Q4 2025 · 13F-HR
AVALON CAPITAL MANAGEMENTholdings as filed
Filed 2026-02-11 · accession 0001172661-26-000599
$418.0M
Reported value
139
Positions
2025-12-31
Period end
The Brief · AVALON CAPITAL MANAGEMENT · Q4 2025
AI · grounded in 13F
AVALON CAPITAL MANAGEMENT closed its position in IGV, reducing exposure by $9.8M. The fund established new positions in EMBX for $9.6M and AMGN for $9.5M. Additionally, the manager accumulated shares of LLY, increasing its position by 172.5%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 02079K305 | GOOGL | ALPHABET INC | $43.4M | 10.4% | 138,681 | Common | NONE |
| 92189F106 | GDX | VANECK ETF TRUST | $30.6M | 7.31% | 356,305 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC | $23.0M | 5.50% | 73,281 | Common | NONE |
| 92189F676 | SMH | VANECK ETF TRUST | $18.0M | 4.31% | 50,002 | Common | NONE |
| 78463V107 | GLD | SPDR GOLD TR | $17.3M | 4.15% | 43,729 | Common | NONE |
| 532457108 | LLY | ELI LILLY & CO | $15.3M | 3.66% | 14,223 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $14.8M | 3.54% | 54,379 | Common | NONE |
| 023135106 | AMZN | AMAZON COM INC | $12.9M | 3.09% | 56,030 | Common | NONE |
| 17275R102 | CSCO | CISCO SYS INC | $12.4M | 2.96% | 160,795 | Common | NONE |
| 464287390 | ILF | ISHARES TR | $9.9M | 2.37% | 325,858 | Common | NONE |
| 92107P772 | EMBX | VANECK FDS | $9.6M | 2.31% | 190,349 | Common | NONE |
| 031162100 | AMGN | AMGEN INC | $9.5M | 2.26% | 28,909 | Common | NONE |
| 46138R108 | FXF | INVESCO CURRENCYSHARES SWISS | $9.4M | 2.24% | 83,796 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $9.3M | 2.22% | 19,186 | Common | NONE |
| 81369Y886 | XLU | SELECT SECTOR SPDR TR | $8.0M | 1.92% | 187,998 | Common | NONE |
| 37954Y871 | URA | GLOBAL X FDS | $7.9M | 1.89% | 185,119 | Common | NONE |
| 46434G103 | IEMG | ISHARES INC | $7.5M | 1.80% | 112,119 | Common | NONE |
| 29287L205 | PWRD | TCW ETF TRUST | $6.9M | 1.65% | 71,735 | Common | NONE |
| 92189H805 | REMX | VANECK ETF TRUST | $6.9M | 1.64% | 92,834 | Common | NONE |
| 464286806 | EWG | ISHARES INC | $5.6M | 1.34% | 131,912 | Common | NONE |
| 46428Q109 | SLV | ISHARES SILVER TR | $5.5M | 1.33% | 86,141 | Common | NONE |
| 381430230 | GSST | GOLDMAN SACHS ETF TR | $5.3M | 1.26% | 104,321 | Common | NONE |
| 92189F643 | MOAT | VANECK ETF TRUST | $5.0M | 1.20% | 48,374 | Common | NONE |
| 92189K105 | HODL | VANECK BITCOIN ETF | $4.5M | 1.08% | 182,839 | Common | NONE |
| 464287234 | EEM | ISHARES TR | $4.5M | 1.07% | 81,554 | Common | NONE |
| 46429B598 | INDA | ISHARES TR | $4.3M | 1.04% | 80,150 | Common | NONE |
| 032108409 | DIVO | AMPLIFY ETF TR | $4.3M | 1.03% | 96,527 | Common | NONE |
| 464285204 | IAU | ISHARES GOLD TR | $4.3M | 1.02% | 52,769 | Common | NONE |
| 46137V142 | PHO | INVESCO EXCHANGE TRADED FD T | $4.0M | 0.97% | 57,292 | Common | NONE |
| 893641100 | TDG | TRANSDIGM GROUP INC | $3.7M | 0.89% | 2,782 | Common | NONE |
| 92189F130 | RAAX | VANECK ETF TRUST | $3.1M | 0.74% | 88,819 | Common | NONE |
| 38149W622 | GPIX | GOLDMAN SACHS ETF TR | $2.9M | 0.69% | 54,711 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $2.8M | 0.68% | 5,638 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $2.7M | 0.66% | 14,690 | Common | NONE |
| 464287440 | IEF | ISHARES TR | $2.7M | 0.64% | 27,994 | Common | NONE |
| 84858T772 | EUAD | SPINNAKER ETF SERIES | $2.7M | 0.64% | 63,719 | Common | NONE |
| 008474108 | AEM | AGNICO EAGLE MINES LTD | $2.5M | 0.61% | 14,981 | Common | NONE |
| 37954Y236 | DTCR | GLOBAL X FDS | $2.5M | 0.60% | 117,891 | Common | NONE |
| 464286582 | SCJ | ISHARES INC | $2.4M | 0.58% | 26,321 | Common | NONE |
| 381430529 | GBIL | GOLDMAN SACHS ETF TR | $2.3M | 0.56% | 23,327 | Common | NONE |
| 922020805 | VTIP | VANGUARD MALVERN FDS | $2.3M | 0.56% | 46,924 | Common | NONE |
| 464289867 | AOR | ISHARES TR | $2.2M | 0.53% | 34,207 | Common | NONE |
| 92826C839 | V | VISA INC | $2.2M | 0.52% | 6,207 | Common | NONE |
| 46090E103 | QQQ | INVESCO QQQ TR | $2.1M | 0.51% | 3,476 | Common | NONE |
| 922908744 | VTV | VANGUARD INDEX FDS | $2.0M | 0.48% | 10,541 | Common | NONE |
| 36828A101 | GEV | GE VERNOVA INC | $1.9M | 0.46% | 2,947 | Common | NONE |
| 97717X669 | DGRW | WISDOMTREE TR | $1.9M | 0.45% | 20,883 | Common | NONE |
| 56167R606 | LCR | MANAGED PORTFOLIO SERIES | $1.8M | 0.44% | 48,074 | Common | NONE |
| 422806109 | HEI | HEICO CORP NEW | $1.8M | 0.43% | 5,507 | Common | NONE |
| 46432F339 | QUAL | ISHARES TR | $1.7M | 0.41% | 8,609 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $1.7M | 0.40% | 2,470 | Common | NONE |
| 68389X105 | ORCL | ORACLE CORP | $1.5M | 0.37% | 7,920 | Common | NONE |
| 37960A198 | KROP | GLOBAL X FDS | $1.5M | 0.36% | 49,014 | Common | NONE |
| 464288281 | EMB | ISHARES TR | $1.5M | 0.35% | 15,268 | Common | NONE |
| 78464A334 | BWZ | SPDR SERIES TRUST | $1.4M | 0.34% | 51,535 | Common | NONE |
| 464286327 | SLVP | ISHARES INC | $1.4M | 0.33% | 40,233 | Common | NONE |
| 040413205 | ANET | ARISTA NETWORKS INC | $1.1M | 0.27% | 8,677 | Common | NONE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $1.1M | 0.26% | 1,257 | Common | NONE |
| 37954Y848 | SIL | GLOBAL X FDS | $1.0M | 0.25% | 12,502 | Common | NONE |
| 90384S303 | ULTA | ULTA BEAUTY INC | $1.0M | 0.24% | 1,684 | Common | NONE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $1.0M | 0.24% | 3,319 | Common | NONE |
| 29273V100 | ET | ENERGY TRANSFER L P | $989,400 | 0.24% | 60,000 | Common | NONE |
| 69608A108 | PLTR | PALANTIR TECHNOLOGIES INC | $934,076 | 0.22% | 5,255 | Common | NONE |
| 78464A631 | XAR | SPDR SERIES TRUST | $897,654 | 0.21% | 3,721 | Common | NONE |
| 808524797 | SCHD | SCHWAB STRATEGIC TR | $851,702 | 0.20% | 31,050 | Common | NONE |
| 464288679 | SHV | ISHARES TR | $846,282 | 0.20% | 7,683 | Common | NONE |
| 09260D107 | BX | BLACKSTONE INC | $820,025 | 0.20% | 5,320 | Common | NONE |
| 922040845 | VBIL | VANGUARD INSTL INDEX FD | $798,427 | 0.19% | 10,585 | Common | NONE |
| 06849F108 | B | BARRICK MNG CORP | $766,480 | 0.18% | 17,600 | Common | NONE |
| 422704106 | HL | HECLA MNG CO | $748,448 | 0.18% | 39,002 | Common | NONE |
| 136385101 | CNQ | CANADIAN NAT RES LTD | $719,617 | 0.17% | 21,259 | Common | NONE |
| 30303M102 | META | META PLATFORMS INC | $691,774 | 0.17% | 1,048 | Common | NONE |
| 25434V781 | DISV | DIMENSIONAL ETF TRUST | $657,362 | 0.16% | 17,299 | Common | NONE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $656,323 | 0.16% | 13,219 | Common | NONE |
| 81369Y704 | XLI | SELECT SECTOR SPDR TR | $639,250 | 0.15% | 4,121 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $636,371 | 0.15% | 3,075 | Common | NONE |
| 369604301 | GE | GE AEROSPACE | $634,234 | 0.15% | 2,059 | Common | NONE |
| 55336V100 | MPLX | MPLX LP | $620,960 | 0.15% | 11,635 | Common | NONE |
| 81369Y803 | XLK | SELECT SECTOR SPDR TR | $617,343 | 0.15% | 4,288 | Common | NONE |
| 78464A516 | BWX | SPDR SERIES TRUST | $604,683 | 0.14% | 26,839 | Common | NONE |
| 64110L106 | NFLX | NETFLIX INC | $590,688 | 0.14% | 6,300 | Common | NONE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $553,346 | 0.13% | 5,538 | Common | NONE |
| 46138K103 | FXE | INVESCO CURRENCYSHARES EURO | $537,828 | 0.13% | 4,959 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $512,287 | 0.12% | 4,257 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $511,363 | 0.12% | 1,587 | Common | NONE |
| 464286822 | EWW | ISHARES INC | $496,957 | 0.12% | 7,168 | Common | NONE |
| 922908363 | VOO | VANGUARD INDEX FDS | $476,943 | 0.11% | 761 | Common | NONE |
| 500767306 | KWEB | KRANESHARES TRUST | $470,707 | 0.11% | 13,824 | Common | NONE |
| 92204A702 | VGT | VANGUARD WORLD FD | $459,806 | 0.11% | 610 | Common | NONE |
| 962879102 | WPM | WHEATON PRECIOUS METALS CORP | $446,694 | 0.11% | 3,801 | Common | NONE |
| 063671101 | BMO | BANK MONTREAL QUE | $444,531 | 0.11% | 3,425 | Common | NONE |
| 46429B671 | MCHI | ISHARES TR | $430,882 | 0.10% | 7,173 | Common | NONE |
| 46138G649 | QQQM | INVESCO EXCH TRADED FD TR II | $419,847 | 0.10% | 1,660 | Common | NONE |
| 49456B101 | KMI | KINDER MORGAN INC DEL | $412,350 | 0.10% | 15,000 | Common | NONE |
| 235851102 | DHR | DANAHER CORPORATION | $382,983 | 0.09% | 1,673 | Common | NONE |
| 780287108 | RGLD | ROYAL GOLD INC | $376,559 | 0.09% | 1,694 | Common | NONE |
| 78409V104 | SPGI | S&P GLOBAL INC | $367,903 | 0.09% | 704 | Common | NONE |
| 697900108 | PAAS | PAN AMERN SILVER CORP | $362,670 | 0.09% | 7,000 | Common | NONE |
| 11135F101 | AVGO | BROADCOM INC | $362,367 | 0.09% | 1,047 | Common | NONE |
| 00774Q148 | DMCY | ADVISORS INNER CIRCLE FD III | $360,091 | 0.09% | 11,613 | Common | NONE |
| 92204A306 | VDE | VANGUARD WORLD FD | $351,695 | 0.08% | 2,793 | Common | NONE |
| 443201108 | HWM | HOWMET AEROSPACE INC | $350,174 | 0.08% | 1,708 | Common | NONE |
| 92206C714 | VONV | VANGUARD SCOTTSDALE FDS | $348,986 | 0.08% | 3,781 | Common | NONE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $330,540 | 0.08% | 579 | Common | NONE |
| 025816109 | AXP | AMERICAN EXPRESS CO | $326,296 | 0.08% | 882 | Common | NONE |
| 94106B101 | WCN | WASTE CONNECTIONS INC | $318,629 | 0.08% | 1,817 | Common | NONE |
| 512807306 | LRCX | LAM RESEARCH CORP | $318,566 | 0.08% | 1,861 | Common | NONE |
| 45782C276 | NJUL | INNOVATOR ETFS TRUST | $311,830 | 0.07% | 4,294 | Common | NONE |
| 811916105 | SA | SEABRIDGE GOLD INC | $304,777 | 0.07% | 10,300 | Common | NONE |
| 713448108 | PEP | PEPSICO INC | $302,540 | 0.07% | 2,108 | Common | NONE |
| 922040852 | VGUS | VANGUARD INSTL INDEX FD | $299,672 | 0.07% | 3,971 | Common | NONE |
| 78467X109 | DIA | SPDR DOW JONES INDL AVERAGE | $293,628 | 0.07% | 611 | Common | NONE |
| 921946406 | VYM | VANGUARD WHITEHALL FDS | $289,016 | 0.07% | 2,014 | Common | NONE |
| 35671D857 | FCX | FREEPORT-MCMORAN INC | $283,916 | 0.07% | 5,590 | Common | NONE |
| 084423102 | WRB | BERKLEY W R CORP | $281,181 | 0.07% | 4,010 | Common | NONE |
| 882508104 | TXN | TEXAS INSTRS INC | $280,186 | 0.07% | 1,615 | Common | NONE |
| 81369Y605 | XLF | SELECT SECTOR SPDR TR | $278,286 | 0.07% | 5,081 | Common | NONE |
| 009158106 | APD | AIR PRODS & CHEMS INC | $273,065 | 0.07% | 1,105 | Common | NONE |
| 78464A755 | XME | SPDR SERIES TRUST | $270,111 | 0.06% | 2,607 | Common | NONE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $270,062 | 0.06% | 3,364 | Common | NONE |
| 949746101 | WMT2 | WELLS FARGO CO NEW | $255,927 | 0.06% | 2,746 | Common | NONE |
| 922042858 | VWO | VANGUARD INTL EQUITY INDEX F | $242,243 | 0.06% | 4,506 | Common | NONE |
| 88339J105 | TTD | THE TRADE DESK INC | $234,137 | 0.06% | 6,168 | Common | NONE |
| 12653C108 | CNX | CNX RES CORP | $233,122 | 0.06% | 6,340 | Common | NONE |
| G0403H108 | AON | AON PLC | $232,901 | 0.06% | 660 | Common | NONE |
| 87256C101 | TKO | TKO GROUP HOLDINGS INC | $231,572 | 0.06% | 1,108 | Common | NONE |
| 81369Y407 | XLY | SELECT SECTOR SPDR TR | $229,984 | 0.06% | 1,926 | Common | NONE |
| 22266T109 | CPNG | COUPANG INC | $225,662 | 0.05% | 9,566 | Common | NONE |
| 14316J108 | CG | CARLYLE GROUP INC | $224,914 | 0.05% | 3,805 | Common | NONE |
| 921908844 | VIG | VANGUARD SPECIALIZED FUNDS | $220,220 | 0.05% | 1,002 | Common | NONE |
| 74834L100 | DGX | QUEST DIAGNOSTICS INC | $215,871 | 0.05% | 1,244 | Common | NONE |
| 166764100 | CVX | CHEVRON CORP NEW | $213,526 | 0.05% | 1,401 | Common | NONE |
| 233051879 | ASHR | DBX ETF TR | $213,525 | 0.05% | 6,500 | Common | NONE |
| 92189F601 | NLR | VANECK ETF TRUST | $211,140 | 0.05% | 1,700 | Common | NONE |
| 63900P608 | NRP | NATURAL RESOURCE PARTNERS L | $208,800 | 0.05% | 2,000 | Common | NONE |
| 29287L601 | GRW | TCW ETF TRUST | $208,646 | 0.05% | 6,706 | Common | NONE |
| 011532108 | AGI | ALAMOS GOLD INC NEW | $205,940 | 0.05% | 5,338 | Common | NONE |
| 31488V107 | FERG | FERGUSON ENTERPRISES INC | $205,712 | 0.05% | 924 | Common | NONE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $202,345 | 0.05% | 1,412 | Common | NONE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.