Menlo Advisors LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Menlo Advisors LLC reported 29 stock positions worth $185.6 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 13.8% of the portfolio, followed by SPDR Gold Shares (GLD, 8.0%) and Alphabet Class C (GOOG, 7.4%). Compared with Q1 2025, it opened 3 new positions, sold out of 1 and reduced 21. The biggest buy was a new position in Sprott Physical Silver Trust (PSLV) and the biggest sale State STR SPDR S&P 500 ETF T (shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001279708
- Portfolio Value
- $185.6M (Q2 2025)
- SEC Filing
- 0001279708-25-000004 ↗ filed Aug 6, 2025
Holdings Value
Holdings 29 stocks · $185.6M
| BRK.B Berkshire Hathaway Inc. Class B | 13.80% | 52,702 | $25.6M | Reduce -1.5% |
| GLD SPDR Gold Shares | 7.97% | 48,503 | $14.8M | Reduce -20.6% |
| GOOG Alphabet Inc. Class C | 7.40% | 77,393 | $13.7M | Reduce -1.0% |
| MSFT Microsoft Corp. | 7.28% | 27,172 | $13.5M | Reduce -2.2% |
| GDX Vaneck Gold Miners ETF | 6.63% | 236,215 | $12.3M | Reduce -1.2% |
| GOOGL Alphabet Inc. Class A | 6.03% | 63,473 | $11.2M | Reduce -1.2% |
| QVAL Alpha Arch US QNT Value ETF | 5.90% | 248,740 | $10.9M | Reduce -1.0% |
| AAPL Apple Inc. | 5.86% | 53,001 | $10.9M | Reduce -1.9% |
| ABT Abbott Laboratories | 4.95% | 67,536 | $9.2M | Reduce -2.1% |
| KKR KKR & Co. Inc. | 3.88% | 54,175 | $7.2M | Reduce -2.9% |
| ABBV Abbvie Inc. | 3.83% | 38,252 | $7.1M | Reduce -1.3% |
| CSCO Cisco Systems Inc. | 3.51% | 93,944 | $6.5M | Reduce -1.2% |
| MLPX Global X MLP & Energy Infras | 3.40% | 100,697 | $6.3M | Reduce -1.7% |
| TSLA Tesla Inc. | 3.28% | 19,140 | $6.1M | No change |
| LMT Lockheed Martin Corp. | 2.83% | 11,345 | $5.3M | Reduce -1.7% |
| RPRX Royalty Pharma PLC Class A | 2.55% | 131,325 | $4.7M | Reduce -1.4% |
| URNM Sprott Uranium Miners ETF | 2.24% | 86,804 | $4.2M | Reduce -2.6% |
| MEMX Matthews Em Ex China Active | 2.18% | 123,590 | $4.0M | Reduce -1.9% |
| PSLV Sprott Physical Silver Trust | 1.67% | 253,380 | $3.1M | New |
| RVT Royce Small-Cap Trust Inc. | 1.58% | 195,242 | $2.9M | Reduce -2.9% |
| DGRW Wisdomtree U.S. Quality Divi | 1.26% | 27,935 | $2.3M | Reduce -0.3% |
| HHH Howard Hughes Holdings Inc. | 0.54% | 14,827 | $1.0M | Reduce -3.0% |
| STATE STR SPDR S&P 500 ETF T | 0.45% | 1,000 | $841K | Reduce -98.0% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.33% | 15,403 | $616K | No change |
| PHYS Sprott Physical Gold Trust | 0.16% | 12,000 | $304K | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.15% | 561 | $285K | New |
| HD Home Depot Inc. | 0.13% | 636 | $233K | No change |
| AMZN Amazon.com Inc. | 0.12% | 1,000 | $219K | New |
| AAPD Direxion Daily Aapl Bear 1X | 0.09% | 10,000 | $175K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| STATE STR SPDR S&P 500 ETF T | Reduce -98.0% | 0.45% | −12.85 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −2.70 |
| GLD SPDR Gold Shares | Reduce -20.6% | 7.97% | −0.40 |
| ABBV Abbvie Inc. | Reduce -1.3% | 3.83% | −0.03 |
| HHH Howard Hughes Holdings Inc. | Reduce -3.0% | 0.54% | +0.00 |
| AAPL Apple Inc. | Reduce -1.9% | 5.86% | +0.16 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -0.3% | 1.26% | +0.20 |
| RVT Royce Small-Cap Trust Inc. | Reduce -2.9% | 1.58% | +0.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.5% | 13.80% | +0.25 |
| MLPX Global X MLP & Energy Infras | Reduce -1.7% | 3.40% | +0.29 |
| LMT Lockheed Martin Corp. | Reduce -1.7% | 2.83% | +0.38 |
| MEMX Matthews Em Ex China Active | Reduce -1.9% | 2.18% | +0.50 |
| RPRX Royalty Pharma PLC Class A | Reduce -1.4% | 2.55% | +0.58 |
| ABT Abbott Laboratories | Reduce -2.1% | 4.95% | +0.60 |
| CSCO Cisco Systems Inc. | Reduce -1.2% | 3.51% | +0.72 |
| QVAL Alpha Arch US QNT Value ETF | Reduce -1.0% | 5.90% | +0.80 |
| KKR KKR & Co. Inc. | Reduce -2.9% | 3.88% | +0.82 |
| URNM Sprott Uranium Miners ETF | Reduce -2.6% | 2.24% | +0.87 |
| GOOGL Alphabet Inc. Class A | Reduce -1.2% | 6.03% | +1.30 |
| GDX Vaneck Gold Miners ETF | Reduce -1.2% | 6.63% | +1.40 |
| GOOG Alphabet Inc. Class C | Reduce -1.0% | 7.40% | +1.59 |
| MSFT Microsoft Corp. | Reduce -2.2% | 7.28% | +2.32 |
Portfolio Buys Q1 2025 → Q2 2025
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 |