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Livermore
Livermore
ZHEN

Menlo Advisors LLC

SEC CIK
0001279708
Latest filing
Sep 10, 2026

The latest 13F from Menlo Advisors LLC covers Q2 2026 (filed Sep 10, 2026): 30 long positions worth $227.9M. The top 10 holdings make up 68.3% of the portfolio, and the largest is Berkshire Hathaway Inc (BRK.B) at 11.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
3
Est. +$10.9M
Added
3
Est. +$1.31M
Reduced
15
Est. −$9.17M
Sold out
3
Est. −$4.41M

Top 5 holdings

Share of this quarter's portfolio value

  1. BRK.BBerkshire Hathaway Inc
    11.1%$25.3MHistory
  2. GOOGAlphabet Inc.
    10.9%$24.8MHistory
  3. GOOGLAlphabet Inc.
    8.2%$18.7MHistory
  4. GLDSPDR Gold Trust
    7.7%$17.4MHistory
  5. AAPLApple Inc.
    6.0%$13.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. CAICaris Life Sciences, Inc.
    +$5.36MNewHistory
  2. CFCF Industries Holdings, Inc.
    +$5.24MNewHistory
  3. Global X FDS37954Y293
    +$1.22MAdded
  4. INTCIntel Corp
    +$342.0KNewHistory
  5. ABTAbbott Laboratories
    +$65.6KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. CAICaris Life Sciences, Inc.
    +2.35 pp0.0% → 2.3%History
  2. CFCF Industries Holdings, Inc.
    +2.30 pp0.0% → 2.3%History
  3. Global X FDS37954Y293
    +1.05 pp2.7% → 3.7%
  4. INTCIntel Corp
    +0.15 pp0.0% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. VanEck ETF Trust92189F106
    −$4.67MReduced
  2. RVTRoyce Small-Cap Trust, Inc.
    −$2.90MSold outHistory
  3. GOOGLAlphabet Inc.
    −$1.87MReducedHistory
  4. GOOGAlphabet Inc.
    −$1.30MReducedHistory
  5. HHHHoward Hughes Holdings Inc.
    −$939.0KSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. VanEck ETF Trust92189F106
    −3.29 pp8.8% → 5.5%
  2. MSFTMicrosoft Corp
    −1.43 pp5.7% → 4.3%History
  3. RVTRoyce Small-Cap Trust, Inc.
    −1.30 pp1.3% → 0.0%History
  4. GLDSPDR Gold Trust
    −0.84 pp8.5% → 7.7%History
  5. KKRKKR & Co. Inc.
    −0.82 pp2.7% → 1.8%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$227.9M
+$5.34M (+2.4%) vs. prior quarter
Positions
30
0 vs. prior quarter
Top 10 concentration
68.3%
Top 10 as share of value
Turnover
5.4%
Q2 2026, one quarter
Average holding period
18.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $227.9M (Q2 2026)

Q1 2021: $168.1MQ2 2021: $185.5MQ3 2021: $189.2MQ4 2021: $201.2MQ1 2022: $189.1MQ2 2022: $150.8MQ3 2022: $142.6MQ4 2022: $133.1MQ1 2023: $145.7MQ2 2023: $158.7MQ3 2023: $152.2MQ4 2023: $162.5MQ1 2024: $174.7MQ2 2024: $180.2MQ3 2024: $194.3MQ4 2024: $196.0MQ1 2025: $210.3MQ2 2025: $185.6MQ3 2025: $210.6MQ4 2025: $222.6MQ1 2026: $222.6MQ2 2026: $227.9M
Q1 2021Q2 2026
13F filings of Menlo Advisors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Sep 10, 202630$227.9MBRK.BGOOGGOOGLvs. Q1 2026SEC
Q1 2026Sep 10, 202630$222.6MBRK.BGOOGVanEck ETF Trustvs. Q4 2025SEC
Q4 2025Sep 10, 202630$222.6MBRK.BGOOGVanEck ETF Trustvs. Q3 2025SEC
Q3 2025Sep 10, 202629$210.6MBRK.BGOOGVanEck ETF Trustvs. Q2 2025SEC
Q2 2025Aug 6, 202529$185.6MBRK.BGLDGOOGvs. Q1 2025SEC
Q1 2025Apr 14, 202527$210.3MBRK.BSPDR S&P 500 ETF TrGLDvs. Q4 2024SEC
Q4 2024Feb 6, 202529$196.0MBRK.BGOOGGLDvs. Q3 2024SEC
Q3 2024Nov 18, 202429$194.3MBRK.BGOOGGLDvs. Q2 2024SEC
Q2 2024Aug 9, 202432$180.2MBRK.BGOOGMSFTvs. Q1 2024SEC
Q1 2024Apr 19, 202429$174.7MBRK.BGOOGMSFTvs. Q4 2023SEC
Q4 2023Feb 13, 202428$162.5MBRK.BGOOGMSFTvs. Q3 2023SEC
Q3 2023Oct 12, 202331$152.2MBRK.BGOOGAAPLvs. Q2 2023SEC
Q2 2023Aug 15, 202331$158.7MBRK.BAAPLGOOGvs. Q1 2023SEC
Q1 2023Apr 13, 202329$145.7MBRK.BGLDAAPLvs. Q4 2022SEC
Q4 2022Feb 14, 202328$133.1MBRK.BGLDAlpha Architect ETF Trvs. Q3 2022SEC
Q3 2022Nov 15, 202229$142.6MBRK.BGLDAAPLvs. Q2 2022SEC
Q2 2022Jul 20, 202232$150.8MBRK.BGLDGOOGvs. Q1 2022SEC
Q1 2022Apr 28, 202237$189.1MBRK.BGOOGAAPLvs. Q4 2021SEC
Q4 2021Feb 16, 202245$201.2MBRK.BGOOGAAPLvs. Q3 2021SEC
Q3 2021Nov 15, 202142$189.2MBRK.BGOOGGOOGLvs. Q2 2021SEC
Q2 2021Aug 30, 202142$185.5MBRK.BGOOGAAPLvs. Q1 2021SEC
Q1 2021Apr 13, 202138$168.1MBRK.BGLDGOOG–SEC