Menlo Advisors LLC — Q1 2025 13F Holdings

Name: Menlo Advisors LLC — 13F Holdings, Q1 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001279708

Total reported value

$185.6M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	13.55%	—	-16.89%
2	✓	Spdr S&P 500 Etf Tr Put Option	ETF-Large Cap & Growth	13.30%	—	—
3	✓	SPDR Gold Shares	Stock-Other	8.37%	—	-0.20%
4	✓	Alphabet Inc.	Stock-Other	5.81%	—	-1.03%
5	AAPL	Apple INC	Stock-Tech	5.70%	—	-1.13%
6	✓	VanEck China Semiconductor ETF	ETF-Emerging Markets	5.23%	—	—
7	✓	Alpha Archtct US Quntv Val ETF	ETF-Other	5.10%	—	—
8	MSFT	Microsoft CORP	Stock-Tech	4.96%	—	-0.36%
9	✓	Alphabet Inc.	Stock-Other	4.73%	—	-0.96%
10	ABT	Abbott Laboratories	Stock-Healthcare	4.35%	—	-0.35%
11	✓	AbbVie Inc.	Stock-Other	3.86%	—	-0.39%
12	✓	Global X Mlp And Energy Infras	Stock-Other	3.11%	—	+25.79%
13	✓	KKR & Co. Inc.	Stock-Other	3.07%	—	-4.36%
14	✓	Cisco Systems, Inc.	Stock-Other	2.79%	—	—
15	✓	Select Sector Spdr Tr	Stock-Other	2.70%	—	-1.30%
16	LMT	Lockheed Martin CORP	Stock-Industrials	2.45%	—	-2.20%
17	✓	Tesla, Inc.	Stock-Other	2.36%	—	-9.16%
18	✓	Royalty Pharma PLC	Stock-Other	1.97%	—	—
19	MEMX	Matthews Em Ex China Active	ETF-Emerging Markets	1.68%	—	-0.50%
20	✓	Sprott Uranium Miners ETF	ETF-Other	1.37%	—	-1.05%
21	RVT	Royce Small-cap Trust INC	Stock-Other	1.36%	—	—
22	✓	WisdomTree US Quality Dividend	Stock-Other	1.06%	—	—
23	✓	Howard Hughes CORP	Stock-Other	0.54%	—	-0.64%
24	FNDF	Schwab Fndmn Intl Lrg Co ETF	ETF-Other	0.26%	—	—
25	✓	Sprott Physical Gold Etv	Stock-Other	0.14%	—	—
26	HD	Home Depot INC	Stock-Consumer Disc	0.11%	—	-2.00%
27	✓		Stock-Other	0.08%	—	—

Holding changes this quarter

Position changes disclosed by Menlo Advisors LLC for the quarter ending Q1 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	✓	SPDR Gold Shares	+3.6%	-0.20%	Add
2	ABT	Abbott Laboratories	+2.4%	-0.35%	Add
3	✓	VanEck China Semiconductor ETF	+2.1%	—	Add
4	✓	AbbVie Inc.	+1.5%	-0.39%	Trim
5	AAPL	Apple INC	+0.9%	-1.13%	Trim
6	✓	WisdomTree US Quality Dividend	+0.8%	—	Add
7	✓	Alpha Archtct US Quntv Val ETF	+0.8%	—	Add
8	BRK-B	Berkshire Hathaway Inc-cl B	+0.5%	-16.89%	Trim
9	✓	Alphabet Inc.	+0.4%	-1.03%	Add
10	✓	KKR & Co. Inc.	+0.3%	-4.36%	Trim
11	MSFT	Microsoft CORP	+0.3%	-0.36%	Trim
12	✓	Alphabet Inc.	0%	-0.96%	Add
13	✓	Cisco Systems, Inc.	-0.1%	—	Trim
14	RVT	Royce Small-cap Trust INC	-0.6%	—	Add
15	✓	Tesla, Inc.	-0.7%	-9.16%	Add
16	✓	Spdr S&P 500 Etf Tr Put Option	—	NEW	New buy
17	✓	Twitter INC	—	EXIT	Sold out
18	✓	Global X Mlp And Energy Infras	—	NEW	New buy
19	✓		—	EXIT	Sold out
20	✓	Select Sector Spdr Tr	—	NEW	New buy
21	CVS	Cvs Health CORP	—	EXIT	Sold out
22	LMT	Lockheed Martin CORP	—	NEW	New buy
23	DIS	Walt Disney Co/the	—	EXIT	Sold out
24	BAC 7.25 PERP L	Bank Of America CORP	—	EXIT	Sold out
25	EBAY	Ebay INC	—	EXIT	Sold out
26	GLW	Corning INC	—	EXIT	Sold out
27	✓	Royalty Pharma PLC	—	NEW	New buy
28	MEMX	Matthews Em Ex China Active	—	NEW	New buy
29	OKTA	Okta INC	—	EXIT	Sold out
30	SCHO	Schwab Short-term US Treas	—	EXIT	Sold out
31	UL	Unilever PLC	—	EXIT	Sold out
32	✓	Valueshares Intrntnl Qntv Val	—	EXIT	Sold out
33	MTZ	Mastec INC	—	EXIT	Sold out
34	✓	Sprott Uranium Miners ETF	—	NEW	New buy
35	HP5A	Equity Commonwealth	—	EXIT	Sold out
36	VIRT	Virtu Financial Inc-class A	—	EXIT	Sold out
37	✓	Howard Hughes Corp	—	EXIT	Sold out
38	LSXMKUSD	Liberty Media Cor-siriusxm C	—	EXIT	Sold out
39	PFE	Pfizer INC	—	EXIT	Sold out
40	✓	BCE Inc.	—	EXIT	Sold out
41	KMB	Kimberly-clark CORP	—	EXIT	Sold out
42	✓	Invesco Actvely Mgd Etc Fd Tr	—	EXIT	Sold out
43	✓	First Tr Inter Dur Pfd & In	—	EXIT	Sold out
44	✓	Howard Hughes CORP	—	NEW	New buy
45	✓	State Street SPDR S&P 500 ETF Trust	—	EXIT	Sold out
46	✓	Coupang, Inc.	—	EXIT	Sold out
47	FNDF	Schwab Fndmn Intl Lrg Co ETF	—	NEW	New buy
48	✓	Wisdomtree 90 60 U S Balanced	—	EXIT	Sold out
49	✓	Sprott Physical Gold Etv	—	NEW	New buy
50	✓		—	EXIT	Sold out