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 (100.0% shares, 0.0% debt)

Holdings (30)

New Positions (3)

CAI CARIS LIFE SCIENCES INC 2.3%

Value $5.355M Shares 300,518 Share Price $17.82 Est. Cost/Share $17.82 Unrealized @ Report Date —

CF CF INDS HLDGS INC 2.3%

Value $5.237M Shares 48,375 Share Price $108.26 Est. Cost/Share $108.26 Unrealized @ Report Date —

INTC INTEL CORP 0.2%

Value $342K Shares 2,455 Share Price $139.31 Est. Cost/Share $139.31 Unrealized @ Report Date —

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

Increased Positions (2)

— GLOBAL X MLP & ENERGY INFRASTR 3.7%

Value $8.535M (+42.1%) Shares 115,872 (+16.7%) Share Price $73.66 Est. Cost/Share $58.66 Unrealized @ Report Date —

ABT ABBOTT LABS 2.7%

Value $6.162M (-26.8%) Shares 67,919 (+1.1%) Share Price $90.73 Est. Cost/Share $71.03 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	GLOBAL X MLP & ENERGY INFRASTR	115,872 (+16.7%)	$8.535M (+42.1%)	3.7%	$73.66	$58.66	—	COM	37954y293
ABT	ABBOTT LABS	67,919 (+1.1%)	$6.162M (-26.8%)	2.7%	$90.73	$71.03	—	COM	002824100

Exited Positions (3)

— ROYCE SMALL CAP TRUST CF 1.3%

Value $2.9M Shares 180,126 Share Price $16.10 Est. Cost/Share $10.35 Unrealized @ Report Date —

— HOWARD HUGHES HLDGS INC 0.4%

Value $939K Shares 11,777 Share Price $79.73 Est. Cost/Share $74.12 Unrealized @ Report Date —

SPY PUT STATE STREET SPDR S& $600 0.3%

Value $575K Shares 1,500 Share Price $383.33 Est. Cost/Share $432.89 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	ROYCE SMALL CAP TRUST CF	180,126	$2.9M	1.3%	$16.10	$10.35	—	—	780910105
—	HOWARD HUGHES HLDGS INC	11,777	$939K	0.4%	$79.73	$74.12	—	—	44267t102
SPY	PUT STATE STREET SPDR S& $600	1,500	$575K	0.3%	$383.33	$432.89	—	—	78462F103

Decreased Positions (6)

— VANECK GOLD MINERS ETF 5.5%

Value $12.52M (-35.9%) Shares 165,992 (-27.2%) Share Price $75.45 Est. Cost/Share $27.95 Unrealized @ Report Date —

— KKR & CO INC 1.8%

Value $4.192M (-29.1%) Shares 45,675 (-1.5%) Share Price $91.78 Est. Cost/Share $33.98 Unrealized @ Report Date —

— ALPHABET INC CLASS CLASS C 10.9%

Value $24.85M (+7.0%) Shares 70,325 (-5.0%) Share Price $353.32 Est. Cost/Share $123.81 Unrealized @ Report Date —

— ALPHABET INC CLASS A 8.2%

Value $18.66M (+3.8%) Shares 52,230 (-9.1%) Share Price $357.36 Est. Cost/Share $134.65 Unrealized @ Report Date —

MU MICRON TECHNOLOGY INC 0.3%

Value $577K (+73.3%) Shares 500 (-57.3%) Share Price $1154.00 Est. Cost/Share $229.35 Unrealized @ Report Date —

— WISDOMTREE U.S. QUALITY DIVIDE 1.1%

Value $2.462M (+0.7%) Shares 25,755 (-5.9%) Share Price $95.59 Est. Cost/Share $58.08 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	VANECK GOLD MINERS ETF	165,992 (-27.2%)	$12.52M (-35.9%)	5.5%	$75.45	$27.95	—	UIUS	92189f106
—	KKR & CO INC	45,675 (-1.5%)	$4.192M (-29.1%)	1.8%	$91.78	$33.98	—	COM	48251w104
—	ALPHABET INC CLASS CLASS C	70,325 (-5.0%)	$24.85M (+7.0%)	10.9%	$353.32	$123.81	—	COM	02079k107
—	ALPHABET INC CLASS A	52,230 (-9.1%)	$18.66M (+3.8%)	8.2%	$357.36	$134.65	—	COM	02079k305
MU	MICRON TECHNOLOGY INC	500 (-57.3%)	$577K (+73.3%)	0.3%	$1154.00	$229.35	—	COM	595112103
—	WISDOMTREE U.S. QUALITY DIVIDE	25,755 (-5.9%)	$2.462M (+0.7%)	1.1%	$95.59	$58.08	—	COM	97717x669

Unchanged Positions (19)

— CISCO SYS INC 4.6%

Value $10.57M Shares 90,019 Share Price $117.45 Est. Cost/Share $27.25 Unrealized @ Report Date —

MSFT MICROSOFT CORP 4.3%

Value $9.804M Shares 26,282 Share Price $373.03 Est. Cost/Share $44.07 Unrealized @ Report Date —

— ROYALTY PHARMA PLC F CLASS A 3.1%

Value $7.117M Shares 126,940 Share Price $56.07 Est. Cost/Share $26.37 Unrealized @ Report Date —

MEMX MATTHEWS EMERGING MARKETS EX C 2.8%

Value $6.296M Shares 126,030 Share Price $49.96 Est. Cost/Share $30.84 Unrealized @ Report Date —

— ALPHA ARCHITECT U.S. QUANTITAT 5.8%

Value $13.33M Shares 240,365 Share Price $55.45 Est. Cost/Share $23.34 Unrealized @ Report Date —

— SPDR GOLD SHARES 7.7%

Value $17.44M Shares 47,353 Share Price $368.36 Est. Cost/Share $137.96 Unrealized @ Report Date —

— SPROTT PHYSICAL SILVER E 2.1%

Value $4.749M Shares 251,710 Share Price $18.87 Est. Cost/Share $12.24 Unrealized @ Report Date —

— ABBVIE INC 4.2%

Value $9.587M Shares 38,102 Share Price $251.61 Est. Cost/Share $51.35 Unrealized @ Report Date —

AAPL APPLE INC 6.0%

Value $13.63M Shares 47,097 Share Price $289.34 Est. Cost/Share $84.97 Unrealized @ Report Date —

— TESLA INC 3.5%

Value $8.05M Shares 19,140 Share Price $420.59 Est. Cost/Share $323.89 Unrealized @ Report Date —

LMT LOCKHEED MARTIN CORP 2.6%

Value $5.953M Shares 11,686 Share Price $509.41 Est. Cost/Share $433.04 Unrealized @ Report Date —

BRK/B BERKSHIRE HATHAWAY CLASS B 11.1%

Value $25.31M Shares 50,575 Share Price $500.39 Est. Cost/Share $115.31 Unrealized @ Report Date —

FNDF SCHWAB FUNDAMENTAL INTERNATION 0.6%

Value $1.258M Shares 23,846 Share Price $52.76 Est. Cost/Share $37.79 Unrealized @ Report Date —

— SPROTT URANIUM MINERS ETF 2.0%

Value $4.558M Shares 86,674 Share Price $52.59 Est. Cost/Share $44.85 Unrealized @ Report Date —

— CROWDSTRIKE HLDGS INC CLASS CL 0.2%

Value $428K Shares 561 Share Price $762.92 Est. Cost/Share $508.02 Unrealized @ Report Date —

— SPROTT PHYSGLD TRST 0.2%

Value $362K Shares 12,000 Share Price $30.17 Est. Cost/Share $18.00 Unrealized @ Report Date —

— DIREXION DAILY AAPL BEAR 1X SH 0.1%

Value $121K Shares 10,000 Share Price $12.10 Est. Cost/Share $22.65 Unrealized @ Report Date —

AMZN AMAZON.COM INC 0.1%

Value $238K Shares 1,000 Share Price $238.00 Est. Cost/Share $197.89 Unrealized @ Report Date —

HD HOME DEPOT INC 0.1%

Value $224K Shares 636 Share Price $352.20 Est. Cost/Share $295.79 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	CISCO SYS INC	90,019	$10.57M	4.6%	$117.45	$27.25	—	COM	17275r102
MSFT	MICROSOFT CORP	26,282	$9.804M	4.3%	$373.03	$44.07	—	COM	594918104
—	ROYALTY PHARMA PLC F CLASS A	126,940	$7.117M	3.1%	$56.07	$26.37	—	COM	g7709q104
MEMX	MATTHEWS EMERGING MARKETS EX C	126,030	$6.296M	2.8%	$49.96	$30.84	—	COM	577125792
—	ALPHA ARCHITECT U.S. QUANTITAT	240,365	$13.33M	5.8%	$55.45	$23.34	—	COM	02072l102
—	SPDR GOLD SHARES	47,353	$17.44M	7.7%	$368.36	$137.96	—	UIUS	78463v107
—	SPROTT PHYSICAL SILVER E	251,710	$4.749M	2.1%	$18.87	$12.24	—	COM	85207k107
—	ABBVIE INC	38,102	$9.587M	4.2%	$251.61	$51.35	—	COM	00287y109
AAPL	APPLE INC	47,097	$13.63M	6.0%	$289.34	$84.97	—	COM	037833100
—	TESLA INC	19,140	$8.05M	3.5%	$420.59	$323.89	—	COM	88160r101
LMT	LOCKHEED MARTIN CORP	11,686	$5.953M	2.6%	$509.41	$433.04	—	COM	539830109
BRK/B	BERKSHIRE HATHAWAY CLASS B	50,575	$25.31M	11.1%	$500.39	$115.31	—	COM	084670702
FNDF	SCHWAB FUNDAMENTAL INTERNATION	23,846	$1.258M	0.6%	$52.76	$37.79	—	COM	808524755
—	SPROTT URANIUM MINERS ETF	86,674	$4.558M	2.0%	$52.59	$44.85	—	COM	85208p303
—	CROWDSTRIKE HLDGS INC CLASS CL	561	$428K	0.2%	$762.92	$508.02	—	COM	22788c105
—	SPROTT PHYSGLD TRST	12,000	$362K	0.2%	$30.17	$18.00	—	COM	85207h104
—	DIREXION DAILY AAPL BEAR 1X SH	10,000	$121K	0.1%	$12.10	$22.65	—	COM	25461a304
AMZN	AMAZON.COM INC	1,000	$238K	0.1%	$238.00	$197.89	—	COM	023135106
HD	HOME DEPOT INC	636	$224K	0.1%	$352.20	$295.79	—	COM	437076102