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MENLO ADVISORS LLC

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13F filer, CIK 1279708, MENLO PARK, CA

MENLO ADVISORS LLC reported $185,571,000 across 29 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-06. Its ten largest share positions make up 69.69% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001279708-25-000004

Period
2025-06-30
Reported value
$186M
Holdings
29
Top 10 weight
69.69%
New
3
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PSLVnew+253,380$3.1M
CRWDnew+561$285K
AMZNnew+1,000$219K

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
STATE STR SPDR S&P 500 ETF Treduced-49,000-$41.2M
XLEexited-60,775-$5.68M
GLDreduced-12,578-$3.83M
BRK-Breduced-810-$393K
MSFTreduced-615-$306K

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, Q2 2025

Share positions as resolved from 13F-HR 0001279708-25-000004, largest first. % of portfolio is the value over $185,571,000, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,694 shares; 2024Q4: 64,384 shares; 2025Q1: 53,512 shares; 2025Q2: 52,702 shares 52,702$25.6M13.8%-810Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,921 shares; 2024Q4: 61,206 shares; 2025Q1: 61,081 shares; 2025Q2: 48,503 shares 48,503$14.8M7.97%-12,578Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,058 shares; 2024Q4: 79,003 shares; 2025Q1: 78,193 shares; 2025Q2: 77,393 shares 77,393$13.7M7.4%-800Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,887 shares; 2024Q4: 27,887 shares; 2025Q1: 27,787 shares; 2025Q2: 27,172 shares 27,172$13.5M7.28%-615Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,215 shares; 2024Q4: 239,115 shares; 2025Q1: 239,115 shares; 2025Q2: 236,215 shares 236,215$12.3M6.63%-2,900Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,870 shares; 2024Q4: 64,893 shares; 2025Q1: 64,273 shares; 2025Q2: 63,473 shares 63,473$11.2M6.03%-800Timeline
QVALEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,530 shares; 2024Q4: 251,355 shares; 2025Q1: 251,355 shares; 2025Q2: 248,740 shares 248,740$10.9M5.9%-2,615Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,576 shares; 2024Q4: 54,617 shares; 2025Q1: 54,001 shares; 2025Q2: 53,001 shares 53,001$10.9M5.86%-1,000Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,231 shares; 2024Q4: 69,231 shares; 2025Q1: 68,986 shares; 2025Q2: 67,536 shares 67,536$9.19M4.95%-1,450Timeline
KKRKKR & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,570 shares; 2024Q4: 58,320 shares; 2025Q1: 55,775 shares; 2025Q2: 54,175 shares 54,175$7.21M3.88%-1,600Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,902 shares; 2024Q4: 38,902 shares; 2025Q1: 38,752 shares; 2025Q2: 38,252 shares 38,252$7.1M3.83%-500Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,119 shares; 2024Q4: 95,119 shares; 2025Q1: 95,119 shares; 2025Q2: 93,944 shares 93,944$6.52M3.51%-1,175Timeline
MLPXGLOBAL X FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,402 shares; 2024Q4: 81,402 shares; 2025Q1: 102,392 shares; 2025Q2: 100,697 shares 100,697$6.31M3.4%-1,695Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,169 shares; 2024Q4: 21,069 shares; 2025Q1: 19,140 shares; 2025Q2: 19,140 shares 19,140$6.08M3.28%0Timeline
LMTLOCKHEED MARTIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,380 shares; 2024Q4: 11,805 shares; 2025Q1: 11,545 shares; 2025Q2: 11,345 shares 11,345$5.25M2.83%-200Timeline
RPRXROYALTY PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,885 shares; 2024Q4: 133,235 shares; 2025Q1: 133,235 shares; 2025Q2: 131,325 shares 131,325$4.73M2.55%-1,910Timeline
URNMSPROTT FDS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,564 shares; 2024Q4: 90,064 shares; 2025Q1: 89,120 shares; 2025Q2: 86,804 shares 86,804$4.16M2.24%-2,316Timeline
MEMXMATTHEWS ASIA FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,630 shares; 2024Q4: 126,630 shares; 2025Q1: 125,995 shares; 2025Q2: 123,590 shares 123,590$4.04M2.18%-2,405Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 253,380 shares 253,380$3.1M1.67%newTimeline
RVTROYCE SMALL CAP TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,044 shares; 2024Q4: 201,044 shares; 2025Q1: 201,044 shares; 2025Q2: 195,242 shares 195,242$2.94M1.58%-5,802Timeline
DGRWWISDOMTREE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,060 shares; 2024Q4: 28,010 shares; 2025Q1: 28,010 shares; 2025Q2: 27,935 shares 27,935$2.34M1.26%-75Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,386 shares; 2024Q4: 15,391 shares; 2025Q1: 15,292 shares; 2025Q2: 14,827 shares 14,827$1M0.54%-465Timeline
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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares; 2025Q2: 1,000 shares 1,000$841K0.45%-49,000
FNDFSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,403 shares; 2024Q4: 15,403 shares; 2025Q1: 15,403 shares; 2025Q2: 15,403 shares 15,403$616K0.33%0Timeline
PHYSSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,000 shares; 2024Q4: 12,000 shares; 2025Q1: 12,000 shares; 2025Q2: 12,000 shares 12,000$304K0.16%0Timeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 561 shares 561$285K0.15%newTimeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 636 shares; 2024Q4: 649 shares; 2025Q1: 636 shares; 2025Q2: 636 shares 636$233K0.13%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,000 shares; 2025Q1: not reported; 2025Q2: 1,000 shares 1,000$219K0.12%newTimeline
AAPDDIREXION SHARES ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares 10,000$175K0.09%0Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
XLESELECT SECTOR SPDR TR60,775$5.68Mshares

How Q2 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 0001279708-25-000004 base2025-08-06acceptance time not in the bulk data set