Menlo Advisors LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed September 10, 2026), Menlo Advisors LLC reported 30 stock positions worth $227.9 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 11.1% of the portfolio, followed by Alphabet Class C (GOOG, 10.9%) and Alphabet Class A (GOOGL, 8.2%). Compared with Q1 2026, it opened 3 new positions, sold out of 3, added to 3 and reduced 15. The biggest buy was a new position in Caris Life Sciences (CAI) and the biggest sale Vaneck Gold Miners ETF (GDX, shares −27%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001279708
- Portfolio Value
- $227.9M (Q2 2026)
- SEC Filing
- 0001279708-26-000009 ↗ filed Sep 10, 2026
Holdings Value
Holdings 30 stocks · $227.9M
| BRK.B Berkshire Hathaway Inc. Class B | 11.10% | 50,575 | $25.3M | Reduce -0.3% |
| GOOG Alphabet Inc. Class C | 10.90% | 70,325 | $24.8M | Reduce -5.0% |
| GOOGL Alphabet Inc. Class A | 8.19% | 52,230 | $18.7M | Reduce -9.1% |
| GLD SPDR Gold Shares | 7.65% | 47,353 | $17.4M | Reduce -0.7% |
| AAPL Apple Inc. | 5.98% | 47,097 | $13.6M | Reduce -0.1% |
| QVAL Alpha Arch US QNT Value ETF | 5.85% | 240,365 | $13.3M | Reduce -0.4% |
| GDX Vaneck Gold Miners ETF | 5.49% | 165,992 | $12.5M | Reduce -27.1% |
| CSCO Cisco Systems Inc. | 4.64% | 90,019 | $10.6M | No change |
| MSFT Microsoft Corp. | 4.30% | 26,282 | $9.8M | Reduce -0.4% |
| ABBV Abbvie Inc. | 4.21% | 38,102 | $9.6M | No change |
| MLPX Global X MLP & Energy Infras | 3.74% | 115,872 | $8.5M | Add +16.8% |
| TSLA Tesla Inc. | 3.53% | 19,140 | $8.1M | No change |
| RPRX Royalty Pharma PLC Class A | 3.12% | 126,940 | $7.1M | Reduce -0.6% |
| MEMX Matthews Em Ex China Active | 2.76% | 126,030 | $6.3M | Reduce -0.0% |
| ABT Abbott Laboratories | 2.70% | 67,919 | $6.2M | Add +1.1% |
| LMT Lockheed Martin Corp. | 2.61% | 11,686 | $6.0M | Reduce -0.0% |
| CAI Caris Life Sciences Inc. | 2.35% | 300,518 | $5.4M | New |
| CF CF Industries Holdings Inc. | 2.30% | 48,375 | $5.2M | New |
| PSLV Sprott Physical Silver Trust | 2.08% | 251,710 | $4.7M | Reduce -0.1% |
| URNM Sprott Uranium Miners ETF | 2.00% | 86,674 | $4.6M | Add +0.4% |
| KKR KKR & Co. Inc. | 1.84% | 45,675 | $4.2M | Reduce -1.5% |
| DGRW Wisdomtree U.S. Quality Divi | 1.08% | 25,755 | $2.5M | Reduce -5.9% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.55% | 23,846 | $1.3M | No change |
| MU Micron Technology Inc. | 0.25% | 500 | $577K | Reduce -57.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 561 | $428K | No change |
| PHYS Sprott Physical Gold Trust | 0.16% | 12,000 | $362K | No change |
| INTC Intel Corp. | 0.15% | 2,455 | $342K | New |
| AMZN Amazon.com Inc. | 0.10% | 1,000 | $238K | No change |
| HD Home Depot Inc. | 0.10% | 636 | $224K | No change |
| AAPD Direxion Daily Aapl Bear 1X | 0.05% | 10,000 | $121K | No change |
Portfolio Sells Q1 2026 → Q2 2026
| GDX Vaneck Gold Miners ETF | Reduce -27.1% | 5.49% | −3.29 |
| MSFT Microsoft Corp. | Reduce -0.4% | 4.30% | −1.43 |
| RVT Royce Small-Cap Trust Inc. | Sold out | 0.00% | −1.30 |
| GLD SPDR Gold Shares | Reduce -0.7% | 7.65% | −0.84 |
| KKR KKR & Co. Inc. | Reduce -1.5% | 1.84% | −0.82 |
| PSLV Sprott Physical Silver Trust | Reduce -0.1% | 2.08% | −0.59 |
| HHH Howard Hughes Holdings Inc. | Sold out | 0.00% | −0.42 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 11.10% | −0.35 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.26 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -5.9% | 1.08% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -0.0% | 2.61% | +0.07 |
| MU Micron Technology Inc. | Reduce -57.3% | 0.25% | +0.10 |
| GOOGL Alphabet Inc. Class A | Reduce -9.1% | 8.19% | +0.11 |
| AAPL Apple Inc. | Reduce -0.1% | 5.98% | +0.22 |
| GOOG Alphabet Inc. Class C | Reduce -5.0% | 10.90% | +0.47 |
| QVAL Alpha Arch US QNT Value ETF | Reduce -0.4% | 5.85% | +0.56 |
| MEMX Matthews Em Ex China Active | Reduce -0.0% | 2.76% | +0.64 |
| RPRX Royalty Pharma PLC Class A | Reduce -0.6% | 3.12% | +0.91 |
Portfolio Buys Q1 2026 → Q2 2026
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 30 | $227.9M | BRK.B, GOOG, GOOGL, GLD, AAPL |
| Q1 2026 | 30 | $222.6M | BRK.B, GOOG, GDX, GLD, GOOGL |
| Q4 2025 | 30 | $222.6M | BRK.B, GOOG, GDX, GLD, GOOGL |
| Q3 2025 | 29 | $210.6M | BRK.B, GOOG, GDX, GLD, GOOGL |
| Q2 2025 | 29 | $185.6M | BRK.B, GLD, GOOG, MSFT, GDX |
| Q1 2025 | 27 | $210.3M | BRK.B, STATE STR SPDR S&P 500 ETF T, GLD, GOOG, AAPL |
| Q4 2024 | 29 | $196.0M | BRK.B, GOOG, GLD, AAPL, GOOGL |
| Q3 2024 | 29 | $194.3M | BRK.B, GOOG, GLD, AAPL, MSFT |
| Q2 2024 | 32 | $180.2M | BRK.B, GOOG, MSFT, GOOGL, GLD |
| Q1 2024 | 29 | $174.7M | BRK.B, GOOG, MSFT, QVAL, GLD |