Perennial Advisors, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), Perennial Advisors, LLC reported 127 stock positions worth $596.4 million. Its top holding was Microsoft (MSFT) at 6.0% of the portfolio, followed by Apple (AAPL, 5.6%) and Alphabet Class C (GOOG, 4.8%). Compared with Q3 2025, it opened 5 new positions, sold out of 4, added to 69 and reduced 23. The biggest buy was Alphabet Class C (GOOG, shares +0%) and the biggest sale Fiserv (FISV, shares −58%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001697360
Portfolio Value
$596.4M (Q4 2025)
SEC Filing
0001697360-26-000001 ↗ filed Jan 12, 2026

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 Q1 2025 Q2 2025: $537.8M Q2 2025 Q3 2025: $576.9M Q3 2025 Q4 2025: $596.4M $596.4M Q4 2025 Q1 2026: $582.6M Q1 2026 Q2 2026: $643.2M Q2 2026

Holdings 127 stocks · $596.4M
MSFT Microsoft Corp. 6.03% 74,318 $35.9M Add +0.9%
AAPL Apple Inc. 5.56% 121,978 $33.2M Add +0.4%
GOOG Alphabet Inc. Class C 4.77% 90,684 $28.5M Add +0.5%
BRK.A Berkshire Hathaway Inc. Class A 4.18% 33 $24.9M No change
NVDA Nvidia Corp. 4.16% 132,949 $24.8M Reduce -3.1%
APH Amphenol Corp. Class A 3.94% 174,010 $23.5M Reduce -1.0%
AMZN Amazon.com Inc. 3.44% 88,950 $20.5M Add +3.0%
JPM JPMorgan Chase & Co. 3.06% 56,555 $18.2M Add +1.1%
AXP American Express Co. 3.02% 48,724 $18.0M Add +0.6%
GLD SPDR Gold Shares 2.89% 43,437 $17.2M Add +1.5%
KKR KKR & Co. Inc. 2.45% 114,488 $14.6M Add +2.0%
MA Mastercard Inc. Class A 2.38% 24,897 $14.2M Add +1.9%
V Visa Inc. Class A 2.23% 37,886 $13.3M Add +2.4%
META Meta Platforms Inc. Class A 1.99% 17,949 $11.8M Add +9.7%
COST Costco Wholesale Corp. 1.93% 13,379 $11.5M Add +1.0%
JNJ Johnson & Johnson 1.76% 50,591 $10.5M Add +1.7%
CSCO Cisco Systems Inc. 1.74% 134,367 $10.4M Add +2.1%
JPST JPMorgan Ultra-Short Income 1.70% 200,875 $10.2M Add +8.1%
TMO Thermo Fisher Scientific Inc. 1.62% 16,722 $9.7M Add +3.8%
HON Honeywell International Inc. 1.48% 45,364 $8.8M Add +5.9%
FLOT iShares Floating Rate Bond E 1.46% 171,191 $8.7M Add +4.9%
GD General Dynamics Corp. 1.45% 25,621 $8.6M Add +3.7%
MCD McDonald's Corp. 1.42% 27,780 $8.5M Add +4.5%
UNP Union Pacific Corp. 1.42% 36,514 $8.4M Add +3.2%
SPY SS SPDR S&P 500 ETF Trust-US 1.41% 12,289 $8.4M Add +2.9%
SPYM Ste STR SPDR PT S&P 500 ETF 1.36% 100,781 $8.1M Add +69.8%
FDX FedEx Corp. 1.33% 27,393 $7.9M Add +2.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.25% 65,721 $7.5M Add +5.8%
XYL Xylem Inc. 1.15% 50,228 $6.8M Add +1.7%
VCSH Vanguard S/T Corp. Bond ETF 1.10% 82,642 $6.6M Add +1.9%
AMGN Amgen Inc. 1.10% 19,956 $6.5M Add +3.0%
AWK American Water Works Co. Inc. 1.07% 49,127 $6.4M Add +7.7%
VTI VG Morningstar TS MKT ETF-US 1.01% 18,024 $6.0M Add +3.5%
MDT Medtronic PLC 1.00% 61,832 $5.9M Add +4.8%
USB US Bancorp 0.99% 111,087 $5.9M Add +7.0%
NVS Novartis AG-Sponsored ADR 0.98% 42,344 $5.8M Add +1.0%
AMAT Applied Materials Inc. 0.94% 21,868 $5.6M Reduce -2.7%
HD Home Depot Inc. 0.84% 14,616 $5.0M Add +3.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.84% 32,735 $5.0M Add +4.9%
NFLX Netflix Inc. 0.84% 53,327 $5.0M Add +893.0%
SBUX Starbucks Corp. 0.81% 57,275 $4.8M Add +4.5%
ARCC Ares Capital Corp. 0.78% 230,925 $4.7M Add +7.1%
VZ Verizon Communications Inc. 0.70% 102,994 $4.2M Reduce -0.0%
VCIT Vanguard Int-Term Corporate 0.69% 49,039 $4.1M Add +3.0%
PFF iShares Preferred & Income S 0.67% 129,731 $4.0M Add +5.8%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.67% 78,171 $4.0M Add +3.5%
MDLZ Mondelez International Inc. Class A 0.66% 73,015 $3.9M Add +0.1%
LEA Lear Corp. 0.62% 32,049 $3.7M Reduce -4.2%
ZTS Zoetis Inc. 0.60% 28,333 $3.6M Reduce -2.6%
SHY iShares 1-3 Year Treasury Bo 0.59% 42,466 $3.5M Add +12.3%
VEA Vanguard Ftse Developed ETF 0.58% 55,069 $3.4M Add +20.8%
FAST Fastenal Co. 0.52% 77,625 $3.1M Reduce -0.1%
GOOGL Alphabet Inc. Class A 0.49% 9,318 $2.9M Add +0.9%
QQQ Invesco QQQ Trust Series 1 0.46% 4,493 $2.8M Add +11.3%
BKLN Invesco Senior Loan ETF 0.45% 127,309 $2.7M Add +10.0%
LRCX Lam Research Corp. 0.45% 15,535 $2.7M Reduce -21.2%
ASML ASML Holding NV-NY Reg SHS 0.44% 2,476 $2.6M Add +9.7%
NKE Nike Inc. Class B 0.41% 38,468 $2.5M Add +15.3%
FISV Fiserv Inc. 0.35% 31,393 $2.1M Reduce -57.9%
APD Air Products & Chemicals Inc. 0.31% 7,492 $1.9M Reduce -74.5%
SHV iShares 0-1 Year Treasury Bo 0.27% 14,431 $1.6M Add +18.7%
NYF iShares New York Muni Bond E 0.24% 26,870 $1.4M Add +7.0%
XOM Exxon Mobil Corp. 0.21% 10,194 $1.2M No change
KLAC KLA Corp. 0.19% 950 $1.2M Reduce -3.9%
VTEB Vanguard Tax-Exempt Bond ETF 0.19% 22,637 $1.1M Reduce -0.4%
EXP Eagle Materials Inc. 0.18% 5,093 $1.1M No change
LIN Linde PLC 0.17% 2,431 $1.0M New
GATX Gatx Corp. 0.17% 5,978 $1.0M No change
WFC Wells Fargo & Co. 0.16% 10,126 $944K Add +0.0%
JMUB JPMorgan Municipal ETF 0.15% 17,760 $897K Add +41.2%
VBIL Vanguard 0-3M T-Bill ETF 0.14% 11,452 $864K New
VXF Vanguard Extended Market ETF 0.14% 4,116 $861K Add +5.7%
VOO Vanguard S&P 500 ETF 0.13% 1,242 $779K Reduce -33.5%
CENX Century Aluminum Company 0.13% 19,368 $759K No change
SCHB Schwab US Broad Market ETF 0.12% 27,006 $708K Reduce -0.9%
PEP Pepsico Inc. 0.10% 4,269 $613K Add +7.6%
CVX Chevron Corp. 0.10% 3,927 $599K Reduce -6.3%
CRM Salesforce Inc. 0.10% 2,167 $574K Add +1.2%
SGOV iShares 0-3 Month Treasury B 0.09% 5,471 $549K Add +3.5%
FELG Fidelity Enh LRG Cap GWTH 0.09% 12,675 $529K No change
BWXT BWX Technologies Inc. 0.09% 3,024 $523K Add +7.5%
TDG Transdigm Group Inc. 0.09% 390 $519K No change
AVGO Broadcom Inc. 0.09% 1,490 $516K Add +0.7%
ETN Eaton Corp. PLC 0.08% 1,514 $482K No change
VT Vanguard Tot World STK ETF 0.08% 3,355 $473K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.08% 8,562 $471K No change
IBIT iShares Bitcoin Trust ETF 0.08% 9,415 $467K Add +6.4%
IWF iShares Russell 1000 Growth 0.08% 946 $448K No change
TSLA Tesla Inc. 0.07% 975 $438K No change
NBIS Nebius Group NV 0.07% 5,215 $437K Add +1.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 1,425 $422K Reduce -2.1%
SPGM State Street SPDR Portfolio 0.07% 5,355 $411K Add +5.0%
XLF SS Financial Select Sector 0.07% 7,298 $400K No change
MRK Merck & Co. Inc. 0.07% 3,774 $397K No change
BKNG Booking Holdings Inc. 0.06% 62 $332K No change
ADP Automatic Data Processing 0.05% 1,240 $319K Reduce -6.8%
SLV iShares Silver Trust 0.05% 4,934 $318K No change
BX Blackstone Inc. 0.05% 2,017 $311K Add +5.2%
HPQ HP Inc. 0.05% 13,500 $301K No change
CEG Constellation Energy 0.05% 828 $293K New

Show all 127 holdings

Portfolio Sells Q3 2025 → Q4 2025
FISV Fiserv Inc. Reduce -57.9% 0.35% −1.31
APD Air Products & Chemicals Inc. Reduce -74.5% 0.31% −1.08
ADBE Adobe Inc. Sold out 0.00% −0.59
NVDA Nvidia Corp. Reduce -3.1% 4.16% −0.28
SPTS SS SPDR P St Term TSY ETF Sold out 0.00% −0.15
ZTS Zoetis Inc. Reduce -2.6% 0.60% −0.14
FAST Fastenal Co. Reduce -0.1% 0.52% −0.14
VZ Verizon Communications Inc. Reduce -0.0% 0.70% −0.08
VOO Vanguard S&P 500 ETF Reduce -33.5% 0.13% −0.07
INFQ Infleqtion Inc. Sold out 0.00% −0.06
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.04
SPSB SS SPDR P St C Corp. ETF Reduce -33.9% 0.04% −0.02
ADP Automatic Data Processing Reduce -6.8% 0.05% −0.01
CVX Chevron Corp. Reduce -6.3% 0.10% −0.01
LRCX Lam Research Corp. Reduce -21.2% 0.45% −0.01
CMCSA Comcast Corp. Class A Reduce -10.2% 0.04% −0.01
VTEB Vanguard Tax-Exempt Bond ETF Reduce -0.4% 0.19% −0.01
STGW Stagwell Inc. Reduce -6.7% 0.02% −0.01
PLTR Palantir Technologies Inc. Class A Reduce -0.3% 0.05% −0.00
SCHB Schwab US Broad Market ETF Reduce -0.9% 0.12% −0.00
IBM Intl Business Machines Corp. Reduce -2.1% 0.07% −0.00
STT State Street Corp. Reduce -3.8% 0.04% +0.00
WBD Warner Bros Discovery Inc. Reduce -26.8% 0.04% +0.00
KLAC KLA Corp. Reduce -3.9% 0.19% +0.01
LEA Lear Corp. Reduce -4.2% 0.62% +0.03
AMAT Applied Materials Inc. Reduce -2.7% 0.94% +0.14
APH Amphenol Corp. Class A Reduce -1.0% 3.94% +0.17

Portfolio Buys Q3 2025 → Q4 2025
GOOG Alphabet Inc. Class C Add +0.5% 4.77% +0.96
NFLX Netflix Inc. Add +893.0% 0.84% +0.73
SPYM Ste STR SPDR PT S&P 500 ETF Add +69.8% 1.36% +0.55
TMO Thermo Fisher Scientific Inc. Add +3.8% 1.62% +0.27
GLD SPDR Gold Shares Add +1.5% 2.89% +0.25
AXP American Express Co. Add +0.6% 3.02% +0.23
FDX FedEx Corp. Add +2.0% 1.33% +0.23
AAPL Apple Inc. Add +0.4% 5.56% +0.20
CSCO Cisco Systems Inc. Add +2.1% 1.74% +0.17
LIN Linde PLC New 0.17% +0.17
JNJ Johnson & Johnson Add +1.7% 1.76% +0.16
AMZN Amazon.com Inc. Add +3.0% 3.44% +0.16
AMGN Amgen Inc. Add +3.0% 1.10% +0.15
VBIL Vanguard 0-3M T-Bill ETF New 0.14% +0.14
USB US Bancorp Add +7.0% 0.99% +0.12
VEA Vanguard Ftse Developed ETF Add +20.8% 0.58% +0.10
GOOGL Alphabet Inc. Class A Add +0.9% 0.49% +0.10
JPST JPMorgan Ultra-Short Income Add +8.1% 1.70% +0.07
ASML ASML Holding NV-NY Reg SHS Add +9.7% 0.44% +0.07
TJX TJX Companies Inc. Add +4.9% 0.84% +0.06
CEG Constellation Energy New 0.05% +0.05
NVS Novartis AG-Sponsored ADR Add +1.0% 0.98% +0.05
SHY iShares 1-3 Year Treasury Bo Add +12.3% 0.59% +0.05
QQQ Invesco QQQ Trust Series 1 Add +11.3% 0.46% +0.04
JMUB JPMorgan Municipal ETF Add +41.2% 0.15% +0.04
V Visa Inc. Class A Add +2.4% 2.23% +0.04
GS Goldman Sachs Group Inc. New 0.03% +0.03
SHV iShares 0-1 Year Treasury Bo Add +18.7% 0.27% +0.03
BKLN Invesco Senior Loan ETF Add +10.0% 0.45% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +2.9% 1.41% +0.03
MCD McDonald's Corp. Add +4.5% 1.42% +0.02
VTI VG Morningstar TS MKT ETF-US Add +3.5% 1.01% +0.02
MDT Medtronic PLC Add +4.8% 1.00% +0.02
ARCC Ares Capital Corp. Add +7.1% 0.78% +0.02
DIS The Walt Disney Co. Add +5.8% 1.25% +0.02
FLOT iShares Floating Rate Bond E Add +4.9% 1.46% +0.01
WFC Wells Fargo & Co. Add +0.0% 0.16% +0.01
DAVA Endava PLC- Spon ADR New 0.01% +0.01
NYF iShares New York Muni Bond E Add +7.0% 0.24% +0.01
CRM Salesforce Inc. Add +1.2% 0.10% +0.01
NKE Nike Inc. Class B Add +15.3% 0.41% +0.01
PEP Pepsico Inc. Add +7.6% 0.10% +0.01
SBUX Starbucks Corp. Add +4.5% 0.81% +0.00
VXF Vanguard Extended Market ETF Add +5.7% 0.14% +0.00
SPGM State Street SPDR Portfolio Add +5.0% 0.07% +0.00
AVGO Broadcom Inc. Add +0.7% 0.09% +0.00
EFA iShares MSCI Eafe ETF Add +5.9% 0.04% +0.00
PFF iShares Preferred & Income S Add +5.8% 0.67% +0.00
PG The Procter & Gamble Co. Add +14.1% 0.04% +0.00
SGOV iShares 0-3 Month Treasury B Add +3.5% 0.09% −0.00

Notes & Other Activity Q3 2025 → Q4 2025
QQQ Invesco QQQ Trust Series 1 UNIT SER 1 · principal Sold out 800 $480Kbefore exit

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