Partners Capital Investment Group, LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Partners Capital Investment Group, LLP reported 162 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, 5.8%) and iShares Core MSCI Emerging (IEMG, 5.5%). Compared with Q2 2025, it opened 10 new positions, sold out of 9, added to 45 and reduced 32. The biggest buy was iShares 0-5 Year Tips Bond E (STIP, shares +13%) and the biggest sale iShares MSCI Emr MRK Ex Chna (EMXC, shares −25%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001694870
Portfolio Value
$2.5B (Q3 2025)
SEC Filing
0001104659-25-104708 ↗ filed Oct 31, 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 Q2 2025 Q3 2025: $2.5B $2.5B Q3 2025 Q4 2025: $2.7B Q4 2025 Q1 2026: $2.7B Q1 2026 Q2 2026: $2.8B Q2 2026

Holdings 162 stocks · $2.5B
IVV iShares Core S&P 500 ETF 20.46% 769,341 $514.9M Reduce -5.6%
VGSH Vanguard Short-Term Treasury 5.78% 2,470,830 $145.4M Reduce -5.7%
IEMG iShares Core MSCI Emerging 5.47% 2,087,514 $137.6M Reduce -8.4%
HEFA Isha Curr Hedged MSCI Eafe 5.25% 3,334,727 $132.1M Add +4.5%
VOO Vanguard S&P 500 ETF 4.82% 197,963 $121.2M Reduce -2.3%
VTV Vanguard Mrngstr Val ETF-Aui 4.57% 616,349 $114.9M Reduce -7.0%
STIP iShares 0-5 Year Tips Bond E 3.79% 923,723 $95.5M Add +13.1%
VT Vanguard Tot World STK ETF 3.21% 586,353 $80.8M Reduce -9.2%
ITOT iShares Core S&P Total U.S. 3.05% 526,649 $76.7M Reduce -9.6%
EMXC iShares MSCI Emr MRK Ex Chna 2.90% 1,081,293 $73.0M Reduce -25.4%
TIP iShares Tips Bond ETF 2.53% 571,851 $63.6M Add +8.9%
IEFA iShares Core MSCI Eafe ETF 2.42% 698,646 $61.0M Reduce -18.0%
DBJP Xtrackers MSCI Japan Hedged 2.34% 691,554 $58.8M Reduce -1.6%
ACWI iShares MSCI Acwi ETF 2.23% 405,964 $56.1M Add +5.4%
IEF iShares 7-10 Year Treasury B 1.63% 424,554 $41.0M Add +7.2%
SPY SS SPDR S&P 500 ETF Trust-US 1.51% 56,862 $37.9M Add +0.3%
SNPS Synopsys Inc. 1.51% 56,862 $37.9M Add +0.3%
REET iShares Global REIT ETF 1.44% 1,413,342 $36.1M Add +5.6%
SGOV iShares 0-3 Month Treasury B 1.24% 311,037 $31.3M Add +18.5%
IAU iShares Gold Trust 1.01% 349,933 $25.5M No change
SUB iShares Short-Term National 0.91% 213,956 $22.8M Add +35.5%
HEWJ Isha Curr Hedged MSCI Japan 0.86% 436,920 $21.5M Reduce -3.9%
EWJ iShares MSCI Japan ETF 0.81% 253,972 $20.4M Reduce -22.4%
VGIT Vanguard Intermediate-Term T 0.78% 326,064 $19.6M Reduce -5.5%
USHY iShares Broad Usd High Yield 0.76% 504,949 $19.1M Add +1.2%
BILS SS Spdrb B 3-12M T-Bill ETF 0.64% 161,239 $16.0M Reduce -45.3%
HAWX iShares Cur HDG MSCI Acwi-X 0.63% 421,211 $15.9M Add +6.1%
SPYX SS SPDR S&P 500 Foss FL ETF 0.62% 285,493 $15.7M Add +48.6%
DXJ Wisdomtree Japan Hedged Eq 0.60% 118,241 $15.1M Reduce -6.2%
XCEM Columbia Em Core Ex-China 0.59% 406,326 $14.8M No change
XLE SS Energy Select Sector 0.52% 146,916 $13.1M Add +0.8%
VNQ Vanguard Real Estate ETF 0.52% 141,786 $13.0M Add +2.2%
EFA iShares MSCI Eafe ETF 0.49% 130,751 $12.2M Reduce -61.6%
IWV iShares Russell 3000 ETF 0.45% 29,764 $11.3M Add +0.3%
VTWO Vanguard Russell 2000 ETF 0.44% 114,119 $11.2M Add +0.3%
MCHI iShares MSCI China ETF 0.44% 167,230 $11.0M No change
PWRD TCW Transform Systems ETF 0.41% 105,340 $10.3M Add +55.6%
MSFT Microsoft Corp. 0.35% 17,053 $8.8M Add +1.0%
IWM iShares Russell 2000 ETF 0.33% 34,255 $8.3M Add +28.8%
ISRA Vaneck Israel ETF 0.31% 145,123 $7.9M No change
SHY iShares 1-3 Year Treasury Bo 0.30% 91,729 $7.6M Reduce -12.3%
META Meta Platforms Inc. Class A 0.29% 9,855 $7.2M No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.29% 78,679 $7.2M Reduce -36.0%
SHV iShares 0-1 Year Treasury Bo 0.27% 61,490 $6.8M Add +1.0%
QQQ Invesco QQQ Trust Series 1 0.26% 11,090 $6.7M Add +1.5%
DBEF Xtrackers MSCI Eafe Hedged E 0.26% 143,246 $6.6M Reduce -6.2%
GOOGL Alphabet Inc. Class A 0.24% 25,276 $6.1M No change
TSM Taiwan Semiconductor-SP ADR 0.24% 21,935 $6.1M No change
EPP iShares MSCI Pacific Ex Japa 0.24% 116,360 $6.0M Reduce -16.0%
VTI VG Morningstar TS MKT ETF-US 0.24% 18,267 $6.0M Add +0.3%
QUAL iShares MSCI USA Quality Fac 0.23% 29,716 $5.8M Add +0.2%
RSP Invesco S&P 500 Equal Weight 0.22% 28,572 $5.4M Add +0.4%
AVGO Broadcom Inc. 0.21% 16,249 $5.4M Add +50.0%
ABLZF Abb Ltd.-Reg 0.21% 74,204 $5.3M No change
NVSEF Novartis AG-Reg 0.21% 42,461 $5.3M No change
URTH iShares MSCI World ETF 0.21% 28,943 $5.3M Reduce -0.1%
ICE Intercontinental Exchange Inc. 0.20% 30,404 $5.1M No change
SCHW Schwab (charles) Corp. 0.20% 53,093 $5.1M No change
V Visa Inc. Class A 0.19% 14,364 $4.9M Add +0.0%
VMC Vulcan Materials Co. 0.19% 15,741 $4.8M No change
BN Brookfield Corp. 0.19% 70,457 $4.8M No change
GPDNF Danone 0.19% 70,457 $4.8M No change
TYL Tyler Technologies Inc. 0.19% 9,197 $4.8M No change
CTVA Corteva Inc. 0.19% 71,127 $4.8M No change
TDG Transdigm Group Inc. 0.19% 3,648 $4.8M No change
URI United Rentals Inc. 0.19% 5,022 $4.8M New
HLT Hilton Worldwide Holdings Inc. 0.19% 18,053 $4.7M New
NWSA News Corp. Class A 0.18% 150,884 $4.6M No change
LIN Linde PLC 0.18% 9,599 $4.6M Add +3.3%
SRLN SS Blackstone Sr Loan ETF 0.18% 109,234 $4.5M Reduce -18.1%
GLD SPDR Gold Shares 0.17% 12,310 $4.4M No change
EEM iShares MSCI Emerging Market 0.17% 80,306 $4.3M New
DE Deere & Co. 0.17% 9,328 $4.3M No change
QSR Restaurant Brands Intern 0.16% 63,878 $4.1M No change
FERG Ferguson Jersey Ltd. 0.16% 17,835 $4.0M No change
TMO Thermo Fisher Scientific Inc. 0.16% 8,056 $3.9M No change
ONC Beone Medicines Ltd.-ADR 0.14% 10,360 $3.5M No change
ESGU iShares ESG Aware MSCI USA 0.14% 23,933 $3.5M Add +0.3%
SPGI S&P Global Inc. 0.14% 7,158 $3.5M New
VPL Vanguard Ftse Pacific ETF 0.14% 39,623 $3.5M Add +0.6%
DBEU Xtrackers MSCI Europe Hedged 0.13% 73,209 $3.4M Reduce -19.6%
MUB iShares National Muni Bond E 0.13% 30,632 $3.3M Add +4.8%
BMY Bristol-Myers Squibb Co. 0.13% 72,210 $3.3M No change
NOW ServiceNow Inc. 0.13% 3,535 $3.3M No change
AAPL Apple Inc. 0.13% 12,423 $3.2M Reduce -1.6%
CRM Salesforce Inc. 0.12% 13,075 $3.1M No change
USMV iShares MSCI USA Min Vol Fac 0.11% 29,220 $2.8M Add +0.4%
VTIP Vanguard Short-Term Tips 0.10% 51,649 $2.6M Reduce -10.2%
ARGX Argenx SE - ADR 0.10% 3,504 $2.6M No change
INCY Incyte Corp. 0.10% 29,579 $2.5M No change
REZ Ishars Res and Multi Reales 0.10% 28,990 $2.5M No change
UTHR United Therapeutics Corp. 0.10% 5,839 $2.4M No change
JBTM JBT Marel Corp. 0.10% 17,252 $2.4M No change
INDA iShares MSCI India ETF 0.09% 41,894 $2.2M No change
KWEB Kranesh Csi China Internet 0.08% 46,890 $2.0M No change
SNAP Snap Inc. Class A 0.07% 218,359 $1.7M Add +53.3%
IEI iShares 3-7 Year Treasury Bo 0.06% 12,644 $1.5M Add +0.9%
IWR iShares Russell Mid-Cap ETF 0.06% 15,178 $1.5M Reduce -14.8%
IGIFF Igm Financial Inc. 0.06% 11,626 $1.5M No change
IGM iShares Expanded Tech Sector 0.06% 11,626 $1.5M No change
HWM Howmet Aerospace Inc. 0.06% 7,200 $1.4M No change
VNQI Vanguard GLBL Ex-US Real Est 0.04% 22,943 $1.1M Add +5.0%
VIG Vanguard Dividend Apprec ETF 0.04% 5,073 $1.1M Add +0.4%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.04% 67,788 $1.1M No change
EWU iShares MSCI United Kingdom 0.04% 24,734 $1.0M Reduce -16.9%
APO Apollo Asset Management Inc. 0.04% 7,391 $985K No change
IVE iShares S&P 500 Value ETF 0.04% 4,361 $901K New
NFLX Netflix Inc. 0.03% 726 $870K No change
SOXX iShares Semiconductor ETF 0.03% 3,189 $865K Add +0.2%
ACWX iShares MSCI Acwi Ex US ETF 0.03% 12,398 $806K No change
BXMT Blackstone Mortgage Tru Class A 0.03% 43,375 $799K Add +2.4%
LLY Eli Lilly & Co. 0.03% 1,014 $774K Add +0.2%
IREN Iren Ltd. filed as IREN LIMITED 0.03% 16,000 $751K New
DIDIY Didi Global Inc. 0.03% 119,566 $744K No change
CQQQ Invesco China Technology ETF 0.03% 12,479 $736K No change
SRVR Pacer Data & Infrastructure 0.03% 22,714 $720K No change
BX Blackstone Inc. 0.03% 4,181 $714K Add +0.1%
IGV iShares Expanded Tech-Softwa 0.03% 6,125 $704K No change
XBI SS SPDR S&P Biotech ETF 0.03% 6,934 $695K No change
INDS Pacer Industrial Real Estate 0.03% 17,137 $638K No change
COIN Coinbase Global Inc. Class A 0.02% 1,858 $627K No change
CMI Cummins Inc. 0.02% 1,329 $561K No change
GM General Motors Co. 0.02% 8,788 $536K No change
STX Seagate Technology Ulc 0.02% 2,254 $532K No change
STX Seagate Technology Holdings 0.02% 2,254 $532K No change
TT Trane Technologies PLC 0.02% 1,212 $511K No change
GFL GFL Environmental Inc.-Sub VT 0.02% 10,507 $498K Add +20.3%
VRT Vertiv Holdings Co. Class A 0.02% 3,281 $495K Reduce -14.5%
WM Waste Management Inc. 0.02% 2,219 $490K Add +23.6%
RSG Republic Services Inc. 0.02% 2,095 $481K Add +24.6%
VST Vistra Corp. 0.02% 2,450 $480K No change
EMR Emerson Electric Co. 0.02% 3,581 $470K No change
NOBL Proshares S&P 500 Dividend A 0.02% 4,543 $468K No change
TSLA Tesla Inc. 0.02% 1,042 $463K No change
CLSK Cleanspark Inc. 0.02% 29,950 $434K No change
EFV iShares MSCI Eafe Value ETF 0.02% 6,324 $429K No change
VWO Vanguard Ftse Emerging Marke 0.02% 7,865 $426K Add +0.5%
GOOG Alphabet Inc. Class C 0.02% 1,727 $421K No change
XEL Xcel Energy Inc. 0.02% 5,211 $420K New
SAFRF Safran SA 0.02% 1,158 $408K No change
PCG P G & E Corp. 0.02% 26,066 $393K No change
CNP Centerpoint Energy Inc. 0.02% 10,112 $392K New
GWRE Guidewire Software Inc. 0.01% 1,529 $351K No change
TEAD Teads Holding Co. 0.01% 209,407 $346K No change
OPEN Opendoor Technologies Inc. 0.01% 41,326 $329K Reduce -23.9%
KKR KKR & Co. Inc. 0.01% 2,529 $329K No change
IBBQ Invesco Nasdaq Biotech ETF 0.01% 12,917 $314K No change
LEN Lennar Corp. Class A 0.01% 2,446 $308K Add +0.5%
URGN Urogen Pharma Ltd. 0.01% 15,384 $307K No change
UBER Uber Technologies Inc. 0.01% 3,063 $300K No change
UE Urban Edge Properties 0.01% 13,147 $269K No change
ETR Entergy Corp. 0.01% 2,827 $263K Reduce -32.9%
C Citigroup Inc. 0.01% 2,432 $247K No change
VFH Vanguard Financials ETF 0.01% 1,877 $246K No change
CBRE CBRE Group Inc. Class A 0.01% 1,484 $234K No change
FC Franklin Covey Co. 0.01% 11,924 $231K No change
BRK.B Berkshire Hathaway Inc. Class B 0.01% 459 $231K Reduce -6.3%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.01% 2,835 $230K Reduce -6.8%
PLTR Palantir Technologies Inc. Class A 0.01% 1,254 $229K New
FOXA Fox Corp. Class A 0.01% 3,509 $221K New
ALLO Allogene Therapeutics Inc. 0.01% 161,597 $200K No change
BTBT Bit Digital Inc. 0.00% 30,000 $90K No change

Portfolio Sells Q2 2025 → Q3 2025
EMXC iShares MSCI Emr MRK Ex Chna Reduce -25.4% 2.90% −0.80
EFA iShares MSCI Eafe ETF Reduce -61.6% 0.49% −0.75
BILS SS Spdrb B 3-12M T-Bill ETF Reduce -45.3% 0.64% −0.55
IEFA iShares Core MSCI Eafe ETF Reduce -18.0% 2.42% −0.45
VGSH Vanguard Short-Term Treasury Reduce -5.7% 5.78% −0.44
VNO Vornado Realty Trust Sold out 0.00% −0.31
SL GREEN REALTY CORP Sold out 0.00% −0.25
MUSA Murphy USA Inc. Sold out 0.00% −0.21
EWJ iShares MSCI Japan ETF Reduce -22.4% 0.81% −0.18
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -36.0% 0.29% −0.17
VTV Vanguard Mrngstr Val ETF-Aui Reduce -7.0% 4.57% −0.17
EXPE Expedia Group Inc. Sold out 0.00% −0.16
USB US Bancorp Sold out 0.00% −0.15
VT Vanguard Tot World STK ETF Reduce -9.2% 3.21% −0.14
ITOT iShares Core S&P Total U.S. Reduce -9.6% 3.05% −0.13
IYW iShares Ustechnology ETF Sold out 0.00% −0.09
FUL H.B. Fuller Co. Sold out 0.00% −0.07
IEMG iShares Core MSCI Emerging Reduce -8.4% 5.47% −0.06
SLQD iShares 0-5 YR Inv GRD Corp. Sold out 0.00% −0.06
VGIT Vanguard Intermediate-Term T Reduce -5.5% 0.78% −0.06
SHY iShares 1-3 Year Treasury Bo Reduce -12.3% 0.30% −0.05
SRLN SS Blackstone Sr Loan ETF Reduce -18.1% 0.18% −0.04
EPP iShares MSCI Pacific Ex Japa Reduce -16.0% 0.24% −0.04
DBEU Xtrackers MSCI Europe Hedged Reduce -19.6% 0.13% −0.03
VTIP Vanguard Short-Term Tips Reduce -10.2% 0.10% −0.01
EXPRO GROUP HOLDINGS NV COM Sold out 0.00% −0.01
IWR iShares Russell Mid-Cap ETF Reduce -14.8% 0.06% −0.01
EWU iShares MSCI United Kingdom Reduce -16.9% 0.04% −0.01
DBEF Xtrackers MSCI Eafe Hedged E Reduce -6.2% 0.26% −0.01
ETR Entergy Corp. Reduce -32.9% 0.01% −0.00
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -6.8% 0.01% −0.00
BRK.B Berkshire Hathaway Inc. Class B Reduce -6.3% 0.01% −0.00
VRT Vertiv Holdings Co. Class A Reduce -14.5% 0.02% −0.00
IVV iShares Core S&P 500 ETF Reduce -5.6% 20.46% +0.00
URTH iShares MSCI World ETF Reduce -0.1% 0.21% +0.01
OPEN Opendoor Technologies Inc. Reduce -23.9% 0.01% +0.01
DXJ Wisdomtree Japan Hedged Eq Reduce -6.2% 0.60% +0.02
AAPL Apple Inc. Reduce -1.6% 0.13% +0.02
HEWJ Isha Curr Hedged MSCI Japan Reduce -3.9% 0.86% +0.03
DBJP Xtrackers MSCI Japan Hedged Reduce -1.6% 2.34% +0.16
VOO Vanguard S&P 500 ETF Reduce -2.3% 4.82% +0.16

Portfolio Buys Q2 2025 → Q3 2025
STIP iShares 0-5 Year Tips Bond E Add +13.1% 3.79% +0.40
HEFA Isha Curr Hedged MSCI Eafe Add +4.5% 5.25% +0.35
SUB iShares Short-Term National Add +35.5% 0.91% +0.23
ACWI iShares MSCI Acwi ETF Add +5.4% 2.23% +0.23
SPYX SS SPDR S&P 500 Foss FL ETF Add +48.6% 0.62% +0.23
TIP iShares Tips Bond ETF Add +8.9% 2.53% +0.19
URI United Rentals Inc. New 0.19% +0.19
HLT Hilton Worldwide Holdings Inc. New 0.19% +0.19
SGOV iShares 0-3 Month Treasury B Add +18.5% 1.24% +0.18
EEM iShares MSCI Emerging Market New 0.17% +0.17
PWRD TCW Transform Systems ETF Add +55.6% 0.41% +0.16
SPGI S&P Global Inc. New 0.14% +0.14
REET iShares Global REIT ETF Add +5.6% 1.44% +0.10
IWM iShares Russell 2000 ETF Add +28.8% 0.33% +0.10
IEF iShares 7-10 Year Treasury B Add +7.2% 1.63% +0.09
AVGO Broadcom Inc. Add +50.0% 0.21% +0.09
SPY SS SPDR S&P 500 ETF Trust-US Add +0.3% 1.51% +0.09
SNPS Synopsys Inc. Add +0.3% 1.51% +0.09
HAWX iShares Cur HDG MSCI Acwi-X Add +6.1% 0.63% +0.07
VTWO Vanguard Russell 2000 ETF Add +0.3% 0.44% +0.04
IVE iShares S&P 500 Value ETF New 0.04% +0.04
IREN Iren Ltd. New 0.03% +0.03
IWV iShares Russell 3000 ETF Add +0.3% 0.45% +0.03
XLE SS Energy Select Sector Add +0.8% 0.52% +0.02
QQQ Invesco QQQ Trust Series 1 Add +1.5% 0.26% +0.02
SNAP Snap Inc. Class A Add +53.3% 0.07% +0.02
XEL Xcel Energy Inc. New 0.02% +0.02
CNP Centerpoint Energy Inc. New 0.02% +0.02
VNQ Vanguard Real Estate ETF Add +2.2% 0.52% +0.02
VTI VG Morningstar TS MKT ETF-US Add +0.3% 0.24% +0.01
MSFT Microsoft Corp. Add +1.0% 0.35% +0.01
QUAL iShares MSCI USA Quality Fac Add +0.2% 0.23% +0.01
PLTR Palantir Technologies Inc. Class A New 0.01% +0.01
FOXA Fox Corp. Class A New 0.01% +0.01
ESGU iShares ESG Aware MSCI USA Add +0.3% 0.14% +0.01
VPL Vanguard Ftse Pacific ETF Add +0.6% 0.14% +0.01
RSP Invesco S&P 500 Equal Weight Add +0.4% 0.22% +0.01
MUB iShares National Muni Bond E Add +4.8% 0.13% +0.01
LIN Linde PLC Add +3.3% 0.18% +0.00
SOXX iShares Semiconductor ETF Add +0.2% 0.03% +0.00
BX Blackstone Inc. Add +0.1% 0.03% +0.00
WM Waste Management Inc. Add +23.6% 0.02% +0.00
VNQI Vanguard GLBL Ex-US Real Est Add +5.0% 0.04% +0.00
RSG Republic Services Inc. Add +24.6% 0.02% +0.00
GFL GFL Environmental Inc.-Sub VT Add +20.3% 0.02% +0.00
VIG Vanguard Dividend Apprec ETF Add +0.4% 0.04% +0.00
USHY iShares Broad Usd High Yield Add +1.2% 0.76% +0.00
LEN Lennar Corp. Class A Add +0.5% 0.01% +0.00
VWO Vanguard Ftse Emerging Marke Add +0.5% 0.02% +0.00
USMV iShares MSCI USA Min Vol Fac Add +0.4% 0.11% 0.00

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