Permanens Capital L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Permanens Capital L.P. reported 62 stock positions worth $670.5 million. Its top holding was Vanguard Mrngstr Val ETF-Aui (VTV) at 18.3% of the portfolio, followed by Vanguard Mrngstar GR ETF-Sui (VUG, 18.2%) and iShares Gold Trust (IAU, 9.7%). Compared with Q2 2025, it opened 26 new positions, sold out of 31, added to 17 and reduced 13. The biggest buy was SS SPDR BB 1-3M T-Bill ETF (BIL, shares +1324%) and the biggest sale an exit from iShares MSCI Emr MRK Ex Chna (EMXC).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001599637
- Portfolio Value
- $670.5M (Q3 2025)
- SEC Filing
- 0001493152-25-023436 ↗ filed Nov 14, 2025
Holdings Value
Holdings 62 stocks · $670.5M
| VTV Vanguard Mrngstr Val ETF-Aui | 18.35% | 656,355 | $123.0M | Reduce -17.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 18.17% | 253,775 | $121.8M | Reduce -16.0% |
| IAU iShares Gold Trust | 9.66% | 890,255 | $64.8M | Reduce -2.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 6.04% | 441,640 | $40.5M | Add +1324.4% |
| SLV iShares Silver Trust | 5.89% | 931,983 | $39.5M | Add +50.7% |
| DBEU Xtrackers MSCI Europe Hedged | 5.66% | 823,835 | $37.9M | Reduce -41.8% |
| DXJ Wisdomtree Japan Hedged Eq | 5.57% | 291,733 | $37.4M | Reduce -37.9% |
| SHYG iShares 0-5 YR HY Corp. Bond | 5.08% | 786,065 | $34.0M | Reduce -10.8% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 4.19% | 1,468,514 | $28.1M | Reduce -3.4% |
| EAGL Eagle Capital Select Eqty | 3.56% | 764,024 | $23.9M | Add +0.5% |
| JPY Lazard Japanese Equity ETF | 2.60% | 555,599 | $17.4M | New |
| CCJ Cameco Corp. | 2.08% | 166,648 | $14.0M | Reduce -9.6% |
| WMT Walmart Inc. | 1.02% | 66,589 | $6.9M | Add +30.9% |
| UNH Unitedhealth Group Inc. | 1.02% | 19,784 | $6.8M | Add +202.7% |
| MSFT Microsoft Corp. | 1.02% | 13,142 | $6.8M | Reduce -25.6% |
| JPM JPMorgan Chase & Co. | 0.99% | 21,121 | $6.7M | Add +11.9% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.94% | 395,273 | $6.3M | New |
| UBS UBS Group AG-Reg | 0.93% | 151,917 | $6.2M | Add +0.2% |
| ULTA Ulta Beauty Inc. | 0.92% | 11,236 | $6.1M | Reduce -13.2% |
| SCHW Schwab (charles) Corp. | 0.89% | 62,587 | $6.0M | Add +2.0% |
| IBIT iShares Bitcoin Trust ETF | 0.52% | 53,878 | $3.5M | New |
| BRT BRT Apartments Corp. | 0.48% | 201,263 | $3.2M | Add +21.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.43% | 4,318 | $2.9M | Add +79.4% |
| NFLX Netflix Inc. | 0.35% | 1,936 | $2.3M | New |
| IEI iShares 3-7 Year Treasury Bo | 0.28% | 15,596 | $1.9M | New |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.28% | 35,143 | $1.9M | New |
| BGC BGC Group Inc. Class A | 0.24% | 170,000 | $1.6M | No change |
| ARCC Ares Capital Corp. | 0.20% | 65,544 | $1.3M | Add +0.6% |
| AAPL Apple Inc. | 0.19% | 5,075 | $1.3M | New |
| ETHA iShares Ethereum Trust ETF | 0.18% | 38,220 | $1.2M | New |
| META Meta Platforms Inc. Class A | 0.18% | 1,635 | $1.2M | Reduce -27.1% |
| QLD Proshares Ultra QQQ | 0.18% | 8,605 | $1.2M | New |
| SHOP Shopify Inc. Class A | 0.18% | 7,927 | $1.2M | New |
| MA Mastercard Inc. Class A | 0.17% | 1,967 | $1.1M | New |
| GOOGL Alphabet Inc. Class A | 0.16% | 4,369 | $1.1M | New |
| AMZN Amazon.com Inc. | 0.16% | 4,814 | $1.1M | Reduce -66.0% |
| KWEB Kranesh Csi China Internet | 0.13% | 20,336 | $854K | New |
| QXO Qxo Inc. | 0.13% | 44,000 | $839K | Add +29.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.10% | 1,158 | $696K | Add +21.9% |
| DELL Dell Technologies -C | 0.09% | 4,067 | $577K | New |
| WULF Terawulf Inc. | 0.08% | 45,000 | $514K | New |
| BBEU JPMorgan Betabuilders Europe | 0.06% | 5,760 | $401K | New |
| IVV iShares Core S&P 500 ETF | 0.06% | 594 | $398K | No change |
| IWF iShares Russell 1000 Growth | 0.06% | 803 | $376K | Add +0.1% |
| NVDA Nvidia Corp. | 0.05% | 1,898 | $354K | Add +39.5% |
| LVO Liveone Inc. | 0.05% | 83,726 | $346K | Add +21.8% |
| BP BP PLC-Spons ADR | 0.05% | 9,472 | $326K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.05% | 5,948 | $307K | New |
| IWD iShares Russell 1000 Value E | 0.04% | 1,449 | $295K | Add +0.5% |
| ALTI Alti Global Inc. | 0.04% | 77,817 | $277K | No change |
| MELI MercadoLibre Inc. | 0.04% | 118 | $276K | New |
| PROSHARES TR II | 0.04% | 25,000 | $261K | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.03% | 441 | $222K | Reduce -96.0% |
| FSK FS KKR Capital Corp. | 0.03% | 12,058 | $188K | New |
| PODC Podcastone Inc. | 0.03% | 105,876 | $178K | No change |
| ACP Abrdn Income Credit Strat | 0.02% | 27,500 | $160K | No change |
| CCAP Crescent Capital BDC Inc. | 0.02% | 10,000 | $147K | New |
| TCPC BlackRock TCP Capital Corp. | 0.02% | 21,406 | $133K | New |
| MFIC Midcap Financial Investment | 0.02% | 11,029 | $132K | New |
| NNDM Nano Dimension Ltd. - ADR | 0.01% | 50,000 | $79K | No change |
| RC Ready Capital Corp. | 0.01% | 15,000 | $60K | New |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 0.01% | 513 | $49K | New |
Portfolio Sells Q2 2025 → Q3 2025
| EMXC iShares MSCI Emr MRK Ex Chna | Sold out | 0.00% | −3.46 |
| BBJP JPMorgan Betabuilders Japan | Sold out | 0.00% | −3.12 |
| DBEU Xtrackers MSCI Europe Hedged | Reduce -41.8% | 5.66% | −2.85 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −1.87 |
| DXJ Wisdomtree Japan Hedged Eq | Reduce -37.9% | 5.57% | −1.75 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -17.6% | 18.35% | −0.97 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -96.0% | 0.03% | −0.69 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.65 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.47 |
| SUSA iShares ESG Optimized MSCI U | Sold out | 0.00% | −0.42 |
| COP Conocophillips | Sold out | 0.00% | −0.29 |
| AMZN Amazon.com Inc. | Reduce -66.0% | 0.16% | −0.27 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.25 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.25 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.23 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.22 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.22 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.20 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.20 |
| WWD Woodward Inc. | Sold out | 0.00% | −0.19 |
| MSFT Microsoft Corp. | Reduce -25.6% | 1.02% | −0.18 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.17 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.16 |
| SAP Sap SE-Sponsored ADR | Sold out | 0.00% | −0.16 |
| HUM Humana Inc. | Sold out | 0.00% | −0.16 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.13 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.13 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −0.12 |
| SHYG iShares 0-5 YR HY Corp. Bond | Reduce -10.8% | 5.08% | −0.11 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.10 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.10 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.08 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.08 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.07 |
| PTC PTC Inc. | Sold out | 0.00% | −0.07 |
| INTU Intuit Inc. | Sold out | 0.00% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -27.1% | 0.18% | −0.05 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.03 |
| VMC Vulcan Materials Co. | Sold out | 0.00% | −0.03 |
| ULTA Ulta Beauty Inc. | Reduce -13.2% | 0.92% | +0.09 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -16.0% | 18.17% | +0.10 |
| CCJ Cameco Corp. | Reduce -9.6% | 2.08% | +0.22 |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | Reduce -3.4% | 4.19% | +0.26 |
| IAU iShares Gold Trust | Reduce -2.1% | 9.66% | +1.93 |
Portfolio Buys Q2 2025 → Q3 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +1324.4% | 6.04% | +5.66 |
| SLV iShares Silver Trust | Add +50.7% | 5.89% | +3.12 |
| JPY Lazard Japanese Equity ETF | New | 2.60% | +2.60 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | New | 0.94% | +0.94 |
| UNH Unitedhealth Group Inc. | Add +202.7% | 1.02% | +0.74 |
| IBIT iShares Bitcoin Trust ETF | New | 0.52% | +0.52 |
| EAGL Eagle Capital Select Eqty | Add +0.5% | 3.56% | +0.43 |
| NFLX Netflix Inc. | New | 0.35% | +0.35 |
| WMT Walmart Inc. | Add +30.9% | 1.02% | +0.35 |
| IEI iShares 3-7 Year Treasury Bo | New | 0.28% | +0.28 |
| IGSB iShares 1-5Y Inv Grade Corp. | New | 0.28% | +0.28 |
| JPM JPMorgan Chase & Co. | Add +11.9% | 0.99% | +0.25 |
| UBS UBS Group AG-Reg | Add +0.2% | 0.93% | +0.23 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +79.4% | 0.43% | +0.23 |
| AAPL Apple Inc. | New | 0.19% | +0.19 |
| ETHA iShares Ethereum Trust ETF | New | 0.18% | +0.18 |
| QLD Proshares Ultra QQQ | New | 0.18% | +0.18 |
| SHOP Shopify Inc. Class A | New | 0.18% | +0.18 |
| MA Mastercard Inc. Class A | New | 0.17% | +0.17 |
| GOOGL Alphabet Inc. Class A | New | 0.16% | +0.16 |
| SCHW Schwab (charles) Corp. | Add +2.0% | 0.89% | +0.13 |
| KWEB Kranesh Csi China Internet | New | 0.13% | +0.13 |
| BRT BRT Apartments Corp. | Add +21.4% | 0.48% | +0.12 |
| DELL Dell Technologies -C | New | 0.09% | +0.09 |
| WULF Terawulf Inc. | New | 0.08% | +0.08 |
| BBEU JPMorgan Betabuilders Europe | New | 0.06% | +0.06 |
| BP BP PLC-Spons ADR | New | 0.05% | +0.05 |
| BAC Bank of America Corp. | New | 0.05% | +0.05 |
| MELI MercadoLibre Inc. | New | 0.04% | +0.04 |
| PROSHARES TR II | New | 0.04% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +21.9% | 0.10% | +0.03 |
| FSK FS KKR Capital Corp. | New | 0.03% | +0.03 |
| QXO Qxo Inc. | Add +29.4% | 0.13% | +0.03 |
| NVDA Nvidia Corp. | Add +39.5% | 0.05% | +0.02 |
| CCAP Crescent Capital BDC Inc. | New | 0.02% | +0.02 |
| TCPC BlackRock TCP Capital Corp. | New | 0.02% | +0.02 |
| MFIC Midcap Financial Investment | New | 0.02% | +0.02 |
| IWF iShares Russell 1000 Growth | Add +0.1% | 0.06% | +0.01 |
| RC Ready Capital Corp. | New | 0.01% | +0.01 |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | New | 0.01% | +0.01 |
| IWD iShares Russell 1000 Value E | Add +0.5% | 0.04% | +0.01 |
| ARCC Ares Capital Corp. | Add +0.6% | 0.20% | +0.00 |
| LVO Liveone Inc. | Add +21.8% | 0.05% | −0.02 |
Notes & Other Activity Q2 2025 → Q3 2025
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | Sold out | 15,483 | $50Kbefore exit |
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 |