Menlo Advisors LLC
Menlo Advisors LLC reported 30 US-listed holdings worth $227.9 million in its 13F for the quarter ended 30 June 2026, filed 10 September 2026. Its largest: Berkshire Hathaway Inc. Class B (11.1%), Alphabet Inc. (10.9%) and Alphabet Inc. (8.2%). Against the quarter before, it opened 3 positions, added to 3, trimmed 12 and sold out of 3.
The 14 largest of its 30 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +38.6% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 3
- Caris Life Sciences Inc. CAI$5.4 million
- CF Industries Holdings, Inc. CF$5.2 million
- Intel Corp. INTC$342,000
Added to 3
- Global X FDS MLPX+16,620 shares · +17%
- Abbott Laboratories ABT+723 shares · +1%
- Sprott FDS Trust URNM+370 shares · +0%
Trimmed 12
- Vaneck ETF Trust GDX-61,874 shares · -27%
- Alphabet Inc. GOOGL-5,225 shares · -9%
- Alphabet Inc. GOOG-3,668 shares · -5%
- Micron Technology Inc. MU-670 shares · -57%
- Wisdomtree Trust DGRW-1,605 shares · -6%
- SPDR Gold Trust GLD-340 shares · -1%
- Berkshire Hathaway Inc. Class B BRKB-132 shares · -0%
- KKR & Co. Inc. KKR-705 shares · -2%
and 4 more in the table below
Sold out of 3
- Royce & Associates LLC RVT$2.9 million last quarter
- Howard Hughes Holdings Inc. HHH$939,000 last quarter
- SPDR S&P 500 SPY$575,000 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Berkshire Hathaway Inc. Class B BRKB | 50.6K | $25.3 million | 11.10% | -132 |
| Alphabet Inc. GOOG | 70.3K | $24.8 million | 10.90% | -3.7K |
| Alphabet Inc. GOOGL | 52.2K | $18.7 million | 8.19% | -5.2K |
| SPDR Gold Trust GLD | 47.4K | $17.4 million | 7.65% | -340 |
| Apple Inc. AAPL | 47.1K | $13.6 million | 5.98% | -60 |
| Ea Series Trust QVAL | 240.4K | $13.3 million | 5.85% | -1.0K |
| Vaneck ETF Trust GDX | 166.0K | $12.5 million | 5.49% | -61.9K |
| Cisco Systems, Inc. CSCO | 90.0K | $10.6 million | 4.64% | no change |
| Microsoft Corp. MSFT | 26.3K | $9.8 million | 4.30% | -105 |
| AbbVie Inc. ABBV | 38.1K | $9.6 million | 4.21% | no change |
| Global X FDS MLPX | 115.9K | $8.5 million | 3.74% | +16.6K |
| Tesla, Inc. TSLA | 19.1K | $8.1 million | 3.53% | no change |
| Royalty Pharma PLC RPRX | 126.9K | $7.1 million | 3.12% | -700 |
| Matthews Emg Mrkts China Act E MEMX | 126.0K | $6.3 million | 2.76% | -10 |
| Abbott Laboratories ABT | 67.9K | $6.2 million | 2.70% | +723 |
| Lockheed Martin Corp. LMT | 11.7K | $6.0 million | 2.61% | -1 |
| Caris Life Sciences Inc. CAI | 300.5K | $5.4 million | 2.35% | new |
| CF Industries Holdings, Inc. CF | 48.4K | $5.2 million | 2.30% | new |
| Sprott Physical Silver Trust PSLV | 251.7K | $4.7 million | 2.08% | -250 |
| Sprott FDS Trust URNM | 86.7K | $4.6 million | 2.00% | +370 |
| KKR & Co. Inc. KKR | 45.7K | $4.2 million | 1.84% | -705 |
| Wisdomtree Trust DGRW | 25.8K | $2.5 million | 1.08% | -1.6K |
| Schwab Fundamental Internationa FNDF | 23.8K | $1.3 million | 0.55% | no change |
| Micron Technology Inc. MU | 500 | $577,000 | 0.25% | -670 |
| CrowdStrike Holdings, Inc. CRWD | 561 | $428,000 | 0.19% | no change |
| Sprott Asset Management LP PHYS | 12.0K | $362,000 | 0.16% | no change |
| Intel Corp. INTC | 2.5K | $342,000 | 0.15% | new |
| Amazon.com Inc. AMZN | 1.0K | $238,000 | 0.10% | no change |
| Home Depot, Inc. HD | 636 | $224,000 | 0.10% | no change |
| Direxion SHS ETF Trust AAPD | 10.0K | $121,000 | 0.05% | no change |