# AVALON CAPITAL MANAGEMENT

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1510809. Source: https://holderbook.com/funds/1510809-avalon-capital-management/

- Reported value: $423.4M
- Positions: 126
- Weight of the ten largest: 55.3%
- Filed: 2026-07-16

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 |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $53.9M | 150,922 | 12.7% | 31 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $31.5M | 47,957 | 7.4% | 11 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $25.0M | 331,077 | 5.9% | 19 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $23.3M | 63,245 | 5.5% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $22.7M | 64,136 | 5.4% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $18.0M | 153,311 | 4.3% | 20 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $16.4M | 13,646 | 3.9% | 18 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $15.4M | 64,566 | 3.6% | 31 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $14.7M | 176,895 | 3.5% | 6 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $13.4M | 46,166 | 3.2% | 31 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $12.4M | 343,708 | 2.9% | 1 |
| VANECK FDS | [EMBX](https://holderbook.com/stocks/EMBX/) | $10.9M | 212,985 | 2.6% | 3 |
| GLOBAL X FDS | [URA](https://holderbook.com/stocks/URA/) | $8.7M | 193,935 | 2.1% | 5 |
| INVESCO ACTVELY MNGD ETC FD | [PDBC](https://holderbook.com/stocks/PDBC/) | $8.0M | 505,048 | 1.9% | 2 |
| VANECK ETF TRUST | [REMX](https://holderbook.com/stocks/REMX/) | $8.0M | 90,344 | 1.9% | 4 |
| TCW ETF TRUST | [PWRD](https://holderbook.com/stocks/PWRD/) | $7.4M | 59,985 | 1.7% | 11 |
| GLOBAL X FDS | [SIL](https://holderbook.com/stocks/SIL/) | $7.0M | 90,973 | 1.7% | 4 |
| DIMENSIONAL ETF TRUST | [DISV](https://holderbook.com/stocks/DISV/) | $6.0M | 148,758 | 1.4% | 6 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $5.6M | 81,554 | 1.3% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.2M | 13,901 | 1.2% | 31 |
| AMPLIFY ETF TR | [DIVO](https://holderbook.com/stocks/DIVO/) | $4.5M | 98,852 | 1.1% | 9 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $4.1M | 39,572 | 1.0% | 14 |
| VANECK ETF TRUST | [RAAX](https://holderbook.com/stocks/RAAX/) | $3.7M | 92,066 | 0.9% | 7 |
| GLOBAL X FDS | [DTCR](https://holderbook.com/stocks/DTCR/) | $3.6M | 120,097 | 0.9% | 5 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $3.3M | 19,791 | 0.8% | 20 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $3.0M | 13,963 | 0.7% | 3 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $3.0M | 56,795 | 0.7% | 1 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $2.9M | 18,523 | 0.7% | 1 |
| GOLDMAN SACHS ETF TR | [GPIX](https://holderbook.com/stocks/GPIX/) | $2.9M | 51,921 | 0.7% | 9 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.8M | 13,837 | 0.7% | 14 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $2.7M | 50,646 | 0.6% | 8 |
| ISHARES INC | [SCJ](https://holderbook.com/stocks/SCJ/) | $2.6M | 24,601 | 0.6% | 7 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $2.6M | 10,265 | 0.6% | 1 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $2.5M | 2,113 | 0.6% | 8 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $2.4M | 22,039 | 0.6% | 8 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.3M | 4,632 | 0.5% | 20 |
| SPDR SERIES TRUST | [XME](https://holderbook.com/stocks/XME/) | $2.2M | 20,960 | 0.5% | 3 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $2.1M | 2,868 | 0.5% | 13 |
| ISHARES TR | [AOK](https://holderbook.com/stocks/AOK/) | $2.1M | 50,746 | 0.5% | 2 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $2.0M | 12,730 | 0.5% | 11 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $1.9M | 25,659 | 0.5% | 10 |
| MANAGED PORTFOLIO SER | [LCR](https://holderbook.com/stocks/LCR/) | $1.9M | 47,238 | 0.4% | 6 |
| WISDOMTREE TR | [DGRW](https://holderbook.com/stocks/DGRW/) | $1.8M | 18,514 | 0.4% | 20 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.7M | 3,580 | 0.4% | 11 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.6M | 2,136 | 0.4% | 13 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $1.5M | 9,100 | 0.4% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.5M | 4,425 | 0.4% | 13 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $1.4M | 6,316 | 0.3% | 11 |
| ISHARES TR | [ILF](https://holderbook.com/stocks/ILF/) | $1.4M | 40,535 | 0.3% | 5 |
| VANECK ETF TRUST | [NLR](https://holderbook.com/stocks/NLR/) | $1.3M | 7,467 | 0.3% | 4 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $1.3M | 11,728 | 0.3% | 8 |
| GOLDMAN SACHS ETF TR | [GSST](https://holderbook.com/stocks/GSST/) | $1.3M | 25,641 | 0.3% | 9 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $1.3M | 13,278 | 0.3% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $1.2M | 2,864 | 0.3% | 4 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.2M | 1,257 | 0.3% | 9 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $1.1M | 60,000 | 0.3% | 12 |
| SPDR SERIES TRUST | [XAR](https://holderbook.com/stocks/XAR/) | $1.1M | 3,721 | 0.2% | 9 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $984.6K | 31,050 | 0.2% | 18 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $978.7K | 6,678 | 0.2% | 12 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $929.0K | 2,060 | 0.2% | 7 |
| HEICO CORP NEW | [HEI](https://holderbook.com/stocks/HEI/) | $928.7K | 2,607 | 0.2% | 12 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $874.5K | 22,138 | 0.2% | 6 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $817.0K | 4,288 | 0.2% | 9 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $802.7K | 2,125 | 0.2% | 5 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $763.3K | 4,121 | 0.2% | 9 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $665.4K | 4,867 | 0.2% | 3 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $655.4K | 11,635 | 0.2% | 12 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $605.2K | 3,425 | 0.1% | 18 |
| HECLA MINING COMPANY | [HL](https://holderbook.com/stocks/HL/) | $591.0K | 38,302 | 0.1% | 9 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $583.3K | 4,880 | 0.1% | 9 |
| VANGUARD INSTL INDEX FD | [VBIL](https://holderbook.com/stocks/VBIL/) | $575.2K | 7,600 | 0.1% | 6 |
| VANECK BITCOIN ETF | [HODL](https://holderbook.com/stocks/HODL/) | $560.0K | 33,716 | 0.1% | 7 |
| ISHARES INC | [EWW](https://holderbook.com/stocks/EWW/) | $526.7K | 6,998 | 0.1% | 5 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $509.3K | 742 | 0.1% | 9 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $487.8K | 866 | 0.1% | 11 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $481.4K | 1,615 | 0.1% | 19 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $479.6K | 15,000 | 0.1% | 12 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $471.4K | 5,108 | 0.1% | 9 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $463.5K | 3,887 | 0.1% | 2 |
| ARM HOLDINGS PLC | [ARM](https://holderbook.com/stocks/ARM/) | $424.8K | 1,198 | 0.1% | 1 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $413.0K | 1,105 | 0.1% | 3 |
| VANGUARD WORLD FD | [VDE](https://holderbook.com/stocks/VDE/) | $408.1K | 2,718 | 0.1% | 9 |
| VANGUARD SCOTTSDALE FDS | [VONV](https://holderbook.com/stocks/VONV/) | $402.0K | 3,781 | 0.1% | 9 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $396.1K | 3,395 | 0.1% | 8 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $367.6K | 276 | 0.1% | 8 |
| DAVITA INC | [DVA](https://holderbook.com/stocks/DVA/) | $352.9K | 1,586 | 0.1% | 2 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $348.4K | 5,540 | 0.1% | 11 |
| ISHARES INC | [SLVP](https://holderbook.com/stocks/SLVP/) | $337.4K | 10,943 | 0.1% | 6 |
| INNOVATOR ETFS TRUST | [NJUL](https://holderbook.com/stocks/NJUL/) | $332.5K | 4,294 | 0.1% | 8 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $324.1K | 1,105 | 0.1% | 9 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $322.1K | 2,038 | 0.1% | 11 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $319.9K | 8,658 | 0.1% | 2 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $319.2K | 611 | 0.1% | 9 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $313.5K | 7,000 | 0.1% | 4 |
| FAIR ISAAC CORP | [FICO](https://holderbook.com/stocks/FICO/) | $313.0K | 262 | 0.1% | 1 |
| ISHARES TR | [MCHI](https://holderbook.com/stocks/MCHI/) | $311.9K | 6,112 | 0.1% | 4 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $305.9K | 1,606 | 0.1% | 10 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $295.3K | 3,364 | 0.1% | 9 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $276.6K | 845 | 0.1% | 12 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $274.7K | 380 | 0.1% | 1 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +9.8% | +14.8% | -5.0% | 100% |
| Q1 2026 | -0.7% | -4.6% | +4.0% | 100% |
| Q4 2025 | +6.1% | +2.4% | +3.7% | 100% |
| Q3 2025 | +12.0% | +7.8% | +4.2% | 99% |
| Q2 2025 | +8.9% | +10.5% | -1.5% | 100% |
| Q1 2025 | -5.7% | -4.6% | -1.1% | 99% |
| Q4 2024 | +1.1% | +2.1% | -1.0% | 100% |
| Q3 2024 | +3.1% | +5.4% | -2.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $423.4M | 126 |
| Q1 2026 | $354.3M | 121 |
| Q4 2025 | $418.0M | 139 |
| Q3 2025 | $408.0M | 133 |
| Q2 2025 | $372.2M | 127 |
| Q1 2025 | $344.3M | 126 |
| Q4 2024 | $309.8M | 131 |
| Q3 2024 | $330.2M | 130 |
| Q2 2024 | $315.4M | 120 |
| Q1 2024 | $244.1M | 99 |
| Q4 2023 | $238.2M | 93 |
| Q3 2023 | $196.0M | 69 |