Avalon Capital Management

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Avalon Capital Management reported 121 stock positions worth $354.2 million. Its top holding was Alphabet Class A (GOOGL) at 11.1% of the portfolio, followed by Vaneck Gold Miners ETF (GDX, 6.5%) and Alphabet Class C (GOOG, 5.2%). Compared with Q4 2025, it opened 11 new positions, sold out of 29, added to 17 and reduced 63. The biggest buy was a new position in Invesco Optimum Yield Divers (PDBC) and the biggest sale Invesco Currencyshares Swiss (FXF, shares −97%).

Most Recent 13F
Q2 2026
Location
Port Of Redwood City, CA
CIK
0001510809
Portfolio Value
$354.2M (Q1 2026)
SEC Filing
0001172661-26-002005 ↗ filed May 15, 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 Q4 2025 Q1 2026: $354.2M $354.2M Q1 2026 Q2 2026: $422.4M Q2 2026

Holdings 121 stocks · $354.2M
GOOGL Alphabet Inc. Class A 11.07% 136,348 $39.2M Reduce -1.7%
GDX Vaneck Gold Miners ETF 6.53% 251,945 $23.1M Reduce -29.3%
GOOG Alphabet Inc. Class C 5.15% 63,636 $18.3M Reduce -13.2%
SMH Vaneck Semiconductor ETF 5.05% 46,684 $17.9M Reduce -6.6%
PDBC Invesco Optimum Yield Divers 4.85% 992,122 $17.2M New
GLD SPDR Gold Shares 4.55% 37,468 $16.1M Reduce -14.3%
IEMG iShares Core MSCI Emerging 3.40% 172,730 $12.0M Add +54.1%
CSCO Cisco Systems Inc. 3.36% 153,311 $11.9M Reduce -4.7%
AAPL Apple Inc. 3.31% 46,166 $11.7M Reduce -15.1%
AMZN Amazon.com Inc. 3.07% 52,256 $10.9M Reduce -6.7%
CVX Chevron Corp. 2.99% 51,236 $10.6M Add +3557.1%
URA Global X Uranium ETF 2.62% 191,810 $9.3M Add +3.6%
ILF iShares Latin America 40 ETF 2.42% 240,918 $8.6M Reduce -26.1%
EMBX Vaneck Em Bond ETF 2.31% 163,593 $8.2M Reduce -14.1%
REMX Vaneck Rar Earth ND STG-Usdi 2.14% 86,253 $7.6M Reduce -7.1%
LLY Eli Lilly & Co. 1.97% 7,581 $7.0M Reduce -46.7%
DISV Dimensional International SM 1.65% 148,144 $5.8M Add +756.4%
PWRD TCW Transform Systems ETF 1.52% 55,107 $5.4M Reduce -23.2%
MSFT Microsoft Corp. 1.46% 13,924 $5.2M Reduce -27.4%
EEM iShares MSCI Emerging Market 1.31% 81,554 $4.6M No change
DIVO Amplify CWP Enhan Divid ETF 1.24% 97,685 $4.4M Add +1.2%
AMGN Amgen Inc. 1.23% 12,357 $4.3M Reduce -57.3%
IAU iShares Gold Trust 1.14% 45,690 $4.0M Reduce -13.4%
MOAT Vaneck Morningstar Wide Moat 1.08% 39,554 $3.8M Reduce -18.2%
RAAX Vaneck Real Assets ETF 1.04% 90,342 $3.7M Add +1.7%
PIT Vaneck Commodity Strat ETF 1.01% 49,242 $3.6M New
SLV iShares Silver Trust 0.98% 50,994 $3.5M Reduce -40.8%
FDX FedEx Corp. 0.87% 8,662 $3.1M New
DTCR Global X Data Center & Digit 0.81% 119,702 $2.9M Add +1.5%
VTV Vanguard Mrngstr Val ETF-Aui 0.74% 13,298 $2.6M Add +26.2%
GPIX GLDM SA S&P 500 PR in ETF-US 0.73% 51,921 $2.6M Reduce -5.1%
AEM Agnico Eagle Mines Ltd. 0.73% 12,730 $2.6M Reduce -15.0%
NVDA Nvidia Corp. 0.70% 14,130 $2.5M Reduce -3.8%
EUAD Select Stoxx Eur Aer DE ETF 0.65% 56,937 $2.3M Reduce -10.6%
XME SS SPDR S&P Metals Mining 0.64% 20,987 $2.3M Add +705.0%
BRK.B Berkshire Hathaway Inc. Class B 0.63% 4,649 $2.2M Reduce -17.5%
GEV GE Vernova Inc. 0.62% 2,528 $2.2M Reduce -14.2%
AOK iShares Core 30/70 Conservat 0.58% 51,432 $2.1M New
SCJ iShares MSCI Japan Small-Cap 0.57% 20,622 $2.0M Reduce -21.6%
LCR Leuthold Core ETF filed as MANAGED PORTFOLIO SERIES 0.51% 48,205 $1.8M Add +0.3%
DGRW Wisdomtree U.S. Quality Divi 0.46% 18,668 $1.6M Reduce -10.6%
EMB iShares JP Morgan Usd Emergi 0.41% 15,273 $1.4M Add +0.0%
QQQ Invesco QQQ Trust Series 1 0.39% 2,384 $1.4M Reduce -31.4%
V Visa Inc. Class A 0.37% 4,337 $1.3M Reduce -30.1%
CNQ Canadian Natural Resources 0.37% 26,548 $1.3M Add +24.9%
GSST Goldman Sachs Ultra Short Bo 0.36% 24,895 $1.3M Reduce -76.1%
COST Costco Wholesale Corp. 0.35% 1,257 $1.3M No change
QUAL iShares MSCI USA Quality Fac 0.35% 6,526 $1.3M Reduce -24.2%
ET Energy Transfer LP 0.33% 60,000 $1.2M No change
TSM Taiwan Semiconductor-SP ADR 0.31% 3,237 $1.1M Reduce -2.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.31% 1,679 $1.1M Reduce -32.0%
SIL Global X Silver Miners ETF 0.28% 11,192 $1.0M Reduce -10.5%
ORCL Oracle Corp. 0.28% 6,795 $1000K Reduce -14.2%
SCHD Schwab US DVD Equity ETF 0.27% 31,050 $953K No change
ANET Arista Networks Inc. 0.27% 7,729 $949K Reduce -10.9%
XAR SS SPDR S&P Aerospace Def 0.27% 3,721 $945K No change
KROP Global X Agtech & Food Innov 0.25% 25,454 $881K Reduce -48.1%
ULTA Ulta Beauty Inc. 0.25% 1,684 $880K No change
SHV iShares 0-1 Year Treasury Bo 0.23% 7,363 $813K Reduce -4.2%
XOM Exxon Mobil Corp. 0.21% 4,408 $748K Add +3.5%
HL Hecla Mining Co. 0.20% 38,202 $712K Reduce -2.0%
HODL Vaneck Bitcoin ETF 0.20% 36,702 $703K Reduce -79.9%
HEI Heico Corp. 0.19% 2,450 $672K Reduce -55.5%
XLI SS Industrial Select Sector 0.19% 4,121 $666K No change
MPLX MPLX LP 0.19% 11,635 $664K No change
SLVP iShares MSCI Global Silver A 0.19% 18,593 $659K Reduce -53.8%
NFLX Netflix Inc. 0.17% 6,300 $606K No change
GBIL Goldman Sachs Access Treasur 0.17% 6,031 $604K Reduce -74.2%
XLK SS Technology Select Sector 0.16% 4,288 $570K No change
VBIL Vanguard 0-3M T-Bill ETF 0.16% 7,490 $567K Reduce -29.2%
META Meta Platforms Inc. Class A 0.16% 978 $560K Reduce -6.7%
EWW iShares MSCI Mexico ETF 0.15% 6,920 $521K Reduce -3.5%
KMI Kinder Morgan Inc. 0.14% 15,000 $503K No change
WPM Wheaton Precious Metals Corp. 0.14% 3,801 $498K No change
PLTR Palantir Technologies Inc. Class A 0.14% 3,395 $497K Reduce -35.4%
SCHW Schwab (charles) Corp. 0.14% 5,110 $480K Reduce -7.7%
VDE Vanguard Energy ETF 0.13% 2,718 $470K Reduce -2.7%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 0.13% 3,425 $464K No change
VOO Vanguard S&P 500 ETF 0.12% 741 $442K Reduce -2.6%
DVA Davita Inc. 0.12% 2,808 $432K New
RGLD Royal Gold Inc. 0.12% 1,694 $431K No change
VGT Vanguard Info Tech ETF 0.12% 610 $426K No change
BP BP PLC-Spons ADR 0.11% 8,658 $407K New
GE General Electric filed as GE AEROSPACE 0.11% 1,365 $387K Reduce -33.7%
LRCX Lam Research Corp. 0.11% 1,794 $383K Reduce -3.6%
PAAS Pan American Silver Corp. 0.11% 7,000 $382K No change
VONV Vanguard Russell 1000 Value 0.10% 3,781 $354K No change
MCHI iShares MSCI China ETF 0.10% 6,256 $351K Reduce -12.8%
CNI Canadian Natl Railway Co. 0.10% 3,414 $351K New
FCX Freeport-McMoran Inc. 0.09% 5,590 $329K No change
TDG Transdigm Group Inc. 0.09% 280 $325K Reduce -89.9%
APD Air Products & Chemicals Inc. 0.09% 1,105 $321K No change
AVGO Broadcom Inc. 0.09% 1,014 $314K Reduce -3.1%
TXN Texas Instruments Inc. 0.09% 1,615 $314K No change
NEE Nextera Energy Inc. 0.09% 3,364 $312K No change
NJUL Innovator Growth 100 Power B 0.09% 4,294 $307K No change
DHR Danaher Corp. 0.09% 1,606 $304K Reduce -4.0%
VYM Vanguard High DVD Yield ETF 0.08% 2,026 $300K Add +0.6%
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.08% 611 $283K No change
OXY Occidental Petroleum Corp. 0.08% 4,223 $274K New
SPGI S&P Global Inc. 0.08% 633 $269K Reduce -10.1%
JNJ Johnson & Johnson 0.07% 1,075 $263K Reduce -65.0%
DGX Quest Diagnostics Inc. 0.07% 1,298 $254K Add +4.3%
XLF SS Financial Select Sector 0.07% 5,081 $251K No change
JPM JPMorgan Chase & Co. 0.07% 845 $249K Reduce -46.8%
VWO Vanguard Ftse Emerging Marke 0.07% 4,587 $248K Add +1.8%
NRP Natural Resource Partners LP 0.07% 2,000 $242K No change
BWXT BWX Technologies Inc. 0.07% 1,172 $240K New
FXF Invesco Currencyshares Swiss 0.07% 2,166 $239K Reduce -97.4%
NLR Vaneck Urani & Nuclr ETF-Usd 0.06% 1,700 $226K No change
IGE iShares North American Natur 0.06% 3,463 $218K New
ETN Eaton Corp. PLC 0.06% 608 $217K New
FERG Ferguson Enterprises Inc. 0.06% 927 $216K Add +0.3%
VIG Vanguard Dividend Apprec ETF 0.06% 1,002 $215K No change
MA Mastercard Inc. Class A 0.06% 429 $214K Reduce -25.9%
TKO Tko Group Holdings Inc. 0.06% 1,053 $212K Reduce -5.0%
ASHR Xtrackers Harvest Csi 300 CH 0.06% 6,500 $212K No change
AGI Alamos Gold Inc. Class A 0.06% 4,738 $211K Reduce -11.2%
XLY SS Consumer Disc Select Sect 0.06% 1,926 $210K No change
PG The Procter & Gamble Co. 0.06% 1,412 $204K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.06% 4,417 $203K Reduce -97.7%

Options reported separately and not counted above: NVDA calls ($87K).

Portfolio Sells Q4 2025 → Q1 2026
FXF Invesco Currencyshares Swiss Reduce -97.4% 0.07% −2.17
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -97.7% 0.06% −1.86
LLY Eli Lilly & Co. Reduce -46.7% 1.97% −1.69
EWG iShares MSCI Germany ETF Sold out 0.00% −1.34
INDA iShares MSCI India ETF Sold out 0.00% −1.04
AMGN Amgen Inc. Reduce -57.3% 1.23% −1.04
PHO Invesco Water Resources ETF Sold out 0.00% −0.96
GSST Goldman Sachs Ultra Short Bo Reduce -76.1% 0.36% −0.90
HODL Vaneck Bitcoin ETF Reduce -79.9% 0.20% −0.88
TDG Transdigm Group Inc. Reduce -89.9% 0.09% −0.79
GDX Vaneck Gold Miners ETF Reduce -29.3% 6.53% −0.78
MSFT Microsoft Corp. Reduce -27.4% 1.46% −0.76
IEF iShares 7-10 Year Treasury B Sold out 0.00% −0.64
VTIP Vanguard Short-Term Tips Sold out 0.00% −0.56
AOR iShares Core 60/40 Balanced Sold out 0.00% −0.53
GBIL Goldman Sachs Access Treasur Reduce -74.2% 0.17% −0.39
GOOG Alphabet Inc. Class C Reduce -13.2% 5.15% −0.35
SLV iShares Silver Trust Reduce -40.8% 0.98% −0.35
BWZ State Street SPDR Bloomberg Sold out 0.00% −0.34
HEI Heico Corp. Reduce -55.5% 0.19% −0.24
AAPL Apple Inc. Reduce -15.1% 3.31% −0.23
BX Blackstone Inc. Sold out 0.00% −0.20
B Barrick Mining Corp. Sold out 0.00% −0.18
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.16
V Visa Inc. Class A Reduce -30.1% 0.37% −0.15
BWX SS SPDR BB Intl Treasury BD Sold out 0.00% −0.14
SLVP iShares MSCI Global Silver A Reduce -53.8% 0.19% −0.14
PWRD TCW Transform Systems ETF Reduce -23.2% 1.52% −0.13
FXE Invesco Currencyshares Euro Sold out 0.00% −0.13
QQQ Invesco QQQ Trust Series 1 Reduce -31.4% 0.39% −0.12
MOAT Vaneck Morningstar Wide Moat Reduce -18.2% 1.08% −0.12
KWEB Kranesh Csi China Internet Sold out 0.00% −0.11
KROP Global X Agtech & Food Innov Reduce -48.1% 0.25% −0.11
QQQM Invesco Nasdaq 100 ETF Sold out 0.00% −0.10
SPY SS SPDR S&P 500 ETF Trust-US Reduce -32.0% 0.31% −0.09
ORCL Oracle Corp. Reduce -14.2% 0.28% −0.09
ADVISORS INNER CIRCLE FD III Sold out 0.00% −0.09
HWM Howmet Aerospace Inc. Sold out 0.00% −0.08
PLTR Palantir Technologies Inc. Class A Reduce -35.4% 0.14% −0.08
AXP American Express Co. Sold out 0.00% −0.08
JNJ Johnson & Johnson Reduce -65.0% 0.07% −0.08
WCN Waste Connections Inc. Sold out 0.00% −0.08
SA Seabridge Gold Inc. Sold out 0.00% −0.07
PEP Pepsico Inc. Sold out 0.00% −0.07
VGUS Vanguard Ultra SHRT Treasury Sold out 0.00% −0.07
WRB WR Berkley Corp. Sold out 0.00% −0.07
WFC Wells Fargo & Co. Sold out 0.00% −0.06
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.06
CNX CNX Resources Corp. Sold out 0.00% −0.06
QUAL iShares MSCI USA Quality Fac Reduce -24.2% 0.35% −0.06

Portfolio Buys Q4 2025 → Q1 2026
PDBC Invesco Optimum Yield Divers New 4.85% +4.85
CVX Chevron Corp. Add +3557.1% 2.99% +2.94
IEMG iShares Core MSCI Emerging Add +54.1% 3.40% +1.60
DISV Dimensional International SM Add +756.4% 1.65% +1.49
PIT Vaneck Commodity Strat ETF New 1.01% +1.01
FDX FedEx Corp. New 0.87% +0.87
URA Global X Uranium ETF Add +3.6% 2.62% +0.73
AOK iShares Core 30/70 Conservat New 0.58% +0.58
XME SS SPDR S&P Metals Mining Add +705.0% 0.64% +0.58
RAAX Vaneck Real Assets ETF Add +1.7% 1.04% +0.30
VTV Vanguard Mrngstr Val ETF-Aui Add +26.2% 0.74% +0.25
DTCR Global X Data Center & Digit Add +1.5% 0.81% +0.21
DIVO Amplify CWP Enhan Divid ETF Add +1.2% 1.24% +0.21
CNQ Canadian Natural Resources Add +24.9% 0.37% +0.19
DVA Davita Inc. New 0.12% +0.12
BP BP PLC-Spons ADR New 0.11% +0.11
CNI Canadian Natl Railway Co. New 0.10% +0.10
XOM Exxon Mobil Corp. Add +3.5% 0.21% +0.09
OXY Occidental Petroleum Corp. New 0.08% +0.08
LCR Leuthold Core ETF Add +0.3% 0.51% +0.07
BWXT BWX Technologies Inc. New 0.07% +0.07
IGE iShares North American Natur New 0.06% +0.06
ETN Eaton Corp. PLC New 0.06% +0.06
EMB iShares JP Morgan Usd Emergi Add +0.0% 0.41% +0.05
DGX Quest Diagnostics Inc. Add +4.3% 0.07% +0.02
VYM Vanguard High DVD Yield ETF Add +0.6% 0.08% +0.02
VWO Vanguard Ftse Emerging Marke Add +1.8% 0.07% +0.01
FERG Ferguson Enterprises Inc. Add +0.3% 0.06% +0.01

Options Activity Q4 2025 → Q1 2026
NVDA Nvidia Corp. call New 500 $87K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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