Perennial Advisors, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 14, 2025), Perennial Advisors, LLC reported 112 stock positions worth $500.9 million. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Apple (AAPL, 5.5%) and Berkshire Hathaway Class A (BRK.A, 5.3%). Compared with Q4 2024, it opened 38 new positions, sold out of 2, added to 37 and reduced 29. The biggest buy was a new position in Berkshire Hathaway Class A (BRK.A) and the biggest sale Apple (AAPL, shares −1%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001697360
Portfolio Value
$500.9M (Q1 2025)
SEC Filing
0001697360-25-000002 ↗ filed Apr 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $429.7M Q1 2024 Q2 2024: $445.9M Q2 2024 Q4 2024: $459.4M Q4 2024 Q1 2025: $500.9M $500.9M Q1 2025 Q2 2025: $537.8M Q2 2025 Q3 2025: $576.9M Q3 2025 Q4 2025: $596.4M Q4 2025 Q1 2026: $582.6M Q1 2026 Q2 2026: $643.2M Q2 2026

Holdings 112 stocks · $500.9M
MSFT Microsoft Corp. 5.69% 75,924 $28.5M Add +1.3%
AAPL Apple Inc. 5.50% 124,020 $27.5M Reduce -1.4%
BRK.A Berkshire Hathaway Inc. Class A 5.26% 33 $26.3M New
AMZN Amazon.com Inc. 3.27% 86,204 $16.4M Add +0.9%
FISV Fiserv Inc. 3.21% 72,890 $16.1M Reduce -2.6%
NVDA Nvidia Corp. 3.06% 141,607 $15.3M Reduce -1.1%
GOOG Alphabet Inc. Class C 2.84% 91,148 $14.2M Add +0.8%
MA Mastercard Inc. Class A 2.80% 25,616 $14.0M Reduce -0.6%
JPM JPMorgan Chase & Co. 2.75% 56,122 $13.8M Reduce -1.8%
V Visa Inc. Class A 2.67% 38,150 $13.4M Reduce -1.0%
AXP American Express Co. 2.61% 48,508 $13.1M Reduce -2.9%
KKR KKR & Co. Inc. 2.59% 112,376 $13.0M Reduce -2.4%
GLD SPDR Gold Shares 2.51% 43,564 $12.6M Reduce -1.6%
COST Costco Wholesale Corp. 2.50% 13,230 $12.5M Reduce -3.5%
APH Amphenol Corp. Class A 2.39% 182,161 $11.9M Reduce -0.9%
JPST JPMorgan Ultra-Short Income 1.93% 190,837 $9.7M Add +8.9%
HON Honeywell International Inc. 1.81% 42,896 $9.1M Add +2.2%
APD Air Products & Chemicals Inc. 1.79% 30,340 $8.9M Add +14.3%
MCD McDonald's Corp. 1.68% 26,943 $8.4M Add +0.9%
UNP Union Pacific Corp. 1.67% 35,462 $8.4M Add +1.9%
FLOT iShares Floating Rate Bond E 1.66% 163,200 $8.3M Add +11.3%
JNJ Johnson & Johnson 1.65% 49,828 $8.3M Reduce -3.4%
CSCO Cisco Systems Inc. 1.61% 130,502 $8.1M Add +1.3%
TMO Thermo Fisher Scientific Inc. 1.56% 15,737 $7.8M Add +1.3%
GD General Dynamics Corp. 1.35% 24,733 $6.7M Add +1.6%
AWK American Water Works Co. Inc. 1.32% 44,784 $6.6M Add +7.3%
FDX FedEx Corp. 1.29% 26,418 $6.4M Add +1.4%
VCSH Vanguard S/T Corp. Bond ETF 1.27% 80,553 $6.4M Add +10.2%
SPY SS SPDR S&P 500 ETF Trust-US 1.25% 11,164 $6.2M Add +9.7%
AMGN Amgen Inc. 1.22% 19,671 $6.1M Add +2.8%
META Meta Platforms Inc. Class A 1.22% 10,624 $6.1M Add +171.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.21% 61,288 $6.0M Add +8.2%
XYL Xylem Inc. 1.17% 49,127 $5.9M Add +2.1%
MDT Medtronic PLC 1.07% 59,418 $5.3M Reduce -1.5%
SBUX Starbucks Corp. 1.04% 52,998 $5.2M Add +3.4%
HD Home Depot Inc. 1.04% 14,178 $5.2M Reduce -1.7%
VZ Verizon Communications Inc. 0.98% 107,891 $4.9M Reduce -2.3%
VTI VG Morningstar TS MKT ETF-US 0.98% 17,797 $4.9M Add +12.1%
MDLZ Mondelez International Inc. Class A 0.98% 72,053 $4.9M Add +13.7%
NVS Novartis AG-Sponsored ADR 0.94% 42,016 $4.7M Add +2.0%
ARCC Ares Capital Corp. 0.92% 207,390 $4.6M Add +8.6%
ZTS Zoetis Inc. 0.90% 27,324 $4.5M Add +18.7%
USB US Bancorp 0.84% 99,723 $4.2M Add +7.8%
ADBE Adobe Inc. 0.79% 10,376 $4.0M Add +3.4%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.77% 76,011 $3.9M Reduce -5.7%
PFF iShares Preferred & Income S 0.76% 123,395 $3.8M Add +1.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.74% 30,545 $3.7M Add +19.1%
VCIT Vanguard Int-Term Corporate 0.71% 43,777 $3.6M Add +4.8%
AMAT Applied Materials Inc. 0.63% 21,886 $3.2M Add +45.9%
FAST Fastenal Co. 0.61% 39,500 $3.1M Reduce -1.6%
LEA Lear Corp. 0.60% 34,006 $3.0M Add +7.3%
SHY iShares 1-3 Year Treasury Bo 0.54% 32,416 $2.7M Add +39.7%
BKLN Invesco Senior Loan ETF 0.47% 114,034 $2.4M Reduce -7.4%
VEA Vanguard Ftse Developed ETF 0.41% 40,862 $2.1M Add +7.7%
NKE Nike Inc. Class B 0.39% 30,664 $1.9M Add +46.4%
QQQ Invesco QQQ Trust Series 1 0.38% 4,039 $1.9M Reduce -2.1%
LRCX Lam Research Corp. 0.37% 25,700 $1.9M Reduce -2.0%
GOOGL Alphabet Inc. Class A 0.29% 9,418 $1.5M New
VTEB Vanguard Tax-Exempt Bond ETF 0.26% 26,050 $1.3M Reduce -3.8%
SPYM Ste STR SPDR PT S&P 500 ETF 0.25% 18,883 $1.2M Reduce -26.0%
DEO Diageo PLC-Sponsored ADR 0.24% 11,663 $1.2M Add +4.0%
XOM Exxon Mobil Corp. 0.24% 10,184 $1.2M No change
SHV iShares 0-1 Year Treasury Bo 0.23% 10,652 $1.2M New
EXP Eagle Materials Inc. 0.23% 5,168 $1.1M New
ASML ASML Holding NV-NY Reg SHS 0.21% 1,592 $1.1M New
VOO Vanguard S&P 500 ETF 0.19% 1,880 $966K New
GATX Gatx Corp. 0.19% 6,028 $936K New
CVX Chevron Corp. 0.17% 5,184 $867K New
KLAC KLA Corp. 0.16% 1,199 $815K New
WFC Wells Fargo & Co. 0.14% 10,115 $726K Reduce -1.4%
VXF Vanguard Extended Market ETF 0.13% 3,814 $657K New
PEP Pepsico Inc. 0.13% 4,326 $649K New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.13% 9,828 $649K New
JMUB JPMorgan Municipal ETF 0.12% 11,875 $594K Reduce -31.3%
SCHB Schwab US Broad Market ETF 0.12% 27,459 $591K Reduce -8.8%
CENX Century Aluminum Company 0.11% 29,368 $545K No change
CRM Salesforce Inc. 0.11% 2,027 $544K New
TDG Transdigm Group Inc. 0.11% 390 $539K New
CMCSA Comcast Corp. Class A 0.10% 13,896 $513K Reduce -2.4%
NFLX Netflix Inc. 0.10% 513 $478K New
HPQ HP Inc. 0.09% 15,500 $429K No change
ETN Eaton Corp. PLC 0.08% 1,514 $412K New
ADP Automatic Data Processing 0.08% 1,340 $409K New
VGSH Vanguard Short-Term Treasury 0.08% 6,965 $409K Reduce -50.8%
FELG Fidelity Enh LRG Cap GWTH 0.08% 12,675 $399K No change
ROP Roper Technologies Inc. 0.08% 661 $390K New
VT Vanguard Tot World STK ETF 0.08% 3,355 $389K New
MRK Merck & Co. Inc. 0.07% 4,124 $370K New
IWF iShares Russell 1000 Growth 0.07% 1,022 $369K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.07% 8,637 $360K New
XLF SS Financial Select Sector 0.07% 7,198 $359K New
PG The Procter & Gamble Co. 0.07% 2,062 $351K New
CMG Chipotle Mexican Grill Inc. 0.06% 6,467 $325K New
BKNG Booking Holdings Inc. 0.06% 69 $318K New
IBIT iShares Bitcoin Trust ETF 0.06% 6,755 $316K Reduce -43.4%
T AT&T Inc. 0.06% 10,095 $285K No change
AGGY Wisdomtree Yield Enhanced US 0.06% 6,505 $283K New
BX Blackstone Inc. 0.05% 1,917 $268K New
BLK BlackRock Inc. 0.05% 262 $248K New
WMB Williams Cos Inc. 0.05% 4,145 $248K New

Show all 112 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $422K (not counted above)
SecurityClassShares / PrincipalValueChange
QQQ Invesco QQQ Trust Series 1 UNIT SER 1 · principal 900$422KNew

Total filed on the 13F, all lines: $501.3M.

Portfolio Sells Q4 2024 → Q1 2025
AAPL Apple Inc. Reduce -1.4% 5.50% −1.36
NVDA Nvidia Corp. Reduce -1.1% 3.06% −1.12
KKR KKR & Co. Inc. Reduce -2.4% 2.59% −1.11
AXP American Express Co. Reduce -2.9% 2.61% −0.62
APH Amphenol Corp. Class A Reduce -0.9% 2.39% −0.39
COST Costco Wholesale Corp. Reduce -3.5% 2.50% −0.24
JPM JPMorgan Chase & Co. Reduce -1.8% 2.75% −0.23
HD Home Depot Inc. Reduce -1.7% 1.04% −0.18
MA Mastercard Inc. Class A Reduce -0.6% 2.80% −0.15
SPYM Ste STR SPDR PT S&P 500 ETF Reduce -26.0% 0.25% −0.14
FISV Fiserv Inc. Reduce -2.6% 3.21% −0.13
JMST JPM Ultra-Short Muni Income Reduce -5.7% 0.77% −0.12
VGSH Vanguard Short-Term Treasury Reduce -50.8% 0.08% −0.10
BKLN Invesco Senior Loan ETF Reduce -7.4% 0.47% −0.09
QQQ Invesco QQQ Trust Series 1 Reduce -2.1% 0.38% −0.08
IBIT iShares Bitcoin Trust ETF Reduce -43.4% 0.06% −0.07
JMUB JPMorgan Municipal ETF Reduce -31.3% 0.12% −0.07
BEN Franklin Templeton Inc. Sold out 0.00% −0.06
PGX Invesco Preferred ETF Sold out 0.00% −0.05
LRCX Lam Research Corp. Reduce -2.0% 0.37% −0.04
VTEB Vanguard Tax-Exempt Bond ETF Reduce -3.8% 0.26% −0.04
SCHB Schwab US Broad Market ETF Reduce -8.8% 0.12% −0.03
STGW Stagwell Inc. Reduce -33.2% 0.04% −0.03
FAST Fastenal Co. Reduce -1.6% 0.61% −0.02
CMCSA Comcast Corp. Class A Reduce -2.4% 0.10% −0.01
WFC Wells Fargo & Co. Reduce -1.4% 0.14% −0.01
VZ Verizon Communications Inc. Reduce -2.3% 0.98% +0.02
MDT Medtronic PLC Reduce -1.5% 1.07% +0.02
V Visa Inc. Class A Reduce -1.0% 2.67% +0.02
JNJ Johnson & Johnson Reduce -3.4% 1.65% +0.03
GLD SPDR Gold Shares Reduce -1.6% 2.51% +0.17

Portfolio Buys Q4 2024 → Q1 2025
BRK.A Berkshire Hathaway Inc. Class A New 5.26% +5.26
META Meta Platforms Inc. Class A Add +171.2% 1.22% +0.72
GOOGL Alphabet Inc. Class A New 0.29% +0.29
SHV iShares 0-1 Year Treasury Bo New 0.23% +0.23
EXP Eagle Materials Inc. New 0.23% +0.23
ASML ASML Holding NV-NY Reg SHS New 0.21% +0.21
VOO Vanguard S&P 500 ETF New 0.19% +0.19
AWK American Water Works Co. Inc. Add +7.3% 1.32% +0.19
GATX Gatx Corp. New 0.19% +0.19
CVX Chevron Corp. New 0.17% +0.17
KLAC KLA Corp. New 0.16% +0.16
MDLZ Mondelez International Inc. Class A Add +13.7% 0.98% +0.15
AMGN Amgen Inc. Add +2.8% 1.22% +0.14
VXF Vanguard Extended Market ETF New 0.13% +0.13
EL Estee Lauder Companies Class A New 0.13% +0.13
PEP Pepsico Inc. New 0.13% +0.13
SHY iShares 1-3 Year Treasury Bo Add +39.7% 0.54% +0.12
APD Air Products & Chemicals Inc. Add +14.3% 1.79% +0.11
CRM Salesforce Inc. New 0.11% +0.11
TDG Transdigm Group Inc. New 0.11% +0.11
AMAT Applied Materials Inc. Add +45.9% 0.63% +0.10
NFLX Netflix Inc. New 0.10% +0.10
ETN Eaton Corp. PLC New 0.08% +0.08
ZTS Zoetis Inc. Add +18.7% 0.90% +0.08
ADP Automatic Data Processing New 0.08% +0.08
ROP Roper Technologies Inc. New 0.08% +0.08
VT Vanguard Tot World STK ETF New 0.08% +0.08
MRK Merck & Co. Inc. New 0.07% +0.07
IWF iShares Russell 1000 Growth New 0.07% +0.07
BAC Bank of America Corp. New 0.07% +0.07
XLF SS Financial Select Sector New 0.07% +0.07
PG The Procter & Gamble Co. New 0.07% +0.07
TJX TJX Companies Inc. Add +19.1% 0.74% +0.07
CMG Chipotle Mexican Grill Inc. New 0.06% +0.06
BKNG Booking Holdings Inc. New 0.06% +0.06
NVS Novartis AG-Sponsored ADR Add +2.0% 0.94% +0.06
AGGY Wisdomtree Yield Enhanced US New 0.06% +0.06
BX Blackstone Inc. New 0.05% +0.05
BLK BlackRock Inc. New 0.05% +0.05
WMB Williams Cos Inc. New 0.05% +0.05
SCHD Schwab US DVD Equity ETF New 0.05% +0.05
QIG Wisdomtree US Corporate Bond New 0.05% +0.05
PANW Palo Alto Networks Inc. New 0.05% +0.05
LMT Lockheed Martin Corp. New 0.05% +0.05
MMM 3M Co. New 0.04% +0.04
TSLA Tesla Inc. New 0.04% +0.04
VTOL Bristow Group Inc. New 0.04% +0.04
NKE Nike Inc. Class B Add +46.4% 0.39% +0.04
KMB Kimberly-Clark Corp. New 0.04% +0.04
FLOT iShares Floating Rate Bond E Add +11.3% 1.66% +0.04

Notes & Other Activity Q4 2024 → Q1 2025
QQQ Invesco QQQ Trust Series 1 UNIT SER 1 · principal New 900 $422K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 136$643.2MAAPL, GOOG, MSFT, APH, NVDA
Q1 2026 122$582.6MAAPL, MSFT, GOOG, BRK.A, NVDA
Q4 2025 127$596.4MMSFT, AAPL, GOOG, BRK.A, NVDA
Q3 2025 126$576.9MMSFT, AAPL, NVDA, BRK.A, GOOG
Q2 2025 122$537.8MMSFT, AAPL, BRK.A, NVDA, AMZN
Q1 2025 112$500.9MMSFT, AAPL, BRK.A, AMZN, FISV
Q4 2024 76$459.4MMSFT, AAPL, NVDA, AMZN, GOOG
Q2 2024 111$445.9MMSFT, AAPL, NVDA, GOOG, AMZN
Q1 2024 110$429.7MMSFT, AAPL, AMZN, GOOG, NVDA