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MENLO ADVISORS LLC

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13F filer, CIK 1279708, MENLO PARK, CA

MENLO ADVISORS LLC reported $210,318,000 across 27 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-04-14. Its ten largest share positions make up 71.09% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001279708-25-000002

Period
2025-03-31
Reported value
$210M
Holdings
27
Top 10 weight
71.09%
New
1
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
STATE STR SPDR S&P 500 ETF Tnew+50,000$28M
MLPXadded+20,990$1.34M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BRK-Breduced-10,872-$5.79M
CALFexited-93,191-$4.1M
EXEexited-37,101-$3.69M
TSLAreduced-1,929-$500K
KKRreduced-2,545-$294K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001279708-25-000002, largest first. % of portfolio is the value over $210,318,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,694 shares; 2024Q4: 64,384 shares; 2025Q1: 53,512 shares 53,512$28.5M13.55%-10,872Timeline
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares 50,000$28M13.3%new
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,921 shares; 2024Q4: 61,206 shares; 2025Q1: 61,081 shares 61,081$17.6M8.37%-125Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,058 shares; 2024Q4: 79,003 shares; 2025Q1: 78,193 shares 78,193$12.2M5.81%-810Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,576 shares; 2024Q4: 54,617 shares; 2025Q1: 54,001 shares 54,001$12M5.7%-616Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,215 shares; 2024Q4: 239,115 shares; 2025Q1: 239,115 shares 239,115$11M5.23%0Timeline
QVALEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,530 shares; 2024Q4: 251,355 shares; 2025Q1: 251,355 shares 251,355$10.7M5.1%0Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,887 shares; 2024Q4: 27,887 shares; 2025Q1: 27,787 shares 27,787$10.4M4.96%-100Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,870 shares; 2024Q4: 64,893 shares; 2025Q1: 64,273 shares 64,273$9.94M4.73%-620Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,231 shares; 2024Q4: 69,231 shares; 2025Q1: 68,986 shares 68,986$9.15M4.35%-245Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,902 shares; 2024Q4: 38,902 shares; 2025Q1: 38,752 shares 38,752$8.12M3.86%-150Timeline
MLPXGLOBAL X FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,402 shares; 2024Q4: 81,402 shares; 2025Q1: 102,392 shares 102,392$6.53M3.11%+20,990Timeline
KKRKKR & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,570 shares; 2024Q4: 58,320 shares; 2025Q1: 55,775 shares 55,775$6.45M3.07%-2,545Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,119 shares; 2024Q4: 95,119 shares; 2025Q1: 95,119 shares 95,119$5.87M2.79%0Timeline
XLESELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 67,395 shares; 2024Q4: 61,575 shares; 2025Q1: 60,775 shares 60,775$5.68M2.7%-800Timeline
LMTLOCKHEED MARTIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,380 shares; 2024Q4: 11,805 shares; 2025Q1: 11,545 shares 11,545$5.16M2.45%-260Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,169 shares; 2024Q4: 21,069 shares; 2025Q1: 19,140 shares 19,140$4.96M2.36%-1,929Timeline
RPRXROYALTY PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,885 shares; 2024Q4: 133,235 shares; 2025Q1: 133,235 shares 133,235$4.15M1.97%0Timeline
MEMXMATTHEWS ASIA FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,630 shares; 2024Q4: 126,630 shares; 2025Q1: 125,995 shares 125,995$3.53M1.68%-635Timeline
URNMSPROTT FDS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,564 shares; 2024Q4: 90,064 shares; 2025Q1: 89,120 shares 89,120$2.89M1.37%-944Timeline
RVTROYCE SMALL CAP TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,044 shares; 2024Q4: 201,044 shares; 2025Q1: 201,044 shares 201,044$2.86M1.36%0Timeline
DGRWWISDOMTREE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,060 shares; 2024Q4: 28,010 shares; 2025Q1: 28,010 shares 28,010$2.24M1.06%0Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,386 shares; 2024Q4: 15,391 shares; 2025Q1: 15,292 shares 15,292$1.13M0.54%-99Timeline
FNDFSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,403 shares; 2024Q4: 15,403 shares; 2025Q1: 15,403 shares 15,403$556K0.26%0Timeline
PHYSSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,000 shares; 2024Q4: 12,000 shares; 2025Q1: 12,000 shares 12,000$288K0.14%0Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 636 shares; 2024Q4: 649 shares; 2025Q1: 636 shares 636$233K0.11%-13Timeline
AAPDDIREXION SHARES ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares 10,000$170K0.08%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CALFPACER FDS TR93,191$4.1Mshares
EXEEXPAND ENERGY CORPORATION37,101$3.69Mshares
AMZNAMAZON COM INC1,000$219Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001279708-25-000002 base2025-04-14acceptance time not in the bulk data set