Permanens Capital L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Permanens Capital L.P. reported 80 stock positions worth $766.8 million. Its top holding was Vanguard Mrngstr Val ETF-Aui (VTV) at 14.0% of the portfolio, followed by iShares Gold Trust (IAU, 11.9%) and Vanguard Mrngstar GR ETF-Sui (VUG, 10.3%). Compared with Q3 2025, it opened 26 new positions, sold out of 8, added to 36 and reduced 8. The biggest buy was JPMorgan Betabuilders Europe (BBEU, shares +9627%) and the biggest sale Vanguard Mrngstar GR ETF-Sui (VUG, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001599637
- Portfolio Value
- $766.8M (Q4 2025)
- SEC Filing
- 0001493152-26-007095 ↗ filed Feb 17, 2026
Holdings Value
Holdings 80 stocks · $766.8M
| VTV Vanguard Mrngstr Val ETF-Aui | 13.98% | 561,293 | $107.2M | Reduce -14.5% |
| IAU iShares Gold Trust | 11.88% | 1,122,462 | $91.1M | Add +26.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 10.28% | 161,547 | $78.8M | Reduce -36.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 7.91% | 664,112 | $60.7M | Add +50.4% |
| SLV iShares Silver Trust | 7.56% | 900,242 | $58.0M | Reduce -3.4% |
| DXJ Wisdomtree Japan Hedged Eq | 5.50% | 292,755 | $42.2M | Add +0.3% |
| BBEU JPMorgan Betabuilders Europe | 5.36% | 560,278 | $41.1M | Add +9627.0% |
| SHYG iShares 0-5 YR HY Corp. Bond | 4.74% | 847,010 | $36.3M | Add +7.8% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 4.27% | 1,715,767 | $32.7M | Add +16.8% |
| EAGL Eagle Capital Select Eqty | 3.39% | 800,671 | $26.0M | Add +4.8% |
| JPY Lazard Japanese Equity ETF | 2.43% | 582,605 | $18.6M | Add +4.9% |
| CCJ Cameco Corp. | 2.08% | 174,183 | $15.9M | Add +4.5% |
| MSFT Microsoft Corp. | 1.59% | 25,224 | $12.2M | Add +91.9% |
| WMT Walmart Inc. | 1.26% | 86,403 | $9.6M | Add +29.8% |
| UBS UBS Group AG-Reg | 1.25% | 207,412 | $9.6M | Add +36.5% |
| ULTA Ulta Beauty Inc. | 1.18% | 14,966 | $9.1M | Add +33.2% |
| JPM JPMorgan Chase & Co. | 1.15% | 27,436 | $8.8M | Add +29.9% |
| SCHW Schwab (charles) Corp. | 1.11% | 85,461 | $8.5M | Add +36.5% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 1.10% | 533,233 | $8.5M | Add +34.9% |
| IAUM iShares Gold Trust Micro | 0.85% | 152,381 | $6.6M | New |
| AMZN Amazon.com Inc. | 0.81% | 26,864 | $6.2M | Add +458.0% |
| UNH Unitedhealth Group Inc. | 0.44% | 10,150 | $3.4M | Reduce -48.7% |
| COP Conocophillips | 0.42% | 34,632 | $3.2M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.42% | 4,707 | $3.2M | Add +9.0% |
| META Meta Platforms Inc. Class A | 0.39% | 4,553 | $3.0M | Add +178.5% |
| BRT BRT Apartments Corp. | 0.39% | 201,264 | $3.0M | Add +0.0% |
| GOOG Alphabet Inc. Class C | 0.38% | 9,363 | $2.9M | New |
| WDAY Workday Inc. Class A | 0.38% | 13,510 | $2.9M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.36% | 9,083 | $2.8M | New |
| COF Capital One Financial Corp. | 0.36% | 11,278 | $2.7M | New |
| AER Aercap Holdings NV | 0.33% | 17,516 | $2.5M | New |
| NFLX Netflix Inc. | 0.32% | 26,296 | $2.5M | Add +35.8% |
| DHR Danaher Corp. | 0.32% | 10,598 | $2.4M | New |
| WWD Woodward Inc. | 0.29% | 7,437 | $2.2M | New |
| CMCSA Comcast Corp. Class A | 0.28% | 71,047 | $2.1M | New |
| IEI iShares 3-7 Year Treasury Bo | 0.26% | 16,508 | $2.0M | Add +5.8% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.26% | 37,203 | $2.0M | Add +5.9% |
| LEN Lennar Corp. Class A | 0.25% | 18,917 | $1.9M | New |
| GOOGL Alphabet Inc. Class A | 0.25% | 6,110 | $1.9M | Add +39.9% |
| SAP Sap SE-Sponsored ADR | 0.24% | 7,535 | $1.8M | New |
| MELI MercadoLibre Inc. | 0.22% | 836 | $1.7M | Add +608.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.21% | 1,531 | $1.6M | New |
| SHOP Shopify Inc. Class A | 0.21% | 10,030 | $1.6M | Add +26.5% |
| AAPL Apple Inc. | 0.21% | 5,803 | $1.6M | Add +14.3% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.20% | 14,792 | $1.5M | New |
| BGC BGC Group Inc. Class A | 0.20% | 170,000 | $1.5M | No change |
| AA Alcoa Corp. | 0.19% | 27,511 | $1.5M | New |
| QLD Proshares Ultra QQQ | 0.19% | 20,750 | $1.5M | Add +20.6% |
| MA Mastercard Inc. Class A | 0.19% | 2,521 | $1.4M | Add +28.2% |
| HUM Humana Inc. | 0.18% | 5,474 | $1.4M | New |
| AON Aon PLC Class A | 0.18% | 3,877 | $1.4M | New |
| ARCC Ares Capital Corp. | 0.17% | 65,544 | $1.3M | No change |
| SHEL Shell PLC-ADR | 0.15% | 15,210 | $1.1M | New |
| KWEB Kranesh Csi China Internet | 0.12% | 27,792 | $946K | Add +36.7% |
| ELV Elevance Health Inc. | 0.12% | 2,546 | $893K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.11% | 3,035 | $872K | New |
| QXO Qxo Inc. | 0.11% | 44,000 | $849K | No change |
| PTC PTC Inc. | 0.09% | 4,173 | $727K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 1,105 | $679K | Reduce -4.6% |
| INTU Intuit Inc. | 0.08% | 914 | $605K | New |
| LBRDK Liberty Broadband-C | 0.08% | 12,406 | $603K | New |
| BP BP PLC-Spons ADR | 0.06% | 12,266 | $426K | Add +29.5% |
| IVV iShares Core S&P 500 ETF | 0.05% | 614 | $421K | Add +3.4% |
| NVDA Nvidia Corp. | 0.05% | 2,076 | $387K | Add +9.4% |
| IWF iShares Russell 1000 Growth | 0.05% | 803 | $380K | No change |
| MLM Martin Marietta Materials | 0.05% | 608 | $379K | New |
| LVO Liveone Inc. | 0.05% | 78,823 | $372K | Reduce -5.9% |
| ALTI Alti Global Inc. | 0.05% | 77,817 | $361K | No change |
| VMC Vulcan Materials Co. | 0.04% | 1,208 | $345K | New |
| UVXY Proshares Ultra Vix St Futur | 0.04% | 9,000 | $323K | Add +80.0% |
| IWD iShares Russell 1000 Value E | 0.04% | 1,456 | $306K | Add +0.5% |
| PODC Podcastone Inc. | 0.03% | 100,238 | $248K | Reduce -5.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.03% | 4,149 | $228K | Reduce -30.3% |
| FSK FS KKR Capital Corp. | 0.02% | 12,058 | $179K | No change |
| ACP Abrdn Income Credit Strat | 0.02% | 27,500 | $151K | No change |
| CCAP Crescent Capital BDC Inc. | 0.02% | 10,000 | $145K | No change |
| RC Ready Capital Corp. | 0.02% | 65,000 | $142K | Add +333.3% |
| MFIC Midcap Financial Investment | 0.02% | 11,029 | $126K | No change |
| TCPC BlackRock TCP Capital Corp. | 0.02% | 21,406 | $117K | No change |
| OPEN Opendoor Technologies Inc. | 0.01% | 10,000 | $58K | New |
Portfolio Sells Q3 2025 → Q4 2025
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -36.3% | 10.28% | −7.89 |
| DBEU Xtrackers MSCI Europe Hedged | Sold out | 0.00% | −5.66 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -14.5% | 13.98% | −4.37 |
| UNH Unitedhealth Group Inc. | Reduce -48.7% | 0.44% | −0.58 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.52 |
| ETHA iShares Ethereum Trust ETF | Sold out | 0.00% | −0.18 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.09 |
| WULF Terawulf Inc. | Sold out | 0.00% | −0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.03 |
| BAC Bank of America Corp. | Reduce -30.3% | 0.03% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -4.6% | 0.09% | −0.02 |
| NNDM Nano Dimension Ltd. - ADR | Sold out | 0.00% | −0.01 |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | Sold out | 0.00% | −0.01 |
| LVO Liveone Inc. | Reduce -5.9% | 0.05% | −0.00 |
| PODC Podcastone Inc. | Reduce -5.3% | 0.03% | +0.01 |
| SLV iShares Silver Trust | Reduce -3.4% | 7.56% | +1.67 |
Portfolio Buys Q3 2025 → Q4 2025
| BBEU JPMorgan Betabuilders Europe | Add +9627.0% | 5.36% | +5.30 |
| IAU iShares Gold Trust | Add +26.1% | 11.88% | +2.22 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +50.4% | 7.91% | +1.87 |
| IAUM iShares Gold Trust Micro | New | 0.85% | +0.85 |
| AMZN Amazon.com Inc. | Add +458.0% | 0.81% | +0.65 |
| MSFT Microsoft Corp. | Add +91.9% | 1.59% | +0.58 |
| COP Conocophillips | New | 0.42% | +0.42 |
| GOOG Alphabet Inc. Class C | New | 0.38% | +0.38 |
| WDAY Workday Inc. Class A | New | 0.38% | +0.38 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.36% | +0.36 |
| COF Capital One Financial Corp. | New | 0.36% | +0.36 |
| AER Aercap Holdings NV | New | 0.33% | +0.33 |
| UBS UBS Group AG-Reg | Add +36.5% | 1.25% | +0.32 |
| DHR Danaher Corp. | New | 0.32% | +0.32 |
| WWD Woodward Inc. | New | 0.29% | +0.29 |
| CMCSA Comcast Corp. Class A | New | 0.28% | +0.28 |
| ULTA Ulta Beauty Inc. | Add +33.2% | 1.18% | +0.26 |
| LEN Lennar Corp. Class A | New | 0.25% | +0.25 |
| SAP Sap SE-Sponsored ADR | New | 0.24% | +0.24 |
| WMT Walmart Inc. | Add +29.8% | 1.26% | +0.23 |
| SCHW Schwab (charles) Corp. | Add +36.5% | 1.11% | +0.22 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.21% | +0.21 |
| META Meta Platforms Inc. Class A | Add +178.5% | 0.39% | +0.21 |
| EL Estee Lauder Companies Class A | New | 0.20% | +0.20 |
| AA Alcoa Corp. | New | 0.19% | +0.19 |
| HUM Humana Inc. | New | 0.18% | +0.18 |
| MELI MercadoLibre Inc. | Add +608.5% | 0.22% | +0.18 |
| AON Aon PLC Class A | New | 0.18% | +0.18 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +34.9% | 1.10% | +0.16 |
| JPM JPMorgan Chase & Co. | Add +29.9% | 1.15% | +0.16 |
| SHEL Shell PLC-ADR | New | 0.15% | +0.15 |
| ELV Elevance Health Inc. | New | 0.12% | +0.12 |
| HLT Hilton Worldwide Holdings Inc. | New | 0.11% | +0.11 |
| PTC PTC Inc. | New | 0.09% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +39.9% | 0.25% | +0.09 |
| INTU Intuit Inc. | New | 0.08% | +0.08 |
| LBRDK Liberty Broadband-C | New | 0.08% | +0.08 |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | Add +16.8% | 4.27% | +0.08 |
| MLM Martin Marietta Materials | New | 0.05% | +0.05 |
| VMC Vulcan Materials Co. | New | 0.04% | +0.04 |
| SHOP Shopify Inc. Class A | Add +26.5% | 0.21% | +0.03 |
| MA Mastercard Inc. Class A | Add +28.2% | 0.19% | +0.02 |
| QLD Proshares Ultra QQQ | Add +20.6% | 0.19% | +0.01 |
| AAPL Apple Inc. | Add +14.3% | 0.21% | +0.01 |
| RC Ready Capital Corp. | Add +333.3% | 0.02% | +0.01 |
| OPEN Opendoor Technologies Inc. | New | 0.01% | +0.01 |
| BP BP PLC-Spons ADR | Add +29.5% | 0.06% | +0.01 |
| UVXY Proshares Ultra Vix St Futur | Add +80.0% | 0.04% | +0.00 |
| NVDA Nvidia Corp. | Add +9.4% | 0.05% | −0.00 |
| KWEB Kranesh Csi China Internet | Add +36.7% | 0.12% | −0.00 |
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 |