Permanent Capital Management, LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Permanent Capital Management, LP reported 155 stock positions worth $643.0 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 25.3% of the portfolio, followed by Vanguard Tot World STK ETF (VT, 15.1%) and iShares Core U.S. Aggregate (AGG, 10.0%). Compared with Q4 2025, it opened 26 new positions, sold out of 28, added to 63 and reduced 48. The biggest buy was Vanguard Tot World STK ETF (VT, shares +4385%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0002054108
- Portfolio Value
- $643.0M (Q1 2026)
- SEC Filing
- 0001951757-26-000858 ↗ filed May 14, 2026
Holdings Value
Holdings 155 stocks · $643.0M
| VOO Vanguard S&P 500 ETF | 25.34% | 246,616 | $162.9M | Add +0.5% |
| VT Vanguard Tot World STK ETF | 15.13% | 643,393 | $97.3M | Add +4385.1% |
| AGG iShares Core U.S. Aggregate | 9.98% | 647,425 | $64.2M | Add +367.2% |
| VEA Vanguard Ftse Developed ETF | 7.15% | 668,654 | $46.0M | Add +0.1% |
| VGIT Vanguard Intermediate-Term T | 5.49% | 595,838 | $35.3M | Add +0.9% |
| MSFT Microsoft Corp. | 4.61% | 72,667 | $29.6M | Add +0.7% |
| RSP Invesco S&P 500 Equal Weight | 3.56% | 112,478 | $22.9M | Reduce -48.4% |
| VWO Vanguard Ftse Emerging Marke | 2.68% | 292,320 | $17.2M | Reduce -0.0% |
| USFR Wisdomtree Floating Rate Tre | 2.15% | 274,856 | $13.8M | Reduce -21.1% |
| ACWI iShares MSCI Acwi ETF | 1.29% | 54,862 | $8.3M | No change |
| AUR Aurora Innovation Inc. | 1.23% | 1,340,223 | $7.9M | No change |
| VTI VG Morningstar TS MKT ETF-US | 1.19% | 21,645 | $7.7M | Reduce -8.8% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 1.14% | 281,994 | $7.3M | Add +1.0% |
| CAT Caterpillar Inc. | 0.78% | 5,617 | $5.0M | Add +0.6% |
| NVDA Nvidia Corp. | 0.71% | 23,034 | $4.6M | Add +1.1% |
| AMZN Amazon.com Inc. | 0.69% | 16,672 | $4.4M | Add +19.6% |
| IWF iShares Russell 1000 Growth | 0.65% | 35,079 | $4.2M | Add +300.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.61% | 13,892 | $4.0M | Reduce -47.4% |
| AAPL Apple Inc. | 0.61% | 14,471 | $3.9M | Add +2.8% |
| GOOGL Alphabet Inc. Class A | 0.61% | 10,148 | $3.9M | Add +2.2% |
| GLD SPDR Gold Shares | 0.54% | 8,157 | $3.5M | Reduce -16.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 4,185 | $3.0M | No change |
| UBS UBS Group AG-Reg | 0.44% | 64,477 | $2.8M | Reduce -4.4% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.44% | 20,794 | $2.8M | Add +0.1% |
| KMB Kimberly-Clark Corp. | 0.37% | 24,280 | $2.4M | Add +196.6% |
| GOOG Alphabet Inc. Class C | 0.36% | 6,010 | $2.3M | No change |
| EXE Expand Energy Corp. | 0.36% | 22,396 | $2.3M | Reduce -6.1% |
| UNP Union Pacific Corp. | 0.33% | 7,913 | $2.1M | Reduce -25.4% |
| CDZI Cadiz Inc. | 0.32% | 474,019 | $2.1M | Reduce -4.5% |
| L Loews Corp. | 0.27% | 15,455 | $1.7M | No change |
| AVGO Broadcom Inc. | 0.25% | 3,918 | $1.6M | Add +12.2% |
| GLNG Golar LNG Ltd. | 0.24% | 28,796 | $1.6M | Reduce -51.3% |
| META Meta Platforms Inc. Class A | 0.22% | 2,310 | $1.4M | Add +6.5% |
| WMT Walmart Inc. | 0.21% | 10,378 | $1.4M | Reduce -4.0% |
| JNJ Johnson & Johnson | 0.21% | 5,788 | $1.3M | Add +2.2% |
| COF Capital One Financial Corp. | 0.20% | 6,859 | $1.3M | Reduce -50.0% |
| TECK Teck Resources Ltd.-CLS B | 0.20% | 21,526 | $1.3M | Reduce -33.3% |
| MGM MGM Resorts International | 0.19% | 32,065 | $1.2M | Add +50.6% |
| IWM iShares Russell 2000 ETF | 0.18% | 4,202 | $1.2M | Reduce -20.8% |
| PCG P G & E Corp. | 0.17% | 67,022 | $1.1M | Reduce -33.0% |
| UL Unilever PLC-Sponsored ADR | 0.16% | 17,647 | $1.0M | Add +0.1% |
| AXS Axis Capital Holdings Ltd. | 0.16% | 10,053 | $1.0M | Reduce -18.6% |
| NTRS Northern Trust Corp. | 0.16% | 6,011 | $1000K | Add +0.2% |
| JPM JPMorgan Chase & Co. | 0.15% | 3,158 | $989K | Reduce -5.1% |
| GM General Motors Co. | 0.15% | 12,650 | $973K | Reduce -16.2% |
| KO The Coca-Cola Co. | 0.15% | 12,263 | $966K | Add +1.6% |
| AIG American International Group | 0.15% | 12,870 | $963K | Add +0.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.15% | 1,423 | $950K | Reduce -34.5% |
| BA The Boeing Co. | 0.14% | 4,020 | $921K | Reduce -43.8% |
| COST Costco Wholesale Corp. | 0.14% | 907 | $920K | Add +3.2% |
| HZO Marinemax Inc. | 0.14% | 31,877 | $916K | Reduce -24.6% |
| NOW ServiceNow Inc. | 0.14% | 10,180 | $899K | Add +480.1% |
| DE Deere & Co. | 0.14% | 1,480 | $875K | Add +0.9% |
| BP BP PLC-Spons ADR | 0.14% | 18,426 | $873K | Reduce -34.2% |
| BC Brunswick Corp. | 0.13% | 10,730 | $852K | Add +16.3% |
| BWXT BWX Technologies Inc. | 0.13% | 3,938 | $852K | Reduce -18.6% |
| PLD Prologis Inc. | 0.13% | 5,892 | $837K | New |
| XOM Exxon Mobil Corp. | 0.12% | 5,187 | $801K | Reduce -37.2% |
| C Citigroup Inc. | 0.12% | 6,160 | $788K | Reduce -39.3% |
| ABBV Abbvie Inc. | 0.12% | 3,622 | $772K | Add +2.0% |
| DGX Quest Diagnostics Inc. | 0.12% | 3,946 | $766K | New |
| NEE Nextera Energy Inc. | 0.12% | 7,810 | $764K | Add +1.3% |
| KBWB Invesco KBW Bank ETF | 0.12% | 8,728 | $762K | Add +0.7% |
| V Visa Inc. Class A | 0.12% | 2,296 | $757K | Reduce -7.4% |
| VZ Verizon Communications Inc. | 0.11% | 15,323 | $736K | Add +1.1% |
| OI O-I Glass Inc. | 0.11% | 79,413 | $723K | Reduce -43.9% |
| BDX Becton Dickinson and Co. | 0.11% | 4,695 | $700K | Add +0.2% |
| ALK Alaska Air Group Inc. | 0.11% | 17,835 | $698K | Add +43.9% |
| NWSA News Corp. Class A | 0.11% | 26,361 | $694K | No change |
| EFA iShares MSCI Eafe ETF | 0.11% | 6,648 | $680K | Add +50.2% |
| VXUS Vanguard Total Intl Stock | 0.10% | 8,012 | $665K | New |
| SLG SL Green Realty Corp. | 0.10% | 15,632 | $663K | Add +14.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.10% | 11,929 | $638K | Add +2.4% |
| PRMB Primo Brands Corp. | 0.10% | 30,675 | $625K | New |
| LIF LIFE360 Inc. | 0.10% | 14,328 | $617K | No change |
| PGR Progressive Corp. | 0.09% | 2,888 | $581K | Reduce -39.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.09% | 1,202 | $569K | Add +184.2% |
| MRSH Marsh & McLennan Cos | 0.09% | 3,252 | $548K | Add +0.5% |
| LLY Eli Lilly & Co. | 0.08% | 543 | $507K | New |
| AMAT Applied Materials Inc. | 0.08% | 1,233 | $486K | Reduce -31.2% |
| JBS JBS NV-A | 0.07% | 30,000 | $482K | Reduce -63.3% |
| SPGI S&P Global Inc. | 0.07% | 1,082 | $467K | Reduce -35.1% |
| MCD McDonald's Corp. | 0.07% | 1,530 | $449K | Add +1.7% |
| AURA Aura Biosciences Inc. | 0.07% | 62,369 | $440K | Reduce -17.8% |
| ISHG iShares -3 Year Internationa | 0.07% | 5,749 | $437K | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.07% | 1,839 | $425K | Reduce -8.7% |
| STZ Constellation Brands Inc. Class A | 0.07% | 2,690 | $424K | New |
| WAT Waters Corp. | 0.07% | 1,370 | $424K | New |
| FDVV Fidelity High Dividend ETF | 0.07% | 7,097 | $419K | No change |
| CAH Cardinal Health Inc. | 0.07% | 2,173 | $419K | Add +104.0% |
| PSLV Sprott Physical Silver Trust | 0.06% | 16,723 | $399K | Reduce -23.7% |
| COP Conocophillips | 0.06% | 3,138 | $395K | Add +2.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.06% | 966 | $383K | Add +17.1% |
| PPLI People Inc. filed as IAC INC | 0.06% | 8,445 | $376K | Reduce -80.0% |
| CCK Crown Holdings Inc. | 0.06% | 3,807 | $374K | No change |
| DLR Digital Realty Trust Inc. | 0.06% | 1,836 | $369K | Add +24.9% |
| HWM Howmet Aerospace Inc. | 0.06% | 1,515 | $368K | Add +2.6% |
| SPH Suburban Propane Partners LP | 0.06% | 18,114 | $364K | Add +43.6% |
| MTN Vail Resorts Inc. | 0.06% | 2,862 | $364K | New |
| FBND Fidelity Total Bond ETF | 0.06% | 7,942 | $362K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| RSP Invesco S&P 500 Equal Weight | Reduce -48.4% | 3.56% | −4.58 |
| USFR Wisdomtree Floating Rate Tre | Reduce -21.1% | 2.15% | −1.26 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -47.4% | 0.61% | −0.71 |
| COF Capital One Financial Corp. | Reduce -50.0% | 0.20% | −0.44 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.0% | 2.68% | −0.38 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -8.8% | 1.19% | −0.36 |
| OI O-I Glass Inc. | Reduce -43.9% | 0.11% | −0.29 |
| ACTG Acacia Research Corp. | Reduce -92.6% | 0.02% | −0.27 |
| PPLI People Inc. | Reduce -80.0% | 0.06% | −0.26 |
| CDZI Cadiz Inc. | Reduce -4.5% | 0.32% | −0.22 |
| GLD SPDR Gold Shares | Reduce -16.8% | 0.54% | −0.22 |
| GLNG Golar LNG Ltd. | Reduce -51.3% | 0.24% | −0.18 |
| UBS UBS Group AG-Reg | Reduce -4.4% | 0.44% | −0.17 |
| BA The Boeing Co. | Reduce -43.8% | 0.14% | −0.16 |
| EXE Expand Energy Corp. | Reduce -6.1% | 0.36% | −0.16 |
| JBS JBS NV-A | Reduce -63.3% | 0.07% | −0.15 |
| UNP Union Pacific Corp. | Reduce -25.4% | 0.33% | −0.15 |
| PCG P G & E Corp. | Reduce -33.0% | 0.17% | −0.14 |
| VGSH Vanguard Short-Term Treasury | Sold out | 0.00% | −0.13 |
| SEM Select Medical Holdings Corp. | Sold out | 0.00% | −0.13 |
| PGR Progressive Corp. | Reduce -39.0% | 0.09% | −0.12 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -34.5% | 0.15% | −0.11 |
| MYFW First Western Financial Inc. | Sold out | 0.00% | −0.11 |
| C Citigroup Inc. | Reduce -39.3% | 0.12% | −0.11 |
| HUT Hut 8 Corp. | Sold out | 0.00% | −0.11 |
| TECK Teck Resources Ltd.-CLS B | Reduce -33.3% | 0.20% | −0.11 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.10 |
| AXS Axis Capital Holdings Ltd. | Reduce -18.6% | 0.16% | −0.10 |
| SPGI S&P Global Inc. | Reduce -35.1% | 0.07% | −0.10 |
| GM General Motors Co. | Reduce -16.2% | 0.15% | −0.09 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.09 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.07 |
| SPRY Ars Pharmaceuticals Inc. | Reduce -32.9% | 0.05% | −0.07 |
| IWM iShares Russell 2000 ETF | Reduce -20.8% | 0.18% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -37.2% | 0.12% | −0.07 |
| B Barrick Mining Corp. | Sold out | 0.00% | −0.07 |
| TRU Transunion | Sold out | 0.00% | −0.07 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.06 |
| HZO Marinemax Inc. | Reduce -24.6% | 0.14% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -5.1% | 0.15% | −0.06 |
| COR Cencora Inc. | Sold out | 0.00% | −0.05 |
| BP BP PLC-Spons ADR | Reduce -34.2% | 0.14% | −0.05 |
| V Visa Inc. Class A | Reduce -7.4% | 0.12% | −0.05 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.05 |
| KCCA Kraneshares California Carbo | Sold out | 0.00% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -8.7% | 0.07% | −0.05 |
| IT Gartner Inc. | Sold out | 0.00% | −0.05 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.04 |
| ALIT Alight Inc. Class A | Sold out | 0.00% | −0.04 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.04 |
Portfolio Buys Q4 2025 → Q1 2026
| VT Vanguard Tot World STK ETF | Add +4385.1% | 15.13% | +14.73 |
| AGG iShares Core U.S. Aggregate | Add +367.2% | 9.98% | +7.28 |
| KMB Kimberly-Clark Corp. | Add +196.6% | 0.37% | +0.21 |
| CAT Caterpillar Inc. | Add +0.6% | 0.78% | +0.16 |
| PLD Prologis Inc. | New | 0.13% | +0.13 |
| DGX Quest Diagnostics Inc. | New | 0.12% | +0.12 |
| VXUS Vanguard Total Intl Stock | New | 0.10% | +0.10 |
| PRMB Primo Brands Corp. | New | 0.10% | +0.10 |
| NOW ServiceNow Inc. | Add +480.1% | 0.14% | +0.09 |
| LLY Eli Lilly & Co. | New | 0.08% | +0.08 |
| STZ Constellation Brands Inc. Class A | New | 0.07% | +0.07 |
| WAT Waters Corp. | New | 0.07% | +0.07 |
| AMZN Amazon.com Inc. | Add +19.6% | 0.69% | +0.06 |
| MTN Vail Resorts Inc. | New | 0.06% | +0.06 |
| BFLY Butterfly Network Inc. | New | 0.06% | +0.06 |
| XPO Xpo Inc. | New | 0.05% | +0.05 |
| INTC Intel Corp. | New | 0.05% | +0.05 |
| IBKR Interactive Brokers Gro Class A | New | 0.05% | +0.05 |
| RRX Regal Rexnord Corp. | New | 0.05% | +0.05 |
| FRMI Fermi Inc. | New | 0.05% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +184.2% | 0.09% | +0.05 |
| FXI iShares China Large-Cap ETF | New | 0.05% | +0.05 |
| TRGP Targa Resources Corp. | New | 0.04% | +0.04 |
| MGM MGM Resorts International | Add +50.6% | 0.19% | +0.04 |
| HPE Hewlett Packard Enterprise | New | 0.04% | +0.04 |
| LRCX Lam Research Corp. | New | 0.04% | +0.04 |
| BKR Baker Hughes Co. | New | 0.04% | +0.04 |
| LYV Live Nation Entertainment Inc. | New | 0.04% | +0.04 |
| TT Trane Technologies PLC | New | 0.04% | +0.04 |
| GEV GE Vernova Inc. | New | 0.03% | +0.03 |
| MSGS Madison Square Garden Sports | New | 0.03% | +0.03 |
| CPER United States Copper Index | New | 0.03% | +0.03 |
| DKS Dick's Sporting Goods Inc. | New | 0.03% | +0.03 |
| EFA iShares MSCI Eafe ETF | Add +50.2% | 0.11% | +0.02 |
| CAH Cardinal Health Inc. | Add +104.0% | 0.07% | +0.02 |
| APLE Apple Hospitality REIT Inc. | New | 0.02% | +0.02 |
| AVGO Broadcom Inc. | Add +12.2% | 0.25% | +0.02 |
| DLR Digital Realty Trust Inc. | Add +24.9% | 0.06% | +0.01 |
| SPH Suburban Propane Partners LP | Add +43.6% | 0.06% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +17.1% | 0.06% | +0.01 |
| RSG Republic Services Inc. | Add +49.2% | 0.05% | +0.01 |
| COP Conocophillips | Add +2.1% | 0.06% | +0.01 |
| DE Deere & Co. | Add +0.9% | 0.14% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +2.2% | 0.61% | +0.00 |
| BC Brunswick Corp. | Add +16.3% | 0.13% | −0.00 |
| HWM Howmet Aerospace Inc. | Add +2.6% | 0.06% | −0.00 |
| NEE Nextera Energy Inc. | Add +1.3% | 0.12% | −0.00 |
| GBDC Golub Capital BDC Inc. | Add +13.9% | 0.03% | −0.00 |
| AGNC AGNC Investment Corp. | Add +3.5% | 0.02% | −0.00 |
| HLT Hilton Worldwide Holdings Inc. | Add +2.5% | 0.05% | −0.00 |
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 |