Permanent Capital Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 7, 2026), Permanent Capital Management, LP reported 157 stock positions worth $513.3 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 30.0% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 8.1%) and Vanguard Ftse Developed ETF (VEA, 8.1%). Compared with Q3 2025, it opened 22 new positions, sold out of 16, added to 58 and reduced 53. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +1%) and the biggest sale Vanguard Most SM-Cap ETF-Usd (VB, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0002054108
- Portfolio Value
- $513.3M (Q4 2025)
- SEC Filing
- 0001951757-26-000033 ↗ filed Jan 7, 2026
Holdings Value
Holdings 157 stocks · $513.3M
| VOO Vanguard S&P 500 ETF | 30.00% | 245,519 | $154.0M | Add +0.9% |
| RSP Invesco S&P 500 Equal Weight | 8.14% | 218,091 | $41.8M | Add +0.6% |
| VEA Vanguard Ftse Developed ETF | 8.13% | 667,846 | $41.7M | Add +1.7% |
| VGIT Vanguard Intermediate-Term T | 6.89% | 590,480 | $35.4M | Reduce -15.8% |
| MSFT Microsoft Corp. | 6.80% | 72,189 | $34.9M | Reduce -0.3% |
| USFR Wisdomtree Floating Rate Tre | 3.41% | 348,134 | $17.5M | Reduce -16.8% |
| VWO Vanguard Ftse Emerging Marke | 3.06% | 292,437 | $15.7M | Add +2.0% |
| AGG iShares Core U.S. Aggregate | 2.70% | 138,582 | $13.8M | Add +1.7% |
| VTI VG Morningstar TS MKT ETF-US | 1.55% | 23,727 | $8.0M | Reduce -5.1% |
| ACWI iShares MSCI Acwi ETF | 1.51% | 54,862 | $7.8M | No change |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 1.44% | 279,198 | $7.4M | Add +3.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.33% | 26,423 | $6.8M | Reduce -59.5% |
| AUR Aurora Innovation Inc. | 1.00% | 1,340,223 | $5.1M | Reduce -46.3% |
| NVDA Nvidia Corp. | 0.83% | 22,789 | $4.3M | Add +6.3% |
| IWF iShares Russell 1000 Growth | 0.81% | 8,762 | $4.1M | Add +0.1% |
| GLD SPDR Gold Shares | 0.76% | 9,803 | $3.9M | Reduce -2.3% |
| AAPL Apple Inc. | 0.75% | 14,080 | $3.8M | Add +1.0% |
| COF Capital One Financial Corp. | 0.65% | 13,719 | $3.3M | Add +5.9% |
| AMZN Amazon.com Inc. | 0.63% | 13,942 | $3.2M | Add +4.0% |
| CAT Caterpillar Inc. | 0.62% | 5,586 | $3.2M | Add +4.0% |
| UBS UBS Group AG-Reg | 0.61% | 67,470 | $3.1M | Reduce -2.7% |
| GOOGL Alphabet Inc. Class A | 0.61% | 9,931 | $3.1M | Reduce -0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.56% | 4,185 | $2.9M | Reduce -23.7% |
| CDZI Cadiz Inc. | 0.54% | 496,519 | $2.8M | No change |
| EXE Expand Energy Corp. | 0.51% | 23,845 | $2.6M | Reduce -1.4% |
| UNP Union Pacific Corp. | 0.48% | 10,611 | $2.5M | Add +5.2% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.47% | 20,773 | $2.4M | Add +0.1% |
| GLNG Golar LNG Ltd. | 0.43% | 59,183 | $2.2M | Add +13.2% |
| OI O-I Glass Inc. | 0.41% | 141,546 | $2.1M | Reduce -15.4% |
| VT Vanguard Tot World STK ETF | 0.39% | 14,345 | $2.0M | No change |
| GOOG Alphabet Inc. Class C | 0.37% | 6,010 | $1.9M | Reduce -6.0% |
| PPLI People Inc. filed as IAC INC | 0.32% | 42,322 | $1.7M | Reduce -16.7% |
| L Loews Corp. | 0.32% | 15,455 | $1.6M | Add +0.1% |
| PCG P G & E Corp. | 0.31% | 100,029 | $1.6M | Add +0.1% |
| BA The Boeing Co. | 0.30% | 7,152 | $1.6M | New |
| TECK Teck Resources Ltd.-CLS B | 0.30% | 32,270 | $1.5M | No change |
| ACTG Acacia Research Corp. | 0.30% | 405,345 | $1.5M | No change |
| META Meta Platforms Inc. Class A | 0.28% | 2,169 | $1.4M | Reduce -2.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.26% | 2,173 | $1.3M | Add +4.3% |
| AXS Axis Capital Holdings Ltd. | 0.26% | 12,355 | $1.3M | No change |
| IWM iShares Russell 2000 ETF | 0.25% | 5,308 | $1.3M | Add +11.9% |
| GM General Motors Co. | 0.24% | 15,091 | $1.2M | Reduce -16.5% |
| AVGO Broadcom Inc. | 0.24% | 3,493 | $1.2M | Add +1.4% |
| WMT Walmart Inc. | 0.24% | 10,808 | $1.2M | Add +1.0% |
| C Citigroup Inc. | 0.23% | 10,148 | $1.2M | Reduce -16.8% |
| JBS JBS NV-A | 0.23% | 81,797 | $1.2M | No change |
| JNJ Johnson & Johnson | 0.23% | 5,664 | $1.2M | Reduce -2.3% |
| UL Unilever PLC-Sponsored ADR | 0.22% | 17,621 | $1.2M | No change |
| AIG American International Group | 0.21% | 12,844 | $1.1M | Add +0.1% |
| PGR Progressive Corp. | 0.21% | 4,737 | $1.1M | New |
| JPM JPMorgan Chase & Co. | 0.21% | 3,327 | $1.1M | Reduce -10.3% |
| HZO Marinemax Inc. | 0.20% | 42,302 | $1.0M | No change |
| XOM Exxon Mobil Corp. | 0.19% | 8,263 | $994K | Add +1.3% |
| BP BP PLC-Spons ADR | 0.19% | 27,993 | $972K | Reduce -21.1% |
| LIF LIFE360 Inc. | 0.18% | 14,328 | $919K | Reduce -33.5% |
| BDX Becton Dickinson and Co. | 0.18% | 4,684 | $909K | New |
| SPGI S&P Global Inc. | 0.17% | 1,667 | $871K | Reduce -1.8% |
| V Visa Inc. Class A | 0.17% | 2,479 | $869K | Reduce -3.5% |
| KO The Coca-Cola Co. | 0.16% | 12,069 | $844K | Reduce -0.6% |
| KMB Kimberly-Clark Corp. | 0.16% | 8,187 | $837K | Add +172.8% |
| BWXT BWX Technologies Inc. | 0.16% | 4,838 | $836K | Reduce -23.2% |
| NTRS Northern Trust Corp. | 0.16% | 5,998 | $824K | Add +0.1% |
| ABBV Abbvie Inc. | 0.16% | 3,551 | $811K | Add +14.2% |
| MGM MGM Resorts International | 0.15% | 21,288 | $777K | Reduce -0.0% |
| COST Costco Wholesale Corp. | 0.15% | 879 | $758K | Reduce -6.9% |
| KBWB Invesco KBW Bank ETF | 0.14% | 8,670 | $731K | Reduce -3.1% |
| NWSA News Corp. Class A | 0.13% | 26,361 | $689K | No change |
| VGSH Vanguard Short-Term Treasury | 0.13% | 11,691 | $687K | Add +1.3% |
| DE Deere & Co. | 0.13% | 1,467 | $685K | Add +0.4% |
| BC Brunswick Corp. | 0.13% | 9,230 | $685K | Reduce -17.8% |
| SEM Select Medical Holdings Corp. | 0.13% | 45,000 | $668K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.12% | 11,645 | $640K | Reduce -7.4% |
| SLG SL Green Realty Corp. | 0.12% | 13,628 | $625K | New |
| ALK Alaska Air Group Inc. | 0.12% | 12,394 | $623K | Reduce -0.0% |
| NEE Nextera Energy Inc. | 0.12% | 7,708 | $619K | Add +8.4% |
| VZ Verizon Communications Inc. | 0.12% | 15,164 | $618K | Reduce -3.5% |
| SPRY Ars Pharmaceuticals Inc. | 0.12% | 52,306 | $609K | Reduce -1.9% |
| MRSH Marsh & McLennan Cos | 0.12% | 3,236 | $600K | Add +0.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.12% | 2,015 | $597K | Reduce -6.8% |
| MYFW First Western Financial Inc. | 0.11% | 21,000 | $563K | New |
| HUT Hut 8 Corp. | 0.11% | 12,000 | $551K | New |
| RDDT Reddit Inc. Class A | 0.11% | 2,390 | $549K | Add +6.2% |
| OWL Blue Owl Capital Inc. | 0.10% | 35,518 | $531K | Add +41.3% |
| PSLV Sprott Physical Silver Trust | 0.10% | 21,920 | $518K | New |
| AMAT Applied Materials Inc. | 0.09% | 1,791 | $460K | Reduce -5.2% |
| MCD McDonald's Corp. | 0.09% | 1,504 | $460K | Add +8.7% |
| BSX Boston Scientific Corp. | 0.09% | 4,608 | $439K | Add +34.3% |
| ISHG iShares -3 Year Internationa | 0.08% | 5,749 | $433K | Reduce -9.5% |
| EFA iShares MSCI Eafe ETF | 0.08% | 4,425 | $425K | Reduce -2.8% |
| ICE Intercontinental Exchange Inc. | 0.08% | 2,594 | $420K | Add +0.6% |
| AURA Aura Biosciences Inc. | 0.08% | 75,864 | $413K | Reduce -48.7% |
| TTWO Take-Two Interactive Softwre | 0.08% | 1,596 | $409K | Add +56.6% |
| FDVV Fidelity High Dividend ETF | 0.08% | 7,097 | $402K | No change |
| CCK Crown Holdings Inc. | 0.08% | 3,807 | $392K | No change |
| APO Apollo Global Management Inc. | 0.07% | 2,654 | $384K | Reduce -23.8% |
| SPOT Spotify Technology SA | 0.07% | 649 | $377K | Add +13.1% |
| FBND Fidelity Total Bond ETF | 0.07% | 7,942 | $368K | No change |
| ISRG Intuitive Surgical Inc. | 0.07% | 623 | $353K | Add +1.5% |
| B Barrick Mining Corp. | 0.07% | 8,025 | $349K | No change |
| CNNE Cannae Holdings Inc. | 0.07% | 22,000 | $346K | Reduce -55.1% |
Portfolio Sells Q3 2025 → Q4 2025
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -59.5% | 1.33% | −1.79 |
| AUR Aurora Innovation Inc. | Reduce -46.3% | 1.00% | −1.51 |
| VGIT Vanguard Intermediate-Term T | Reduce -15.8% | 6.89% | −0.97 |
| KCCA Kraneshares California Carbo | Reduce -91.3% | 0.05% | −0.52 |
| USFR Wisdomtree Floating Rate Tre | Reduce -16.8% | 3.41% | −0.52 |
| LIF LIFE360 Inc. | Reduce -33.5% | 0.18% | −0.25 |
| MSFT Microsoft Corp. | Reduce -0.3% | 6.80% | −0.21 |
| MTN Vail Resorts Inc. | Sold out | 0.00% | −0.20 |
| CI The Cigna Group | Sold out | 0.00% | −0.16 |
| ARMK Aramark | Reduce -75.9% | 0.05% | −0.15 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -23.7% | 0.56% | −0.13 |
| ALIT Alight Inc. Class A | Reduce -57.7% | 0.04% | −0.12 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.10 |
| CNNE Cannae Holdings Inc. | Reduce -55.1% | 0.07% | −0.10 |
| MBLY Mobileye Global Inc. Class A | Sold out | 0.00% | −0.10 |
| AURA Aura Biosciences Inc. | Reduce -48.7% | 0.08% | −0.09 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −0.07 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.07 |
| SNV Synovus Financial Corp. | Sold out | 0.00% | −0.06 |
| BWXT BWX Technologies Inc. | Reduce -23.2% | 0.16% | −0.05 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.05 |
| BP BP PLC-Spons ADR | Reduce -21.1% | 0.19% | −0.04 |
| CEPT Cantor Equity Partners Class A | Sold out | 0.00% | −0.03 |
| META Meta Platforms Inc. Class A | Reduce -2.7% | 0.28% | −0.03 |
| NZF Nuveen Municipal Credit Inc. | Sold out | 0.00% | −0.03 |
| VGM Invesco Trust for Investmen | Sold out | 0.00% | −0.03 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −0.03 |
| NAD Nuveen Quality Municipal Inc. | Sold out | 0.00% | −0.03 |
| VMO Invesco Municipal Opport | Sold out | 0.00% | −0.03 |
| VKQ Invesco Municipal Trust | Sold out | 0.00% | −0.03 |
| CNX CNX Resources Corp. | Reduce -40.0% | 0.05% | −0.02 |
| MSCI MSCI Inc. | Reduce -32.5% | 0.05% | −0.02 |
| XPCQX PIMCO California Muni Inc. FD | Sold out | 0.00% | −0.02 |
| MCK McKesson Corp. | Reduce -29.2% | 0.06% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -6.9% | 0.15% | −0.02 |
| COR Cencora Inc. | Reduce -31.1% | 0.05% | −0.02 |
| APO Apollo Global Management Inc. | Reduce -23.8% | 0.07% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -10.3% | 0.21% | −0.01 |
| DEO Diageo PLC-Sponsored ADR | Reduce -13.5% | 0.04% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -3.5% | 0.12% | −0.01 |
| ISHG iShares -3 Year Internationa | Reduce -9.5% | 0.08% | −0.01 |
| PML PIMCO Municipal Income FD II | Reduce -12.4% | 0.03% | −0.00 |
| TMO Thermo Fisher Scientific Inc. | Reduce -25.2% | 0.05% | −0.00 |
| PPLI People Inc. | Reduce -16.7% | 0.32% | −0.00 |
| C Citigroup Inc. | Reduce -16.8% | 0.23% | −0.00 |
| HWM Howmet Aerospace Inc. | Reduce -9.1% | 0.06% | −0.00 |
| BC Brunswick Corp. | Reduce -17.8% | 0.13% | +0.00 |
| DHR Danaher Corp. | Reduce -15.2% | 0.05% | +0.00 |
| OI O-I Glass Inc. | Reduce -15.4% | 0.41% | +0.00 |
| QUAL iShares MSCI USA Quality Fac | Reduce -2.5% | 0.05% | +0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | Add +0.9% | 30.00% | +2.06 |
| VEA Vanguard Ftse Developed ETF | Add +1.7% | 8.13% | +0.77 |
| RSP Invesco S&P 500 Equal Weight | Add +0.6% | 8.14% | +0.45 |
| BA The Boeing Co. | New | 0.30% | +0.30 |
| PGR Progressive Corp. | New | 0.21% | +0.21 |
| BDX Becton Dickinson and Co. | New | 0.18% | +0.18 |
| VWO Vanguard Ftse Emerging Marke | Add +2.0% | 3.06% | +0.16 |
| CAT Caterpillar Inc. | Add +4.0% | 0.62% | +0.14 |
| AGG iShares Core U.S. Aggregate | Add +1.7% | 2.70% | +0.14 |
| COF Capital One Financial Corp. | Add +5.9% | 0.65% | +0.13 |
| SEM Select Medical Holdings Corp. | New | 0.13% | +0.13 |
| SLG SL Green Realty Corp. | New | 0.12% | +0.12 |
| MYFW First Western Financial Inc. | New | 0.11% | +0.11 |
| HUT Hut 8 Corp. | New | 0.11% | +0.11 |
| PSLV Sprott Physical Silver Trust | New | 0.10% | +0.10 |
| KMB Kimberly-Clark Corp. | Add +172.8% | 0.16% | +0.09 |
| AAPL Apple Inc. | Add +1.0% | 0.75% | +0.08 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Add +3.5% | 1.44% | +0.08 |
| NVDA Nvidia Corp. | Add +6.3% | 0.83% | +0.08 |
| AMZN Amazon.com Inc. | Add +4.0% | 0.63% | +0.08 |
| GDXJ Vaneck Junior Gold Miners | New | 0.06% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.05% | +0.05 |
| BNY Bank of New York Mellon Corp. | Add +0.1% | 0.47% | +0.05 |
| CAH Cardinal Health Inc. | New | 0.04% | +0.04 |
| NUE Nucor Corp. | New | 0.04% | +0.04 |
| IWF iShares Russell 1000 Growth | Add +0.1% | 0.81% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.04% | +0.04 |
| INDA iShares MSCI India ETF | New | 0.04% | +0.04 |
| IWM iShares Russell 2000 ETF | Add +11.9% | 0.25% | +0.04 |
| RSG Republic Services Inc. | New | 0.04% | +0.04 |
| GLNG Golar LNG Ltd. | Add +13.2% | 0.43% | +0.03 |
| UNP Union Pacific Corp. | Add +5.2% | 0.48% | +0.03 |
| PCG P G & E Corp. | Add +0.1% | 0.31% | +0.03 |
| TTWO Take-Two Interactive Softwre | Add +56.6% | 0.08% | +0.03 |
| WMT Walmart Inc. | Add +1.0% | 0.24% | +0.03 |
| MMU Western Asset Managed Munici | New | 0.03% | +0.03 |
| MUC BlackRock Munihold Ca QLTY | New | 0.03% | +0.03 |
| MYI BlackRock Muniyield QLTY III | New | 0.03% | +0.03 |
| MUJ BlackRock Munihold NJ QLTY | New | 0.03% | +0.03 |
| GBDC Golub Capital BDC Inc. | New | 0.03% | +0.03 |
| L Loews Corp. | Add +0.1% | 0.32% | +0.03 |
| NRK Nuveen NY Amt-FR Muni Inc. | New | 0.03% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | Add +4.3% | 0.26% | +0.03 |
| AIG American International Group | Add +0.1% | 0.21% | +0.03 |
| OWL Blue Owl Capital Inc. | Add +41.3% | 0.10% | +0.02 |
| ABBV Abbvie Inc. | Add +14.2% | 0.16% | +0.02 |
| AVGO Broadcom Inc. | Add +1.4% | 0.24% | +0.02 |
| BSX Boston Scientific Corp. | Add +34.3% | 0.09% | +0.02 |
| XOM Exxon Mobil Corp. | Add +1.3% | 0.19% | +0.02 |
| NEE Nextera Energy Inc. | Add +8.4% | 0.12% | +0.02 |
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 |