Menlo Advisors LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed September 10, 2026), Menlo Advisors LLC reported 29 stock positions worth $210.6 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 12.4% of the portfolio, followed by Alphabet Class C (GOOG, 8.6%) and Vaneck Gold Miners ETF (GDX, 8.3%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 3 and reduced 18. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001279708
- Portfolio Value
- $210.6M (Q3 2025)
- SEC Filing
- 0001279708-26-000006 ↗ filed Sep 10, 2026
Holdings Value
Holdings 29 stocks · $210.6M
| BRK.B Berkshire Hathaway Inc. Class B | 12.36% | 51,772 | $26.0M | Reduce -1.8% |
| GOOG Alphabet Inc. Class C | 8.58% | 74,243 | $18.1M | Reduce -4.1% |
| GDX Vaneck Gold Miners ETF | 8.31% | 229,090 | $17.5M | Reduce -3.0% |
| GLD SPDR Gold Shares | 8.07% | 47,803 | $17.0M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 7.15% | 61,973 | $15.1M | Reduce -2.4% |
| MSFT Microsoft Corp. | 6.49% | 26,397 | $13.7M | Reduce -2.9% |
| AAPL Apple Inc. | 6.30% | 52,157 | $13.3M | Reduce -1.6% |
| QVAL Alpha Arch US QNT Value ETF | 5.35% | 241,375 | $11.3M | Reduce -3.0% |
| ABT Abbott Laboratories | 4.27% | 67,196 | $9.0M | Reduce -0.5% |
| ABBV Abbvie Inc. | 4.19% | 38,102 | $8.8M | Reduce -0.4% |
| TSLA Tesla Inc. | 4.04% | 19,140 | $8.5M | No change |
| KKR KKR & Co. Inc. | 2.98% | 48,380 | $6.3M | Reduce -10.7% |
| CSCO Cisco Systems Inc. | 2.97% | 91,344 | $6.2M | Reduce -2.8% |
| MLPX Global X MLP & Energy Infras | 2.95% | 99,237 | $6.2M | Reduce -1.4% |
| LMT Lockheed Martin Corp. | 2.76% | 11,640 | $5.8M | Add +2.6% |
| URNM Sprott Uranium Miners ETF | 2.48% | 86,304 | $5.2M | Reduce -0.6% |
| RPRX Royalty Pharma PLC Class A | 2.14% | 127,640 | $4.5M | Reduce -2.8% |
| MEMX Matthews Em Ex China Active | 2.08% | 125,840 | $4.4M | Add +1.8% |
| PSLV Sprott Physical Silver Trust | 1.88% | 251,960 | $4.0M | Reduce -0.6% |
| RVT Royce Small-Cap Trust Inc. | 1.46% | 191,083 | $3.1M | Reduce -2.1% |
| DGRW Wisdomtree U.S. Quality Divi | 1.18% | 27,935 | $2.5M | No change |
| HHH Howard Hughes Holdings Inc. | 0.56% | 14,427 | $1.2M | Reduce -2.7% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.48% | 23,778 | $1.0M | Add +54.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.37% | 2,500 | $775K | New |
| PHYS Sprott Physical Gold Trust | 0.17% | 12,000 | $355K | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.13% | 561 | $275K | No change |
| HD Home Depot Inc. | 0.12% | 636 | $257K | No change |
| AMZN Amazon.com Inc. | 0.10% | 1,000 | $219K | No change |
| AAPD Direxion Daily Aapl Bear 1X | 0.07% | 10,000 | $140K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.8% | 12.36% | −1.44 |
| KKR KKR & Co. Inc. | Reduce -10.7% | 2.98% | −0.90 |
| MSFT Microsoft Corp. | Reduce -2.9% | 6.49% | −0.79 |
| ABT Abbott Laboratories | Reduce -0.5% | 4.27% | −0.68 |
| QVAL Alpha Arch US QNT Value ETF | Reduce -3.0% | 5.35% | −0.55 |
| CSCO Cisco Systems Inc. | Reduce -2.8% | 2.97% | −0.55 |
| STATE STR SPDR S&P 500 ETF T | Sold out | 0.00% | −0.45 |
| MLPX Global X MLP & Energy Infras | Reduce -1.4% | 2.95% | −0.45 |
| RPRX Royalty Pharma PLC Class A | Reduce -2.8% | 2.14% | −0.41 |
| RVT Royce Small-Cap Trust Inc. | Reduce -2.1% | 1.46% | −0.12 |
| HHH Howard Hughes Holdings Inc. | Reduce -2.7% | 0.56% | +0.02 |
| GLD SPDR Gold Shares | Reduce -1.4% | 8.07% | +0.10 |
| PSLV Sprott Physical Silver Trust | Reduce -0.6% | 1.88% | +0.21 |
| URNM Sprott Uranium Miners ETF | Reduce -0.6% | 2.48% | +0.23 |
| ABBV Abbvie Inc. | Reduce -0.4% | 4.19% | +0.36 |
| AAPL Apple Inc. | Reduce -1.6% | 6.30% | +0.45 |
| GOOGL Alphabet Inc. Class A | Reduce -2.4% | 7.15% | +1.12 |
| GOOG Alphabet Inc. Class C | Reduce -4.1% | 8.58% | +1.19 |
| GDX Vaneck Gold Miners ETF | Reduce -3.0% | 8.31% | +1.68 |
Portfolio Buys Q2 2025 → Q3 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 |