MENLO ADVISORS LLC Long-Term Concentrated

Name: MENLO ADVISORS LLC Q2 2026 13F Filing | 13F Explorer
Creator: MENLO ADVISORS LLC
Published: 2026-09-10

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Sep 10, 2026

Total Value: $228M

Holdings (30)

New Positions (3)

CAI CARIS LIFE SCIENCES INC 2.3%

Value $5.355M Shares 300,518 Est. Cost $17.82 Unrealized —

CF CF INDS HLDGS INC 2.3%

Value $5.237M Shares 48,375 Est. Cost $108.26 Unrealized —

INTC INTEL CORP 0.2%

Value $342K Shares 2,455 Est. Cost $139.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CAI	CARIS LIFE SCIENCES INC	300,518	$5.355M	2.3%	$17.82	—	—	142152107
CF	CF INDS HLDGS INC	48,375	$5.237M	2.3%	$108.26	—	—	125269100
INTC	INTEL CORP	2,455	$342K	0.2%	$139.31	—	—	458140100

Increased Positions (2)

— GLOBAL X MLP & ENERGY INFRASTR 3.7%

Value $8.535M (+42.1%) Shares 115,872 (+16.7%) Est. Cost $58.66 Unrealized —

ABT ABBOTT LABS 2.7%

Value $6.162M (-26.8%) Shares 67,919 (+1.1%) Est. Cost $71.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	GLOBAL X MLP & ENERGY INFRASTR	115,872 (+16.7%)	$8.535M (+42.1%)	3.7%	$58.66	—	—	37954y293
ABT	ABBOTT LABS	67,919 (+1.1%)	$6.162M (-26.8%)	2.7%	$71.03	—	—	002824100

Exited Positions (3)

— ROYCE SMALL CAP TRUST CF 1.3%

Value $2.9M Shares 180,126 Est. Cost $10.35 Unrealized —

— HOWARD HUGHES HLDGS INC 0.4%

Value $939K Shares 11,777 Est. Cost $74.12 Unrealized —

SPY PUT STATE STREET SPDR S& $600 0.3%

Value $575K Shares 1,500 Est. Cost $432.89 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ROYCE SMALL CAP TRUST CF	180,126	$2.9M	1.3%	$10.35	—	—	780910105
—	HOWARD HUGHES HLDGS INC	11,777	$939K	0.4%	$74.12	—	—	44267t102
SPY	PUT STATE STREET SPDR S& $600	1,500	$575K	0.3%	$432.89	—	—	78462F103

Decreased Positions (6)

— VANECK GOLD MINERS ETF 5.5%

Value $12.52M (-35.9%) Shares 165,992 (-27.2%) Est. Cost $27.95 Unrealized —

— KKR & CO INC 1.8%

Value $4.192M (-29.1%) Shares 45,675 (-1.5%) Est. Cost $33.98 Unrealized —

— ALPHABET INC CLASS CLASS C 10.9%

Value $24.85M (+7.0%) Shares 70,325 (-5.0%) Est. Cost $123.81 Unrealized —

— ALPHABET INC CLASS A 8.2%

Value $18.66M (+3.8%) Shares 52,230 (-9.1%) Est. Cost $134.65 Unrealized —

MU MICRON TECHNOLOGY INC 0.3%

Value $577K (+73.3%) Shares 500 (-57.3%) Est. Cost $229.35 Unrealized —

— WISDOMTREE U.S. QUALITY DIVIDE 1.1%

Value $2.462M (+0.7%) Shares 25,755 (-5.9%) Est. Cost $58.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	VANECK GOLD MINERS ETF	165,992 (-27.2%)	$12.52M (-35.9%)	5.5%	$27.95	—	—	92189f106
—	KKR & CO INC	45,675 (-1.5%)	$4.192M (-29.1%)	1.8%	$33.98	—	—	48251w104
—	ALPHABET INC CLASS CLASS C	70,325 (-5.0%)	$24.85M (+7.0%)	10.9%	$123.81	—	—	02079k107
—	ALPHABET INC CLASS A	52,230 (-9.1%)	$18.66M (+3.8%)	8.2%	$134.65	—	—	02079k305
MU	MICRON TECHNOLOGY INC	500 (-57.3%)	$577K (+73.3%)	0.3%	$229.35	—	—	595112103
—	WISDOMTREE U.S. QUALITY DIVIDE	25,755 (-5.9%)	$2.462M (+0.7%)	1.1%	$58.08	—	—	97717x669

Unchanged Positions (19)

— CISCO SYS INC 4.6%

Value $10.57M Shares 90,019 Est. Cost $27.25 Unrealized —

MSFT MICROSOFT CORP 4.3%

Value $9.804M Shares 26,282 Est. Cost $44.07 Unrealized —

— ROYALTY PHARMA PLC F CLASS A 3.1%

Value $7.117M Shares 126,940 Est. Cost $26.37 Unrealized —

MEMX MATTHEWS EMERGING MARKETS EX C 2.8%

Value $6.296M Shares 126,030 Est. Cost $30.84 Unrealized —

— ALPHA ARCHITECT U.S. QUANTITAT 5.8%

Value $13.33M Shares 240,365 Est. Cost $23.34 Unrealized —

— SPDR GOLD SHARES 7.7%

Value $17.44M Shares 47,353 Est. Cost $137.96 Unrealized —

— SPROTT PHYSICAL SILVER E 2.1%

Value $4.749M Shares 251,710 Est. Cost $12.24 Unrealized —

— ABBVIE INC 4.2%

Value $9.587M Shares 38,102 Est. Cost $51.35 Unrealized —

AAPL APPLE INC 6.0%

Value $13.63M Shares 47,097 Est. Cost $84.97 Unrealized —

— TESLA INC 3.5%

Value $8.05M Shares 19,140 Est. Cost $323.89 Unrealized —

LMT LOCKHEED MARTIN CORP 2.6%

Value $5.953M Shares 11,686 Est. Cost $433.04 Unrealized —

BRK/B BERKSHIRE HATHAWAY CLASS B 11.1%

Value $25.31M Shares 50,575 Est. Cost $115.31 Unrealized —

FNDF SCHWAB FUNDAMENTAL INTERNATION 0.6%

Value $1.258M Shares 23,846 Est. Cost $37.79 Unrealized —

— SPROTT URANIUM MINERS ETF 2.0%

Value $4.558M Shares 86,674 Est. Cost $44.85 Unrealized —

— CROWDSTRIKE HLDGS INC CLASS CL 0.2%

Value $428K Shares 561 Est. Cost $508.02 Unrealized —

— SPROTT PHYSGLD TRST 0.2%

Value $362K Shares 12,000 Est. Cost $18.00 Unrealized —

— DIREXION DAILY AAPL BEAR 1X SH 0.1%

Value $121K Shares 10,000 Est. Cost $22.65 Unrealized —

AMZN AMAZON.COM INC 0.1%

Value $238K Shares 1,000 Est. Cost $197.89 Unrealized —

HD HOME DEPOT INC 0.1%

Value $224K Shares 636 Est. Cost $295.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CISCO SYS INC	90,019	$10.57M	4.6%	$27.25	—	—	17275r102
MSFT	MICROSOFT CORP	26,282	$9.804M	4.3%	$44.07	—	—	594918104
—	ROYALTY PHARMA PLC F CLASS A	126,940	$7.117M	3.1%	$26.37	—	—	g7709q104
MEMX	MATTHEWS EMERGING MARKETS EX C	126,030	$6.296M	2.8%	$30.84	—	—	577125792
—	ALPHA ARCHITECT U.S. QUANTITAT	240,365	$13.33M	5.8%	$23.34	—	—	02072l102
—	SPDR GOLD SHARES	47,353	$17.44M	7.7%	$137.96	—	—	78463v107
—	SPROTT PHYSICAL SILVER E	251,710	$4.749M	2.1%	$12.24	—	—	85207k107
—	ABBVIE INC	38,102	$9.587M	4.2%	$51.35	—	—	00287y109
AAPL	APPLE INC	47,097	$13.63M	6.0%	$84.97	—	—	037833100
—	TESLA INC	19,140	$8.05M	3.5%	$323.89	—	—	88160r101
LMT	LOCKHEED MARTIN CORP	11,686	$5.953M	2.6%	$433.04	—	—	539830109
BRK/B	BERKSHIRE HATHAWAY CLASS B	50,575	$25.31M	11.1%	$115.31	—	—	084670702
FNDF	SCHWAB FUNDAMENTAL INTERNATION	23,846	$1.258M	0.6%	$37.79	—	—	808524755
—	SPROTT URANIUM MINERS ETF	86,674	$4.558M	2.0%	$44.85	—	—	85208p303
—	CROWDSTRIKE HLDGS INC CLASS CL	561	$428K	0.2%	$508.02	—	—	22788c105
—	SPROTT PHYSGLD TRST	12,000	$362K	0.2%	$18.00	—	—	85207h104
—	DIREXION DAILY AAPL BEAR 1X SH	10,000	$121K	0.1%	$22.65	—	—	25461a304
AMZN	AMAZON.COM INC	1,000	$238K	0.1%	$197.89	—	—	023135106
HD	HOME DEPOT INC	636	$224K	0.1%	$295.79	—	—	437076102