CIK: 0002054108
Total reported value
$643.0M
Reporting period: 2026-03-31 · Number of holdings: 155
Permanent Capital Management, LP disclosed 155 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $643.0M and a quarterly turnover rate of 41.6%.
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Permanent Capital Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.111 — mathematically equivalent to about 9 equally-sized positions, well below its 155 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.04), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 20% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add VT
+4385.1% $95.3M
Add AGG
+367.2% $50.3M
Trim VOO
+0.4% $8.9M
Trim RSP
-48.4% -$18.9M
Trim MSFT
+0.7% -$5.3M
Trim USFR
-21.0% -$3.7M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 25.34% | -4.66% | +0.45% | |
| 2 | VT | Vanguard Tot World Stk ETF | ETF-Other | 15.13% | +14.74% | +4385.14% | |
| 3 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 9.98% | +7.28% | +367.18% | |
| 4 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 7.15% | -0.98% | +0.12% | |
| 5 | VGIT | Vanguard Intermediate-term T | ETF-Other | 5.49% | — | +0.91% | |
| 6 | MSFT | Microsoft CORP | Stock-Tech | 4.61% | -2.19% | +0.66% | |
| 7 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 3.56% | -4.58% | -48.43% | |
| 8 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.68% | -0.38% | -0.04% | |
| 9 | USFR | Wisdomtree Floating Rate Tre | ETF-Other | 2.15% | -1.26% | -21.05% | |
| 10 | ACWI | Ishares Msci Acwi ETF | ETF-Other | 1.29% | -0.22% | — | |
| 11 | AUR | Aurora Innovation INC | Stock-Consumer Disc | 1.23% | +0.23% | — | |
| 12 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 1.19% | — | -8.77% | |
| 13 | SPTL | Ss Spdr Pf Lng Trm Tsy E-usd | ETF-Other | 1.14% | — | +1.00% | |
| 14 | CAT | Caterpillar INC | Stock-Industrials | 0.78% | +0.16% | +0.56% | |
| 15 | NVDA | Nvidia CORP | Stock-Tech | 0.71% | — | +1.08% | |
| 16 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.69% | +0.06% | +19.58% | |
| 17 | IWF | Ishares Russell 1000 Growth | ETF-Other | 0.65% | — | +300.35% | |
| 18 | VB | Vanguard Small-cap ETF | ETF-Other | 0.61% | -0.72% | -47.42% | |
| 19 | AAPL | Apple INC | Stock-Tech | 0.61% | — | +2.78% | |
| 20 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.61% | — | +2.19% | |
| 21 | GLD | Spdr Gold Shares | ETF-Commodities | 0.54% | -0.22% | -16.79% | |
| 22 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.47% | — | — | |
| 23 | UBS | UBS Group AG | Stock-Financials | 0.44% | — | -4.44% | |
| 24 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.44% | -0.03% | +0.10% | |
| 25 | KMB | Kimberly-clark CORP | Stock-Consumer Staples | 0.37% | +0.21% | +196.57% | |
| 26 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.36% | -0.01% | — | |
| 27 | EXE | Expand Energy CORP | Stock-Energy | 0.36% | — | -6.08% | |
| 28 | UNP | Union Pacific CORP | Stock-Industrials | 0.33% | — | -25.43% | |
| 29 | CDZI | Cadiz INC | Stock-Other | 0.32% | -0.22% | -4.53% | |
| 30 | L | Loews CORP | Stock-Financials | 0.27% | — | — | |
| 31 | AVGO | Broadcom INC | Stock-Tech | 0.25% | +0.01% | +12.17% | |
| 32 | GLNG | Golar LNG Limited | Stock-Energy | 0.24% | -0.19% | -51.34% | |
| 33 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.22% | — | +6.50% | |
| 34 | WMT | Walmart INC | Stock-Consumer Staples | 0.21% | — | -3.98% | |
| 35 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.21% | — | +2.19% | |
| 36 | COF | Capital One Financial CORP | Stock-Financials | 0.20% | -0.45% | -50.00% | |
| 37 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 0.20% | — | -33.29% | |
| 38 | MGM | Mgm Resorts International | Stock-Consumer Disc | 0.19% | +0.04% | +50.62% | |
| 39 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.18% | — | -20.84% | |
| 40 | PCG | P G & E CORP | Stock-Utilities | 0.17% | -0.14% | -33.00% | |
| 41 | UL | Unilever Plc-sponsored Adr | Stock-Consumer Staples | 0.16% | — | +0.15% | |
| 42 | AXS | AXIS Capital Holdings Limited | Stock-Financials | 0.16% | — | -18.63% | |
| 43 | NTRS | Northern Trust CORP | Stock-Financials | 0.16% | — | +0.22% | |
| 44 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.15% | — | -5.08% | |
| 45 | GM | General Motors Co | Stock-Consumer Disc | 0.15% | — | -16.18% | |
| 46 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.15% | — | +1.61% | |
| 47 | AIG | American International Group | Stock-Financials | 0.15% | — | +0.20% | |
| 48 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.15% | -0.11% | -34.51% | |
| 49 | BA | Boeing Co/the | Stock-Industrials | 0.14% | -0.16% | -43.79% | |
| 50 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.14% | — | +3.19% |
Performance for Q3 2026
+2.3%
Performance Last 4 Quarters
+12.7%
Based on 88% of reported portfolio value with available pricing
Permanent Capital Management, LP's most significant position changes for 2026-03-31: New buy: Prologis INC (PLD); New buy: Quest Diagnostics INC (DGX); Sold out: Vanguard Short-term Treasury (VGSH); Sold out: Select Medical Holdings CORP (SEM); New buy: Vanguard Total Intl Stock (VXUS).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VT | Vanguard Tot World Stk ETF | +14.7% | +4385.14% | Add |
| 2 | AGG | Ishares Core U.s. Aggregate | +7.3% | +367.18% | Add |
| 3 | AUR | Aurora Innovation INC | +0.2% | — | Unchanged |
| 4 | KMB | Kimberly-clark CORP | +0.2% | +196.57% | Add |
| 5 | CAT | Caterpillar INC | +0.2% | +0.56% | Add |
| 6 | NOW | Servicenow INC | +0.1% | +480.06% | Add |
| 7 | AMZN | Amazon.com INC | +0.1% | +19.58% | Add |
| 8 | MGM | Mgm Resorts International | 0% | +50.62% | Add |
| 9 | AVGO | Broadcom INC | 0% | +12.17% | Add |
| 10 | GOOGL | Alphabet Inc-cl A | — | +2.19% | Add |
| 11 | GOOG | Alphabet Inc-cl C | 0% | — | Unchanged |
| 12 | BNY | Bank Of New York Mellon CORP | 0% | +0.10% | Add |
| 13 | SPGI | S&p Global INC | -0.1% | -35.09% | Trim |
| 14 | C | Citigroup INC | -0.1% | -39.30% | Trim |
| 15 | QQQ | Invesco Qqq Trust Series 1 | -0.1% | -34.51% | Trim |
| 16 | PGR | Progressive CORP | -0.1% | -39.03% | Trim |
| 17 | PCG | P G & E CORP | -0.1% | -33.00% | Trim |
| 18 | JBS | Jbs N.v. | -0.2% | -63.32% | Trim |
| 19 | BA | Boeing Co/the | -0.2% | -43.79% | Trim |
| 20 | GLNG | Golar LNG Limited | -0.2% | -51.34% | Trim |
| 21 | CDZI | Cadiz INC | -0.2% | -4.53% | Trim |
| 22 | ACWI | Ishares Msci Acwi ETF | -0.2% | — | Unchanged |
| 23 | GLD | Spdr Gold Shares | -0.2% | -16.79% | Trim |
| 24 | PPLI | People INC | -0.3% | -80.05% | Trim |
| 25 | ACTG | Acacia Research CORP | -0.3% | -92.60% | Trim |
| 26 | OI | O-i Glass INC | -0.3% | -43.90% | Trim |
| 27 | VWO | Vanguard Ftse Emerging Marke | -0.4% | -0.04% | Trim |
| 28 | COF | Capital One Financial CORP | -0.5% | -50.00% | Trim |
| 29 | VB | Vanguard Small-cap ETF | -0.7% | -47.42% | Trim |
| 30 | VEA | Vanguard Ftse Developed ETF | -1% | +0.12% | Add |
| 31 | USFR | Wisdomtree Floating Rate Tre | -1.3% | -21.05% | Trim |
| 32 | MSFT | Microsoft CORP | -2.2% | +0.66% | Add |
| 33 | RSP | Invesco S&p 500 Equal Weight | -4.6% | -48.43% | Trim |
| 34 | VOO | Vanguard S&p 500 ETF | -4.7% | +0.45% | Add |
| 35 | PLD | Prologis INC | — | NEW | New buy |
| 36 | DGX | Quest Diagnostics INC | — | NEW | New buy |
| 37 | VGSH | Vanguard Short-term Treasury | — | EXIT | Sold out |
| 38 | SEM | Select Medical Holdings CORP | — | EXIT | Sold out |
| 39 | VXUS | Vanguard Total Intl Stock | — | NEW | New buy |
| 40 | PRMB | Primo Brands CORP | — | NEW | New buy |
| 41 | MYFW | First Western Financial INC | — | EXIT | Sold out |
| 42 | HUT | Hut 8 CORP | — | EXIT | Sold out |
| 43 | OWL | Blue Owl Capital INC | — | EXIT | Sold out |
| 44 | LLY | Eli Lilly & Co | — | NEW | New buy |
| 45 | BSX | Boston Scientific CORP | — | EXIT | Sold out |
| 46 | STZ | Constellation Brands Inc-a | — | NEW | New buy |
| 47 | WAT | Waters CORP | — | NEW | New buy |
| 48 | APO | Apollo Global Management INC | — | EXIT | Sold out |
| 49 | MTN | Vail Resorts INC | — | NEW | New buy |
| 50 | BFLY | Butterfly Network INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-07 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-17 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-11 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2025-07-15 | 13F-HR | View on EDGAR |
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