Menlo Advisors LLC has filed a Form 13F-HR with the U.S. Securities and Exchange Commission, disclosing its equity holdings as of the close of business on September 30, 2025. The filing lists 30 distinct positions held by the firm, which is headquartered in Menlo Park, California.
The largest position disclosed in the portfolio is Sprott Physical Silver E Trust, with 2,955 shares valued at $251,960. This is followed by VanEck Gold Miners ETF, which holds 17,502 shares valued at $229,090. Other significant holdings include Sprott Physical Gold Trust (3,55 shares valued at $12,000), Royal Pharma PLC F Class A (4,503 shares valued at $127,640), and Matthews Emerging Markets Ex C (4,387 shares valued at $125,840).
The filing also lists several large-cap technology and industrial stocks. Berkshire Hathaway Class B is held with 26,027 shares valued at $51,772, while Apple Inc. is held with 13,280 shares valued at $52,157. Other notable holdings include Microsoft (13,672 shares valued at $26,397), Alphabet Class A (15,065 shares valued at $61,973), Alphabet Class C (18,081 shares valued at $74,243), and Cisco Systems (6,249 shares valued at $91,344).
Menlo Advisors also disclosed positions in defense and aerospace, including Lockheed Martin Corporation with 5,810 shares valued at $11,640, and Howard Hughes Holdings with 1,185 shares valued at $14,427. Additionally, the firm holds positions in KKR & Co. Inc. (6,286 shares valued at $48,380) and CrowdStrike Holdings (275 shares valued at $561).
The filing includes several exchange-traded funds (ETFs) and derivatives. The WisdomTree U.S. Quality Divide ETF is held with 2,485 shares valued at $27,935, and the Schwab Fundamental International ETF is held with 1,021 shares valued at $23,778. The portfolio also includes two put options on the SPDR S&P 500 ETF Trust: a put with a $530 strike price expiring January 1 valued at 509 shares, and a put with a $600 strike price expiring December 3 valued at 266 shares.
