Partners Capital Investment Group, LLP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Partners Capital Investment Group, LLP reported 161 stock positions worth $2.5 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 20.5% of the portfolio, followed by Vanguard Short-Term Treasury (VGSH, 6.2%) and iShares Core MSCI Emerging (IEMG, 5.5%). Compared with Q1 2025, it opened 18 new positions, sold out of 39, added to 20 and reduced 105. The biggest buy was iShares Core MSCI Eafe ETF (IEFA, shares +147%) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −96%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001694870
Portfolio Value
$2.5B (Q2 2025)
SEC Filing
0001104659-25-078417 ↗ filed Aug 14, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $5.9B Q2 2024 Q3 2024: $6.3B Q3 2024 Q4 2024: $3.6B Q4 2024 Q1 2025: $5.9B Q1 2025 Q2 2025: $2.5B $2.5B Q2 2025 Q3 2025: $2.5B Q3 2025 Q4 2025: $2.7B Q4 2025 Q1 2026: $2.7B Q1 2026 Q2 2026: $2.8B Q2 2026

Holdings 161 stocks · $2.5B
IVV iShares Core S&P 500 ETF 20.46% 815,096 $506.1M Reduce -61.0%
VGSH Vanguard Short-Term Treasury 6.22% 2,618,804 $153.9M Reduce -41.7%
IEMG iShares Core MSCI Emerging 5.53% 2,278,484 $136.8M Reduce -47.5%
HEFA Isha Curr Hedged MSCI Eafe 4.90% 3,190,737 $121.1M Reduce -47.6%
VTV Vanguard Mrngstr Val ETF-Aui 4.74% 662,810 $117.1M Reduce -60.1%
VOO Vanguard S&P 500 ETF 4.65% 202,662 $115.1M Reduce -72.0%
EMXC iShares MSCI Emr MRK Ex Chna 3.70% 1,449,780 $91.5M Reduce -63.8%
STIP iShares 0-5 Year Tips Bond E 3.40% 816,725 $84.0M Reduce -17.9%
VT Vanguard Tot World STK ETF 3.35% 645,450 $83.0M Reduce -73.3%
ITOT iShares Core S&P Total U.S. 3.18% 582,276 $78.6M Reduce -50.1%
IEFA iShares Core MSCI Eafe ETF 2.88% 852,010 $71.1M Add +147.4%
TIP iShares Tips Bond ETF 2.33% 524,888 $57.8M Reduce -48.7%
DBJP Xtrackers MSCI Japan Hedged 2.17% 702,840 $53.7M Reduce -59.5%
ACWI iShares MSCI Acwi ETF 2.00% 385,120 $49.5M Add +49.9%
IEF iShares 7-10 Year Treasury B 1.53% 396,173 $37.9M Reduce -58.2%
SPY SS SPDR S&P 500 ETF Trust-US 1.42% 56,706 $35.0M Reduce -73.9%
SNPS Synopsys Inc. 1.42% 56,706 $35.0M Reduce -35.9%
REET iShares Global REIT ETF 1.34% 1,338,032 $33.0M Reduce -57.8%
EFA iShares MSCI Eafe ETF 1.23% 340,560 $30.4M New
BILS SS Spdrb B 3-12M T-Bill ETF 1.19% 294,974 $29.3M Reduce -50.0%
SGOV iShares 0-3 Month Treasury B 1.07% 262,451 $26.4M Reduce -82.9%
EWJ iShares MSCI Japan ETF 0.99% 327,359 $24.5M Reduce -47.1%
VGIT Vanguard Intermediate-Term T 0.83% 344,943 $20.6M Reduce -46.7%
HEWJ Isha Curr Hedged MSCI Japan 0.82% 454,634 $20.4M Reduce -66.4%
USHY iShares Broad Usd High Yield 0.76% 498,961 $18.7M Reduce -59.4%
SUB iShares Short-Term National 0.68% 157,870 $16.8M Reduce -18.6%
DXJ Wisdomtree Japan Hedged Eq 0.58% 126,036 $14.4M Reduce -55.1%
HAWX iShares Cur HDG MSCI Acwi-X 0.57% 397,056 $14.0M Add +8.3%
XCEM Columbia Em Core Ex-China 0.56% 406,326 $13.9M Reduce -27.4%
XLE SS Energy Select Sector 0.50% 145,718 $12.4M Add +0.8%
VNQ Vanguard Real Estate ETF 0.50% 138,725 $12.4M Reduce -46.1%
BIL SS SPDR BB 1-3M T-Bill ETF 0.46% 123,000 $11.3M Reduce -95.6%
IWV iShares Russell 3000 ETF 0.42% 29,690 $10.4M Reduce -16.7%
VTWO Vanguard Russell 2000 ETF 0.40% 113,810 $9.9M Reduce -59.1%
SPYX SS SPDR S&P 500 Foss FL ETF 0.40% 192,077 $9.8M Reduce -77.1%
MCHI iShares MSCI China ETF 0.37% 167,230 $9.2M Reduce -49.4%
SHY iShares 1-3 Year Treasury Bo 0.35% 104,613 $8.7M Reduce -70.0%
MSFT Microsoft Corp. 0.34% 16,878 $8.4M Reduce -7.3%
VNO Vornado Realty Trust 0.31% 203,558 $7.8M No change
ISRA Vaneck Israel ETF 0.30% 145,123 $7.5M Reduce -50.0%
META Meta Platforms Inc. Class A 0.29% 9,855 $7.3M Reduce -48.8%
EPP iShares MSCI Pacific Ex Japa 0.28% 138,569 $6.8M Reduce -48.1%
SHV iShares 0-1 Year Treasury Bo 0.27% 60,905 $6.7M Reduce -49.5%
DBEF Xtrackers MSCI Eafe Hedged E 0.27% 152,638 $6.7M Reduce -32.5%
SL GREEN REALTY CORP 0.25% 101,607 $6.3M No change
PWRD TCW Transform Systems ETF 0.25% 67,705 $6.1M New
QQQ Invesco QQQ Trust Series 1 0.24% 10,922 $6.0M Reduce -45.8%
IWM iShares Russell 2000 ETF 0.23% 26,595 $5.7M Reduce -57.7%
ICE Intercontinental Exchange Inc. 0.23% 30,404 $5.6M Reduce -58.6%
SRLN SS Blackstone Sr Loan ETF 0.22% 133,464 $5.6M Reduce -91.8%
TDG Transdigm Group Inc. 0.22% 3,648 $5.5M Reduce -55.7%
VTI VG Morningstar TS MKT ETF-US 0.22% 18,213 $5.5M Reduce -49.7%
TYL Tyler Technologies Inc. 0.22% 9,197 $5.5M New
QUAL iShares MSCI USA Quality Fac 0.22% 29,658 $5.4M Reduce -70.8%
CTVA Corteva Inc. 0.21% 71,127 $5.3M Reduce -56.1%
RSP Invesco S&P 500 Equal Weight 0.21% 28,448 $5.2M Reduce -43.4%
NVSEF Novartis AG-Reg 0.21% 42,461 $5.1M Reduce -7.9%
MUSA Murphy USA Inc. 0.21% 12,594 $5.1M New
V Visa Inc. Class A 0.21% 14,363 $5.1M Reduce -55.8%
TSM Taiwan Semiconductor-SP ADR 0.20% 21,935 $5.0M Reduce -58.5%
URTH iShares MSCI World ETF 0.20% 28,981 $4.9M Reduce -83.5%
SCHW Schwab (charles) Corp. 0.20% 53,093 $4.8M New
DE Deere & Co. 0.19% 9,328 $4.7M Reduce -58.5%
NWSA News Corp. Class A 0.18% 150,884 $4.5M Reduce -7.9%
GOOGL Alphabet Inc. Class A 0.18% 25,276 $4.5M Reduce -57.4%
ABLZF Abb Ltd.-Reg 0.18% 74,204 $4.4M Reduce -8.2%
LIN Linde PLC 0.18% 9,296 $4.4M Add +1108.8%
BN Brookfield Corp. 0.18% 70,457 $4.4M Reduce -56.9%
GPDNF Danone 0.18% 70,457 $4.4M Reduce -8.2%
QSR Restaurant Brands Intern 0.17% 63,878 $4.2M Reduce -56.2%
VMC Vulcan Materials Co. 0.17% 15,741 $4.1M Reduce -55.9%
DBEU Xtrackers MSCI Europe Hedged 0.16% 90,998 $4.0M Reduce -43.4%
EXPE Expedia Group Inc. 0.16% 23,273 $3.9M Reduce -8.2%
FERG Ferguson Jersey Ltd. 0.16% 17,835 $3.9M New
GLD SPDR Gold Shares 0.15% 12,310 $3.8M Reduce -50.0%
USB US Bancorp 0.15% 82,331 $3.7M Reduce -56.2%
NOW ServiceNow Inc. 0.15% 3,535 $3.6M Reduce -44.2%
CRM Salesforce Inc. 0.14% 13,075 $3.6M Reduce -56.7%
BMY Bristol-Myers Squibb Co. 0.14% 72,210 $3.3M Reduce -56.9%
TMO Thermo Fisher Scientific Inc. 0.13% 8,056 $3.3M Reduce -57.0%
VPL Vanguard Ftse Pacific ETF 0.13% 39,385 $3.2M Reduce -19.0%
ESGU iShares ESG Aware MSCI USA 0.13% 23,873 $3.2M Reduce -95.9%
MUB iShares National Muni Bond E 0.12% 29,222 $3.1M Reduce -68.1%
AVGO Broadcom Inc. 0.12% 10,834 $3.0M Reduce -54.1%
VTIP Vanguard Short-Term Tips 0.12% 57,514 $2.9M Add +119.3%
USMV iShares MSCI USA Min Vol Fac 0.11% 29,108 $2.7M Add +0.4%
AAPL Apple Inc. 0.10% 12,620 $2.6M Reduce -6.7%
ONC Beone Medicines Ltd.-ADR 0.10% 10,360 $2.5M Reduce -56.7%
REZ Ishars Res and Multi Reales 0.10% 28,990 $2.4M Reduce -50.0%
INDA iShares MSCI India ETF 0.09% 41,894 $2.3M Reduce -50.0%
IYW iShares Ustechnology ETF 0.09% 13,367 $2.3M Reduce -87.4%
JBTM JBT Marel Corp. 0.08% 17,252 $2.1M Reduce -57.6%
INCY Incyte Corp. 0.08% 29,579 $2.0M Reduce -8.2%
ARGX Argenx SE - ADR 0.08% 3,504 $1.9M Reduce -56.9%
FUL H.B. Fuller Co. filed as FULLER H B CO 0.07% 28,283 $1.7M Reduce -56.4%
UTHR United Therapeutics Corp. 0.07% 5,839 $1.7M Reduce -8.2%
IWR iShares Russell Mid-Cap ETF 0.07% 17,823 $1.6M Reduce -43.7%
KWEB Kranesh Csi China Internet 0.07% 46,890 $1.6M Reduce -50.0%
IEI iShares 3-7 Year Treasury Bo 0.06% 12,534 $1.5M Reduce -49.6%
SLQD iShares 0-5 YR Inv GRD Corp. 0.06% 27,805 $1.4M Reduce -87.6%
HWM Howmet Aerospace Inc. 0.05% 7,200 $1.3M Reduce -50.0%
IGIFF Igm Financial Inc. 0.05% 11,626 $1.3M New
IGM iShares Expanded Tech Sector 0.05% 11,626 $1.3M New
SNAP Snap Inc. Class A 0.05% 142,441 $1.2M No change
EWU iShares MSCI United Kingdom 0.05% 29,769 $1.2M Reduce -78.8%
APO Apollo Asset Management Inc. 0.04% 7,391 $1.0M No change
VIG Vanguard Dividend Apprec ETF 0.04% 5,052 $1.0M No change
VNQI Vanguard GLBL Ex-US Real Est 0.04% 21,861 $1.0M Reduce -45.0%
NFLX Netflix Inc. 0.04% 726 $972K Reduce -3.3%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.04% 67,788 $930K No change
BXMT Blackstone Mortgage Tru Class A 0.03% 42,373 $816K Reduce -48.7%
LLY Eli Lilly & Co. 0.03% 1,012 $789K Reduce -49.9%
SOXX iShares Semiconductor ETF 0.03% 3,183 $760K New
ACWX iShares MSCI Acwi Ex US ETF 0.03% 12,398 $756K Reduce -77.4%
SRVR Pacer Data & Infrastructure 0.03% 22,714 $734K Reduce -50.0%
IGV iShares Expanded Tech-Softwa 0.03% 6,125 $671K New
COIN Coinbase Global Inc. Class A 0.03% 1,858 $651K No change
INDS Pacer Industrial Real Estate 0.03% 17,137 $634K Reduce -50.0%
BX Blackstone Inc. 0.03% 4,176 $625K Add +3.1%
DIDIY Didi Global Inc. 0.02% 119,566 $586K No change
XBI SS SPDR S&P Biotech ETF 0.02% 6,934 $575K Reduce -50.0%
CQQQ Invesco China Technology ETF 0.02% 12,479 $552K Reduce -7.9%
TT Trane Technologies PLC 0.02% 1,212 $530K Add +14.4%
TEAD Teads Holding Co. 0.02% 209,407 $519K No change
VRT Vertiv Holdings Co. Class A 0.02% 3,838 $493K New
EMR Emerson Electric Co. 0.02% 3,581 $477K Add +11.6%
VST Vistra Corp. 0.02% 2,450 $475K Reduce -18.3%
NOBL Proshares S&P 500 Dividend A 0.02% 4,543 $457K Reduce -50.0%
GFL GFL Environmental Inc.-Sub VT 0.02% 8,733 $441K Add +7.8%
CMI Cummins Inc. 0.02% 1,329 $435K Add +9.9%
GM General Motors Co. 0.02% 8,788 $432K Add +12.5%
RSG Republic Services Inc. 0.02% 1,681 $415K Add +4.5%
WM Waste Management Inc. 0.02% 1,795 $411K New
EFV iShares MSCI Eafe Value ETF 0.02% 6,324 $401K Reduce -50.0%
VWO Vanguard Ftse Emerging Marke 0.02% 7,825 $387K Reduce -93.6%
SAFRF Safran SA 0.02% 1,158 $377K Reduce -1.4%
PCG P G & E Corp. 0.01% 26,066 $363K Add +38.6%
GWRE Guidewire Software Inc. 0.01% 1,529 $360K No change
ETR Entergy Corp. 0.01% 4,215 $350K Add +10.4%
KKR KKR & Co. Inc. 0.01% 2,529 $336K No change
TSLA Tesla Inc. 0.01% 1,042 $331K New
CLSK Cleanspark Inc. 0.01% 29,950 $330K No change
STX Seagate Technology Ulc 0.01% 2,254 $325K New
STX Seagate Technology Holdings 0.01% 2,254 $325K New
GOOG Alphabet Inc. Class C 0.01% 1,727 $306K Add +0.1%
UBER Uber Technologies Inc. 0.01% 3,063 $286K No change
IBBQ Invesco Nasdaq Biotech ETF 0.01% 12,917 $273K Reduce -50.0%
FC Franklin Covey Co. 0.01% 11,924 $272K No change
LEN Lennar Corp. Class A 0.01% 2,435 $269K Add +0.5%
UE Urban Edge Properties 0.01% 13,147 $245K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.01% 3,041 $245K Reduce -88.8%
VFH Vanguard Financials ETF 0.01% 1,877 $239K No change
BRK.B Berkshire Hathaway Inc. Class B 0.01% 490 $238K Add +6.8%
URGN Urogen Pharma Ltd. 0.01% 15,384 $211K No change
CBRE CBRE Group Inc. Class A 0.01% 1,484 $208K New
C Citigroup Inc. 0.01% 2,432 $207K New
EXPRO GROUP HOLDINGS NV COM 0.01% 1,174 $202K No change
ALLO Allogene Therapeutics Inc. 0.01% 161,597 $183K Reduce -36.6%
BTBT Bit Digital Inc. 0.00% 30,000 $66K New
OPEN Opendoor Technologies Inc. 0.00% 54,324 $29K Reduce -41.2%
IAU iShares Gold Trust 0.00% 349,933 $22K Add +31.0%

Portfolio Sells Q1 2025 → Q2 2025
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -95.6% 0.46% −3.90
VOO Vanguard S&P 500 ETF Reduce -72.0% 4.65% −1.64
SGOV iShares 0-3 Month Treasury B Reduce -82.9% 1.07% −1.55
VT Vanguard Tot World STK ETF Reduce -73.3% 3.35% −1.39
VWSUX Vangrd Ultra SH TM TX Ex-Adm Sold out 0.00% −1.37
ESGU iShares ESG Aware MSCI USA Reduce -95.9% 0.13% −1.07
SRLN SS Blackstone Sr Loan ETF Reduce -91.8% 0.22% −0.90
VIPIX Vanguard Infl Proct Sec-Inst Sold out 0.00% −0.89
VINIX Vanguard Inst Index-Inst Sold out 0.00% −0.80
ESGV Vanguard ESG US Stock ETF Sold out 0.00% −0.73
SPY SS SPDR S&P 500 ETF Trust-US Reduce -73.9% 1.42% −0.64
VFIAX Vanguard 500 Index-Adm Sold out 0.00% −0.49
VSGX Vanguard ESG Intl Stock ETF Sold out 0.00% −0.40
APHKX Artisan Intl Val-Inst Sold out 0.00% −0.33
ESGD iShares Trust iShares ESG Aw Sold out 0.00% −0.31
DBLTX Doubleline TTL RTRN BND-I Sold out 0.00% −0.29
TLT iShares 20+ Year Treasury BD Sold out 0.00% −0.27
URTH iShares MSCI World ETF Reduce -83.5% 0.20% −0.26
SPYX SS SPDR S&P 500 Foss FL ETF Reduce -77.1% 0.40% −0.25
POSIX Principal GLBL R/E Sec-Inst Sold out 0.00% −0.20
VWIUX Vanguard I/T Tax Exmpt-Adm Sold out 0.00% −0.19
ESGE iShares Inc. iShares ESG Awar Sold out 0.00% −0.19
JPM JPMorgan Chase & Co. Sold out 0.00% −0.17
IYW iShares Ustechnology ETF Reduce -87.4% 0.09% −0.16
APLD Applied Digital Corp. Sold out 0.00% −0.15
SHY iShares 1-3 Year Treasury Bo Reduce -70.0% 0.35% −0.14
HEWJ Isha Curr Hedged MSCI Japan Reduce -66.4% 0.82% −0.14
CSX CSX Corp. Sold out 0.00% −0.14
SLQD iShares 0-5 YR Inv GRD Corp. Reduce -87.6% 0.06% −0.13
VTV Vanguard Mrngstr Val ETF-Aui Reduce -60.1% 4.74% −0.12
VLUE iShares MSCI USA Value Facto Sold out 0.00% −0.10
IVE iShares S&P 500 Value ETF Sold out 0.00% −0.09
VWO Vanguard Ftse Emerging Marke Reduce -93.6% 0.02% −0.08
INTU Intuit Inc. Sold out 0.00% −0.08
VAIPX Vanguard Infl Proct Sec-Adm Sold out 0.00% −0.07
QUAL iShares MSCI USA Quality Fac Reduce -70.8% 0.22% −0.07
DGEAF Diageo PLC Sold out 0.00% −0.07
IJR iShares Core S&P Small-Cap E Sold out 0.00% −0.06
ASEA Global X Ftse Southeast Asia Sold out 0.00% −0.06
XOM Exxon Mobil Corp. Sold out 0.00% −0.06
EGFIX Edgewood Growth Fund-Inst Sold out 0.00% −0.06
EWU iShares MSCI United Kingdom Reduce -78.8% 0.05% −0.04
MUB iShares National Muni Bond E Reduce -68.1% 0.12% −0.04
BMY Bristol-Myers Squibb Co. Reduce -56.9% 0.14% −0.04
EFAX State Street SPDR MSCI Eafe Sold out 0.00% −0.03
GSIMX Gldmn SCHS GQG PRT Intl-Inst Sold out 0.00% −0.03
VFIRX Vanguard SHRT TRM Treas-Adm Sold out 0.00% −0.03
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -88.8% 0.01% −0.03
TMO Thermo Fisher Scientific Inc. Reduce -57.0% 0.13% −0.03
EMXC iShares MSCI Emr MRK Ex Chna Reduce -63.8% 3.70% −0.02

Portfolio Buys Q1 2025 → Q2 2025
IEFA iShares Core MSCI Eafe ETF Add +147.4% 2.88% +2.43
ACWI iShares MSCI Acwi ETF Add +49.9% 2.00% +1.50
EFA iShares MSCI Eafe ETF New 1.23% +1.23
HAWX iShares Cur HDG MSCI Acwi-X Add +8.3% 0.57% +0.36
XLE SS Energy Select Sector Add +0.8% 0.50% +0.27
PWRD TCW Transform Systems ETF New 0.25% +0.25
TYL Tyler Technologies Inc. New 0.22% +0.22
MUSA Murphy USA Inc. New 0.21% +0.21
SCHW Schwab (charles) Corp. New 0.20% +0.20
LIN Linde PLC Add +1108.8% 0.18% +0.17
FERG Ferguson Jersey Ltd. New 0.16% +0.16
VTIP Vanguard Short-Term Tips Add +119.3% 0.12% +0.09
USMV iShares MSCI USA Min Vol Fac Add +0.4% 0.11% +0.06
IGIFF Igm Financial Inc. New 0.05% +0.05
IGM iShares Expanded Tech Sector New 0.05% +0.05
SOXX iShares Semiconductor ETF New 0.03% +0.03
IGV iShares Expanded Tech-Softwa New 0.03% +0.03
VRT Vertiv Holdings Co. Class A New 0.02% +0.02
WM Waste Management Inc. New 0.02% +0.02
BX Blackstone Inc. Add +3.1% 0.03% +0.02
TT Trane Technologies PLC Add +14.4% 0.02% +0.02
EMR Emerson Electric Co. Add +11.6% 0.02% +0.01
TSLA Tesla Inc. New 0.01% +0.01
STX Seagate Technology Ulc New 0.01% +0.01
STX Seagate Technology Holdings New 0.01% +0.01
GM General Motors Co. Add +12.5% 0.02% +0.01
CMI Cummins Inc. Add +9.9% 0.02% +0.01
GFL GFL Environmental Inc.-Sub VT Add +7.8% 0.02% +0.01
RSG Republic Services Inc. Add +4.5% 0.02% +0.01
PCG P G & E Corp. Add +38.6% 0.01% +0.01
ETR Entergy Corp. Add +10.4% 0.01% +0.01
CBRE CBRE Group Inc. Class A New 0.01% +0.01
C Citigroup Inc. New 0.01% +0.01
GOOG Alphabet Inc. Class C Add +0.1% 0.01% +0.01
LEN Lennar Corp. Class A Add +0.5% 0.01% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +6.8% 0.01% +0.01
BTBT Bit Digital Inc. New 0.00% +0.00
IAU iShares Gold Trust Add +31.0% 0.00% −0.27

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 186$2.8BIVV, IEMG, VGSH, HEFA, VTV
Q1 2026 174$2.7BIVV, VGSH, IEMG, HEFA, VTV
Q4 2025 166$2.7BIVV, VGSH, HEFA, IEMG, STIP
Q3 2025 162$2.5BIVV, VGSH, IEMG, HEFA, VOO
Q2 2025 161$2.5BIVV, VGSH, IEMG, HEFA, VTV
Q1 2025 182$5.9BIVV, VOO, VTV, VT, VGSH
Q4 2024 125$3.6BIVV, VOO, EMXC, BIL, VT
Q3 2024 177$6.3BIVV, VOO, EMXC, VGSH, VT
Q2 2024 186$5.9BIVV, EMXC, VOO, VGSH, VTV
Q1 2024 139$3.3BIVV, EMXC, IRRRF, VTV, VGSH