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

0$200.0M$400.0M$600.0M$800.0M Q2 2024: $478.7M Q2 2024 Q4 2024: $323.0M Q4 2024 Q1 2025: $348.9M Q1 2025 Q3 2025: $534.9M Q3 2025 Q4 2025: $513.3M $513.3M Q4 2025 Q1 2026: $643.0M Q1 2026 Q2 2026: $746.7M Q2 2026

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%
CRH CRH PLC 0.07% 2,725 $340K Add +20.7%
BN Brookfield Corp. 0.07% 7,377 $339K No change
TRU Transunion 0.07% 3,946 $338K Add +6.9%
TSLA Tesla Inc. 0.07% 747 $336K Add +10.8%
IVE iShares S&P 500 Value ETF 0.06% 1,568 $333K Add +1.8%
UNH Unitedhealth Group Inc. 0.06% 989 $326K Add +35.3%
MCK McKesson Corp. 0.06% 397 $326K Reduce -29.2%
HWM Howmet Aerospace Inc. 0.06% 1,477 $303K Reduce -9.1%
AEE Ameren Corporation 0.06% 2,919 $291K Add +0.6%
COP Conocophillips 0.06% 3,072 $288K Add +1.2%
IBIT iShares Bitcoin Trust ETF 0.06% 5,767 $286K Add +5.0%
GDXJ Vaneck Junior Gold Miners 0.06% 2,509 $285K New
TMO Thermo Fisher Scientific Inc. 0.05% 482 $280K Reduce -25.2%
COR Cencora Inc. 0.05% 818 $276K Reduce -31.1%
QUAL iShares MSCI USA Quality Fac 0.05% 1,371 $272K Reduce -2.5%
NOW ServiceNow Inc. 0.05% 1,755 $269K Add +1.4%
DHR Danaher Corp. 0.05% 1,149 $263K Reduce -15.2%
KCCA Kraneshares California Carbo 0.05% 15,540 $261K Reduce -91.3%
CNX CNX Resources Corp. 0.05% 7,077 $260K Reduce -40.0%
HLT Hilton Worldwide Holdings Inc. 0.05% 893 $257K Add +0.3%
GLW Corning Inc. 0.05% 2,925 $256K Add +0.8%
NOC Northrop Grumman Corp. 0.05% 446 $254K Add +0.9%
BGC BGC Group Inc. Class A 0.05% 28,378 $253K No change
TSM Taiwan Semiconductor-SP ADR 0.05% 825 $251K New
MSCI MSCI Inc. 0.05% 429 $246K Reduce -32.5%
ARMK Aramark 0.05% 6,655 $245K Reduce -75.9%
IT Gartner Inc. 0.05% 955 $241K Add +0.3%
SPH Suburban Propane Partners LP 0.05% 12,614 $234K No change
DLR Digital Realty Trust Inc. 0.04% 1,470 $229K Add +0.4%
HNRG Hallador Energy Co. 0.04% 11,777 $224K No change
SHW The Sherwin-Williams Co. 0.04% 691 $224K Add +0.6%
CAH Cardinal Health Inc. 0.04% 1,065 $219K New
NUE Nucor Corp. 0.04% 1,321 $216K New
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 1,125 $215K No change
ALIT Alight Inc. Class A 0.04% 110,000 $215K Reduce -57.7%
BRK.B Berkshire Hathaway Inc. Class B 0.04% 423 $213K New
BATRA Atlanta Braves Holdings in-A 0.04% 5,000 $212K No change
INDA iShares MSCI India ETF 0.04% 3,915 $212K New
DEO Diageo PLC-Sponsored ADR 0.04% 2,436 $210K Reduce -13.5%
DFAC Dimensional US Core Equity 2 0.04% 5,250 $208K No change
FTNT Fortinet Inc. 0.04% 2,594 $206K Add +0.7%
RSG Republic Services Inc. 0.04% 956 $203K New
AES AES Corp. 0.04% 12,699 $182K Add +0.0%
PCAPU Procap Acquisition Corp. 0.03% 14,038 $144K No change
MHD BlackRock Muniholdings Fund 0.03% 12,038 $141K Add +1.2%
MMU Western Asset Managed Munici 0.03% 13,513 $141K New
MUC BlackRock Munihold Ca QLTY 0.03% 13,206 $140K New
GBDC Golub Capital BDC Inc. 0.03% 10,300 $140K New
MUJ BlackRock Munihold NJ QLTY 0.03% 11,741 $140K New
NRK Nuveen NY Amt-FR Muni Inc. 0.03% 13,836 $140K New
MYI BlackRock Muniyield QLTY III 0.03% 12,842 $140K New
MQY BlackRock Muniyield Quality 0.03% 12,343 $139K Add +3.8%
TBLA Taboola.com Ltd. 0.03% 30,000 $138K No change
PML PIMCO Municipal Income FD II 0.03% 18,185 $138K Reduce -12.4%
RPC Ridgepost Capital Inc. Class A filed as P10 INC 0.03% 13,551 $133K Add +0.4%
AGNC AGNC Investment Corp. 0.02% 10,800 $117K No change
XMVFX BlackRock Munivest Fund 0.02% 12,751 $88K New

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 211$746.7MVT, VOO, AGG, VEA, VGIT
Q1 2026 155$643.0MVOO, VT, AGG, VEA, VGIT
Q4 2025 157$513.3MVOO, RSP, VEA, VGIT, MSFT
Q3 2025 151$534.9MVOO, VGIT, RSP, VEA, MSFT
Q1 2025 79$348.9MVOO, VGIT, VEA, RSP, MSFT
Q4 2024 74$323.0MVGIT, VOO, MSFT, RSP, VEA
Q2 2024 158$478.7MVOO, VGIT, VEA, RSP, MSFT