Permanens Capital L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Permanens Capital L.P. reported 58 stock positions worth $550.7 million. Its top holding was Vanguard Mrngstr Val ETF-Aui (VTV) at 24.7% of the portfolio, followed by Vanguard Mrngstar GR ETF-Sui (VUG, 23.9%) and iShares Gold Trust (IAU, 9.4%). Compared with Q4 2024, it opened 11 new positions, sold out of 5, added to 36 and reduced 11. The biggest buy was a new position in Pri Spe Pre Sec Acti-Usd (PREF) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001599637
- Portfolio Value
- $550.7M (Q1 2025)
- SEC Filing
- 0001641172-25-010909 ↗ filed May 15, 2025
Holdings Value
Holdings 58 stocks · $550.7M
| VTV Vanguard Mrngstr Val ETF-Aui | 24.71% | 787,828 | $136.1M | Add +11.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 23.89% | 354,713 | $131.5M | Add +16.9% |
| IAU iShares Gold Trust | 9.36% | 873,742 | $51.5M | Reduce -11.4% |
| DBEU Xtrackers MSCI Europe Hedged | 7.77% | 968,639 | $42.8M | Add +108.8% |
| DXJ Wisdomtree Japan Hedged Eq | 6.35% | 317,244 | $35.0M | Add +104.9% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 4.69% | 1,380,931 | $25.8M | New |
| EMXC iShares MSCI Emr MRK Ex Chna | 3.98% | 397,633 | $21.9M | Add +31.1% |
| EAGL Eagle Capital Select Eqty | 2.53% | 497,280 | $13.9M | Add +99.2% |
| BBJP JPMorgan Betabuilders Japan | 1.48% | 144,927 | $8.1M | Add +26.7% |
| MSFT Microsoft Corp. | 1.02% | 14,899 | $5.6M | Add +57.1% |
| SUSA iShares ESG Optimized MSCI U | 1.01% | 48,641 | $5.6M | Add +7.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.93% | 9,636 | $5.1M | Reduce -20.7% |
| AAPL Apple Inc. | 0.83% | 20,475 | $4.5M | Add +19.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.81% | 45,149 | $4.5M | Add +25.1% |
| SCHW Schwab (charles) Corp. | 0.78% | 54,528 | $4.3M | Add +16.1% |
| JPM JPMorgan Chase & Co. | 0.75% | 16,784 | $4.1M | Add +8.8% |
| ULTA Ulta Beauty Inc. | 0.75% | 11,228 | $4.1M | Add +28.4% |
| UBS UBS Group AG-Reg | 0.73% | 130,697 | $4.0M | New |
| WMT Walmart Inc. | 0.72% | 45,025 | $4.0M | Reduce -12.7% |
| MAR Marriott International Class A | 0.67% | 15,396 | $3.7M | Add +15.6% |
| CCJ Cameco Corp. | 0.52% | 69,936 | $2.9M | Reduce -57.9% |
| AMZN Amazon.com Inc. | 0.41% | 11,729 | $2.2M | Add +42.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.40% | 3,938 | $2.2M | Reduce -5.6% |
| COP Conocophillips | 0.32% | 16,730 | $1.8M | Add +40.7% |
| PHYS Sprott Physical Gold Trust | 0.31% | 70,327 | $1.7M | New |
| CMCSA Comcast Corp. Class A | 0.26% | 39,131 | $1.4M | Add +95.4% |
| SHEL Shell PLC-ADR | 0.24% | 17,940 | $1.3M | Add +48.5% |
| UNH Unitedhealth Group Inc. | 0.24% | 2,493 | $1.3M | Add +68.0% |
| GOOG Alphabet Inc. Class C | 0.23% | 8,170 | $1.3M | Add +34.9% |
| AER Aercap Holdings NV | 0.23% | 12,464 | $1.3M | Add +59.9% |
| META Meta Platforms Inc. Class A | 0.21% | 2,035 | $1.2M | Add +2.5% |
| WDAY Workday Inc. Class A | 0.21% | 5,004 | $1.2M | Add +40.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.20% | 12,021 | $1.1M | Add +90.0% |
| AON Aon PLC Class A | 0.17% | 2,279 | $910K | Reduce -12.2% |
| SAP Sap SE-Sponsored ADR | 0.15% | 3,155 | $847K | Add +0.6% |
| COF Capital One Financial Corp. | 0.15% | 4,653 | $834K | Add +39.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 5,006 | $833K | Add +39.5% |
| WWD Woodward Inc. | 0.15% | 4,415 | $806K | Add +53.8% |
| LEN Lennar Corp. Class A | 0.15% | 6,961 | $799K | New |
| HUM Humana Inc. | 0.13% | 2,790 | $741K | Add +32.5% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.12% | 12,784 | $653K | Reduce -25.3% |
| ELV Elevance Health Inc. | 0.11% | 1,406 | $612K | Add +39.4% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.11% | 8,872 | $586K | Add +197.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.10% | 7,114 | $572K | Reduce -2.1% |
| LBRDK Liberty Broadband-C | 0.10% | 6,550 | $557K | Add +39.4% |
| WFC Wells Fargo & Co. | 0.10% | 7,644 | $549K | Add +21.4% |
| RSP Invesco S&P 500 Equal Weight | 0.09% | 2,887 | $500K | Reduce -99.2% |
| GEV GE Vernova Inc. | 0.09% | 1,581 | $483K | Add +21.9% |
| AA Alcoa Corp. | 0.08% | 15,191 | $463K | Add +40.2% |
| JEF Jefferies Financial Group Inc. | 0.07% | 7,580 | $406K | New |
| BRT BRT Apartments Corp. | 0.07% | 23,308 | $402K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.07% | 1,673 | $381K | Reduce -4.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.06% | 671 | $315K | New |
| IVV iShares Core S&P 500 ETF | 0.06% | 559 | $314K | New |
| INTU Intuit Inc. | 0.06% | 505 | $310K | New |
| SHY iShares 1-3 Year Treasury Bo | 0.06% | 3,663 | $303K | Reduce -98.1% |
| PTC PTC Inc. | 0.05% | 1,856 | $288K | New |
| DFS Discover Financial Services | 0.05% | 1,546 | $264K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $28K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 15,483 | $28K | Reduce -25.0% |
Total filed on the 13F, all lines: $550.7M.
Portfolio Sells Q4 2024 → Q1 2025
| RSP Invesco S&P 500 Equal Weight | Reduce -99.2% | 0.09% | −12.48 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -98.1% | 0.06% | −2.98 |
| EWJ iShares MSCI Japan ETF | Sold out | 0.00% | −1.85 |
| CCJ Cameco Corp. | Reduce -57.9% | 0.52% | −1.11 |
| WMT Walmart Inc. | Reduce -12.7% | 0.72% | −0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -20.7% | 0.93% | −0.12 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.6% | 0.40% | −0.07 |
| VYM Vanguard High DVD Yield ETF | Sold out | 0.00% | −0.05 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −0.05 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -25.3% | 0.12% | −0.05 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −0.05 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -2.1% | 0.10% | −0.02 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -4.8% | 0.07% | −0.01 |
| AON Aon PLC Class A | Reduce -12.2% | 0.17% | −0.01 |
| IAU iShares Gold Trust | Reduce -11.4% | 9.36% | +0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| PREF Pri Spe Pre Sec Acti-Usd Inc. | New | 4.69% | +4.69 |
| DBEU Xtrackers MSCI Europe Hedged | Add +108.8% | 7.77% | +4.12 |
| DXJ Wisdomtree Japan Hedged Eq | Add +104.9% | 6.35% | +3.09 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +11.5% | 24.71% | +1.86 |
| EAGL Eagle Capital Select Eqty | Add +99.2% | 2.53% | +1.20 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +31.1% | 3.98% | +0.77 |
| UBS UBS Group AG-Reg | New | 0.73% | +0.73 |
| PHYS Sprott Physical Gold Trust | New | 0.31% | +0.31 |
| BBJP JPMorgan Betabuilders Japan | Add +26.7% | 1.48% | +0.28 |
| MSFT Microsoft Corp. | Add +57.1% | 1.02% | +0.25 |
| LEN Lennar Corp. Class A | New | 0.15% | +0.15 |
| CMCSA Comcast Corp. Class A | Add +95.4% | 0.26% | +0.12 |
| SCHW Schwab (charles) Corp. | Add +16.1% | 0.78% | +0.11 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +16.9% | 23.89% | +0.11 |
| SHEL Shell PLC-ADR | Add +48.5% | 0.24% | +0.09 |
| COP Conocophillips | Add +40.7% | 0.32% | +0.09 |
| UNH Unitedhealth Group Inc. | Add +68.0% | 0.24% | +0.09 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +90.0% | 0.20% | +0.09 |
| AER Aercap Holdings NV | Add +59.9% | 0.23% | +0.09 |
| JEF Jefferies Financial Group Inc. | New | 0.07% | +0.07 |
| BRT BRT Apartments Corp. | New | 0.07% | +0.07 |
| EL Estee Lauder Companies Class A | Add +197.0% | 0.11% | +0.06 |
| AMZN Amazon.com Inc. | Add +42.4% | 0.41% | +0.06 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.06% | +0.06 |
| IVV iShares Core S&P 500 ETF | New | 0.06% | +0.06 |
| INTU Intuit Inc. | New | 0.06% | +0.06 |
| WWD Woodward Inc. | Add +53.8% | 0.15% | +0.06 |
| PTC PTC Inc. | New | 0.05% | +0.05 |
| DFS Discover Financial Services | New | 0.05% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +8.8% | 0.75% | +0.04 |
| ELV Elevance Health Inc. | Add +39.4% | 0.11% | +0.04 |
| DIS The Walt Disney Co. | Add +25.1% | 0.81% | +0.04 |
| COF Capital One Financial Corp. | Add +39.4% | 0.15% | +0.04 |
| WDAY Workday Inc. Class A | Add +40.3% | 0.21% | +0.04 |
| LBRDK Liberty Broadband-C | Add +39.4% | 0.10% | +0.03 |
| HUM Humana Inc. | Add +32.5% | 0.13% | +0.03 |
| ULTA Ulta Beauty Inc. | Add +28.4% | 0.75% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +39.5% | 0.15% | +0.02 |
| WFC Wells Fargo & Co. | Add +21.4% | 0.10% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +34.9% | 0.23% | +0.01 |
| AAPL Apple Inc. | Add +19.9% | 0.83% | +0.01 |
| SAP Sap SE-Sponsored ADR | Add +0.6% | 0.15% | +0.01 |
| GEV GE Vernova Inc. | Add +21.9% | 0.09% | +0.01 |
| AA Alcoa Corp. | Add +40.2% | 0.08% | +0.01 |
| META Meta Platforms Inc. Class A | Add +2.5% | 0.21% | −0.01 |
| SUSA iShares ESG Optimized MSCI U | Add +7.2% | 1.01% | −0.04 |
| MAR Marriott International Class A | Add +15.6% | 0.67% | −0.04 |
Notes & Other Activity Q4 2024 → Q1 2025
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | Reduce -25.0% | 15,483 | $28K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |