Menlo Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed September 10, 2026), Menlo Advisors LLC reported 30 stock positions worth $222.6 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 11.5% of the portfolio, followed by Alphabet Class C (GOOG, 10.4%) and Vaneck Gold Miners ETF (GDX, 8.8%). Compared with Q3 2025, it opened 1 new position, added to 4 and reduced 14. The biggest buy was a new position in Micron Technology (MU) 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
- $222.6M (Q4 2025)
- SEC Filing
- 0001279708-26-000007 ↗ filed Sep 10, 2026
Holdings Value
Holdings 30 stocks · $222.6M
| BRK.B Berkshire Hathaway Inc. Class B | 11.45% | 50,707 | $25.5M | Reduce -2.1% |
| GOOG Alphabet Inc. Class C | 10.43% | 73,993 | $23.2M | Reduce -0.3% |
| GDX Vaneck Gold Miners ETF | 8.78% | 227,866 | $19.5M | Reduce -0.5% |
| GLD SPDR Gold Shares | 8.49% | 47,693 | $18.9M | Reduce -0.2% |
| GOOGL Alphabet Inc. Class A | 8.08% | 57,455 | $18.0M | Reduce -7.3% |
| AAPL Apple Inc. | 5.76% | 47,157 | $12.8M | Reduce -9.6% |
| MSFT Microsoft Corp. | 5.73% | 26,387 | $12.8M | Reduce -0.0% |
| QVAL Alpha Arch US QNT Value ETF | 5.29% | 241,365 | $11.8M | Reduce 0.0% |
| ABBV Abbvie Inc. | 3.91% | 38,102 | $8.7M | No change |
| TSLA Tesla Inc. | 3.87% | 19,140 | $8.6M | No change |
| ABT Abbott Laboratories | 3.78% | 67,196 | $8.4M | No change |
| CSCO Cisco Systems Inc. | 3.12% | 90,019 | $6.9M | Reduce -1.4% |
| MLPX Global X MLP & Energy Infras | 2.70% | 99,252 | $6.0M | Add +0.0% |
| PSLV Sprott Physical Silver Trust | 2.68% | 251,960 | $6.0M | No change |
| KKR KKR & Co. Inc. | 2.66% | 46,380 | $5.9M | Reduce -4.1% |
| LMT Lockheed Martin Corp. | 2.54% | 11,687 | $5.7M | Add +0.4% |
| RPRX Royalty Pharma PLC Class A | 2.22% | 127,640 | $4.9M | No change |
| URNM Sprott Uranium Miners ETF | 2.13% | 86,304 | $4.7M | No change |
| MEMX Matthews Em Ex China Active | 2.12% | 126,040 | $4.7M | Add +0.2% |
| RVT Royce Small-Cap Trust Inc. | 1.30% | 180,126 | $2.9M | Reduce -5.7% |
| DGRW Wisdomtree U.S. Quality Divi | 1.10% | 27,360 | $2.4M | Reduce -2.1% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.48% | 23,846 | $1.1M | Add +0.3% |
| HHH Howard Hughes Holdings Inc. | 0.42% | 11,777 | $939K | Reduce -18.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.26% | 1,500 | $575K | Reduce -40.0% |
| PHYS Sprott Physical Gold Trust | 0.18% | 12,000 | $396K | No change |
| MU Micron Technology Inc. | 0.15% | 1,170 | $333K | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.12% | 561 | $262K | No change |
| AMZN Amazon.com Inc. | 0.10% | 1,000 | $230K | No change |
| HD Home Depot Inc. | 0.10% | 636 | $218K | No change |
| AAPD Direxion Daily Aapl Bear 1X | 0.06% | 10,000 | $131K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.1% | 11.45% | −0.91 |
| MSFT Microsoft Corp. | Reduce -0.0% | 5.73% | −0.76 |
| AAPL Apple Inc. | Reduce -9.6% | 5.76% | −0.55 |
| KKR KKR & Co. Inc. | Reduce -4.1% | 2.66% | −0.33 |
| RVT Royce Small-Cap Trust Inc. | Reduce -5.7% | 1.30% | −0.16 |
| HHH Howard Hughes Holdings Inc. | Reduce -18.4% | 0.42% | −0.14 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -40.0% | 0.26% | −0.11 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -2.1% | 1.10% | −0.08 |
| QVAL Alpha Arch US QNT Value ETF | Reduce 0.0% | 5.29% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -1.4% | 3.12% | +0.15 |
| GLD SPDR Gold Shares | Reduce -0.2% | 8.49% | +0.42 |
| GDX Vaneck Gold Miners ETF | Reduce -0.5% | 8.78% | +0.47 |
| GOOGL Alphabet Inc. Class A | Reduce -7.3% | 8.08% | +0.93 |
| GOOG Alphabet Inc. Class C | Reduce -0.3% | 10.43% | +1.85 |
Portfolio Buys Q3 2025 → Q4 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 |