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MENLO ADVISORS LLC

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13F filer, CIK 1279708, MENLO PARK, CA

MENLO ADVISORS LLC reported $222,578,000 across 30 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-09-10. Its ten largest share positions make up 71.8% of the portfolio.

Accepted , ingested 13F-HR 0001279708-26-000007

Period
2025-12-31
Reported value
$223M
Holdings
30
Top 10 weight
71.8%
New
1
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MUnew+1,170$333K
LMTadded+47$22.7K
MEMXadded+200$7.48K
FNDFadded+68$3.07K
MLPXadded+15$907

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
GOOGLreduced-4,518-$1.41M
AAPLreduced-5,000-$1.36M
BRK-Breduced-1,065-$535K
SPYreduced-1,000-$383K
KKRreduced-2,000-$255K

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, Q4 2025

Share positions as resolved from 13F-HR 0001279708-26-000007, largest first. % of portfolio is the value over $222,578,000, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,694 shares; 2024Q4: 64,384 shares; 2025Q1: 53,512 shares; 2025Q2: 52,702 shares; 2025Q3: 51,772 shares; 2025Q4: 50,707 shares 50,707$25.5M11.45%-1,065Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,058 shares; 2024Q4: 79,003 shares; 2025Q1: 78,193 shares; 2025Q2: 77,393 shares; 2025Q3: 74,243 shares; 2025Q4: 73,993 shares 73,993$23.2M10.43%-250Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,215 shares; 2024Q4: 239,115 shares; 2025Q1: 239,115 shares; 2025Q2: 236,215 shares; 2025Q3: 229,090 shares; 2025Q4: 227,866 shares 227,866$19.5M8.78%-1,224Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,921 shares; 2024Q4: 61,206 shares; 2025Q1: 61,081 shares; 2025Q2: 48,503 shares; 2025Q3: 47,803 shares; 2025Q4: 47,693 shares 47,693$18.9M8.49%-110Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,870 shares; 2024Q4: 64,893 shares; 2025Q1: 64,273 shares; 2025Q2: 63,473 shares; 2025Q3: 61,973 shares; 2025Q4: 57,455 shares 57,455$18M8.08%-4,518Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,576 shares; 2024Q4: 54,617 shares; 2025Q1: 54,001 shares; 2025Q2: 53,001 shares; 2025Q3: 52,157 shares; 2025Q4: 47,157 shares 47,157$12.8M5.76%-5,000Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,887 shares; 2024Q4: 27,887 shares; 2025Q1: 27,787 shares; 2025Q2: 27,172 shares; 2025Q3: 26,397 shares; 2025Q4: 26,387 shares 26,387$12.8M5.73%-10Timeline
QVALEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,530 shares; 2024Q4: 251,355 shares; 2025Q1: 251,355 shares; 2025Q2: 248,740 shares; 2025Q3: 241,375 shares; 2025Q4: 241,365 shares 241,365$11.8M5.29%-10Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,902 shares; 2024Q4: 38,902 shares; 2025Q1: 38,752 shares; 2025Q2: 38,252 shares; 2025Q3: 38,102 shares; 2025Q4: 38,102 shares 38,102$8.71M3.91%0Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,169 shares; 2024Q4: 21,069 shares; 2025Q1: 19,140 shares; 2025Q2: 19,140 shares; 2025Q3: 19,140 shares; 2025Q4: 19,140 shares 19,140$8.61M3.87%0Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,231 shares; 2024Q4: 69,231 shares; 2025Q1: 68,986 shares; 2025Q2: 67,536 shares; 2025Q3: 67,196 shares; 2025Q4: 67,196 shares 67,196$8.42M3.78%0Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,119 shares; 2024Q4: 95,119 shares; 2025Q1: 95,119 shares; 2025Q2: 93,944 shares; 2025Q3: 91,344 shares; 2025Q4: 90,019 shares 90,019$6.93M3.12%-1,325Timeline
MLPXGLOBAL X FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,402 shares; 2024Q4: 81,402 shares; 2025Q1: 102,392 shares; 2025Q2: 100,697 shares; 2025Q3: 99,237 shares; 2025Q4: 99,252 shares 99,252$6.01M2.7%+15Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 253,380 shares; 2025Q3: 251,960 shares; 2025Q4: 251,960 shares 251,960$5.96M2.68%0Timeline
KKRKKR & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,570 shares; 2024Q4: 58,320 shares; 2025Q1: 55,775 shares; 2025Q2: 54,175 shares; 2025Q3: 48,380 shares; 2025Q4: 46,380 shares 46,380$5.91M2.66%-2,000Timeline
LMTLOCKHEED MARTIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,380 shares; 2024Q4: 11,805 shares; 2025Q1: 11,545 shares; 2025Q2: 11,345 shares; 2025Q3: 11,640 shares; 2025Q4: 11,687 shares 11,687$5.65M2.54%+47Timeline
RPRXROYALTY PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,885 shares; 2024Q4: 133,235 shares; 2025Q1: 133,235 shares; 2025Q2: 131,325 shares; 2025Q3: 127,640 shares; 2025Q4: 127,640 shares 127,640$4.93M2.22%0Timeline
URNMSPROTT FDS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,564 shares; 2024Q4: 90,064 shares; 2025Q1: 89,120 shares; 2025Q2: 86,804 shares; 2025Q3: 86,304 shares; 2025Q4: 86,304 shares 86,304$4.74M2.13%0Timeline
MEMXMATTHEWS ASIA FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,630 shares; 2024Q4: 126,630 shares; 2025Q1: 125,995 shares; 2025Q2: 123,590 shares; 2025Q3: 125,840 shares; 2025Q4: 126,040 shares 126,040$4.72M2.12%+200Timeline
RVTROYCE SMALL CAP TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,044 shares; 2024Q4: 201,044 shares; 2025Q1: 201,044 shares; 2025Q2: 195,242 shares; 2025Q3: 191,083 shares; 2025Q4: 180,126 shares 180,126$2.9M1.3%-10,957Timeline
DGRWWISDOMTREE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,060 shares; 2024Q4: 28,010 shares; 2025Q1: 28,010 shares; 2025Q2: 27,935 shares; 2025Q3: 27,935 shares; 2025Q4: 27,360 shares 27,360$2.45M1.1%-575Timeline
FNDFSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,403 shares; 2024Q4: 15,403 shares; 2025Q1: 15,403 shares; 2025Q2: 15,403 shares; 2025Q3: 23,778 shares; 2025Q4: 23,846 shares 23,846$1.08M0.48%+68Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,386 shares; 2024Q4: 15,391 shares; 2025Q1: 15,292 shares; 2025Q2: 14,827 shares; 2025Q3: 14,427 shares; 2025Q4: 11,777 shares 11,777$939K0.42%-2,650Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,500 shares; 2025Q4: 1,500 shares 1,500$575K0.26%-1,000Timeline
PHYSSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,000 shares; 2024Q4: 12,000 shares; 2025Q1: 12,000 shares; 2025Q2: 12,000 shares; 2025Q3: 12,000 shares; 2025Q4: 12,000 shares 12,000$396K0.18%0Timeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,170 shares 1,170$333K0.15%newTimeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 561 shares; 2025Q3: 561 shares; 2025Q4: 561 shares 561$262K0.12%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,000 shares; 2025Q1: not reported; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares; 2025Q4: 1,000 shares 1,000$230K0.1%0Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 636 shares; 2024Q4: 649 shares; 2025Q1: 636 shares; 2025Q2: 636 shares; 2025Q3: 636 shares; 2025Q4: 636 shares 636$218K0.1%0Timeline
AAPDDIREXION SHARES ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$131K0.06%0Timeline

How Q4 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 0001279708-26-000007 base2026-09-10