Q2 2026 13F · SEC CIK 1510809

Avalon Capital Management

Wealth managerFiled 2026-07-16 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $422.4M
Reported positions: 126
Top holdings a year, 3 yrs: +21.9%
Assets under management: $582.2M

Avalon Capital Management is a wealth manager that reported 126 positions worth $422.4M in its Q2 2026 13F, filed 2026-07-16. Its largest holdings were Alphabet Inc (GOOGL, 12.8%), Vaneck Semiconductor ETF (SMH, 7.4%), Vaneck Gold Miners ETF (GDX, 5.9%). A portfolio copying its top holdings returned 21.9% a year over the last 3 years, against 20.4% for the S&P 500.

Avalon Capital Management holdings largest 50 of 126 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Avalon Capital Management 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
GOOGLAlphabet Inc	12.8%	11.1%	150,922	+10.7%	$53.9M
SMHVaneck Semiconductor ETF	7.4%	5.1%	47,957	+2.7%	$31.5M
GDXVaneck Gold Miners ETF	5.9%	6.5%	331,077	+31.4%	$25.0M
GLDSpdr Gold Shares	5.5%	4.6%	63,245	+68.8%	$23.3M
GOOGAlphabet Inc	5.4%	5.2%	64,136	+0.8%	$22.7M
CSCOCisco Sys Inc	4.3%	3.4%	153,311	+0.0%	$18.0M
LLYLilly Eli & Co	3.9%	2.0%	13,646	+80.0%	$16.4M
AMZNAmazon Com Inc Com	3.6%	3.1%	64,566	+23.6%	$15.4M
IEMGIshares	3.5%	3.4%	176,895	+2.4%	$14.7M
AAPLApple Inc	3.2%	3.3%	46,166	+0.0%	$13.4M
SCHASchwab U.s. Small-Cap ETF	2.9%	—	343,708	—	$12.4M
EMBXVaneck Emerging Markets Bond ETF	2.6%	2.3%	212,985	+30.2%	$10.9M
URAGlobal X Uranium ETF	2.0%	2.6%	193,935	+1.1%	$8.5M
PDBCInvesco Actvely Mngd Etc Fd	1.9%	4.9%	505,048	-49.1%	$8.0M
REMXVaneck ETF Trust	1.9%	2.1%	90,344	+4.7%	$8.0M
PWRDTcw Transform ETF Trust	1.7%	1.5%	59,985	+8.9%	$7.4M
SILGlobal X Fds	1.7%	—	90,973	—	$7.0M
DISVDimensional ETF Trust	1.4%	1.6%	148,758	+0.4%	$6.0M
EEMIshares	1.3%	1.3%	81,554	+0.0%	$5.6M
MSFTMicrosoft Corp	1.2%	1.5%	13,901	-0.2%	$5.2M
DIVOAmplify ETF Tr	1.1%	1.2%	98,852	+1.2%	$4.5M
MOATVaneck ETF Trust	1.0%	1.1%	39,572	+0.0%	$4.1M
RAAXVaneck ETF Trust	0.9%	1.0%	92,066	+1.9%	$3.7M
VPNGlobal X Fds	0.9%	0.8%	120,097	+0.3%	$3.6M
CVXChevron Corp New	0.8%	3.0%	19,791	-61.4%	$3.3M
VTVVanguard Value ETF	0.7%	0.7%	13,963	+5.0%	$3.0M
XLEState Street Energy Select Sector Spdr E	0.7%	—	56,795	—	$3.0M
XBISpdr Series Trust	0.7%	—	18,523	—	$2.9M
GPIXGoldman Sachs ETF Tr	0.7%	0.7%	51,921	+0.0%	$2.9M
NVDANvidia Corporation Com	0.7%	0.7%	13,837	-2.1%	$2.8M
SLVIshares Silver Tr	0.6%	1.0%	50,646	-0.7%	$2.7M
SCJIshares Inc	0.6%	0.6%	24,601	+19.3%	$2.6M
IYWIshares Tr	0.6%	—	10,265	—	$2.6M
GEVGe Vernova Inc	0.6%	0.6%	2,113	-16.4%	$2.5M
SHVIshares Tr	0.6%	—	22,039	—	$2.4M
BRK-BBerkshire Hathaway Inc Del	0.5%	0.6%	4,632	-0.4%	$2.3M
XMEState Street Spdr S&p Metals & Mining Et	0.5%	0.6%	20,960	-0.1%	$2.2M
QQQInvesco Qqq Tr	0.5%	0.4%	2,868	+20.3%	$2.1M
AOKIshares Tr	0.5%	0.6%	50,746	-1.3%	$2.1M
AEMAgnico Eagle Mines Ltd	0.5%	0.7%	12,730	+0.0%	$2.0M
IAUIshares Gold Trust	0.5%	1.1%	25,659	-43.8%	$1.9M
LCRManaged Portfolio Ser	0.4%	0.5%	47,238	-2.0%	$1.9M
DGRWWisdomTree US Quality Dividend Gr ETF To	0.4%	0.5%	18,514	-0.8%	$1.8M
TSMTaiwan Semiconductor Manufac	0.4%	0.3%	3,580	+10.6%	$1.7M
SPYSpdr S&p 500 ETF Tr	0.4%	—	2,136	—	$1.6M
ANETArista Networks Inc	0.4%	—	9,100	—	$1.5M
VVisa Inc Com Cl A	0.4%	0.4%	4,425	+2.0%	$1.5M
QUALIshares Msci USA Quality Factor ETF	0.3%	0.4%	6,316	-3.2%	$1.4M
ILFIshares Tr	0.3%	2.4%	40,535	-83.2%	$1.4M
WPMWheaton Precious Metals	0.3%	—	11,728	—	$1.3M

What Avalon Capital Management bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +33.1% /yr; S&P 500 +20.1%
3 years: +21.9% /yr; S&P 500 +20.4%
5 years: +10.8% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$422.4M	126
Q1 2026	$354.2M	121
Q4 2025	$418.0M	139
Q3 2025	$408.0M	133
Q2 2025	$372.2M	127
Q1 2025	$344.3M	126
Q4 2024	$309.8M	131
Q3 2024	$330.2M	130
Q2 2024	$315.4M	120
Q1 2024	$244.1M	99
Q4 2023	$238.2M	93
Q3 2023	$196.0M	69

Questions about Avalon Capital Management's portfolio

What stocks does Avalon Capital Management own?

Avalon Capital Management's latest 13F, for Q2 2026 and filed Jul 16, 2026, lists 126 positions worth $422.4M. The largest are Alphabet Inc (GOOGL) at 12.8%, Vaneck Semiconductor ETF (SMH) at 7.4%, Vaneck Gold Miners ETF (GDX) at 5.9%, Spdr Gold Shares (GLD) at 5.5% and Alphabet Inc (GOOG) at 5.4%.

What did Avalon Capital Management buy last quarter?

In Q2 2026, Avalon Capital Management added Lilly Eli & Co (LLY) (+80.0% shares), Spdr Gold Shares (GLD) (+68.8% shares) and Vaneck Gold Miners ETF (GDX) (+31.4% shares), compared with its Q1 2026 filing.

What did Avalon Capital Management sell last quarter?

In Q2 2026, Avalon Capital Management cut from its top 50 Amgen Inc Com (AMGN), cut from its top 50 Vaneck ETF Trust (PIT), cut from its top 50 Fedex Corp (FDX), cut from its top 50 Spinnaker ETF Series (EUAD), cut from its top 50 Ishares Tr (EMB), Ishares Tr (ILF) (-83.2% shares), Chevron Corp New (CVX) (-61.4% shares) and Invesco Actvely Mngd Etc Fd (PDBC) (-49.1% shares), compared with its Q1 2026 filing.

How has Avalon Capital Management's portfolio performed?

A portfolio copying Avalon Capital Management's 20 largest 13F holdings each quarter, from the day each filing was public, returned +21.9% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +33.1% against +20.1%. Over 5 years: +10.8% a year against +11.6%.

When is Avalon Capital Management's next 13F filing due?

13F filings are due 45 days after each quarter ends. Avalon Capital Management's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Avalon Capital Management manage?

Avalon Capital Management reported $582.2M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $422.4M.