| HWM Howmet Aerospace Inc. | New | 0.08% | +0.08 |
| WCN Waste Connections Inc. | New | 0.08% | +0.08 |
| ILF iShares Latin America 40 ETF | Add +0.3% | 2.37% | +0.07 |
| WRB WR Berkley Corp. | New | 0.07% | +0.07 |
| XME SS SPDR S&P Metals Mining | New | 0.06% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +27.4% | 0.24% | +0.06 |
| CNX CNX Resources Corp. | New | 0.06% | +0.06 |
| CNQ Canadian Natural Resources | Add +36.3% | 0.17% | +0.05 |
| AGI Alamos Gold Inc. Class A | New | 0.05% | +0.05 |
| SIL Global X Silver Miners ETF | Add +6.3% | 0.25% | +0.04 |
| V Visa Inc. Class A | Add +6.3% | 0.52% | +0.03 |
| RAAX Vaneck Real Assets ETF | Add +5.5% | 0.74% | +0.03 |
| JNJ Johnson & Johnson | Add +3.9% | 0.15% | +0.02 |
| DISV Dimensional International SM | Add +8.2% | 0.16% | +0.02 |
| HEI Heico Corp. | Add +5.6% | 0.43% | +0.01 |
| DTCR Global X Data Center & Digit | Add +0.7% | 0.60% | +0.01 |
| DIVO Amplify CWP Enhan Divid ETF | Add +3.0% | 1.03% | +0.00 |
| ADVISORS INNER CIRCLE FD III | Add +0.1% | 0.09% | +0.00 |
| XLK SS Technology Select Sector | Add +0.6% | 0.15% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Add +0.7% | 0.07% | 0.00 |
| XLF SS Financial Select Sector | Add +0.6% | 0.07% | −0.00 |
| XLY SS Consumer Disc Select Sect | Add +0.3% | 0.06% | −0.00 |
| FERG Ferguson Enterprises Inc. | Add +0.3% | 0.05% | −0.00 |
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 |