MENLO ADVISORS LLC

Q4 2025 13F-HR Holdings

Location
Menlo Park, CA
Holdings as of
12/31/2025
Date filed
9/10/2026
Form type
13F-HR
Num holdings
30
Total value ($000)
$222,578
Net value change ($000)
+11,944 (5.7%)
New positions
1
Sold out positions
0
Turnover %
0.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 9/10/2026 Next filing: 9/10/2026 SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GOOGL 5,138 28.4%
GOOGL 2,918 19.4%
GDX 2,042 11.7%
PSLV 2,003 50.6%
GLD 1,909 11.2%
CSCO 685 11.0%
QVAL 517 4.6%
RPRX 429 9.5%
MU 333 NEW
MEMX 329 7.5%
Top Reduces (Value $000, Stocks/ETFs)
MSFT -911 -6.7%
ABT -582 -6.5%
BRK-B -540 -2.1%
URNM -478 -9.2%
AAPL -460 -3.5%
KKR -374 -5.9%
HHH -246 -20.8%
MLPX -216 -3.5%
RVT -182 -5.9%
LMT -158 -2.7%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type