Permanens Capital L.P.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Permanens Capital L.P. reported 100 stock positions worth $972.4 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 16.8% of the portfolio, followed by Vanguard Mrngstr Val ETF-Aui (VTV, 16.3%) and Vanguard Mrngstar GR ETF-Sui (VUG, 7.3%). Compared with Q1 2026, it opened 36 new positions, sold out of 24, added to 47 and reduced 12. The biggest buy was SS SPDR BB 1-3M T-Bill ETF (BIL, shares +80%) and the biggest sale iShares Gold Trust (IAU, shares −54%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001599637
Portfolio Value
$972.4M (Q2 2026)
SEC Filing
0001493152-26-038314 ↗ filed Aug 14, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $813.8M Q1 2024 Q2 2024: $979.3M Q2 2024 Q3 2024: $492.3M Q3 2024 Q4 2024: $523.6M Q4 2024 Q1 2025: $550.7M Q1 2025 Q2 2025: $733.3M Q2 2025 Q3 2025: $670.5M Q3 2025 Q4 2025: $766.8M Q4 2025 Q1 2026: $776.3M Q1 2026 Q2 2026: $972.4M $972.4M Q2 2026

Holdings 100 stocks · $972.4M
BIL SS SPDR BB 1-3M T-Bill ETF 16.75% 1,777,681 $162.9M Add +80.0%
VTV Vanguard Mrngstr Val ETF-Aui 16.33% 728,513 $158.8M Add +21.6%
VUG Vanguard Mrngstar GR ETF-Sui 7.31% 825,415 $71.1M Add +19.8%
IAU iShares Gold Trust 6.66% 858,088 $64.8M Reduce -54.5%
SECU Ishrs Secur Incom Act ETF 5.66% 1,103,409 $55.0M Add +34.2%
RSP Invesco S&P 500 Equal Weight 4.34% 198,353 $42.2M Add +483.4%
BBEU JPMorgan Betabuilders Europe 3.01% 376,103 $29.2M Add +82.1%
JPY Lazard Japanese Equity ETF 2.62% 695,196 $25.4M Add +16.6%
SCHI Schwab 5-10 Year Corporate B 2.56% 1,099,967 $24.9M Reduce -18.5%
PSUS Pershing Square USA Ltd. 2.31% 601,320 $22.5M New
DXJ Wisdomtree Japan Hedged Eq 2.25% 125,863 $21.8M Add +426.3%
PREF Pri Spe Pre Sec Acti-Usd Inc. 2.17% 1,104,859 $21.1M Add +30.4%
CCJ Cameco Corp. 1.80% 171,804 $17.5M Add +1.5%
FRDM Freedom 100 Emeging MRKT ETF 1.65% 219,058 $16.0M Add +2434.2%
MSFT Microsoft Corp. 1.40% 36,373 $13.6M Add +16.8%
GOOGL Alphabet Inc. Class A 1.25% 34,113 $12.2M Add +458.3%
HHH Howard Hughes Holdings Inc. 1.24% 169,075 $12.1M New
MUFG Mitsubishi Ufj Finl-Spon ADR 1.18% 574,236 $11.5M Reduce -0.2%
EAGL Eagle Capital Select Eqty 1.18% 356,498 $11.5M Add +19.2%
JPM JPMorgan Chase & Co. 1.17% 34,689 $11.4M Add +1.8%
IWF iShares Russell 1000 Growth 1.12% 87,760 $10.9M Add +3034.3%
IEFA iShares Core MSCI Eafe ETF 1.10% 111,184 $10.7M Add +949.5%
IAUM iShares Gold Trust Micro 1.09% 265,651 $10.6M No change
WMT Walmart Inc. 1.07% 91,844 $10.4M Add +6.0%
NOK Nokia Corp.-Spon ADR 1.03% 753,841 $10.0M New
ULTA Ulta Beauty Inc. 0.92% 19,827 $8.9M Add +6.7%
BKLN Invesco Senior Loan ETF 0.91% 432,210 $8.8M Add +12.7%
IVV iShares Core S&P 500 ETF 0.76% 9,880 $7.4M Add +1446.2%
AMZN Amazon.com Inc. 0.52% 21,215 $5.1M Add +14.7%
IWD iShares Russell 1000 Value E 0.51% 20,400 $4.9M Add +1161.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.47% 6,043 $4.5M Reduce -3.0%
TSM Taiwan Semiconductor-SP ADR 0.45% 9,114 $4.4M Add +72.8%
IGF iShares Global Infrastructur 0.34% 49,160 $3.3M New
VT Vanguard Tot World STK ETF 0.33% 20,200 $3.2M New
AAPL Apple Inc. 0.32% 10,603 $3.1M Add +82.7%
MA Mastercard Inc. Class A 0.29% 5,463 $2.8M Add +70.1%
MELI MercadoLibre Inc. 0.28% 1,630 $2.8M Add +70.3%
UNH Unitedhealth Group Inc. 0.27% 6,297 $2.6M Add +3.5%
META Meta Platforms Inc. Class A 0.26% 4,522 $2.5M Add +17.4%
EFA iShares MSCI Eafe ETF 0.25% 23,150 $2.4M New
GOOG Alphabet Inc. Class C 0.24% 6,693 $2.4M Add +21.6%
GNR State Street SPDR S&P Global 0.24% 34,000 $2.3M New
QLD Proshares Ultra QQQ 0.21% 20,750 $2.0M No change
NFLX Netflix Inc. 0.21% 28,088 $2.0M Reduce -11.6%
COP Conocophillips 0.20% 18,548 $1.9M Reduce -2.7%
DHR Danaher Corp. 0.20% 9,994 $1.9M Add +45.0%
NVDA Nvidia Corp. 0.18% 8,647 $1.7M Add +316.5%
SPGI S&P Global Inc. 0.18% 4,190 $1.7M Add +234.9%
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.17% 823 $1.6M Add +66.9%
HUM Humana Inc. 0.16% 3,884 $1.5M Add +38.1%
SAP Sap SE-Sponsored ADR 0.16% 9,855 $1.5M Add +16.0%
WDAY Workday Inc. Class A 0.15% 11,744 $1.4M Add +33.1%
AVGO Broadcom Inc. 0.14% 3,634 $1.4M New
COF Capital One Financial Corp. 0.14% 6,708 $1.3M Add +2.5%
SHOP Shopify Inc. Class A 0.14% 11,748 $1.3M Add +17.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.12% 5,056 $1.2M Add +74.0%
STUB Stubhub Holdings Inc. Class A 0.11% 80,562 $1.0M New
EMEQ Nomura Focused Emerging Mark 0.11% 14,086 $1.0M Add +37.6%
LEN Lennar Corp. Class A 0.10% 11,039 $999K Add +0.5%
MU Micron Technology Inc. 0.10% 800 $923K New
VTI VG Morningstar TS MKT ETF-US 0.09% 2,439 $903K New
QQQ Invesco QQQ Trust Series 1 0.09% 1,199 $884K Reduce -45.6%
EQT Eqt Corp. 0.09% 16,320 $868K Add +314.3%
INTU Intuit Inc. 0.08% 3,116 $813K Add +38.4%
IJR iShares Core S&P Small-Cap E 0.08% 5,000 $742K New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.08% 9,285 $733K Add +7.4%
KWEB Kranesh Csi China Internet 0.07% 27,792 $680K No change
AA Alcoa Corp. 0.07% 12,832 $669K Reduce -9.4%
CAT Caterpillar Inc. 0.07% 628 $669K New
BRK.B Berkshire Hathaway Inc. Class B 0.06% 1,233 $617K Reduce -93.8%
ELV Elevance Health Inc. 0.06% 1,562 $604K Add +5.6%
STX Seagate Technology Holdings 0.06% 575 $555K New
GUNR NT Mstar GLBL NR ETF 0.06% 11,200 $552K New
BP BP PLC-Spons ADR 0.05% 14,140 $522K Add +15.3%
ETN Eaton Corp. PLC 0.05% 1,069 $456K New
TSLA Tesla Inc. 0.04% 944 $397K New
AMD Advanced Micro Devices 0.04% 660 $383K New
PS Pershing Square Inc. 0.04% 11,603 $381K New
LLY Eli Lilly & Co. 0.04% 316 $379K New
AZN Astrazeneca PLC 0.04% 1,802 $342K New
NVS Novartis AG-Sponsored ADR 0.03% 2,125 $333K New
PM Philip Morris International 0.03% 1,814 $331K New
LRCX Lam Research Corp. 0.03% 706 $306K New
SE Sea Ltd.-ADR 0.03% 2,826 $271K New
UBS UBS Group AG-Reg 0.03% 5,399 $268K New
LBRDK Liberty Broadband-C 0.03% 7,576 $252K No change
CHTR Charter Communications Inc. Class A 0.03% 1,706 $243K New
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.02% 2,526 $240K New
RY Royal Bank of Canada 0.02% 1,087 $225K New
CP Canadian Pacific Kansas City 0.02% 2,546 $221K New
IWM iShares Russell 2000 ETF 0.02% 732 $220K Reduce -20.0%
KLAC KLA Corp. 0.02% 700 $211K New
AXP American Express Co. 0.02% 608 $206K New
BTI British American Tob-SP ADR 0.02% 3,258 $201K New
LYG Lloyds Banking Group PLC-ADR 0.02% 29,174 $170K New
SAN Banco Santander SA-Spon ADR 0.02% 11,448 $158K New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.02% 11,089 $148K New
OPEN Opendoor Technologies Inc. 0.00% 10,000 $46K No change
PODC Podcastone Inc. 0.00% 10,000 $45K Reduce -92.6%
CANG Cango Inc./KY Class A 0.00% 15,000 $3K Reduce -92.4%

Portfolio Sells Q1 2026 → Q2 2026
IAU iShares Gold Trust Reduce -54.5% 6.66% −14.75
IEI iShares 3-7 Year Treasury Bo Sold out 0.00% −3.94
SCHI Schwab 5-10 Year Corporate B Reduce -18.5% 2.56% −1.38
BKR Baker Hughes Co. Sold out 0.00% −1.37
BRK.B Berkshire Hathaway Inc. Class B Reduce -93.8% 0.06% −1.16
BRHY iShares High Yild Active ETF Sold out 0.00% −1.01
BRT BRT Apartments Corp. Sold out 0.00% −0.35
BGC BGC Group Inc. Class A Sold out 0.00% −0.21
NFLX Netflix Inc. Reduce -11.6% 0.21% −0.19
ARCC Ares Capital Corp. Sold out 0.00% −0.15
CMCSA Comcast Corp. Class A Sold out 0.00% −0.14
COP Conocophillips Reduce -2.7% 0.20% −0.13
QXO Qxo Inc. Sold out 0.00% −0.13
AER Aercap Holdings NV Sold out 0.00% −0.12
WWD Woodward Inc. Sold out 0.00% −0.11
MUFG Mitsubishi Ufj Finl-Spon ADR Reduce -0.2% 1.18% −0.08
QQQ Invesco QQQ Trust Series 1 Reduce -45.6% 0.09% −0.07
SHEL Shell PLC-ADR Sold out 0.00% −0.07
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.0% 0.47% −0.06
GLD SPDR Gold Shares Sold out 0.00% −0.06
AA Alcoa Corp. Reduce -9.4% 0.07% −0.05
LVO Liveone Inc. Sold out 0.00% −0.05
BXSL Blackstone Secured Lending F Sold out 0.00% −0.05
ACP Abrdn Income Credit Strat Sold out 0.00% −0.04
ALTI Alti Global Inc. Sold out 0.00% −0.04
EFC Ellington Financial Inc. Sold out 0.00% −0.03
PODC Podcastone Inc. Reduce -92.6% 0.00% −0.03
BAC Bank of America Corp. Sold out 0.00% −0.03
PSEC Prospect Capital Corp. Sold out 0.00% −0.02
FSK FS KKR Capital Corp. Sold out 0.00% −0.02
CCAP Crescent Capital BDC Inc. Sold out 0.00% −0.02
MFIC Midcap Financial Investment Sold out 0.00% −0.02
RC Ready Capital Corp. Sold out 0.00% −0.01
CANG Cango Inc./KY Class A Reduce -92.4% 0.00% −0.01
TCPC BlackRock TCP Capital Corp. Sold out 0.00% −0.01
IWM iShares Russell 2000 ETF Reduce -20.0% 0.02% −0.01

Portfolio Buys Q1 2026 → Q2 2026
BIL SS SPDR BB 1-3M T-Bill ETF Add +80.0% 16.75% +5.09
RSP Invesco S&P 500 Equal Weight Add +483.4% 4.34% +3.50
PSUS Pershing Square USA Ltd. New 2.31% +2.31
DXJ Wisdomtree Japan Hedged Eq Add +426.3% 2.25% +1.76
FRDM Freedom 100 Emeging MRKT ETF Add +2434.2% 1.65% +1.59
HHH Howard Hughes Holdings Inc. New 1.24% +1.24
VTV Vanguard Mrngstr Val ETF-Aui Add +21.6% 16.33% +1.18
IWF iShares Russell 1000 Growth Add +3034.3% 1.12% +1.08
BBEU JPMorgan Betabuilders Europe Add +82.1% 3.01% +1.08
NOK Nokia Corp.-Spon ADR New 1.03% +1.03
GOOGL Alphabet Inc. Class A Add +458.3% 1.25% +1.03
IEFA iShares Core MSCI Eafe ETF Add +949.5% 1.10% +0.98
VUG Vanguard Mrngstar GR ETF-Sui Add +19.8% 7.31% +0.85
IVV iShares Core S&P 500 ETF Add +1446.2% 0.76% +0.71
IWD iShares Russell 1000 Value E Add +1161.6% 0.51% +0.46
SECU Ishrs Secur Incom Act ETF Add +34.2% 5.66% +0.38
IGF iShares Global Infrastructur New 0.34% +0.34
VT Vanguard Tot World STK ETF New 0.33% +0.33
EFA iShares MSCI Eafe ETF New 0.25% +0.25
GNR State Street SPDR S&P Global New 0.24% +0.24
TSM Taiwan Semiconductor-SP ADR Add +72.8% 0.45% +0.22
AVGO Broadcom Inc. New 0.14% +0.14
NVDA Nvidia Corp. Add +316.5% 0.18% +0.13
AAPL Apple Inc. Add +82.7% 0.32% +0.13
PREF Pri Spe Pre Sec Acti-Usd Inc. Add +30.4% 2.17% +0.11
SPGI S&P Global Inc. Add +234.9% 0.18% +0.11
STUB Stubhub Holdings Inc. Class A New 0.11% +0.11
HUM Humana Inc. Add +38.1% 0.16% +0.10
MU Micron Technology Inc. New 0.10% +0.10
VTI VG Morningstar TS MKT ETF-US New 0.09% +0.09
JPY Lazard Japanese Equity ETF Add +16.6% 2.62% +0.09
ASML ASML Holding NV-NY Reg SHS Add +66.9% 0.17% +0.08
MA Mastercard Inc. Class A Add +70.1% 0.29% +0.08
IJR iShares Core S&P Small-Cap E New 0.08% +0.08
MELI MercadoLibre Inc. Add +70.3% 0.28% +0.07
CAT Caterpillar Inc. New 0.07% +0.07
STX Seagate Technology Holdings New 0.06% +0.06
UNH Unitedhealth Group Inc. Add +3.5% 0.27% +0.06
EQT Eqt Corp. Add +314.3% 0.09% +0.06
GUNR NT Mstar GLBL NR ETF New 0.06% +0.06
ETN Eaton Corp. PLC New 0.05% +0.05
EMEQ Nomura Focused Emerging Mark Add +37.6% 0.11% +0.05
TSLA Tesla Inc. New 0.04% +0.04
GOOG Alphabet Inc. Class C Add +21.6% 0.24% +0.04
AMD Advanced Micro Devices New 0.04% +0.04
PS Pershing Square Inc. New 0.04% +0.04
LLY Eli Lilly & Co. New 0.04% +0.04
AJG Arthur J Gallagher & Co. Add +74.0% 0.12% +0.04
AZN Astrazeneca PLC New 0.04% +0.04
NVS Novartis AG-Sponsored ADR New 0.03% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 100$972.4MBIL, VTV, VUG, IAU, SECU
Q1 2026 88$776.3MIAU, VTV, BIL, VUG, SECU
Q4 2025 80$766.8MVTV, IAU, VUG, BIL, SLV
Q3 2025 62$670.5MVTV, VUG, IAU, BIL, SLV
Q2 2025 67$733.3MVTV, VUG, DBEU, IAU, DXJ
Q1 2025 58$550.7MVTV, VUG, IAU, DBEU, DXJ
Q4 2024 52$523.6MVUG, VTV, RSP, IAU, DBEU
Q3 2024 52$492.3MVTV, VUG, EMXC, RSP, IAU
Q2 2024 25$979.3MVTV, VUG, EMXC, DXJ, EWJ
Q1 2024 25$813.8MVTV, EWJ, VUG, EMXC, DXJ