MENLO ADVISORS LLC
Long book
$222.6M
Q1 2026
Positions
30
Top-10 weight
72%
concentration
Last quarter
+16.5%
SPY +16.5%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsMENLO ADVISORS LLC is an institutional manager, running a $222.6M US long book across 30 positions.
The portfolio is concentrated: the top 10 names carry 72% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, ALPHABET INC-CL C, VANECK GOLD MINERS ETF, SPDR GOLD SHARES, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 1.8pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.5%
Q2 2024
+8.0%
Q3 2024
+2.3%
Q4 2024
+0.3%
Q1 2025
+6.0%
Q2 2025
+16.1%
Q3 2025
+8.2%
Q4 2025
-1.9%
Q1 2026
+16.5%
Sector allocation
Technology 52%
Financials 22%
Healthcare 15%
Industrials 10%
Real estate 1%
Consumer discretionary 0%
Long book by quarter
What does MENLO ADVISORS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 50.7K | $25.5M | 11.5% | Held |
| GOOG ALPHABET INC-CL C | Technology | 74.0K | $23.2M | 10.4% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 57.5K | $18.0M | 8.1% | Held |
| AAPL APPLE INC | Technology | 47.2K | $12.8M | 5.8% | Held |
| MSFT MICROSOFT CORP | Technology | 26.4K | $12.8M | 5.7% | Held |
| ABBV ABBVIE INC | Healthcare | 38.1K | $8.7M | 3.9% | Held |
| TSLA TESLA INC | Industrials | 19.1K | $8.6M | 3.9% | Held |
| ABT ABBOTT LABORATORIES | Healthcare | 67.2K | $8.4M | 3.8% | Held |
| CSCO CISCO SYSTEMS INC | Technology | 90.0K | $6.9M | 3.1% | Held |
| KKR KKR & CO INC | Financials | 46.4K | $5.9M | 2.7% | Held |
| LMT LOCKHEED MARTIN CORP | Industrials | 11.7K | $5.7M | 2.5% | Held |
| RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 127.6K | $4.9M | 2.2% | Held |
| HHH HOWARD HUGHES HOLDINGS INC | Real estate | 11.8K | $939K | 0.4% | Held |
| MU MICRON TECHNOLOGY INC | Technology | 1.2K | $333K | 0.1% | Held |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 561 | $262K | 0.1% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 1.0K | $230K | 0.1% | Held |
| HD HOME DEPOT INC | Consumer discretionary | 636 | $218K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Sep 10, 2026 | 32 | $220.5M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Sep 10, 2026 | 31 | $222.6M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Sep 10, 2026 | 30 | $210.6M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 6, 2025 | 29 | $185.6M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 14, 2025 | 27 | $210.3M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 29 | $196.0M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 18, 2024 | 29 | $194.3M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 32 | $180.2M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 19, 2024 | 29 | $174.7M | $K fixed canonical | SEC ↗ |
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