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

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 Q4 2025 Q1 2026: $643.0M $643.0M Q1 2026 Q2 2026: $746.7M Q2 2026

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
BFLY Butterfly Network Inc. 0.06% 75,000 $359K New
RDDT Reddit Inc. Class A 0.06% 2,424 $357K Add +1.4%
XPO Xpo Inc. 0.05% 1,596 $351K New
IVE iShares S&P 500 Value ETF 0.05% 1,551 $347K Reduce -1.1%
ICE Intercontinental Exchange Inc. 0.05% 2,177 $344K Reduce -16.1%
INTC Intel Corp. 0.05% 3,634 $343K New
TTWO Take-Two Interactive Softwre 0.05% 1,606 $343K Add +0.6%
TSLA Tesla Inc. 0.05% 883 $337K Add +18.2%
AEE Ameren Corporation 0.05% 2,943 $334K Add +0.8%
IBKR Interactive Brokers Gro Class A 0.05% 4,128 $328K New
CRH CRH PLC 0.05% 2,765 $327K Add +1.5%
CNNE Cannae Holdings Inc. 0.05% 24,000 $324K Add +9.1%
RRX Regal Rexnord Corp. 0.05% 1,490 $320K New
BGC BGC Group Inc. Class A 0.05% 28,378 $319K No change
IBIT iShares Bitcoin Trust ETF 0.05% 7,142 $309K Add +23.8%
FRMI Fermi Inc. 0.05% 60,000 $308K New
ARMK Aramark 0.05% 6,651 $304K Reduce -0.1%
RSG Republic Services Inc. 0.05% 1,426 $298K Add +49.2%
FXI iShares China Large-Cap ETF 0.05% 8,100 $298K New
HLT Hilton Worldwide Holdings Inc. 0.05% 915 $297K Add +2.5%
ISRG Intuitive Surgical Inc. 0.05% 641 $293K Add +2.9%
GDXJ Vaneck Junior Gold Miners 0.05% 2,509 $292K No change
SPRY Ars Pharmaceuticals Inc. 0.05% 35,115 $290K Reduce -32.9%
GLW Corning Inc. 0.04% 1,761 $289K Reduce -39.8%
QUAL iShares MSCI USA Quality Fac 0.04% 1,369 $284K Reduce -0.1%
TRGP Targa Resources Corp. 0.04% 1,061 $277K New
CNX CNX Resources Corp. 0.04% 7,077 $275K No change
HPE Hewlett Packard Enterprise 0.04% 9,392 $270K New
LRCX Lam Research Corp. 0.04% 1,030 $266K New
BATRA Atlanta Braves Holdings in-A 0.04% 5,000 $265K No change
BKR Baker Hughes Co. 0.04% 3,795 $264K New
BN Brookfield Corp. 0.04% 5,823 $263K Reduce -21.1%
NOC Northrop Grumman Corp. 0.04% 452 $262K Add +1.4%
UNH Unitedhealth Group Inc. 0.04% 694 $257K Reduce -29.8%
MSCI MSCI Inc. 0.04% 432 $255K Add +0.7%
LYV Live Nation Entertainment Inc. 0.04% 1,595 $252K New
TMO Thermo Fisher Scientific Inc. 0.04% 511 $245K Add +6.0%
SPOT Spotify Technology SA 0.04% 536 $239K Reduce -17.4%
INDA iShares MSCI India ETF 0.04% 4,740 $234K Add +21.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 1,125 $233K No change
TT Trane Technologies PLC 0.04% 467 $230K New
GEV GE Vernova Inc. 0.03% 206 $223K New
DFAC Dimensional US Core Equity 2 0.03% 5,250 $223K No change
FTNT Fortinet Inc. 0.03% 2,638 $222K Add +1.7%
MSGS Madison Square Garden Sports 0.03% 648 $222K New
NUE Nucor Corp. 0.03% 928 $210K Reduce -29.8%
CPER United States Copper Index 0.03% 5,580 $204K New
DKS Dick's Sporting Goods Inc. 0.03% 890 $202K New
HNRG Hallador Energy Co. 0.03% 11,777 $183K No change
AES AES Corp. 0.03% 11,715 $169K Reduce -7.8%
GBDC Golub Capital BDC Inc. 0.03% 11,728 $161K Add +13.9%
ACTG Acacia Research Corp. 0.02% 30,000 $152K Reduce -92.6%
APLE Apple Hospitality REIT Inc. 0.02% 10,330 $140K New
AGNC AGNC Investment Corp. 0.02% 11,180 $125K Add +3.5%
RPC Ridgepost Capital Inc. Class A 0.02% 13,618 $108K Add +0.5%

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

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