Permanens Capital L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Permanens Capital L.P. reported 52 stock positions worth $523.6 million. Its top holding was Vanguard Mrngstar GR ETF-Sui (VUG) at 23.8% of the portfolio, followed by Vanguard Mrngstr Val ETF-Aui (VTV, 22.9%) and Invesco S&P 500 Equal Weight (RSP, 12.6%). Compared with Q3 2024, it opened 4 new positions, sold out of 4, added to 12 and reduced 11. The biggest buy was Vanguard Mrngstar GR ETF-Sui (VUG, shares +45%) and the biggest sale iShares MSCI Emr MRK Ex Chna (EMXC, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001599637
- Portfolio Value
- $523.6M (Q4 2024)
- SEC Filing
- 0001493152-25-006833 ↗ filed Feb 14, 2025
Holdings Value
Holdings 52 stocks · $523.6M
| VUG Vanguard Mrngstar GR ETF-Sui | 23.78% | 303,347 | $124.5M | Add +45.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 22.85% | 706,787 | $119.7M | Reduce -3.1% |
| RSP Invesco S&P 500 Equal Weight | 12.57% | 375,655 | $65.8M | Add +52.6% |
| IAU iShares Gold Trust | 9.32% | 985,936 | $48.8M | Add +15.3% |
| DBEU Xtrackers MSCI Europe Hedged | 3.65% | 463,893 | $19.1M | New |
| DXJ Wisdomtree Japan Hedged Eq | 3.26% | 154,854 | $17.1M | Add +7.2% |
| EMXC iShares MSCI Emr MRK Ex Chna | 3.21% | 303,281 | $16.8M | Reduce -60.8% |
| SHY iShares 1-3 Year Treasury Bo | 3.03% | 193,619 | $15.9M | Add +112.8% |
| EWJ iShares MSCI Japan ETF | 1.85% | 144,482 | $9.7M | Reduce -13.6% |
| CCJ Cameco Corp. | 1.63% | 166,026 | $8.5M | Reduce -2.7% |
| EAGL Eagle Capital Select Eqty | 1.33% | 249,683 | $7.0M | Add +21.0% |
| BBJP JPMorgan Betabuilders Japan | 1.20% | 114,363 | $6.3M | Add +3.8% |
| SUSA iShares ESG Optimized MSCI U | 1.05% | 45,369 | $5.5M | Reduce -18.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.05% | 12,151 | $5.5M | No change |
| WMT Walmart Inc. | 0.89% | 51,555 | $4.7M | No change |
| AAPL Apple Inc. | 0.82% | 17,079 | $4.3M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.77% | 36,103 | $4.0M | No change |
| MSFT Microsoft Corp. | 0.76% | 9,483 | $4.0M | No change |
| ULTA Ulta Beauty Inc. | 0.73% | 8,743 | $3.8M | No change |
| MAR Marriott International Class A | 0.71% | 13,320 | $3.7M | No change |
| JPM JPMorgan Chase & Co. | 0.71% | 15,429 | $3.7M | No change |
| SCHW Schwab (charles) Corp. | 0.66% | 46,967 | $3.5M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 4,172 | $2.5M | Add +17.6% |
| AMZN Amazon.com Inc. | 0.35% | 8,237 | $1.8M | No change |
| COP Conocophillips | 0.23% | 11,892 | $1.2M | Add +27.4% |
| META Meta Platforms Inc. Class A | 0.22% | 1,986 | $1.2M | No change |
| GOOG Alphabet Inc. Class C | 0.22% | 6,056 | $1.2M | No change |
| AON Aon PLC Class A | 0.18% | 2,596 | $932K | No change |
| WDAY Workday Inc. Class A | 0.18% | 3,568 | $921K | Add +47.7% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.17% | 17,113 | $875K | Reduce -10.1% |
| SAP Sap SE-Sponsored ADR | 0.15% | 3,136 | $772K | No change |
| SHEL Shell PLC-ADR | 0.14% | 12,081 | $757K | No change |
| CMCSA Comcast Corp. Class A | 0.14% | 20,026 | $752K | Add +68.1% |
| UNH Unitedhealth Group Inc. | 0.14% | 1,484 | $751K | No change |
| AER Aercap Holdings NV | 0.14% | 7,796 | $746K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 3,589 | $711K | No change |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.12% | 7,270 | $639K | Reduce -5.8% |
| COF Capital One Financial Corp. | 0.11% | 3,339 | $595K | No change |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.11% | 6,327 | $578K | Reduce -2.3% |
| HUM Humana Inc. | 0.10% | 2,105 | $536K | No change |
| V Visa Inc. Class A | 0.09% | 1,543 | $488K | No change |
| WWD Woodward Inc. | 0.09% | 2,871 | $478K | No change |
| WFC Wells Fargo & Co. | 0.08% | 6,298 | $442K | Reduce -16.9% |
| HLT Hilton Worldwide Holdings Inc. | 0.08% | 1,758 | $435K | No change |
| GEV GE Vernova Inc. | 0.08% | 1,297 | $427K | Reduce -51.1% |
| AA Alcoa Corp. | 0.08% | 10,836 | $409K | Add +7.7% |
| ELV Elevance Health Inc. | 0.07% | 1,009 | $372K | No change |
| LBRDK Liberty Broadband-C | 0.07% | 4,698 | $351K | No change |
| VYM Vanguard High DVD Yield ETF | 0.05% | 2,170 | $277K | New |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.05% | 2,490 | $266K | New |
| CHTR Charter Communications Inc. Class A | 0.05% | 723 | $248K | Reduce -22.8% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.04% | 2,987 | $224K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $66K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 20,644 | $66K | No change |
Total filed on the 13F, all lines: $523.7M.
Portfolio Sells Q3 2024 → Q4 2024
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -60.8% | 3.21% | −6.40 |
| HEZU iShares Currency Hedged MSCI | Sold out | 0.00% | −3.66 |
| HEDJ Wisdomtree Europe Hedged Equ | Sold out | 0.00% | −3.29 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -3.1% | 22.85% | −3.02 |
| EWJ iShares MSCI Japan ETF | Reduce -13.6% | 1.85% | −0.58 |
| SUSA iShares ESG Optimized MSCI U | Reduce -18.3% | 1.05% | −0.30 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.06 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.06 |
| GEV GE Vernova Inc. | Reduce -51.1% | 0.08% | −0.06 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -10.1% | 0.17% | −0.04 |
| CCJ Cameco Corp. | Reduce -2.7% | 1.63% | −0.03 |
| CHTR Charter Communications Inc. Class A | Reduce -22.8% | 0.05% | −0.01 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -2.3% | 0.11% | −0.01 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -5.8% | 0.12% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -16.9% | 0.08% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| VUG Vanguard Mrngstar GR ETF-Sui | Add +45.3% | 23.78% | +7.50 |
| DBEU Xtrackers MSCI Europe Hedged | New | 3.65% | +3.65 |
| RSP Invesco S&P 500 Equal Weight | Add +52.6% | 12.57% | +3.62 |
| SHY iShares 1-3 Year Treasury Bo | Add +112.8% | 3.03% | +1.50 |
| IAU iShares Gold Trust | Add +15.3% | 9.32% | +0.69 |
| EAGL Eagle Capital Select Eqty | Add +21.0% | 1.33% | +0.18 |
| DXJ Wisdomtree Japan Hedged Eq | Add +7.2% | 3.26% | +0.15 |
| WDAY Workday Inc. Class A | Add +47.7% | 0.18% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +17.6% | 0.47% | +0.05 |
| VYM Vanguard High DVD Yield ETF | New | 0.05% | +0.05 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | New | 0.05% | +0.05 |
| EL Estee Lauder Companies Class A | New | 0.04% | +0.04 |
| CMCSA Comcast Corp. Class A | Add +68.1% | 0.14% | +0.04 |
| COP Conocophillips | Add +27.4% | 0.23% | +0.03 |
| AA Alcoa Corp. | Add +7.7% | 0.08% | −0.00 |
| BBJP JPMorgan Betabuilders Japan | Add +3.8% | 1.20% | −0.13 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 100 | $972.4M | BIL, VTV, VUG, IAU, SECU |
| Q1 2026 | 88 | $776.3M | IAU, VTV, BIL, VUG, SECU |
| Q4 2025 | 80 | $766.8M | VTV, IAU, VUG, BIL, SLV |
| Q3 2025 | 62 | $670.5M | VTV, VUG, IAU, BIL, SLV |
| Q2 2025 | 67 | $733.3M | VTV, VUG, DBEU, IAU, DXJ |
| Q1 2025 | 58 | $550.7M | VTV, VUG, IAU, DBEU, DXJ |
| Q4 2024 | 52 | $523.6M | VUG, VTV, RSP, IAU, DBEU |
| Q3 2024 | 52 | $492.3M | VTV, VUG, EMXC, RSP, IAU |
| Q2 2024 | 25 | $979.3M | VTV, VUG, EMXC, DXJ, EWJ |
| Q1 2024 | 25 | $813.8M | VTV, EWJ, VUG, EMXC, DXJ |