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MENLO ADVISORS LLC

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13F filer, CIK 1279708, MENLO PARK, CA

MENLO ADVISORS LLC reported $210,634,000 across 29 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2026-09-10. Its ten largest share positions make up 71.07% of the portfolio.

Accepted , ingested 13F-HR 0001279708-26-000006

Period
2025-09-30
Reported value
$211M
Holdings
29
Top 10 weight
71.07%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYnew+2,500$775K
FNDFadded+8,375$360K
LMTadded+295$147K
MEMXadded+2,250$78.4K

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 Texited-1,000-$841K
GOOGreduced-3,150-$767K
KKRreduced-5,795-$753K
GDXreduced-7,125-$544K
BRK-Breduced-930-$468K

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, Q3 2025

Share positions as resolved from 13F-HR 0001279708-26-000006, largest first. % of portfolio is the value over $210,634,000, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,694 shares; 2024Q4: 64,384 shares; 2025Q1: 53,512 shares; 2025Q2: 52,702 shares; 2025Q3: 51,772 shares 51,772$26M12.36%-930Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,058 shares; 2024Q4: 79,003 shares; 2025Q1: 78,193 shares; 2025Q2: 77,393 shares; 2025Q3: 74,243 shares 74,243$18.1M8.58%-3,150Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,215 shares; 2024Q4: 239,115 shares; 2025Q1: 239,115 shares; 2025Q2: 236,215 shares; 2025Q3: 229,090 shares 229,090$17.5M8.31%-7,125Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,921 shares; 2024Q4: 61,206 shares; 2025Q1: 61,081 shares; 2025Q2: 48,503 shares; 2025Q3: 47,803 shares 47,803$17M8.07%-700Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,870 shares; 2024Q4: 64,893 shares; 2025Q1: 64,273 shares; 2025Q2: 63,473 shares; 2025Q3: 61,973 shares 61,973$15.1M7.15%-1,500Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,887 shares; 2024Q4: 27,887 shares; 2025Q1: 27,787 shares; 2025Q2: 27,172 shares; 2025Q3: 26,397 shares 26,397$13.7M6.49%-775Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,576 shares; 2024Q4: 54,617 shares; 2025Q1: 54,001 shares; 2025Q2: 53,001 shares; 2025Q3: 52,157 shares 52,157$13.3M6.3%-844Timeline
QVALEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,530 shares; 2024Q4: 251,355 shares; 2025Q1: 251,355 shares; 2025Q2: 248,740 shares; 2025Q3: 241,375 shares 241,375$11.3M5.35%-7,365Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,231 shares; 2024Q4: 69,231 shares; 2025Q1: 68,986 shares; 2025Q2: 67,536 shares; 2025Q3: 67,196 shares 67,196$9M4.27%-340Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,902 shares; 2024Q4: 38,902 shares; 2025Q1: 38,752 shares; 2025Q2: 38,252 shares; 2025Q3: 38,102 shares 38,102$8.82M4.19%-150Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,169 shares; 2024Q4: 21,069 shares; 2025Q1: 19,140 shares; 2025Q2: 19,140 shares; 2025Q3: 19,140 shares 19,140$8.51M4.04%0Timeline
KKRKKR & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,570 shares; 2024Q4: 58,320 shares; 2025Q1: 55,775 shares; 2025Q2: 54,175 shares; 2025Q3: 48,380 shares 48,380$6.29M2.98%-5,795Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,119 shares; 2024Q4: 95,119 shares; 2025Q1: 95,119 shares; 2025Q2: 93,944 shares; 2025Q3: 91,344 shares 91,344$6.25M2.97%-2,600Timeline
MLPXGLOBAL X FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,402 shares; 2024Q4: 81,402 shares; 2025Q1: 102,392 shares; 2025Q2: 100,697 shares; 2025Q3: 99,237 shares 99,237$6.22M2.95%-1,460Timeline
LMTLOCKHEED MARTIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,380 shares; 2024Q4: 11,805 shares; 2025Q1: 11,545 shares; 2025Q2: 11,345 shares; 2025Q3: 11,640 shares 11,640$5.81M2.76%+295Timeline
URNMSPROTT FDS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,564 shares; 2024Q4: 90,064 shares; 2025Q1: 89,120 shares; 2025Q2: 86,804 shares; 2025Q3: 86,304 shares 86,304$5.21M2.48%-500Timeline
RPRXROYALTY PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,885 shares; 2024Q4: 133,235 shares; 2025Q1: 133,235 shares; 2025Q2: 131,325 shares; 2025Q3: 127,640 shares 127,640$4.5M2.14%-3,685Timeline
MEMXMATTHEWS ASIA FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,630 shares; 2024Q4: 126,630 shares; 2025Q1: 125,995 shares; 2025Q2: 123,590 shares; 2025Q3: 125,840 shares 125,840$4.39M2.08%+2,250Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 253,380 shares; 2025Q3: 251,960 shares 251,960$3.96M1.88%-1,420Timeline
RVTROYCE SMALL CAP TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,044 shares; 2024Q4: 201,044 shares; 2025Q1: 201,044 shares; 2025Q2: 195,242 shares; 2025Q3: 191,083 shares 191,083$3.08M1.46%-4,159Timeline
DGRWWISDOMTREE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,060 shares; 2024Q4: 28,010 shares; 2025Q1: 28,010 shares; 2025Q2: 27,935 shares; 2025Q3: 27,935 shares 27,935$2.48M1.18%0Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,386 shares; 2024Q4: 15,391 shares; 2025Q1: 15,292 shares; 2025Q2: 14,827 shares; 2025Q3: 14,427 shares 14,427$1.19M0.56%-400Timeline
FNDFSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,403 shares; 2024Q4: 15,403 shares; 2025Q1: 15,403 shares; 2025Q2: 15,403 shares; 2025Q3: 23,778 shares 23,778$1.02M0.48%+8,375Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,500 shares 2,500$775K0.37%newTimeline
PHYSSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,000 shares; 2024Q4: 12,000 shares; 2025Q1: 12,000 shares; 2025Q2: 12,000 shares; 2025Q3: 12,000 shares 12,000$355K0.17%0Timeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 561 shares; 2025Q3: 561 shares 561$275K0.13%0Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 636 shares; 2024Q4: 649 shares; 2025Q1: 636 shares; 2025Q2: 636 shares; 2025Q3: 636 shares 636$257K0.12%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,000 shares; 2025Q1: not reported; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares 1,000$219K0.1%0Timeline
AAPDDIREXION SHARES ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares 10,000$140K0.07%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF T1,000$841Kshares

How Q3 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 0001279708-26-000006 base2026-09-10