Managers / Q1 2026
AVALON CAPITAL MANAGEMENT
CIK 0001510809 · 495 SEAPORT COURT, SUITE 106, PORT OF REDWOOD CITY, CA, 94063-2785 · 650-306-1500
Reported Value
$354M
Q1 2026
Positions
122
Filings on Record
31
2019–present window
Filed
May 15, 2026
original filing
Summary
Avalon Capital Management reported $354M in U.S.-listed holdings across 122 positions for Q1 2026.
Its largest position, GOOGL, represents 11.1% of the portfolio.
Compared with Q4 2025, the fund opened 11 new positions and exited 29.
Portfolio Metrics
Turnover
+14.6%
vs prior filed quarter
Top-10 Concentration
+50.3%
share of reported value
Largest Position
+11.1%
Alphabet
New / Exited
11 / 29
positions this quarter
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
13F Reported Value
Portfolio Composition
By security type
- ETP · 56.2% · $199M
- Common Stock · 42.7% · $151M
- MLP · 0.6% · $2M
- ADR · 0.4% · $2M
- Other · 0.1% · $217,463
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| INVESCO ACTVELY MNGD ETC FD | NEW | +992.1K | 992.1K | +$17M | $17M |
| VANECK ETF TRUST | NEW | +49.2K | 49.2K | +$4M | $4M |
| FDXFEDEX CORP | NEW | +8.7K | 8.7K | +$3M | $3M |
| AOKISHARES TR | NEW | +51.4K | 51.4K | +$2M | $2M |
| TRLDAVITA INC | NEW | +2.8K | 2.8K | +$431,562 | $431,562 |
| BPBP PLC | NEW | +8.7K | 8.7K | +$406,926 | $406,926 |
| CNRCANADIAN NATL RY CO | NEW | +3.4K | 3.4K | +$350,857 | $350,857 |
| OXYOCCIDENTAL PETE CORP | NEW | +4.2K | 4.2K | +$274,495 | $274,495 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
37 positions
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | VANECK ETF TRUST | GOLD MINERS ETF · SEMICONDUCTR ETF · RARE EARTH AND S · MRNGSTR WDE MOAT · REAL ASSETS ETF · COMMODITY STGY | 16.84% | $60M | 564.0K |
| 2 | GOOGLALPHABET INC | CAP STK CL A · CAP STK CL C | 16.22% | $57M | 200.0K |
| 3 | AOKISHARES TR | LATN AMER 40 ETF · MSCI EMG MKT ETF · CORE 30/70 CONSE · JPMORGAN USD EMG · MSCI USA QLT FCT | 5.06% | $18M | 395.7K |
| 4 | INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 4.85% | $17M | 992.1K |
| 5 | GQ9SPDR GOLD TRhistory → | GOLD SHS | 4.55% | $16M | 37.5K |
| 6 | ISHARES INC | CORE MSCI EMKT · MSCI JAPN SMCETF | 3.97% | $14M | 193.4K |
| 7 | GLOBAL X FDS | GLOBAL X URANIUM · DATA CTR & DIGIT | 3.43% | $12M | 311.5K |
| 8 | CSCOCISCO SYS INChistory → | COM | 3.36% | $12M | 153.3K |
| 9 | AAPLAPPLE INChistory → | COM | 3.31% | $12M | 46.2K |
| 10 | AMZNAMAZON COM INChistory → | COM | 3.07% | $11M | 52.3K |
| 11 | CHVCHEVRON CORPORATIONhistory → | COM | 2.99% | $11M | 51.2K |
| 12 | VANECK FDS | EMERGING MARKETS | 2.31% | $8M | 163.6K |
| 13 | LLYELI LILLY & COhistory → | COM | 1.97% | $7M | 7.6K |
| 14 | DISVDIMENSIONAL ETF TRUSThistory → | INTL SMALL CAP V | 1.65% | $6M | 148.1K |
| 15 | TCW ETF TRUST | TRANSFORM SYSTEM | 1.52% | $5M | 55.1K |
| 16 | MSFTMICROSOFT CORPhistory → | COM | 1.45% | $5M | 13.9K |
| 17 | AMPLIFY ETF TR | CWP ENHANCED DIV | 1.24% | $4M | 97.7K |
| 18 | AMGNAMGEN INChistory → | COM | 1.23% | $4M | 12.4K |
| 19 | IAU*ISHARES GOLD TRhistory → | ISHARES NEW | 1.14% | $4M | 45.7K |
| 20 | GOLDMAN SACHS ETF TR | S&P 500 PREMIUM · ULTRA SHORT BOND | 1.09% | $4M | 76.8K |
| 21 | SLVISHARES SILVER TR | ISHARES | 0.98% | $3M | 51.0K |
| 22 | FDXFEDEX CORP | COM | 0.87% | $3M | 8.7K |
| 23 | VTVVANGUARD INDEX FDS | VALUE ETF | 0.74% | $3M | 13.3K |
| 24 | AEMAGNICO EAGLE MINES LTD | COM | 0.73% | $3M | 12.7K |
| 25 | NVDANVIDIA CORPORATION | COM | 0.70% | $2M | 14.1K |
| 26 | SPINNAKER ETF SERIES | SELECT STOXX EUR | 0.65% | $2M | 56.9K |
| 27 | SPDR SERIES TRUST | STATE STREET SPD | 0.64% | $2M | 21.0K |
| 28 | BRK/BBERKSHIRE HATHAWAY INC DEL | CL B NEW | 0.63% | $2M | 4.6K |
| 29 | GEVGE VERNOVA INC | COM | 0.62% | $2M | 2.5K |
| 30 | MANAGED PORTFOLIO SERIES | LEUTHOLD CORE ET | 0.51% | $2M | 48.2K |
| 31 | WISDOMTREE TR | US QTLY DIV GRT | 0.46% | $2M | 18.7K |
| 32 | NDQINVESCO QQQ TR | UNIT SER 1 | 0.39% | $1M | 2.4K |
| 33 | VVISA INC | COM CL A | 0.37% | $1M | 4.3K |
| 34 | CRCCANADIAN NAT RES LTD MED TER | COM | 0.37% | $1M | 26.5K |
| 35 | COSTCOSTCO WHOLESALE CORPORATION | COM | 0.35% | $1M | 1.3K |
| 36 | ETENERGY TRANSFER L P | COM UT LTD PTN | 0.33% | $1M | 60.0K |
| 37 | TSMTAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 0.31% | $1M | 3.2K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $354M | 122 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $418M | 139 | Feb 11, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $408M | 133 | Oct 22, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $372M | 127 | Aug 7, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $344M | 126 | May 7, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $310M | 131 | Feb 4, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $330M | 130 | Nov 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $315M | 120 | Jul 24, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $244M | 99 | Apr 17, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $238M | 93 | Jan 12, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $214M | 54 | Jul 27, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $195M | 52 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $199M | 54 | Jan 30, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $209M | 60 | Oct 19, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $244M | 60 | Jul 26, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $261M | 71 | May 10, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $227M | 60 | Feb 7, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $178M | 43 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $119M | 34 | Jul 19, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $107M | 21 | Apr 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $106M | 24 | Jan 22, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $108M | 25 | Oct 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $102M | 23 | Jul 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $84M | 21 | Apr 20, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $82M | 33 | Feb 4, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $85M | 36 | Oct 7, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $88M | 33 | Jul 12, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $118M | 42 | Apr 12, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $94M | 36 | Jan 16, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.