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

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

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%
VDE Vanguard Energy ETF 0.08% 2,793 $352K No change
HWM Howmet Aerospace Inc. 0.08% 1,708 $350K New
VONV Vanguard Russell 1000 Value 0.08% 3,781 $349K No change
MA Mastercard Inc. Class A 0.08% 579 $331K No change
AXP American Express Co. 0.08% 882 $326K Reduce -54.4%
WCN Waste Connections Inc. 0.08% 1,817 $319K New
LRCX Lam Research Corp. 0.08% 1,861 $319K No change
NJUL Innovator Growth 100 Power B 0.07% 4,294 $312K No change
SA Seabridge Gold Inc. 0.07% 10,300 $305K No change
PEP Pepsico Inc. 0.07% 2,108 $303K No change
VGUS Vanguard Ultra SHRT Treasury 0.07% 3,971 $300K Reduce -11.6%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.07% 611 $294K No change
VYM Vanguard High DVD Yield ETF 0.07% 2,014 $289K Add +0.7%
FCX Freeport-McMoran Inc. 0.07% 5,590 $284K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.07% 4,010 $281K New
TXN Texas Instruments Inc. 0.07% 1,615 $280K No change
XLF SS Financial Select Sector 0.07% 5,081 $278K Add +0.6%
APD Air Products & Chemicals Inc. 0.07% 1,105 $273K No change
XME SS SPDR S&P Metals Mining 0.06% 2,607 $270K New
NEE Nextera Energy Inc. 0.06% 3,364 $270K No change
WFC Wells Fargo & Co. 0.06% 2,746 $256K No change
VWO Vanguard Ftse Emerging Marke 0.06% 4,506 $242K No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.06% 6,168 $234K No change
CNX CNX Resources Corp. 0.06% 6,340 $233K New
AON Aon PLC Class A 0.06% 660 $233K Reduce -41.1%
TKO Tko Group Holdings Inc. 0.06% 1,108 $232K No change
XLY SS Consumer Disc Select Sect 0.06% 1,926 $230K Add +0.3%
CPNG Coupang Inc. 0.05% 9,566 $226K Reduce -30.0%
CG The Carlyle Group Inc. 0.05% 3,805 $225K No change
VIG Vanguard Dividend Apprec ETF 0.05% 1,002 $220K No change
DGX Quest Diagnostics Inc. 0.05% 1,244 $216K Reduce -29.6%
CVX Chevron Corp. 0.05% 1,401 $214K Reduce -33.3%
ASHR Xtrackers Harvest Csi 300 CH 0.05% 6,500 $214K No change
NLR Vaneck Urani & Nuclr ETF-Usd 0.05% 1,700 $211K No change
NRP Natural Resource Partners LP 0.05% 2,000 $209K No change
GRW TCW Durable Growth ETF 0.05% 6,706 $209K Reduce -95.5%
AGI Alamos Gold Inc. Class A 0.05% 5,338 $206K New
FERG Ferguson Enterprises Inc. 0.05% 924 $206K Add +0.3%
PG The Procter & Gamble Co. 0.05% 1,412 $202K Reduce -27.6%

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

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