# MENLO ADVISORS LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1279708. Source: https://holderbook.com/funds/1279708-menlo-advisors-llc/

- Reported value: $227.9K
- Positions: 30
- Weight of the ten largest: 68.3%
- Filed: 2026-09-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $25.3K | 50,575 | 11.1% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $24.8K | 70,325 | 10.9% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $18.7K | 52,230 | 8.2% | 31 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $17.4K | 47,353 | 7.7% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $13.6K | 47,097 | 6.0% | 31 |
| EA SERIES TRUST | [QVAL](https://holderbook.com/stocks/QVAL/) | $13.3K | 240,365 | 5.8% | 31 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $12.5K | 165,992 | 5.5% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $10.6K | 90,019 | 4.6% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $9.8K | 26,282 | 4.3% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $9.6K | 38,102 | 4.2% | 31 |
| GLOBAL X FDS | [MLPX](https://holderbook.com/stocks/MLPX/) | $8.5K | 115,872 | 3.7% | 9 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $8.1K | 19,140 | 3.5% | 31 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $7.1K | 126,940 | 3.1% | 9 |
| MATTHEWS ASIA FDS | [MEMX](https://holderbook.com/stocks/MEMX/) | $6.3K | 126,030 | 2.8% | 8 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $6.2K | 67,919 | 2.7% | 31 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $6.0K | 11,686 | 2.6% | 14 |
| CARIS LIFE SCIENCES INC | [CAI](https://holderbook.com/stocks/CAI/) | $5.4K | 300,518 | 2.3% | 1 |
| CF INDUSTRIES HOLD | [CF](https://holderbook.com/stocks/CF/) | $5.2K | 48,375 | 2.3% | 1 |
| SPROTT ASSET MANAGEMENT LP | [PSLV](https://holderbook.com/stocks/PSLV/) | $4.7K | 251,710 | 2.1% | 5 |
| SPROTT FDS TR | [URNM](https://holderbook.com/stocks/URNM/) | $4.6K | 86,674 | 2.0% | 17 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $4.2K | 45,675 | 1.8% | 29 |
| WISDOMTREE TR | [DGRW](https://holderbook.com/stocks/DGRW/) | $2.5K | 25,755 | 1.1% | 25 |
| SCHWAB STRATEGIC TR | [FNDF](https://holderbook.com/stocks/FNDF/) | $1.3K | 23,846 | 0.6% | 9 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $577 | 500 | 0.3% | 3 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $428 | 561 | 0.2% | 5 |
| SPROTT ASSET MANAGEMENT LP | [PHYS](https://holderbook.com/stocks/PHYS/) | $362 | 12,000 | 0.2% | 9 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $342 | 2,455 | 0.2% | 1 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $238 | 1,000 | 0.1% | 5 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $224 | 636 | 0.1% | 11 |
| DIREXION SHARES ETF TRUST | [AAPD](https://holderbook.com/stocks/AAPD/) | $121 | 10,000 | 0.1% | 10 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +15.9% | +7.8% | +8.0% | 100% |
| Q2 2025 | +5.7% | +10.5% | -4.8% | 87% |
| Q1 2025 | +0.1% | -4.6% | +4.6% | 100% |
| Q4 2024 | +1.9% | +2.1% | -0.3% | 100% |
| Q3 2024 | +7.6% | +5.4% | +2.1% | 100% |
| Q2 2024 | +1.8% | +4.0% | -2.3% | 100% |
| Q1 2024 | +7.0% | +10.0% | -3.1% | 100% |
| Q4 2023 | +8.1% | +11.2% | -3.1% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $227.9K | 30 |
| Q1 2026 | $222.6K | 30 |
| Q4 2025 | $222.6K | 30 |
| Q3 2025 | $210.6K | 29 |
| Q2 2025 | $185.6M | 29 |
| Q1 2025 | $210.3M | 27 |
| Q4 2024 | $196.0M | 29 |
| Q3 2024 | $194.3M | 29 |
| Q2 2024 | $180.2M | 32 |
| Q1 2024 | $174.7M | 29 |
| Q4 2023 | $162.5M | 28 |
| Q3 2023 | $152.2M | 31 |