Menlo Advisors LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 14, 2025), Menlo Advisors LLC reported 27 stock positions worth $210.3 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 13.6% of the portfolio, followed by State STR SPDR S&P 500 ETF T (13.3%) and SPDR Gold Shares (GLD, 8.4%). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 1 and reduced 16. The biggest buy was a new position in State STR SPDR S&P 500 ETF T and the biggest sale an exit from PCR US SM CP CSH CWS ETF-Usd (CALF).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001279708
- Portfolio Value
- $210.3M (Q1 2025)
- SEC Filing
- 0001279708-25-000002 ↗ filed Apr 14, 2025
Holdings Value
Holdings 27 stocks · $210.3M
| BRK.B Berkshire Hathaway Inc. Class B | 13.55% | 53,512 | $28.5M | Reduce -16.9% |
| STATE STR SPDR S&P 500 ETF T | 13.30% | 50,000 | $28.0M | New |
| GLD SPDR Gold Shares | 8.37% | 61,081 | $17.6M | Reduce -0.2% |
| GOOG Alphabet Inc. Class C | 5.81% | 78,193 | $12.2M | Reduce -1.0% |
| AAPL Apple Inc. | 5.70% | 54,001 | $12.0M | Reduce -1.1% |
| GDX Vaneck Gold Miners ETF | 5.23% | 239,115 | $11.0M | No change |
| QVAL Alpha Arch US QNT Value ETF | 5.10% | 251,355 | $10.7M | No change |
| MSFT Microsoft Corp. | 4.96% | 27,787 | $10.4M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 4.73% | 64,273 | $9.9M | Reduce -1.0% |
| ABT Abbott Laboratories | 4.35% | 68,986 | $9.2M | Reduce -0.3% |
| ABBV Abbvie Inc. | 3.86% | 38,752 | $8.1M | Reduce -0.4% |
| MLPX Global X MLP & Energy Infras | 3.11% | 102,392 | $6.5M | Add +25.8% |
| KKR KKR & Co. Inc. | 3.07% | 55,775 | $6.4M | Reduce -4.4% |
| CSCO Cisco Systems Inc. | 2.79% | 95,119 | $5.9M | No change |
| XLE SS Energy Select Sector | 2.70% | 60,775 | $5.7M | Reduce -1.3% |
| LMT Lockheed Martin Corp. | 2.45% | 11,545 | $5.2M | Reduce -2.2% |
| TSLA Tesla Inc. | 2.36% | 19,140 | $5.0M | Reduce -9.2% |
| RPRX Royalty Pharma PLC Class A | 1.97% | 133,235 | $4.1M | No change |
| MEMX Matthews Em Ex China Active | 1.68% | 125,995 | $3.5M | Reduce -0.5% |
| URNM Sprott Uranium Miners ETF | 1.37% | 89,120 | $2.9M | Reduce -1.1% |
| RVT Royce Small-Cap Trust Inc. | 1.36% | 201,044 | $2.9M | No change |
| DGRW Wisdomtree U.S. Quality Divi | 1.06% | 28,010 | $2.2M | No change |
| HHH Howard Hughes Holdings Inc. | 0.54% | 15,292 | $1.1M | Reduce -0.6% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.26% | 15,403 | $556K | No change |
| PHYS Sprott Physical Gold Trust | 0.14% | 12,000 | $288K | No change |
| HD Home Depot Inc. | 0.11% | 636 | $233K | Reduce -2.0% |
| AAPD Direxion Daily Aapl Bear 1X | 0.08% | 10,000 | $170K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| CALF PCR US SM CP CSH CWS ETF-Usd | Sold out | 0.00% | −2.09 |
| TSLA Tesla Inc. | Reduce -9.2% | 2.36% | −1.98 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −1.88 |
| GOOG Alphabet Inc. Class C | Reduce -1.0% | 5.81% | −1.87 |
| GOOGL Alphabet Inc. Class A | Reduce -1.0% | 4.73% | −1.54 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -16.9% | 13.55% | −1.34 |
| KKR KKR & Co. Inc. | Reduce -4.4% | 3.07% | −1.33 |
| AAPL Apple Inc. | Reduce -1.1% | 5.70% | −1.27 |
| MSFT Microsoft Corp. | Reduce -0.4% | 4.96% | −1.04 |
| URNM Sprott Uranium Miners ETF | Reduce -1.1% | 1.37% | −0.48 |
| LMT Lockheed Martin Corp. | Reduce -2.2% | 2.45% | −0.47 |
| MEMX Matthews Em Ex China Active | Reduce -0.5% | 1.68% | −0.20 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.11 |
| HHH Howard Hughes Holdings Inc. | Reduce -0.6% | 0.54% | −0.07 |
| HD Home Depot Inc. | Reduce -2.0% | 0.11% | −0.02 |
| XLE SS Energy Select Sector | Reduce -1.3% | 2.70% | +0.01 |
| ABBV Abbvie Inc. | Reduce -0.4% | 3.86% | +0.33 |
| ABT Abbott Laboratories | Reduce -0.3% | 4.35% | +0.36 |
| GLD SPDR Gold Shares | Reduce -0.2% | 8.37% | +0.81 |
Portfolio Buys Q4 2024 → Q1 2025
| STATE STR SPDR S&P 500 ETF T | New | 13.30% | +13.30 |
| MLPX Global X MLP & Energy Infras | Add +25.8% | 3.11% | +0.59 |
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 |