Permanens Capital L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Permanens Capital L.P. reported 67 stock positions worth $733.3 million. Its top holding was Vanguard Mrngstr Val ETF-Aui (VTV) at 19.3% of the portfolio, followed by Vanguard Mrngstar GR ETF-Sui (VUG, 18.1%) and Xtrackers MSCI Europe Hedged (DBEU, 8.5%). Compared with Q1 2025, it opened 17 new positions, sold out of 8, added to 46 and reduced 4. The biggest buy was a new position in iShares 0-5 YR HY Corp. Bond (SHYG) and the biggest sale Vanguard Mrngstar GR ETF-Sui (VUG, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001599637
- Portfolio Value
- $733.3M (Q2 2025)
- SEC Filing
- 0001641172-25-023975 ↗ filed Aug 14, 2025
Holdings Value
Holdings 67 stocks · $733.3M
| VTV Vanguard Mrngstr Val ETF-Aui | 19.31% | 797,030 | $141.6M | Add +1.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 18.07% | 301,987 | $132.5M | Reduce -14.9% |
| DBEU Xtrackers MSCI Europe Hedged | 8.51% | 1,414,972 | $62.4M | Add +46.1% |
| IAU iShares Gold Trust | 7.73% | 909,546 | $56.7M | Add +4.1% |
| DXJ Wisdomtree Japan Hedged Eq | 7.32% | 469,995 | $53.7M | Add +48.1% |
| SHYG iShares 0-5 YR HY Corp. Bond | 5.19% | 881,749 | $38.0M | New |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 3.93% | 1,520,729 | $28.8M | Add +10.1% |
| EMXC iShares MSCI Emr MRK Ex Chna | 3.46% | 401,493 | $25.4M | Add +1.0% |
| EAGL Eagle Capital Select Eqty | 3.13% | 760,077 | $22.9M | Add +52.9% |
| BBJP JPMorgan Betabuilders Japan | 3.12% | 370,860 | $22.9M | Add +155.9% |
| SLV iShares Silver Trust | 2.77% | 618,578 | $20.3M | New |
| SHY iShares 1-3 Year Treasury Bo | 1.87% | 165,623 | $13.7M | Add +4421.5% |
| CCJ Cameco Corp. | 1.87% | 184,304 | $13.7M | Add +163.5% |
| MSFT Microsoft Corp. | 1.20% | 17,652 | $8.8M | Add +18.5% |
| ULTA Ulta Beauty Inc. | 0.83% | 12,946 | $6.1M | Add +15.3% |
| SCHW Schwab (charles) Corp. | 0.76% | 61,341 | $5.6M | Add +12.5% |
| JPM JPMorgan Chase & Co. | 0.75% | 18,876 | $5.5M | Add +12.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.72% | 10,920 | $5.3M | Add +13.3% |
| UBS UBS Group AG-Reg | 0.70% | 151,596 | $5.1M | Add +16.0% |
| WMT Walmart Inc. | 0.68% | 50,851 | $5.0M | Add +12.9% |
| MAR Marriott International Class A | 0.65% | 17,453 | $4.8M | Add +13.4% |
| RSP Invesco S&P 500 Equal Weight | 0.47% | 19,069 | $3.5M | Add +560.5% |
| SUSA iShares ESG Optimized MSCI U | 0.42% | 24,577 | $3.1M | Reduce -49.5% |
| AMZN Amazon.com Inc. | 0.42% | 14,147 | $3.1M | Add +20.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.39% | 31,005 | $2.8M | Add +157.9% |
| BRT BRT Apartments Corp. | 0.36% | 165,848 | $2.6M | Add +611.5% |
| COP Conocophillips | 0.29% | 23,438 | $2.1M | Add +40.1% |
| UNH Unitedhealth Group Inc. | 0.28% | 6,537 | $2.0M | Add +162.2% |
| CMCSA Comcast Corp. Class A | 0.25% | 50,622 | $1.8M | Add +29.4% |
| AER Aercap Holdings NV | 0.25% | 15,416 | $1.8M | Add +23.7% |
| BGC BGC Group Inc. Class A | 0.24% | 170,000 | $1.7M | New |
| COF Capital One Financial Corp. | 0.23% | 8,034 | $1.7M | Add +72.7% |
| META Meta Platforms Inc. Class A | 0.23% | 2,244 | $1.7M | Add +10.3% |
| WDAY Workday Inc. Class A | 0.22% | 6,856 | $1.6M | Add +37.0% |
| GOOG Alphabet Inc. Class C | 0.22% | 8,894 | $1.6M | Add +8.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 2,407 | $1.5M | Reduce -38.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.20% | 6,472 | $1.5M | Add +29.3% |
| SHEL Shell PLC-ADR | 0.20% | 20,704 | $1.5M | Add +15.4% |
| ARCC Ares Capital Corp. | 0.20% | 65,128 | $1.4M | New |
| WWD Woodward Inc. | 0.19% | 5,706 | $1.4M | Add +29.2% |
| ASML ASML Holding NV-NY Reg SHS | 0.17% | 1,601 | $1.3M | New |
| LEN Lennar Corp. Class A | 0.16% | 10,862 | $1.2M | Add +56.0% |
| SAP Sap SE-Sponsored ADR | 0.16% | 3,832 | $1.2M | Add +21.5% |
| HUM Humana Inc. | 0.16% | 4,645 | $1.1M | Add +66.5% |
| AON Aon PLC Class A | 0.13% | 2,763 | $986K | Add +21.2% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.13% | 11,461 | $926K | Add +29.2% |
| LBRDK Liberty Broadband-C | 0.12% | 8,695 | $855K | Add +32.8% |
| DHR Danaher Corp. | 0.10% | 3,715 | $735K | New |
| QXO Qxo Inc. | 0.10% | 34,000 | $732K | New |
| ELV Elevance Health Inc. | 0.10% | 1,814 | $706K | Add +29.0% |
| AA Alcoa Corp. | 0.08% | 19,601 | $578K | Add +29.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.08% | 2,162 | $576K | Add +29.2% |
| WFC Wells Fargo & Co. | 0.07% | 6,564 | $526K | Reduce -14.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 950 | $525K | Add +41.6% |
| PTC PTC Inc. | 0.07% | 3,027 | $522K | Add +63.1% |
| LVO Liveone Inc. | 0.07% | 687,275 | $519K | New |
| INTU Intuit Inc. | 0.07% | 651 | $513K | Add +28.9% |
| IVV iShares Core S&P 500 ETF | 0.05% | 594 | $369K | Add +6.3% |
| IWF iShares Russell 1000 Growth | 0.05% | 802 | $340K | New |
| ALTI Alti Global Inc. | 0.04% | 77,817 | $323K | New |
| IWD iShares Russell 1000 Value E | 0.04% | 1,442 | $280K | New |
| PODC Podcastone Inc. | 0.04% | 105,876 | $257K | New |
| MLM Martin Marietta Materials | 0.03% | 434 | $238K | New |
| VMC Vulcan Materials Co. | 0.03% | 863 | $225K | New |
| NVDA Nvidia Corp. | 0.03% | 1,361 | $215K | New |
| ACP Abrdn Income Credit Strat | 0.02% | 27,500 | $162K | New |
| NNDM Nano Dimension Ltd. - ADR | 0.01% | 50,000 | $81K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $50K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 15,483 | $50K | No change |
Total filed on the 13F, all lines: $733.3M.
Portfolio Sells Q1 2025 → Q2 2025
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -14.9% | 18.07% | −5.81 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.83 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.81 |
| SUSA iShares ESG Optimized MSCI U | Reduce -49.5% | 0.42% | −0.59 |
| PHYS Sprott Physical Gold Trust | Sold out | 0.00% | −0.31 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -38.9% | 0.20% | −0.20 |
| SPYV SS SPDR P S&P 500 Value ETF | Sold out | 0.00% | −0.12 |
| SPYG SS SPDR P S&P 500 Growth ETF | Sold out | 0.00% | −0.10 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.09 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −0.07 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.05 |
| WFC Wells Fargo & Co. | Reduce -14.1% | 0.07% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| SHYG iShares 0-5 YR HY Corp. Bond | New | 5.19% | +5.19 |
| SLV iShares Silver Trust | New | 2.77% | +2.77 |
| SHY iShares 1-3 Year Treasury Bo | Add +4421.5% | 1.87% | +1.82 |
| BBJP JPMorgan Betabuilders Japan | Add +155.9% | 3.12% | +1.65 |
| CCJ Cameco Corp. | Add +163.5% | 1.87% | +1.34 |
| DXJ Wisdomtree Japan Hedged Eq | Add +48.1% | 7.32% | +0.98 |
| DBEU Xtrackers MSCI Europe Hedged | Add +46.1% | 8.51% | +0.74 |
| EAGL Eagle Capital Select Eqty | Add +52.9% | 3.13% | +0.60 |
| RSP Invesco S&P 500 Equal Weight | Add +560.5% | 0.47% | +0.38 |
| BRT BRT Apartments Corp. | Add +611.5% | 0.36% | +0.28 |
| BGC BGC Group Inc. Class A | New | 0.24% | +0.24 |
| ARCC Ares Capital Corp. | New | 0.20% | +0.20 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +157.9% | 0.39% | +0.19 |
| MSFT Microsoft Corp. | Add +18.5% | 1.20% | +0.18 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.17% | +0.17 |
| DHR Danaher Corp. | New | 0.10% | +0.10 |
| QXO Qxo Inc. | New | 0.10% | +0.10 |
| COF Capital One Financial Corp. | Add +72.7% | 0.23% | +0.08 |
| ULTA Ulta Beauty Inc. | Add +15.3% | 0.83% | +0.08 |
| LVO Liveone Inc. | New | 0.07% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +29.3% | 0.20% | +0.05 |
| IWF iShares Russell 1000 Growth | New | 0.05% | +0.05 |
| WWD Woodward Inc. | Add +29.2% | 0.19% | +0.04 |
| ALTI Alti Global Inc. | New | 0.04% | +0.04 |
| UNH Unitedhealth Group Inc. | Add +162.2% | 0.28% | +0.04 |
| IWD iShares Russell 1000 Value E | New | 0.04% | +0.04 |
| PODC Podcastone Inc. | New | 0.04% | +0.04 |
| MLM Martin Marietta Materials | New | 0.03% | +0.03 |
| VMC Vulcan Materials Co. | New | 0.03% | +0.03 |
| NVDA Nvidia Corp. | New | 0.03% | +0.03 |
| ACP Abrdn Income Credit Strat | New | 0.02% | +0.02 |
| HUM Humana Inc. | Add +66.5% | 0.16% | +0.02 |
| EL Estee Lauder Companies Class A | Add +29.2% | 0.13% | +0.02 |
| PTC PTC Inc. | Add +63.1% | 0.07% | +0.02 |
| LEN Lennar Corp. Class A | Add +56.0% | 0.16% | +0.02 |
| AMZN Amazon.com Inc. | Add +20.6% | 0.42% | +0.02 |
| LBRDK Liberty Broadband-C | Add +32.8% | 0.12% | +0.02 |
| AER Aercap Holdings NV | Add +23.7% | 0.25% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +41.6% | 0.07% | +0.01 |
| INTU Intuit Inc. | Add +28.9% | 0.07% | +0.01 |
| META Meta Platforms Inc. Class A | Add +10.3% | 0.23% | +0.01 |
| WDAY Workday Inc. Class A | Add +37.0% | 0.22% | +0.01 |
| NNDM Nano Dimension Ltd. - ADR | New | 0.01% | +0.01 |
| HLT Hilton Worldwide Holdings Inc. | Add +29.2% | 0.08% | +0.01 |
| SAP Sap SE-Sponsored ADR | Add +21.5% | 0.16% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +12.5% | 0.75% | −0.00 |
| AA Alcoa Corp. | Add +29.0% | 0.08% | −0.01 |
| IVV iShares Core S&P 500 ETF | Add +6.3% | 0.05% | −0.01 |
| SCHW Schwab (charles) Corp. | Add +12.5% | 0.76% | −0.01 |
| ELV Elevance Health Inc. | Add +29.0% | 0.10% | −0.01 |
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 |