Menlo Advisors LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), Menlo Advisors LLC reported 29 stock positions worth $196.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 14.9% of the portfolio, followed by Alphabet Class C (GOOG, 7.7%) and SPDR Gold Shares (GLD, 7.6%). Compared with Q3 2024, it opened 2 new positions, sold out of 2, added to 7 and reduced 12. The biggest buy was a new position in Expand Energy (EXE) and the biggest sale an exit from Southwestern Energy (SWN).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001279708
- Portfolio Value
- $196.0M (Q4 2024)
- SEC Filing
- 0001279708-25-000001 ↗ filed Feb 6, 2025
Holdings Value
Holdings 29 stocks · $196.0M
| BRK.B Berkshire Hathaway Inc. Class B | 14.89% | 64,384 | $29.2M | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 7.67% | 79,003 | $15.0M | Reduce -0.1% |
| GLD SPDR Gold Shares | 7.56% | 61,206 | $14.8M | Add +13.5% |
| AAPL Apple Inc. | 6.98% | 54,617 | $13.7M | Add +0.1% |
| GOOGL Alphabet Inc. Class A | 6.27% | 64,893 | $12.3M | Reduce -1.5% |
| MSFT Microsoft Corp. | 6.00% | 27,887 | $11.8M | No change |
| QVAL Alpha Arch US QNT Value ETF | 5.72% | 251,355 | $11.2M | Add +1.1% |
| KKR KKR & Co. Inc. | 4.40% | 58,320 | $8.6M | Reduce -3.7% |
| TSLA Tesla Inc. | 4.34% | 21,069 | $8.5M | Reduce -5.0% |
| GDX Vaneck Gold Miners ETF | 4.14% | 239,115 | $8.1M | Reduce -0.0% |
| ABT Abbott Laboratories | 3.99% | 69,231 | $7.8M | No change |
| ABBV Abbvie Inc. | 3.53% | 38,902 | $6.9M | No change |
| LMT Lockheed Martin Corp. | 2.93% | 11,805 | $5.7M | Reduce -4.6% |
| CSCO Cisco Systems Inc. | 2.87% | 95,119 | $5.6M | No change |
| XLE SS Energy Select Sector | 2.69% | 61,575 | $5.3M | Reduce -8.6% |
| MLPX Global X MLP & Energy Infras | 2.51% | 81,402 | $4.9M | No change |
| CALF PCR US SM CP CSH CWS ETF-Usd | 2.09% | 93,191 | $4.1M | Add +0.8% |
| EXE Expand Energy Corp. | 1.88% | 37,101 | $3.7M | New |
| MEMX Matthews Em Ex China Active | 1.87% | 126,630 | $3.7M | Reduce -5.2% |
| URNM Sprott Uranium Miners ETF | 1.85% | 90,064 | $3.6M | Add +0.6% |
| RPRX Royalty Pharma PLC Class A | 1.73% | 133,235 | $3.4M | Reduce -9.9% |
| RVT Royce Small-Cap Trust Inc. | 1.62% | 201,044 | $3.2M | No change |
| DGRW Wisdomtree U.S. Quality Divi | 1.16% | 28,010 | $2.3M | Reduce -0.2% |
| HHH Howard Hughes Holdings Inc. | 0.60% | 15,391 | $1.2M | Add +0.0% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.26% | 15,403 | $511K | No change |
| HD Home Depot Inc. | 0.13% | 649 | $252K | Add +2.0% |
| PHYS Sprott Physical Gold Trust | 0.12% | 12,000 | $241K | No change |
| AMZN Amazon.com Inc. | 0.11% | 1,000 | $219K | New |
| AAPD Direxion Daily Aapl Bear 1X | 0.08% | 10,000 | $152K | Reduce -20.0% |
Portfolio Sells Q3 2024 → Q4 2024
| SWN Southwestern Energy Co. | Sold out | 0.00% | −1.56 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.99 |
| LMT Lockheed Martin Corp. | Reduce -4.6% | 2.93% | −0.80 |
| GDX Vaneck Gold Miners ETF | Reduce -0.0% | 4.14% | −0.77 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 14.89% | −0.44 |
| RPRX Royalty Pharma PLC Class A | Reduce -9.9% | 1.73% | −0.42 |
| XLE SS Energy Select Sector | Reduce -8.6% | 2.69% | −0.36 |
| MEMX Matthews Em Ex China Active | Reduce -5.2% | 1.87% | −0.24 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -0.2% | 1.16% | −0.05 |
| AAPD Direxion Daily Aapl Bear 1X | Reduce -20.0% | 0.08% | −0.03 |
| KKR KKR & Co. Inc. | Reduce -3.7% | 4.40% | +0.33 |
| GOOGL Alphabet Inc. Class A | Reduce -1.5% | 6.27% | +0.64 |
| GOOG Alphabet Inc. Class C | Reduce -0.1% | 7.67% | +0.87 |
| TSLA Tesla Inc. | Reduce -5.0% | 4.34% | +1.35 |
Portfolio Buys Q3 2024 → Q4 2024
| EXE Expand Energy Corp. | New | 1.88% | +1.88 |
| GLD SPDR Gold Shares | Add +13.5% | 7.56% | +0.81 |
| AAPL Apple Inc. | Add +0.1% | 6.98% | +0.43 |
| AMZN Amazon.com Inc. | New | 0.11% | +0.11 |
| HD Home Depot Inc. | Add +2.0% | 0.13% | −0.00 |
| HHH Howard Hughes Holdings Inc. | Add +0.0% | 0.60% | −0.01 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Add +0.8% | 2.09% | −0.12 |
| QVAL Alpha Arch US QNT Value ETF | Add +1.1% | 5.72% | −0.18 |
| URNM Sprott Uranium Miners ETF | Add +0.6% | 1.85% | −0.26 |
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 |