Permanent Capital Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 11, 2025), Permanent Capital Management, LP reported 79 stock positions worth $348.9 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 19.6% of the portfolio, followed by Vanguard Intermediate-Term T (VGIT, 17.3%) and Vanguard Ftse Developed ETF (VEA, 8.7%). Compared with Q4 2024, it opened 12 new positions, sold out of 7, added to 29 and reduced 22. The biggest buy was Aurora Innovation (AUR, shares +320%) and the biggest sale Vanguard Intermediate-Term T (VGIT, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0002054108
- Portfolio Value
- $348.9M (Q1 2025)
- SEC Filing
- 0001951757-25-000319 ↗ filed Apr 11, 2025
Holdings Value
Holdings 79 stocks · $348.9M
| VOO Vanguard S&P 500 ETF | 19.61% | 133,173 | $68.4M | Add +15.8% |
| VGIT Vanguard Intermediate-Term T | 17.29% | 1,015,724 | $60.3M | Reduce -6.4% |
| VEA Vanguard Ftse Developed ETF | 8.67% | 595,031 | $30.2M | Add +12.6% |
| RSP Invesco S&P 500 Equal Weight | 8.37% | 168,541 | $29.2M | Add +13.8% |
| MSFT Microsoft Corp. | 7.14% | 66,325 | $24.9M | Add +1.2% |
| USFR Wisdomtree Floating Rate Tre | 7.13% | 494,472 | $24.9M | Add +4.1% |
| AGG iShares Core U.S. Aggregate | 5.23% | 184,503 | $18.3M | Add +1.2% |
| AUR Aurora Innovation Inc. | 4.86% | 2,521,340 | $17.0M | Add +320.1% |
| VB Vanguard Most SM-Cap ETF-Usd | 3.48% | 54,753 | $12.1M | Add +0.4% |
| VWO Vanguard Ftse Emerging Marke | 2.83% | 218,172 | $9.9M | Add +23.6% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 2.81% | 359,981 | $9.8M | Add +0.7% |
| PPA Invesco Aerospace & Defense | 1.63% | 48,913 | $5.7M | Reduce -15.9% |
| TOST Toast Inc. Class A | 0.93% | 98,164 | $3.3M | No change |
| IWF iShares Russell 1000 Growth | 0.91% | 8,753 | $3.2M | No change |
| KCCA Kraneshares California Carbo | 0.86% | 180,820 | $3.0M | Add +1.5% |
| AAPL Apple Inc. | 0.60% | 9,453 | $2.1M | Add +10.9% |
| NVDA Nvidia Corp. | 0.46% | 14,840 | $1.6M | Add +1.3% |
| AMZN Amazon.com Inc. | 0.39% | 7,151 | $1.4M | Add +4.8% |
| VGSH Vanguard Short-Term Treasury | 0.37% | 22,039 | $1.3M | New |
| META Meta Platforms Inc. Class A | 0.31% | 1,891 | $1.1M | Add +4.9% |
| GOOG Alphabet Inc. Class C | 0.29% | 6,390 | $998K | Reduce -8.5% |
| V Visa Inc. Class A | 0.26% | 2,568 | $900K | Reduce -14.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.24% | 3,099 | $852K | New |
| LIF LIFE360 Inc. | 0.24% | 21,539 | $827K | No change |
| JPM JPMorgan Chase & Co. | 0.22% | 3,151 | $773K | No change |
| UNH Unitedhealth Group Inc. | 0.22% | 1,442 | $755K | No change |
| ABBV Abbvie Inc. | 0.19% | 3,109 | $651K | Add +140.4% |
| IWM iShares Russell 2000 ETF | 0.18% | 3,220 | $642K | Reduce -3.9% |
| KBWB Invesco KBW Bank ETF | 0.18% | 9,756 | $612K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.15% | 12,575 | $525K | No change |
| COST Costco Wholesale Corp. | 0.14% | 534 | $505K | Add +65.8% |
| NEE Nextera Energy Inc. | 0.14% | 7,112 | $504K | Add +16.7% |
| COP Conocophillips | 0.13% | 4,388 | $461K | No change |
| ICE Intercontinental Exchange Inc. | 0.13% | 2,578 | $445K | Reduce -20.5% |
| TTWO Take-Two Interactive Softwre | 0.12% | 2,048 | $424K | No change |
| MSI Motorola Solutions Inc. | 0.12% | 935 | $410K | No change |
| AVGO Broadcom Inc. | 0.12% | 2,440 | $409K | Add +4.2% |
| MCK McKesson Corp. | 0.11% | 586 | $395K | Add +4.6% |
| FISV Fiserv Inc. | 0.11% | 1,753 | $387K | Reduce -19.1% |
| SPGI S&P Global Inc. | 0.11% | 749 | $381K | Add +46.6% |
| QUAL iShares MSCI USA Quality Fac | 0.11% | 2,196 | $375K | Add +67.6% |
| NOC Northrop Grumman Corp. | 0.11% | 717 | $367K | Add +41.1% |
| FBND Fidelity Total Bond ETF | 0.10% | 7,942 | $364K | New |
| TMO Thermo Fisher Scientific Inc. | 0.10% | 729 | $363K | Add +0.4% |
| WMT Walmart Inc. | 0.10% | 4,122 | $363K | Reduce -21.4% |
| MSCI MSCI Inc. | 0.10% | 636 | $360K | No change |
| FDVV Fidelity High Dividend ETF | 0.10% | 7,097 | $352K | New |
| FTNT Fortinet Inc. | 0.10% | 3,647 | $351K | No change |
| DHR Danaher Corp. | 0.10% | 1,682 | $345K | Add +1.3% |
| TRU Transunion | 0.10% | 4,149 | $344K | Reduce -9.3% |
| COR Cencora Inc. | 0.10% | 1,238 | $344K | Add +4.0% |
| HWM Howmet Aerospace Inc. | 0.10% | 2,635 | $342K | Reduce -9.4% |
| IT Gartner Inc. | 0.09% | 751 | $315K | Add +0.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.09% | 7,064 | $297K | No change |
| AEE Ameren Corporation | 0.08% | 2,903 | $291K | No change |
| OEF iShares S&P 100 ETF | 0.08% | 1,022 | $277K | New |
| LOW Lowe's Cos Inc. | 0.08% | 1,131 | $264K | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 1,685 | $261K | Add +17.0% |
| BN Brookfield Corp. | 0.07% | 4,919 | $258K | No change |
| MELI MercadoLibre Inc. | 0.07% | 121 | $236K | Reduce -16.6% |
| PAYX Paychex Inc. | 0.06% | 1,376 | $212K | New |
| DLR Digital Realty Trust Inc. | 0.06% | 1,464 | $210K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.06% | 913 | $208K | Reduce -20.9% |
| TRGP Targa Resources Corp. | 0.06% | 1,032 | $207K | New |
| JNJ Johnson & Johnson | 0.06% | 1,224 | $203K | New |
| APO Apollo Global Management Inc. | 0.06% | 1,472 | $202K | Add +5.4% |
| CPAY Corpay Inc. | 0.06% | 577 | $201K | New |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.05% | 13,500 | $159K | No change |
| NZF Nuveen Municipal Credit Inc. | 0.04% | 11,381 | $140K | Reduce -8.3% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.04% | 12,409 | $140K | Reduce -8.7% |
| MHD BlackRock Muniholdings Fund | 0.04% | 11,847 | $140K | Reduce -9.3% |
| VGM Invesco Trust for Investmen | 0.04% | 14,029 | $140K | Reduce -8.2% |
| NAD Nuveen Quality Municipal Inc. | 0.04% | 12,013 | $139K | Reduce -9.1% |
| MQY BlackRock Muniyield Quality | 0.04% | 11,785 | $139K | Reduce -6.8% |
| VKQ Invesco Municipal Trust | 0.04% | 14,326 | $138K | Reduce -9.2% |
| VMO Invesco Municipal Opport | 0.04% | 14,517 | $138K | Reduce -7.2% |
| AGNC AGNC Investment Corp. | 0.03% | 10,800 | $105K | New |
| XPMQX PIMCO Muni Income Fund III | 0.02% | 11,403 | $82K | Reduce -8.0% |
| PML PIMCO Municipal Income FD II | 0.02% | 10,023 | $82K | Reduce -9.7% |
Portfolio Sells Q4 2024 → Q1 2025
| VGIT Vanguard Intermediate-Term T | Reduce -6.4% | 17.29% | −2.19 |
| PPA Invesco Aerospace & Defense | Reduce -15.9% | 1.63% | −0.43 |
| CCO Clear Channel Outdoor Holdin | Sold out | 0.00% | −0.15 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.13 |
| GOOG Alphabet Inc. Class C | Reduce -8.5% | 0.29% | −0.13 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.12 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.08 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.07 |
| CRH CRH PLC | Sold out | 0.00% | −0.06 |
| IWM iShares Russell 2000 ETF | Reduce -3.9% | 0.18% | −0.05 |
| WMT Walmart Inc. | Reduce -21.4% | 0.10% | −0.04 |
| V Visa Inc. Class A | Reduce -14.4% | 0.26% | −0.04 |
| TRU Transunion | Reduce -9.3% | 0.10% | −0.03 |
| VKI Invesco Adv Muni Inc. TR II | Sold out | 0.00% | −0.03 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -20.9% | 0.06% | −0.03 |
| FISV Fiserv Inc. | Reduce -19.1% | 0.11% | −0.03 |
| ICE Intercontinental Exchange Inc. | Reduce -20.5% | 0.13% | −0.02 |
| MELI MercadoLibre Inc. | Reduce -16.6% | 0.07% | −0.01 |
| VKQ Invesco Municipal Trust | Reduce -9.2% | 0.04% | −0.01 |
| NAD Nuveen Quality Municipal Inc. | Reduce -9.1% | 0.04% | −0.01 |
| VGM Invesco Trust for Investmen | Reduce -8.2% | 0.04% | −0.01 |
| VMO Invesco Municipal Opport | Reduce -7.2% | 0.04% | −0.01 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -8.7% | 0.04% | −0.01 |
| MHD BlackRock Muniholdings Fund | Reduce -9.3% | 0.04% | −0.01 |
| NZF Nuveen Municipal Credit Inc. | Reduce -8.3% | 0.04% | −0.01 |
| MQY BlackRock Muniyield Quality | Reduce -6.8% | 0.04% | −0.01 |
| XPMQX PIMCO Muni Income Fund III | Reduce -8.0% | 0.02% | −0.00 |
| PML PIMCO Municipal Income FD II | Reduce -9.7% | 0.02% | −0.00 |
| HWM Howmet Aerospace Inc. | Reduce -9.4% | 0.10% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| AUR Aurora Innovation Inc. | Add +320.1% | 4.86% | +3.69 |
| VEA Vanguard Ftse Developed ETF | Add +12.6% | 8.67% | +0.84 |
| VOO Vanguard S&P 500 ETF | Add +15.8% | 19.61% | +0.43 |
| VWO Vanguard Ftse Emerging Marke | Add +23.6% | 2.83% | +0.42 |
| VGSH Vanguard Short-Term Treasury | New | 0.37% | +0.37 |
| RSP Invesco S&P 500 Equal Weight | Add +13.8% | 8.37% | +0.33 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.24% | +0.24 |
| KBWB Invesco KBW Bank ETF | New | 0.18% | +0.18 |
| ABBV Abbvie Inc. | Add +140.4% | 0.19% | +0.12 |
| FBND Fidelity Total Bond ETF | New | 0.10% | +0.10 |
| FDVV Fidelity High Dividend ETF | New | 0.10% | +0.10 |
| OEF iShares S&P 100 ETF | New | 0.08% | +0.08 |
| PAYX Paychex Inc. | New | 0.06% | +0.06 |
| DLR Digital Realty Trust Inc. | New | 0.06% | +0.06 |
| TRGP Targa Resources Corp. | New | 0.06% | +0.06 |
| JNJ Johnson & Johnson | New | 0.06% | +0.06 |
| CPAY Corpay Inc. | New | 0.06% | +0.06 |
| COST Costco Wholesale Corp. | Add +65.8% | 0.14% | +0.05 |
| QUAL iShares MSCI USA Quality Fac | Add +67.6% | 0.11% | +0.04 |
| NOC Northrop Grumman Corp. | Add +41.1% | 0.11% | +0.03 |
| SPGI S&P Global Inc. | Add +46.6% | 0.11% | +0.03 |
| AGNC AGNC Investment Corp. | New | 0.03% | +0.03 |
| COR Cencora Inc. | Add +4.0% | 0.10% | +0.02 |
| MCK McKesson Corp. | Add +4.6% | 0.11% | +0.01 |
| NEE Nextera Energy Inc. | Add +16.7% | 0.14% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +17.0% | 0.07% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +0.4% | 0.10% | −0.01 |
| APO Apollo Global Management Inc. | Add +5.4% | 0.06% | −0.01 |
| META Meta Platforms Inc. Class A | Add +4.9% | 0.31% | −0.01 |
| DHR Danaher Corp. | Add +1.3% | 0.10% | −0.02 |
| IT Gartner Inc. | Add +0.8% | 0.09% | −0.02 |
| AVGO Broadcom Inc. | Add +4.2% | 0.12% | −0.05 |
| AAPL Apple Inc. | Add +10.9% | 0.60% | −0.06 |
| AMZN Amazon.com Inc. | Add +4.8% | 0.39% | −0.07 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Add +0.7% | 2.81% | −0.09 |
| NVDA Nvidia Corp. | Add +1.3% | 0.46% | −0.15 |
| KCCA Kraneshares California Carbo | Add +1.5% | 0.86% | −0.22 |
| AGG iShares Core U.S. Aggregate | Add +1.2% | 5.23% | −0.24 |
| USFR Wisdomtree Floating Rate Tre | Add +4.1% | 7.13% | −0.26 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.4% | 3.48% | −0.58 |
| MSFT Microsoft Corp. | Add +1.2% | 7.14% | −1.41 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 211 | $746.7M | VT, VOO, AGG, VEA, VGIT |
| Q1 2026 | 155 | $643.0M | VOO, VT, AGG, VEA, VGIT |
| Q4 2025 | 157 | $513.3M | VOO, RSP, VEA, VGIT, MSFT |
| Q3 2025 | 151 | $534.9M | VOO, VGIT, RSP, VEA, MSFT |
| Q1 2025 | 79 | $348.9M | VOO, VGIT, VEA, RSP, MSFT |
| Q4 2024 | 74 | $323.0M | VGIT, VOO, MSFT, RSP, VEA |
| Q2 2024 | 158 | $478.7M | VOO, VGIT, VEA, RSP, MSFT |