Avalon Capital Management

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 16, 2026), Avalon Capital Management reported 126 stock positions worth $422.4 million. Its top holding was Alphabet Class A (GOOGL) at 12.8% of the portfolio, followed by Vaneck Semiconductor ETF (SMH, 7.4%) and Vaneck Gold Miners ETF (GDX, 5.9%). Compared with Q1 2026, it opened 17 new positions, sold out of 12, added to 43 and reduced 30. The biggest buy was a new position in Schwab US Small-Cap ETF (SCHA) and the biggest sale Invesco Optimum Yield Divers (PDBC, shares −49%).

Most Recent 13F
Q2 2026
Location
Port Of Redwood City, CA
CIK
0001510809
Portfolio Value
$422.4M (Q2 2026)
SEC Filing
0001172661-26-002649 ↗ filed Jul 16, 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 Q1 2026 Q2 2026: $422.4M $422.4M Q2 2026

Holdings 126 stocks · $422.4M
GOOGL Alphabet Inc. Class A 12.77% 150,922 $53.9M Add +10.7%
SMH Vaneck Semiconductor ETF 7.45% 47,957 $31.5M Add +2.7%
GDX Vaneck Gold Miners ETF 5.91% 331,077 $25.0M Add +31.4%
GLD SPDR Gold Shares 5.52% 63,245 $23.3M Add +68.8%
GOOG Alphabet Inc. Class C 5.36% 64,136 $22.7M Add +0.8%
CSCO Cisco Systems Inc. 4.26% 153,311 $18.0M No change
LLY Eli Lilly & Co. 3.88% 13,646 $16.4M Add +80.0%
AMZN Amazon.com Inc. 3.64% 64,566 $15.4M Add +23.6%
IEMG iShares Core MSCI Emerging 3.47% 176,895 $14.7M Add +2.4%
AAPL Apple Inc. 3.16% 46,166 $13.4M No change
SCHA Schwab US Small-Cap ETF 2.94% 343,708 $12.4M New
EMBX Vaneck Em Bond ETF 2.59% 212,985 $10.9M Add +30.2%
URA Global X Uranium ETF 2.01% 193,935 $8.5M Add +1.1%
PDBC Invesco Optimum Yield Divers 1.90% 505,048 $8.0M Reduce -49.1%
REMX Vaneck Rar Earth ND STG-Usdi 1.89% 90,344 $8.0M Add +4.7%
PWRD TCW Transform Systems ETF 1.75% 59,985 $7.4M Add +8.8%
SIL Global X Silver Miners ETF 1.67% 90,973 $7.0M Add +712.8%
DISV Dimensional International SM 1.41% 148,758 $6.0M Add +0.4%
EEM iShares MSCI Emerging Market 1.32% 81,554 $5.6M No change
MSFT Microsoft Corp. 1.23% 13,901 $5.2M Reduce -0.2%
DIVO Amplify CWP Enhan Divid ETF 1.07% 98,852 $4.5M Add +1.2%
MOAT Vaneck Morningstar Wide Moat 0.97% 39,572 $4.1M Add +0.1%
RAAX Vaneck Real Assets ETF 0.86% 92,066 $3.7M Add +1.9%
DTCR Global X Data Center & Digit 0.86% 120,097 $3.6M Add +0.3%
CVX Chevron Corp. 0.78% 19,791 $3.3M Reduce -61.4%
VTV Vanguard Mrngstr Val ETF-Aui 0.72% 13,963 $3.0M Add +5.0%
XLE SS Energy Select Sector 0.71% 56,795 $3.0M New
XBI SS SPDR S&P Biotech ETF 0.69% 18,523 $2.9M New
GPIX GLDM SA S&P 500 PR in ETF-US 0.68% 51,921 $2.9M No change
NVDA Nvidia Corp. 0.66% 13,837 $2.8M Reduce -2.1%
SLV iShares Silver Trust 0.64% 50,646 $2.7M Reduce -0.7%
SCJ iShares MSCI Japan Small-Cap 0.61% 24,601 $2.6M Add +19.3%
IYW iShares Ustechnology ETF 0.61% 10,265 $2.6M New
GEV GE Vernova Inc. 0.59% 2,113 $2.5M Reduce -16.4%
SHV iShares 0-1 Year Treasury Bo 0.58% 22,039 $2.4M Add +199.3%
BRK.B Berkshire Hathaway Inc. Class B 0.55% 4,632 $2.3M Reduce -0.4%
XME SS SPDR S&P Metals Mining 0.53% 20,960 $2.2M Reduce -0.1%
QQQ Invesco QQQ Trust Series 1 0.50% 2,868 $2.1M Add +20.3%
AOK iShares Core 30/70 Conservat 0.50% 50,746 $2.1M Reduce -1.3%
AEM Agnico Eagle Mines Ltd. 0.47% 12,730 $2.0M No change
IAU iShares Gold Trust 0.46% 25,659 $1.9M Reduce -43.8%
LCR Leuthold Core ETF filed as MANAGED PORTFOLIO SER 0.44% 47,238 $1.9M Reduce -2.0%
DGRW Wisdomtree U.S. Quality Divi 0.42% 18,514 $1.8M Reduce -0.8%
TSM Taiwan Semiconductor-SP ADR 0.40% 3,580 $1.7M Add +10.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.38% 2,136 $1.6M Add +27.2%
ANET Arista Networks Inc. 0.37% 9,100 $1.5M Add +17.7%
V Visa Inc. Class A 0.36% 4,425 $1.5M Add +2.0%
QUAL iShares MSCI USA Quality Fac 0.33% 6,316 $1.4M Reduce -3.2%
ILF iShares Latin America 40 ETF 0.32% 40,535 $1.4M Reduce -83.2%
WPM Wheaton Precious Metals Corp. 0.31% 11,728 $1.3M Add +208.6%
GSST Goldman Sachs Ultra Short Bo 0.31% 25,641 $1.3M Add +3.0%
EMB iShares JP Morgan Usd Emergi 0.30% 13,278 $1.3M Reduce -13.1%
LRCX Lam Research Corp. 0.29% 2,864 $1.2M Add +59.6%
COST Costco Wholesale Corp. 0.28% 1,257 $1.2M No change
ET Energy Transfer LP 0.27% 60,000 $1.1M No change
XAR SS SPDR S&P Aerospace Def 0.25% 3,721 $1.1M No change
SCHD Schwab US DVD Equity ETF 0.23% 31,050 $985K No change
ORCL Oracle Corp. 0.23% 6,678 $979K Reduce -1.7%
ULTA Ulta Beauty Inc. 0.22% 2,060 $929K Add +22.3%
HEI Heico Corp. 0.22% 2,607 $929K Add +6.4%
CNQ Canadian Natural Resources 0.21% 22,138 $874K Reduce -16.6%
NLR Vaneck Urani & Nuclr ETF-Usd 0.20% 7,467 $866K Add +339.2%
XLK SS Technology Select Sector 0.19% 4,288 $817K No change
AVGO Broadcom Inc. 0.19% 2,125 $803K Add +109.6%
XLI SS Industrial Select Sector 0.18% 4,121 $763K No change
XOM Exxon Mobil Corp. 0.16% 4,867 $665K Add +10.4%
MPLX MPLX LP 0.16% 11,635 $655K No change
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 0.14% 3,425 $605K No change
HL Hecla Mining Co. 0.14% 38,302 $591K Add +0.3%
VGT Vanguard Info Tech ETF 0.14% 4,880 $583K No change
VBIL Vanguard 0-3M T-Bill ETF 0.14% 7,600 $575K Add +1.5%
HODL Vaneck Bitcoin ETF 0.13% 33,716 $560K Reduce -8.1%
EWW iShares MSCI Mexico ETF 0.12% 6,998 $527K Add +1.1%
VOO Vanguard S&P 500 ETF 0.12% 742 $509K Add +0.1%
META Meta Platforms Inc. Class A 0.12% 866 $488K Reduce -11.4%
TXN Texas Instruments Inc. 0.11% 1,615 $481K No change
KMI Kinder Morgan Inc. 0.11% 15,000 $480K No change
SCHW Schwab (charles) Corp. 0.11% 5,108 $471K Reduce -0.0%
CNI Canadian Natl Railway Co. 0.11% 3,887 $463K Add +13.8%
ARM Arm Holdings PLC-ADR 0.10% 1,198 $425K New
GE General Electric filed as GE AEROSPACE 0.10% 1,105 $413K Reduce -19.1%
VDE Vanguard Energy ETF 0.10% 2,718 $408K No change
VONV Vanguard Russell 1000 Value 0.10% 3,781 $402K No change
PLTR Palantir Technologies Inc. Class A 0.09% 3,395 $396K No change
TDG Transdigm Group Inc. 0.09% 276 $368K Reduce -1.4%
DVA Davita Inc. 0.08% 1,586 $353K Reduce -43.5%
FCX Freeport-McMoran Inc. 0.08% 5,540 $348K Reduce -0.9%
SLVP iShares MSCI Global Silver A 0.08% 10,943 $337K Reduce -41.1%
NJUL Innovator Growth 100 Power B 0.08% 4,294 $332K No change
APD Air Products & Chemicals Inc. 0.08% 1,105 $324K No change
VYM Vanguard High DVD Yield ETF 0.08% 2,038 $322K Add +0.6%
BP BP PLC-Spons ADR 0.08% 8,658 $320K No change
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.08% 611 $319K No change
PAAS Pan American Silver Corp. 0.07% 7,000 $314K No change
FICO Fair Isaac Corp. 0.07% 262 $313K New
MCHI iShares MSCI China ETF 0.07% 6,112 $312K Reduce -2.3%
DHR Danaher Corp. 0.07% 1,606 $306K No change
NEE Nextera Energy Inc. 0.07% 3,364 $295K No change
JPM JPMorgan Chase & Co. 0.07% 845 $277K No change
AMAT Applied Materials Inc. 0.07% 380 $275K New
JNJ Johnson & Johnson 0.06% 1,075 $273K No change
XLF SS Financial Select Sector 0.06% 5,081 $272K No change
NFLX Netflix Inc. 0.06% 3,800 $271K Reduce -39.7%
CRWD CrowdStrike Holdings Inc. Class A 0.06% 340 $259K New
ETN Eaton Corp. PLC 0.06% 608 $259K No change
VWO Vanguard Ftse Emerging Marke 0.06% 4,336 $259K Reduce -5.5%
UNP Union Pacific Corp. 0.06% 951 $259K New
SPGI S&P Global Inc. 0.06% 633 $258K No change
FLTR Vaneck Ig Floating Rate ETF 0.06% 9,737 $249K New
APH Amphenol Corp. Class A 0.06% 1,400 $247K New
BWA Borgwarner Inc. 0.06% 3,600 $239K New
ASHR Xtrackers Harvest Csi 300 CH 0.06% 6,500 $238K No change
IEFA iShares Core MSCI Eafe ETF 0.06% 2,465 $238K New
VIG Vanguard Dividend Apprec ETF 0.06% 1,002 $237K No change
BWXT BWX Technologies Inc. 0.06% 1,213 $236K Add +3.5%
TKO Tko Group Holdings Inc. 0.06% 1,158 $233K Add +10.0%
XLY SS Consumer Disc Select Sect 0.05% 1,926 $226K No change
WELL Welltower Inc. 0.05% 980 $222K New
FERG Ferguson Enterprises Inc. 0.05% 930 $221K Add +0.3%
MA Mastercard Inc. Class A 0.05% 429 $220K No change
EUAD Select Stoxx Eur Aer DE ETF 0.05% 4,970 $210K Reduce -91.3%
PG The Procter & Gamble Co. 0.05% 1,412 $207K No change
OXY Occidental Petroleum Corp. 0.05% 4,197 $204K Reduce -0.6%
TRGP Targa Resources Corp. 0.05% 750 $201K New
CCJ Cameco Corp. 0.03% 1,082 $110K New
OKLO Oklo Inc. 0.01% 1,000 $52K New

Options reported separately and not counted above: NLR calls ($464K), URA calls ($219K), OKLO calls ($209K), CCJ calls ($102K).

Portfolio Sells Q1 2026 → Q2 2026
PDBC Invesco Optimum Yield Divers Reduce -49.1% 1.90% −2.95
CVX Chevron Corp. Reduce -61.4% 0.78% −2.22
ILF iShares Latin America 40 ETF Reduce -83.2% 0.32% −2.09
AMGN Amgen Inc. Sold out 0.00% −1.23
PIT Vaneck Commodity Strat ETF Sold out 0.00% −1.01
FDX FedEx Corp. Sold out 0.00% −0.87
IAU iShares Gold Trust Reduce -43.8% 0.46% −0.68
EUAD Select Stoxx Eur Aer DE ETF Reduce -91.3% 0.05% −0.61
SLV iShares Silver Trust Reduce -0.7% 0.64% −0.34
KROP Global X Agtech & Food Innov Sold out 0.00% −0.25
MSFT Microsoft Corp. Reduce -0.2% 1.23% −0.23
GBIL Goldman Sachs Access Treasur Sold out 0.00% −0.17
CNQ Canadian Natural Resources Reduce -16.6% 0.21% −0.16
RGLD Royal Gold Inc. Sold out 0.00% −0.12
XME SS SPDR S&P Metals Mining Reduce -0.1% 0.53% −0.11
NFLX Netflix Inc. Reduce -39.7% 0.06% −0.11
SLVP iShares MSCI Global Silver A Reduce -41.1% 0.08% −0.11
EMB iShares JP Morgan Usd Emergi Reduce -13.1% 0.30% −0.10
AOK iShares Core 30/70 Conservat Reduce -1.3% 0.50% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.4% 0.55% −0.08
DGX Quest Diagnostics Inc. Sold out 0.00% −0.07
NRP Natural Resource Partners LP Sold out 0.00% −0.07
FXF Invesco Currencyshares Swiss Sold out 0.00% −0.07
HODL Vaneck Bitcoin ETF Reduce -8.1% 0.13% −0.07
LCR Leuthold Core ETF Reduce -2.0% 0.44% −0.06
IGE iShares North American Natur Sold out 0.00% −0.06
AGI Alamos Gold Inc. Class A Sold out 0.00% −0.06
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.06
ORCL Oracle Corp. Reduce -1.7% 0.23% −0.05
DGRW Wisdomtree U.S. Quality Divi Reduce -0.8% 0.42% −0.04
META Meta Platforms Inc. Class A Reduce -11.4% 0.12% −0.04
NVDA Nvidia Corp. Reduce -2.1% 0.66% −0.04
DVA Davita Inc. Reduce -43.5% 0.08% −0.04
GEV GE Vernova Inc. Reduce -16.4% 0.59% −0.04
OXY Occidental Petroleum Corp. Reduce -0.6% 0.05% −0.03
MCHI iShares MSCI China ETF Reduce -2.3% 0.07% −0.03
QUAL iShares MSCI USA Quality Fac Reduce -3.2% 0.33% −0.03
SCHW Schwab (charles) Corp. Reduce -0.0% 0.11% −0.02
GE General Electric Reduce -19.1% 0.10% −0.01
FCX Freeport-McMoran Inc. Reduce -0.9% 0.08% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -5.5% 0.06% −0.01
TDG Transdigm Group Inc. Reduce -1.4% 0.09% −0.00

Portfolio Buys Q1 2026 → Q2 2026
SCHA Schwab US Small-Cap ETF New 2.94% +2.94
SMH Vaneck Semiconductor ETF Add +2.7% 7.45% +2.39
LLY Eli Lilly & Co. Add +80.0% 3.88% +1.91
GOOGL Alphabet Inc. Class A Add +10.7% 12.77% +1.70
SIL Global X Silver Miners ETF Add +712.8% 1.67% +1.38
GLD SPDR Gold Shares Add +68.8% 5.52% +0.96
XLE SS Energy Select Sector New 0.71% +0.71
XBI SS SPDR S&P Biotech ETF New 0.69% +0.69
IYW iShares Ustechnology ETF New 0.61% +0.61
AMZN Amazon.com Inc. Add +23.6% 3.64% +0.57
SHV iShares 0-1 Year Treasury Bo Add +199.3% 0.58% +0.35
EMBX Vaneck Em Bond ETF Add +30.2% 2.59% +0.27
PWRD TCW Transform Systems ETF Add +8.8% 1.75% +0.23
GOOG Alphabet Inc. Class C Add +0.8% 5.36% +0.21
LRCX Lam Research Corp. Add +59.6% 0.29% +0.19
WPM Wheaton Precious Metals Corp. Add +208.6% 0.31% +0.17
NLR Vaneck Urani & Nuclr ETF-Usd Add +339.2% 0.20% +0.14
QQQ Invesco QQQ Trust Series 1 Add +20.3% 0.50% +0.11
AVGO Broadcom Inc. Add +109.6% 0.19% +0.10
ARM Arm Holdings PLC-ADR New 0.10% +0.10
ANET Arista Networks Inc. Add +17.7% 0.37% +0.10
TSM Taiwan Semiconductor-SP ADR Add +10.6% 0.40% +0.10
FICO Fair Isaac Corp. New 0.07% +0.07
SPY SS SPDR S&P 500 ETF Trust-US Add +27.2% 0.38% +0.07
IEMG iShares Core MSCI Emerging Add +2.4% 3.47% +0.07
AMAT Applied Materials Inc. New 0.07% +0.07
CRWD CrowdStrike Holdings Inc. Class A New 0.06% +0.06
UNP Union Pacific Corp. New 0.06% +0.06
FLTR Vaneck Ig Floating Rate ETF New 0.06% +0.06
APH Amphenol Corp. Class A New 0.06% +0.06
BWA Borgwarner Inc. New 0.06% +0.06
IEFA iShares Core MSCI Eafe ETF New 0.06% +0.06
DTCR Global X Data Center & Digit Add +0.3% 0.86% +0.05
WELL Welltower Inc. New 0.05% +0.05
SCJ iShares MSCI Japan Small-Cap Add +19.3% 0.61% +0.05
TRGP Targa Resources Corp. New 0.05% +0.05
HEI Heico Corp. Add +6.4% 0.22% +0.03
CCJ Cameco Corp. New 0.03% +0.03
OKLO Oklo Inc. New 0.01% +0.01
CNI Canadian Natl Railway Co. Add +13.8% 0.11% +0.01
VOO Vanguard S&P 500 ETF Add +0.1% 0.12% −0.00
TKO Tko Group Holdings Inc. Add +10.0% 0.06% −0.00
VYM Vanguard High DVD Yield ETF Add +0.6% 0.08% −0.01
FERG Ferguson Enterprises Inc. Add +0.3% 0.05% −0.01
V Visa Inc. Class A Add +2.0% 0.36% −0.01
BWXT BWX Technologies Inc. Add +3.5% 0.06% −0.01
VTV Vanguard Mrngstr Val ETF-Aui Add +5.0% 0.72% −0.02
EWW iShares MSCI Mexico ETF Add +1.1% 0.12% −0.02
VBIL Vanguard 0-3M T-Bill ETF Add +1.5% 0.14% −0.02
ULTA Ulta Beauty Inc. Add +22.3% 0.22% −0.03

Options Activity Q1 2026 → Q2 2026
NLR Vaneck Urani & Nuclr ETF-Usd call New 4,000 $464K
URA Global X Uranium ETF call New 5,000 $219K
OKLO Oklo Inc. call New 4,000 $209K
CCJ Cameco Corp. call New 1,000 $102K
NVDA Nvidia Corp. call Sold out 500 $87Kbefore exit

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