AC
Avalon Capital Management — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Avalon Capital ManagementCIK: 0001510809
Diversified strategyLong-term holderSector-focused
Total reported value
$423.4M
Reporting period: 2026-06-30 · Number of holdings: 130
AVALON CAPITAL MANAGEMENT disclosed 130 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $423.4M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 17.18
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 80.46
- Diversification
- 100
- Sizing Uniformity
- 78.91
Avalon Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.043 — mathematically equivalent to about 23 equally-sized positions, well below its 130 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.11), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 43% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim PDBC
-49.1% -$9.2M
New buy SCHA
Add SMH
+2.7% $13.6M
Trim CVX
-61.4% -$7.3M
Trim ILF
-83.2% -$7.2M
Add LLY
+80.0% $9.4M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 126 holdings (of 130 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 12.74% | +1.67% | +10.69% | |
| 2 | SMH | Vaneck Semiconductor ETF | ETF-Other | 7.43% | +2.38% | +2.73% | |
| 3 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 5.90% | -0.63% | +31.41% | |
| 4 | GLD | Spdr Gold Shares | ETF-Commodities | 5.50% | +0.95% | +68.80% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 5.35% | +0.20% | +0.79% | |
| 6 | CSCO | Cisco Systems Inc | Stock-Tech | 4.25% | +0.89% | — | |
| 7 | LLY | Eli Lilly & Co | Stock-Healthcare | 3.87% | +1.90% | +80.00% | |
| 8 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.63% | +0.56% | +23.56% | |
| 9 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 3.46% | +0.06% | +2.41% | |
| 10 | AAPL | Apple Inc | Stock-Tech | 3.16% | -0.15% | — | |
| 11 | SCHA | Schwab US Small-cap ETF | ETF-Other | 2.93% | +2.93% | NEW | |
| 12 | EMBX | Vaneck Em Bond ETF | ETF-Other | 2.58% | +0.27% | +30.19% | |
| 13 | URA | Global X Uranium ETF | ETF-Other | 2.05% | -0.57% | +3.71% | |
| 14 | PDBC | Invesco Optimum Yield Divers | ETF-Other | 1.89% | -2.96% | -49.09% | |
| 15 | REMX | Vaneck Rar Earth Nd Stg-usdi | ETF-Other | 1.89% | -0.25% | +4.74% | |
| 16 | PWRD | Tcw Transform Systems ETF | ETF-Other | 1.74% | +0.22% | +8.85% | |
| 17 | SIL | Global X Silver Miners ETF | ETF-Commodities | 1.66% | +1.38% | +712.84% | |
| 18 | DISV | Dimensional International Sm | ETF-Other | 1.41% | -0.24% | +0.41% | |
| 19 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 1.32% | +0.01% | — | |
| 20 | MSFT | Microsoft CORP | Stock-Tech | 1.22% | -0.23% | -0.17% | |
| 21 | DIVO | Amplify Cwp Enhan Divid ETF | ETF-Other | 1.07% | -0.17% | +1.19% | |
| 22 | MOAT | Vaneck Morningstar Wide Moat | ETF-Other | 0.97% | -0.11% | +0.05% | |
| 23 | RAAX | Vaneck Real Assets ETF | ETF-Other | 0.86% | -0.18% | +1.91% | |
| 24 | DTCR | Global X Data Center & Digit | ETF-Other | 0.86% | +0.05% | +0.33% | |
| 25 | CVX | Chevron CORP | Stock-Energy | 0.77% | -2.22% | -61.37% | |
| 26 | VTV | Vanguard Value ETF | ETF-Other | 0.72% | -0.02% | +5.00% | |
| 27 | XLE | Ss Energy Select Sector | ETF-Other | 0.71% | +0.71% | NEW | |
| 28 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 0.69% | +0.69% | NEW | |
| 29 | GPIX | Gldm SA S&p 500 Pr In Etf-us | ETF-Large Cap & Growth | 0.68% | -0.05% | — | |
| 30 | NVDA | Nvidia CORP | Stock-Tech | 0.65% | -0.07% | -5.42% | |
| 31 | SLV | Ishares Silver Trust | ETF-Commodities | 0.64% | -0.34% | -0.68% | |
| 32 | SCJ | Ishares Msci Japan Small-cap | ETF-Other | 0.61% | +0.05% | +19.29% | |
| 33 | IYW | Ishares Ustechnology ETF | ETF-Tech | 0.61% | +0.61% | NEW | |
| 34 | GEV | GE Vernova Inc | Stock-Industrials | 0.59% | -0.03% | -16.42% | |
| 35 | SHV | Ishares 0-1 Year Treasury Bo | ETF-Gov Bonds | 0.57% | +0.34% | +199.32% | |
| 36 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.55% | -0.08% | -0.37% | |
| 37 | XME | Ss Spdr S&p Metals Mining | ETF-Other | 0.53% | -0.11% | -0.13% | |
| 38 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.50% | +0.11% | +20.30% | |
| 39 | AOK | Ishares Core 30/70 Conservat | ETF-Other | 0.50% | -0.08% | -1.33% | |
| 40 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 0.47% | -0.26% | — | |
| 41 | IAU | Ishares Gold Trust | ETF-Commodities | 0.46% | -0.68% | -43.84% | |
| 42 | LCR | Leuthold Core ETF | ETF-Other | 0.44% | -0.07% | -2.01% | |
| 43 | DGRW | Wisdomtree U.s. Quality Divi | ETF-Other | 0.42% | -0.04% | -0.82% | |
| 44 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.40% | +0.09% | +10.60% | |
| 45 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.38% | +0.07% | +27.22% | |
| 46 | ANET | Arista Networks Inc | Stock-Tech | 0.37% | +0.10% | +17.74% | |
| 47 | V | Visa Inc-class A Shares | Stock-Financials | 0.36% | -0.01% | +2.03% | |
| 48 | QUAL | Ishares Msci USA Quality Fac | ETF-Other | 0.33% | -0.02% | -3.22% | |
| 49 | ILF | Ishares Latin America 40 ETF | ETF-Other | 0.32% | -2.10% | -83.17% | |
| 50 | NLR | Vaneck Urani & Nuclr Etf-usd | ETF-Other | 0.31% | +0.25% | +574.53% |
1–50 of 126
Portfolio Performance
Performance for Q3 2026
-1.1%
Performance Last 4 Quarters
+26.4%
- Stdev
- +13.8%
- Beta
- +0.92
- Alpha
- +0.7%
- Max Drawdown
- -8.4%
- Annualized Perf
- +19.9%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.56
- Stutzer
- +0.4
- Treynor
- +0.21
- Sterling
- +1.2
- Calmar
- +2.37
- Information Ratio
- -0.11
- Tracking Error
- +6.9%
- Stdev Down
- +7.5%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +45.2%
- Worst 12 Months
- +6%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.4
- Stdev Sectors
- +12.7%
- Skewness
- -0.32
- Kurtosis
- +0.24
- Upside Potential
- +4.04
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 130 | $423.4M | 0 | ||
| 2026 Q1 | 122 | $354.3M | 46 | ||
| 2025 Q4 | 139 | $418.0M | 45 | ||
| 2025 Q3 | 133 | $408.0M | 70 | ||
| 2025 Q2 | 127 | $372.2M | 0 | ||
| 2025 Q1 | 126 | $344.3M | 100 | ||
| 2024 Q4 | 131 | $309.8M | 0 | ||
| 2024 Q3 | 130 | $330.2M | 0 | ||
| 2024 Q2 | 120 | $315.4M | 0 | ||
| 2024 Q1 | 99 | $244.1M | 0 | ||
| 2023 Q4 | 93 | $238.2M | 0 | ||
| 2023 Q3 | 69 | $196.0M | 0 | ||
| 2023 Q2 | 54 | $213.6M | 0 | ||
| 2023 Q1 | 52 | $195.0M | 0 | ||
| 2022 Q4 | 54 | $198.6M | 0 | ||
| 2022 Q3 | 60 | $208.8M | 0 | ||
| 2022 Q2 | 60 | $244.4M | 0 | ||
| 2022 Q1 | 71 | $260.5M | 0 | ||
| 2021 Q4 | 60 | $226.9M | 0 | ||
| 2021 Q3 | 43 | $178.3M | 0 | ||
| 2021 Q2 | 34 | $118.6M | 95 | ||
| 2021 Q1 | 21 | $107.4M | 55 | ||
| 2020 Q4 | 24 | $105.8M | 72 | ||
| 2020 Q3 | 25 | $108.0M | 31 | ||
| 2020 Q2 | 23 | $101.6M | 100 | ||
| 2020 Q1 | 21 | $84.2M | 100 | ||
| 2019 Q4 | 33 | $82.3M | 61 | ||
| 2019 Q3 | 36 | $84.5M | 46 | ||
| 2019 Q2 | 33 | $87.6M | 100 | ||
| 2019 Q1 | 42 | $117.8M | 0 | ||
| 2018 Q4 | 36 | $93.8M | 100 | ||
| 2018 Q3 | 46 | $109.5M | 88 | ||
| 2018 Q2 | 48 | $100.6M | 100 | ||
| 2018 Q1 | 54 | $101.6M | 100 | ||
| 2017 Q4 | 71 | $112.0M | 99 | ||
| 2017 Q3 | 89 | $144.5M | 100 | ||
| 2017 Q2 | 74 | $135.5M | 90 | ||
| 2017 Q1 | 81 | $144.4M | 100 | ||
| 2016 Q4 | 77 | $131.1M | 86 | ||
| 2016 Q3 | 69 | $130.0M | 100 | ||
| 2016 Q2 | 69 | $127.9M | 97 | ||
| 2016 Q1 | 70 | $124.7M | 100 | ||
| 2015 Q4 | 64 | $110.9M | 100 | ||
| 2015 Q3 | 58 | $108.6M | 100 | ||
| 2015 Q2 | 65 | $109.6M | 100 | ||
| 2015 Q1 | 64 | $123.7M | 100 | ||
| 2014 Q4 | 62 | $130.1M | 100 | ||
| 2014 Q3 | 69 | $119.9M | 100 | ||
| 2014 Q2 | 91 | $120.4M | 85 | ||
| 2014 Q1 | 93 | $123.8M | 100 | ||
| 2013 Q4 | 99 | $118.6M | 95 | ||
| 2013 Q3 | 83 | $101.4M | 76 | ||
| 2013 Q2 | 74 | $101.6M | 0 |
Holding changes this quarter
Avalon Capital Management's most significant position changes for 2026-06-30: New buy: Schwab US Small-cap ETF (SCHA); Sold out: Amgen Inc (AMGN); Sold out: Vaneck Commodity Strat ETF (PIT); Sold out: Fedex CORP (FDX); New buy: Ss Energy Select Sector (XLE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SCHA | Schwab US Small-cap ETF | +2.9% | NEW | New buy |
| 2 | SMH | Vaneck Semiconductor ETF | +2.4% | +2.73% | Add |
| 3 | LLY | Eli Lilly & Co | +1.9% | +80.00% | Add |
| 4 | GOOGL | Alphabet Inc-cl A | +1.7% | +10.69% | Add |
| 5 | SIL | Global X Silver Miners ETF | +1.4% | +712.84% | Add |
| 6 | GLD | Spdr Gold Shares | +1% | +68.80% | Add |
| 7 | CSCO | Cisco Systems Inc | +0.9% | — | Unchanged |
| 8 | XLE | Ss Energy Select Sector | +0.7% | NEW | New buy |
| 9 | XBI | Ss Spdr S&p Biotech ETF | +0.7% | NEW | New buy |
| 10 | IYW | Ishares Ustechnology ETF | +0.6% | NEW | New buy |
| 11 | AMZN | Amazon.com Inc | +0.6% | +23.56% | Add |
| 12 | SHV | Ishares 0-1 Year Treasury Bo | +0.3% | +199.32% | Add |
| 13 | EMBX | Vaneck Em Bond ETF | +0.3% | +30.19% | Add |
| 14 | NLR | Vaneck Urani & Nuclr Etf-usd | +0.3% | +574.53% | Add |
| 15 | PWRD | Tcw Transform Systems ETF | +0.2% | +8.85% | Add |
| 16 | GOOG | Alphabet Inc-cl C | +0.2% | +0.79% | Add |
| 17 | LRCX | Lam Research CORP | +0.2% | +59.64% | Add |
| 18 | WPM | Wheaton Precious Metals CORP | +0.2% | +208.55% | Add |
| 19 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | +20.30% | Add |
| 20 | ANET | Arista Networks Inc | +0.1% | +17.74% | Add |
| 21 | AVGO | Broadcom Inc | +0.1% | +109.57% | Add |
| 22 | ARM | Arm Holdings Plc-adr | +0.1% | NEW | New buy |
| 23 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +10.60% | Add |
| 24 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.1% | +27.22% | Add |
| 25 | FICO | Fair Isaac CORP | +0.1% | NEW | New buy |
| 26 | IEMG | Ishares Core Msci Emerging | +0.1% | +2.41% | Add |
| 27 | AMAT | Applied Materials Inc | +0.1% | NEW | New buy |
| 28 | OKLO | Oklo Inc | +0.1% | NEW | New buy |
| 29 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | NEW | New buy |
| 30 | UNP | Union Pacific CORP | +0.1% | NEW | New buy |
| 31 | FLTR | Vaneck Ig Floating Rate ETF | +0.1% | NEW | New buy |
| 32 | APH | Amphenol Corp-cl A | +0.1% | NEW | New buy |
| 33 | BWA | Borgwarner Inc | +0.1% | NEW | New buy |
| 34 | IEFA | Ishares Core Msci Eafe ETF | +0.1% | NEW | New buy |
| 35 | DTCR | Global X Data Center & Digit | +0.1% | +0.33% | Add |
| 36 | SCJ | Ishares Msci Japan Small-cap | +0.1% | +19.29% | Add |
| 37 | WELL | Welltower Inc | +0.1% | NEW | New buy |
| 38 | CCJ | Cameco CORP | +0.1% | NEW | New buy |
| 39 | TRGP | Targa Resources CORP | +0.1% | NEW | New buy |
| 40 | HEI | Heico CORP | 0% | +6.41% | Add |
| 41 | XLK | Ss Technology Select Sector | 0% | — | Unchanged |
| 42 | TXN | Texas Instruments Inc | 0% | — | Unchanged |
| 43 | VGT | Vanguard Info Tech ETF | 0% | +700.00% | Add |
| 44 | EEM | Ishares Msci Emerging Market | 0% | — | Unchanged |
| 45 | BMO | Bank Of Montreal | 0% | — | Unchanged |
| 46 | CNI | Canadian Natl Railway Co | 0% | +13.85% | Add |
| 47 | VOO | Vanguard S&p 500 ETF | — | +0.14% | Add |
| 48 | TDG | Transdigm Group Inc | — | -1.43% | Trim |
| 49 | ETN | Eaton Corporation plc | — | — | Unchanged |
| 50 | DIA | Ss Spdr Dow Jones Indus Avg | — | — | Unchanged |
1–50 of 138
Filing History
FAQ
What is Avalon Capital Management and what type of investor is it?
Avalon Capital Management is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $423.4M, spread across 130 disclosed positions.
What are Avalon Capital Management's largest equity positions?
Based on the latest 13F filing, Avalon Capital Management's top holdings by market value are:
1. Alphabet Inc-cl A (GOOGL) — $53.9M (12.7%)
2. Vaneck Semiconductor ETF (SMH) — $31.5M (7.4%)
3. Vaneck Gold Miners ETF (GDX) — $25.0M (5.9%)
4. Spdr Gold Shares (GLD) — $23.3M (5.5%)
5. Alphabet Inc-cl C (GOOG) — $22.7M (5.3%)
What changes did Avalon Capital Management make in its most recent portfolio filing?
In the latest reported quarter, Avalon Capital Management made 103 notable position adjustments: 17 new positions were initiated, 44 existing holdings were added to, 30 positions were partially reduced, and 12 were completely exited. The largest of these moves: New buy: Schwab US Small-cap ETF (SCHA); Sold out: Amgen Inc (AMGN); Sold out: Vaneck Commodity Strat ETF (PIT); Sold out: Fedex CORP (FDX); New buy: Ss Energy Select Sector (XLE)
What sectors does Avalon Capital Management focus on?
Avalon Capital Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 42.3%
• Information Technology: 26.2%
• Health Care: 9.4%
• Consumer Discretionary: 9.0%
• Energy: 4.4%
• Industrials: 3.1%
Investment Profile
Avalon Capital Management returned an annualized 19.9% over the trailing 36 months — outperforming the S&P 500 by 0.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.92 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 42.3% of the portfolio concentrated in Communication Services.
It has added to its IEMG position over the past two quarters (+$7.1M, now $14.7M), while trimming ILF over the same stretch (-$8.6M, still holding $1.4M).
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