Menlo Advisors LLC is an SEC-registered investment adviser based in Menlo Park, CA that reports managing 1 hedge fund on Form ADV. It reports $369.7 million in regulatory assets under management. Its private funds, of all types, hold $9.6 million in gross assets. Its disclosed U.S. stock holdings returned an estimated -1.7% 2025 YTD through Jun 30 (S&P 500: +5.4%), based on 13F filings. Over a longer period they returned an estimated +6.8% from Q3 2024 to Q2 2025, compared with +13.5% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $369.7 millionForm ADV Item 5.F
- Gross assets of private funds
- $9.6 millionAll private fund types, Form ADV
- Hedge funds managed
- 11 private funds in total
- Employees
- 2Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 122721
- Latest Form ADV
- 03/31/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2025 | -1.9% | +10.4% |
| Q1 2025 | +0.2% | -4.5% |
| Q4 2024 | +1.1% | +2.1% |
| Q3 2024 | +7.6% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Largest disclosed holdings
- Berkshire Hathaway Inc Del CL B New$25.6 million
- SPDR Gold Shares ETF$14.8 million
- Alphabet, Inc Non-voting Class$13.7 million
- Microsoft Corp Com$13.5 million
- Vaneck Vectors ETF TR Gold Min$12.3 million
- Alphabet, Inc Voting Class$11.2 million
- Alpha Architect U.S. Quantitative Value ETF$10.9 million
- Apple Inc Com$10.9 million
- Abbott Labs Com$9.2 million
- KKR & Co Inc CL A$7.2 million
As of 2025-06-30, from 13F filing by Menlo Advisors LLC.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. HedgeMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures