Permanens Capital L.P. Top Holdings and 13F Report (2025)

About Permanens Capital L.P.

Investment Activity

Permanens Capital L.P. has $972.37 million in total holdings as of June 30, 2025.
Permanens Capital L.P. owns shares of 100 different stocks, but just 18 companies or ETFs make up 80% of its holdings.
Approximately 40.74% of the portfolio was purchased this quarter.
About 16.11% of the portfolio was sold this quarter.
This quarter, Permanens Capital L.P. has purchased 88 new stocks and bought additional shares in 47 stocks.
Permanens Capital L.P. sold shares of 12 stocks and completely divested from 24 stocks this quarter.

Largest Holdings

SPDR Bloomberg 1-3 Month T-Bill ETF: $162,906,687
Vanguard Value ETF: $158,764,838
Vanguard Growth ETF: $71,101,248
iShares Gold Trust: $64,794,225
BLACKROCK ETF TRUST II: $55,015,965

Largest New Holdings this Quarter

71531T105 - PERSHING SQUARE USA LTD: $22,477,355 Holding
44267T102 - HOWARD HUGHES HOLDINGS INC: $12,087,172 Holding
654902204 - Nokia: $10,011,008 Holding
464288372 - iShares Global Infrastructure ETF: $3,274,056 Holding
922042742 - Vanguard Total World Stock ETF: $3,170,390 Holding

Largest Purchases this Quarter

SPDR Bloomberg 1-3 Month T-Bill ETF: 789,899 shares (about $72.39M)
Vanguard Growth ETF: 710,600 shares (about $61.21M)
Invesco S&P 500 Equal Weight ETF: 164,353 shares (about $34.97M)
Vanguard Value ETF: 129,286 shares (about $28.18M)
PERSHING SQUARE USA LTD: 601,320 shares (about $22.48M)

Largest Sales this Quarter

iShares Gold Trust: 1,027,378 shares (about $77.58M)
Berkshire Hathaway: 18,587 shares (about $9.30M)
Schwab 5-10 Year Corporate Bond ETF: 249,975 shares (about $5.66M)
Invesco QQQ: 1,005 shares (about $740.93K)
PODCASTONE INC: 125,238 shares (about $559.81K)

Sector Allocation Over Time

Selling

Neutral

Buying

Latest 13F Holdings and Changes Since Previous Quarterly Filing

Issuer Name	Holdings Value	Approximate Purchase/Sale	Change in Shares	Shares Held	% of Portfolio	Sector
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	$162,906,687	$72,386,344 â–²	80.0%	1,777,681	16.8%	ETF
VTV Vanguard Value ETF	$158,764,838	$28,175,298 â–²	21.6%	728,513	16.3%	ETF
VUG Vanguard Growth ETF	$71,101,248	$61,211,084 â–²	618.9%	825,415	7.3%	ETF
IAU iShares Gold Trust	$64,794,225	$77,577,313 â–¼	-54.5%	858,088	6.7%	ETF
BLACKROCK ETF TRUST II	$55,015,965	$14,013,450 â–²	34.2%	1,103,409	5.7%	ISHA SECU IN ETF
RSP Invesco S&P 500 Equal Weight ETF	$42,203,568	$34,969,388 â–²	483.4%	198,353	4.3%	ETF
BBEU JPMorgan BetaBuilders Europe ETF	$29,249,530	$13,183,648 â–²	82.1%	376,103	3.0%	ETF
LAZARD ACTIVE ETF TR	$25,444,521	$3,621,436 â–²	16.6%	695,196	2.6%	JAPANESE EQUITY
SCHI Schwab 5-10 Year Corporate Bond ETF	$24,903,253	$5,659,434 â–¼	-18.5%	1,099,967	2.6%	ETF
PERSHING SQUARE USA LTD	$22,477,355	$22,477,355 â–²	New Holding	601,320	2.3%	COM SHS
DXJ WisdomTree Japan Hedged Equity Fund	$21,839,748	$17,690,191 â–²	426.3%	125,863	2.2%	ETF
PREF Principal Spectrum Preferred Securities Active ETF	$21,058,613	$4,912,048 â–²	30.4%	1,104,859	2.2%	ETF
CCJ Cameco	$17,499,955	$258,928 â–²	1.5%	171,804	1.8%	Energy
FRDM Freedom 100 Emerging Markets ETF	$16,041,380	$15,408,389 â–²	2,434.2%	219,058	1.6%	ETF
MSFT Microsoft	$13,567,856	$1,949,775 â–²	16.8%	36,373	1.4%	Technology
GOOGL Alphabet	$12,190,963	$10,007,432 â–²	458.3%	34,113	1.3%	Communication Services
HOWARD HUGHES HOLDINGS INC	$12,087,172	$12,087,172 â–²	New Holding	169,075	1.2%	COM
MUFG Mitsubishi UFJ Financial Group	$11,500,665	$28,199 â–¼	-0.2%	574,236	1.2%	Finance
2023 ETF SERIES TRUST	$11,468,541	$1,845,303 â–²	19.2%	356,498	1.2%	EAGL CAP SEL ETF
JPM JPMorgan Chase & Co.	$11,354,750	$204,581 â–²	1.8%	34,689	1.2%	Finance
IWF iShares Russell 1000 Growth ETF	$10,897,159	$10,810,240 â–²	12,437.1%	87,760	1.1%	ETF
IEFA iShares Core MSCI EAFE ETF	$10,738,151	$9,714,982 â–²	949.5%	111,184	1.1%	ETF
IAUM iShares Gold Trust Micro	$10,628,697		0.0%	265,651	1.1%	ETF
WALMART INC	$10,402,251	$583,969 â–²	5.9%	91,844	1.1%	COM
NOK Nokia	$10,011,008	$10,011,008 â–²	New Holding	753,841	1.0%	Technology
ULTA Ulta Beauty	$8,941,580	$560,568 â–²	6.7%	19,827	0.9%	Consumer Discretionary
BKLN Invesco Senior Loan ETF	$8,804,118	$994,891 â–²	12.7%	432,210	0.9%	ETF
IVV iShares Core S&P 500 ETF	$7,399,033	$6,920,492 â–²	1,446.2%	9,880	0.8%	ETF
AMZN Amazon.com	$5,056,383	$648,523 â–²	14.7%	21,215	0.5%	Consumer Discretionary
IWD iShares Russell 1000 Value ETF	$4,945,572	$4,553,563 â–²	1,161.6%	20,400	0.5%	ETF
SPY SPDR S&P 500 ETF Trust	$4,524,226	$142,248 â–¼	-3.0%	6,043	0.5%	ETF
TSM Taiwan Semiconductor Manufacturing	$4,361,134	$1,837,476 â–²	72.8%	9,114	0.4%	Technology
IGF iShares Global Infrastructure ETF	$3,274,056	$3,274,056 â–²	New Holding	49,160	0.3%	ETF
VT Vanguard Total World Stock ETF	$3,170,390	$3,170,390 â–²	New Holding	20,200	0.3%	ETF
AAPL Apple	$3,067,997	$1,388,889 â–²	82.7%	10,603	0.3%	Technology
MA Mastercard	$2,805,797	$1,156,627 â–²	70.1%	5,463	0.3%	Finance
MELI MercadoLibre	$2,766,746	$1,142,344 â–²	70.3%	1,630	0.3%	Consumer Discretionary
UNH UnitedHealth Group	$2,617,222	$88,114 â–²	3.5%	6,297	0.3%	Healthcare
META Meta Platforms	$2,547,197	$378,531 â–²	17.5%	4,522	0.3%	Communication Services
EFA iShares MSCI EAFE ETF	$2,404,822	$2,404,822 â–²	New Holding	23,150	0.2%	ETF
GOOG Alphabet	$2,364,838	$420,109 â–²	21.6%	6,693	0.2%	Communication Services
GNR SPDR S&P Global Natural Resources ETF	$2,288,540	$2,288,540 â–²	New Holding	34,000	0.2%	ETF
QLD ProShares Ultra QQQ	$2,007,770		0.0%	20,750	0.2%	ETF
NFLX Netflix	$2,005,483	$263,609 â–¼	-11.6%	28,088	0.2%	Communication Services
COP ConocoPhillips	$1,928,250	$54,163 â–¼	-2.7%	18,548	0.2%	Energy
DHR Danaher	$1,907,655	$592,492 â–²	45.1%	9,994	0.2%	Healthcare
NVDA NVIDIA	$1,730,178	$1,314,791 â–²	316.5%	8,647	0.2%	Technology
SPGI S&P Global	$1,706,419	$1,196,937 â–²	234.9%	4,190	0.2%	Finance
ASML ASML	$1,637,309	$656,515 â–²	66.9%	823	0.2%	Technology
HUM Humana	$1,546,240	$426,371 â–²	38.1%	3,884	0.2%	Healthcare
SAP SAP	$1,518,754	$209,744 â–²	16.0%	9,855	0.2%	Technology
WDAY Workday	$1,437,700	$357,221 â–²	33.1%	11,744	0.1%	Technology
AVGO Broadcom	$1,372,744	$1,372,744 â–²	New Holding	3,634	0.1%	Technology
COF Capital One Financial	$1,345,759	$32,300 â–²	2.5%	6,708	0.1%	Finance
SHOPIFY INC	$1,341,387	$196,161 â–²	17.1%	11,748	0.1%	CL A SUB VTG SHS
AJG Arthur J. Gallagher & Co.	$1,160,706	$493,805 â–²	74.0%	5,056	0.1%	Finance
STUBHUB HLDGS INC	$1,036,833	$1,036,833 â–²	New Holding	80,562	0.1%	CL A
NOMURA ETF TR	$1,026,306	$280,584 â–²	37.6%	14,086	0.1%	FOCU EM MKTS ETF
LEN Lennar	$998,919	$4,524 â–²	0.5%	11,039	0.1%	Consumer Discretionary
MU Micron Technology	$923,432	$923,432 â–²	New Holding	800	0.1%	Technology
VTI Vanguard Total Stock Market ETF	$902,528	$902,528 â–²	New Holding	2,439	0.1%	ETF
QQQ Invesco QQQ	$883,961	$740,935 â–¼	-45.6%	1,199	0.1%	ETF
EQT EQT	$867,734	$658,297 â–²	314.3%	16,320	0.1%	Energy
INTU Intuit	$813,276	$225,765 â–²	38.4%	3,116	0.1%	Technology
IJR iShares Core S&P Small-Cap ETF	$741,550	$741,550 â–²	New Holding	5,000	0.1%	ETF
EL Estee Lauder Companies	$733,051	$50,449 â–²	7.4%	9,285	0.1%	Consumer Staples
KWEB KraneShares CSI China Internet ETF	$680,070		0.0%	27,792	0.1%	ETF
AA Alcoa	$669,060	$69,711 â–¼	-9.4%	12,832	0.1%	Materials
CAT Caterpillar	$668,757	$668,757 â–²	New Holding	628	0.1%	Industrials
BRK.B Berkshire Hathaway	$616,981	$9,300,751 â–¼	-93.8%	1,233	0.1%	Finance
ELV Elevance Health	$604,072	$32,099 â–²	5.6%	1,562	0.1%	Healthcare
STX Seagate Technology	$555,301	$555,301 â–²	New Holding	575	0.1%	Technology
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	$551,936	$551,936 â–²	New Holding	11,200	0.1%	ETF
BP BP	$522,473	$69,244 â–²	15.3%	14,140	0.1%	Energy
ETN Eaton	$455,522	$455,522 â–²	New Holding	1,069	0.0%	Industrials
TSLA Tesla	$397,046	$397,046 â–²	New Holding	944	0.0%	Consumer Discretionary
AMD Advanced Micro Devices	$383,401	$383,401 â–²	New Holding	660	0.0%	Technology
PERSHING SQUARE INC	$381,277	$381,277 â–²	New Holding	11,603	0.0%	COMMON STOCK
LLY Eli Lilly and Company	$379,020	$379,020 â–²	New Holding	316	0.0%	Healthcare
AZNCF AstraZeneca	$341,695	$341,695 â–²	New Holding	1,802	0.0%	Healthcare
NVS Novartis	$333,030	$333,030 â–²	New Holding	2,125	0.0%	Healthcare
PM Philip Morris International	$330,837	$330,837 â–²	New Holding	1,814	0.0%	Consumer Staples
LAM RESEARCH CORP	$306,115	$306,115 â–²	New Holding	706	0.0%	COM NEW
SE SEA	$270,816	$270,816 â–²	New Holding	2,826	0.0%	Consumer Discretionary
UBS UBS Group	$267,574	$267,574 â–²	New Holding	5,399	0.0%	Finance
LBRDK Liberty Broadband	$251,978		0.0%	7,576	0.0%	Communication Services
CHTR Charter Communications	$242,610	$242,610 â–²	New Holding	1,706	0.0%	Communication Services
HSBC HSBC	$240,197	$240,197 â–²	New Holding	2,526	0.0%	Finance
RY Royal Bank Of Canada	$224,976	$224,976 â–²	New Holding	1,087	0.0%	Finance
CP Canadian Pacific Kansas City	$221,094	$221,094 â–²	New Holding	2,546	0.0%	Industrials
IWM iShares Russell 2000 ETF	$220,067	$55,017 â–¼	-20.0%	732	0.0%	ETF
KLAC KLA	$211,197	$211,197 â–²	New Holding	700	0.0%	Technology
AXP American Express	$205,656	$205,656 â–²	New Holding	608	0.0%	Finance
BTI British American Tobacco	$201,214	$201,214 â–²	New Holding	3,258	0.0%	Consumer Staples
LYG Lloyds Banking Group	$170,084	$170,084 â–²	New Holding	29,174	0.0%	Finance
SAN Banco Santander	$157,982	$157,982 â–²	New Holding	11,448	0.0%	Finance
NU NU	$148,149	$148,149 â–²	New Holding	11,089	0.0%	Finance
OPEN Opendoor Technologies	$46,200		0.0%	10,000	0.0%	Real Estate
PODCASTONE INC	$44,700	$559,814 â–¼	-92.6%	10,000	0.0%	COM
CANGO INC	$3,068	$37,105 â–¼	-92.4%	15,000	0.0%	ORD CL A

Showing largest 100 holdings. View all holdings.

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Permanens Capital L.P. Top Holdings and 13F Report (2025)

About Permanens Capital L.P.

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

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Permanens Capital L.P. Top Holdings and 13F Report (2025)

About Permanens Capital L.P.

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Map of 500 Largest Holdings ofPermanens Capital L.P.

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools