MENLO ADVISORS LLC

CIK

1279708

Location

MENLO PARK, CA

Portfolio Value

Small $129,907,307

Diversification

Diversified

Filing Date

Global Rank

#4,945 / 7,998 ▼ 173 · as of Jun 2025

Top Industry

Insurance - Diversified 22.2%

3Y Alpha vs SPY

-0.9%

Period ended 1 year ago

Filed Aug 6, 2025 · 11mo

22 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+69.3%

SPY

+76.0%

Annualised alpha

-1.5%

Max drawdown

−12.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

19 positions · as of Jun 30, 2025 · Δ vs Mar 31, 2025

Top Position

19.7%

−2.8 pts

Top 5

58.5%

−3.4 pts

Top 10

86.3%

−3.0 pts

HHI

969

Diversified−135

Portfolio Trend

22 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	30.1%	$39,151,913	5
Technology	23.8%	$30,979,103	4
Healthcare	16.2%	$21,017,546	3
Unclassified	11.4%	$14,785,169	1
Communication Services	8.6%	$11,185,846	1
Consumer Cyclical	5.0%	$6,532,585	3
Industrials	4.0%	$5,254,323	1
Real Estate	0.8%	$1,000,822	1

Last Quarter's Activity

Export CSV

Jun 30, 2025 vs Mar 31, 2025

Added To

Positions the filer increased

No qualifying positions this quarter.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
GLD	Spdr Gold Trust	−12,578	48,503	$14,785,169
RVT	Royce Small-Cap Trust, Inc.	−5,802	195,242	$2,938,392
RPRX	Royalty Pharma plc	−1,910	131,325	$4,731,639
KKR	KKR & Co. Inc.	−1,600	54,175	$7,206,900
ABT	Abbott Laboratories	−1,450	67,536	$9,185,571
CSCO	Cisco Systems, Inc.	−1,175	93,944	$6,517,834
AAPL	Apple Inc.	−1,000	53,001	$10,874,215
BRK-B	Berkshire Hathaway Inc	−810	52,702	$25,601,050
GOOGL	Alphabet Inc.	−800	63,473	$11,185,846
MSFT	Microsoft Corp	−615	27,172	$13,515,624
ABBV	AbbVie Inc.	−500	38,252	$7,100,336
HHH	Howard Hughes Holdings Inc.	−465	14,827	$1,000,822
LMT	Lockheed Martin Corp	−200	11,345	$5,254,323
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
PSLV	Sprott Physical Silver Trust	253,380	$3,101,371
AMZN	Amazon Com Inc	1,000	$219,390
CRWD	CrowdStrike Holdings, Inc.	561	$71,430
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

19 positions · $129,907,307 total · as of Jun 30, 2025

All sectors Communication Services Consumer Cyclical Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	52,702	-810	$25,601,050	−10.2%	19.71%
GLD	Spdr Gold Trust	Reduced	48,503	-12,578	$14,785,169	−16.0%	11.38%
MSFT	Microsoft Corp Technology	Reduced	27,172	-615	$13,515,624	+29.6%	10.40%
GOOGL	Alphabet Inc. Communication Services	Reduced	63,473	-800	$11,185,846	+12.5%	8.61%
AAPL	Apple Inc. Technology	Reduced	53,001	-1,000	$10,874,215	−9.3%	8.37%
ABT	Abbott Laboratories Healthcare	Reduced	67,536	-1,450	$9,185,571	+0.4%	7.07%
KKR	KKR & Co. Inc. Financial Services	Reduced	54,175	-1,600	$7,206,900	+11.8%	5.55%
ABBV	AbbVie Inc. Healthcare	Reduced	38,252	-500	$7,100,336	−12.6%	5.47%
CSCO	Cisco Systems, Inc. Technology	Reduced	93,944	-1,175	$6,517,834	+11.0%	5.02%
TSLA	Tesla, Inc. Consumer Cyclical	Held	19,140	0	$6,080,012	+22.6%	4.68%
LMT	Lockheed Martin Corp Industrials	Reduced	11,345	-200	$5,254,323	+1.9%	4.04%
RPRX	Royalty Pharma plc Healthcare	Reduced	131,325	-1,910	$4,731,639	+14.1%	3.64%
PSLV	Sprott Physical Silver Trust Financial Services	NEW	253,380	NEW	$3,101,371	NEW	2.39%
RVT	Royce Small-Cap Trust, Inc. Financial Services	Reduced	195,242	-5,802	$2,938,392	+2.6%	2.26%
HHH	Howard Hughes Holdings Inc. Real Estate	Reduced	14,827	-465	$1,000,822	−11.7%	0.77%
PHYS	Sprott Physical Gold Trust Financial Services	Held	12,000	0	$304,200	+5.4%	0.23%
HD	Home Depot, Inc. Consumer Cyclical	Held	636	0	$233,183	+0.0%	0.18%
AMZN	Amazon Com Inc Consumer Cyclical	NEW	1,000	NEW	$219,390	NEW	0.17%
CRWD	CrowdStrike Holdings, Inc. Technology	NEW	561	NEW	$71,430	NEW	0.05%