Permanent Capital Management, LP — Q4 2025 13F Holdings

Name: Permanent Capital Management, LP — 13F Holdings, Q4 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0002054108

Total reported value

$643.0M

← Back to latest quarter

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	30.00%	-4.66%	+0.89%
2	RSP	Invesco S&p 500 Equal Weight	ETF-Large Cap & Growth	8.14%	-4.58%	+0.64%
3	VEA	Vanguard Ftse Developed ETF	ETF-Other	8.13%	-0.98%	+1.70%
4	VGIT	Vanguard Intermediate-term T	ETF-Other	6.89%	—	-15.75%
5	MSFT	Microsoft CORP	Stock-Tech	6.80%	-2.19%	-0.31%
6	USFR	Wisdomtree Floating Rate Tre	ETF-Other	3.41%	-1.26%	-16.82%
7	VWO	Vanguard Ftse Emerging Marke	ETF-Emerging Markets	3.06%	-0.38%	+2.00%
8	AGG	Ishares Core U.s. Aggregate	ETF-Other	2.70%	+7.28%	+1.68%
9	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	1.55%	—	-5.13%
10	ACWI	Ishares Msci Acwi ETF	ETF-Other	1.51%	-0.22%	—
11	SPTL	Ss Spdr Pf Lng Trm Tsy E-usd	ETF-Other	1.44%	—	+3.54%
12	VB	Vanguard Small-cap ETF	ETF-Other	1.33%	-0.72%	-59.53%
13	AUR	Aurora Innovation INC	Stock-Consumer Disc	1.00%	+0.23%	-46.27%
14	NVDA	Nvidia CORP	Stock-Tech	0.83%	—	+6.32%
15	IWF	Ishares Russell 1000 Growth	ETF-Other	0.81%	—	+0.10%
16	GLD	Spdr Gold Shares	ETF-Commodities	0.76%	-0.22%	-2.28%
17	AAPL	Apple INC	Stock-Tech	0.75%	—	+1.01%
18	COF	Capital One Financial CORP	Stock-Financials	0.65%	-0.45%	+5.86%
19	AMZN	Amazon.com INC	Stock-Consumer Disc	0.63%	+0.06%	+3.97%
20	CAT	Caterpillar INC	Stock-Industrials	0.62%	+0.16%	+4.04%
21	UBS	UBS Group AG	Stock-Financials	0.61%	—	-2.68%
22	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	0.61%	—	-0.17%
23	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.56%	—	-23.66%
24	CDZI	Cadiz INC	Stock-Other	0.54%	-0.22%	—
25	EXE	Expand Energy CORP	Stock-Energy	0.51%	—	-1.40%
26	UNP	Union Pacific CORP	Stock-Industrials	0.48%	—	+5.16%
27	BNY	Bank Of New York Mellon CORP	Stock-Financials	0.47%	-0.03%	+0.06%
28	GLNG	Golar LNG Limited	Stock-Energy	0.43%	-0.19%	+13.15%
29	OI	O-i Glass INC	Stock-Other	0.41%	-0.30%	-15.39%
30	VT	Vanguard Tot World Stk ETF	ETF-Other	0.39%	+14.74%	—
31	GOOG	Alphabet Inc-cl C	Stock-Comm Services	0.37%	-0.01%	-6.05%
32	PPLI	People INC	Stock-Comm Services	0.32%	-0.26%	-16.73%
33	L	Loews CORP	Stock-Financials	0.32%	—	+0.06%
34	PCG	P G & E CORP	Stock-Utilities	0.31%	-0.14%	+0.06%
35	BA	Boeing Co/the	Stock-Industrials	0.30%	-0.16%	—
36	TECK	Teck Resources Ltd-cls B	Stock-Materials	0.30%	—	—
37	ACTG	Acacia Research CORP	Stock-Other	0.30%	-0.28%	—
38	META	Meta Platforms Inc-class A	Stock-Comm Services	0.28%	—	-2.69%
39	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	0.26%	-0.11%	+4.32%
40	AXS	AXIS Capital Holdings Limited	Stock-Financials	0.26%	—	—
41	IWM	Ishares Russell 2000 ETF	ETF-Small Cap	0.25%	—	+11.89%
42	GM	General Motors Co	Stock-Consumer Disc	0.24%	—	-16.47%
43	AVGO	Broadcom INC	Stock-Tech	0.24%	+0.01%	+1.45%
44	WMT	Walmart INC	Stock-Consumer Staples	0.24%	—	+1.01%
45	C	Citigroup INC	Stock-Financials	0.23%	-0.11%	-16.83%
46	JBS	Jbs N.v.	Stock-Other	0.23%	-0.16%	—
47	JNJ	Johnson & Johnson	Stock-Healthcare	0.23%	—	-2.28%
48	UL	Unilever Plc-sponsored Adr	Stock-Consumer Staples	0.22%	—	—
49	AIG	American International Group	Stock-Financials	0.21%	—	+0.14%
50	PGR	Progressive CORP	Stock-Financials	0.21%	-0.12%	—

1–50 of 157

Holding changes this quarter

Position changes disclosed by Permanent Capital Management, LP for the quarter ending Q4 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	VOO	Vanguard S&p 500 ETF	+2.1%	+0.89%	Add
2	VEA	Vanguard Ftse Developed ETF	+0.8%	+1.70%	Add
3	RSP	Invesco S&p 500 Equal Weight	+0.5%	+0.64%	Add
4	GOOGL	Alphabet Inc-cl A	+0.2%	-0.17%	Trim
5	CAT	Caterpillar INC	+0.1%	+4.04%	Add
6	COF	Capital One Financial CORP	+0.1%	+5.86%	Add
7	CDZI	Cadiz INC	+0.1%	—	Unchanged
8	KMB	Kimberly-clark CORP	+0.1%	+172.81%	Add
9	GLD	Spdr Gold Shares	+0.1%	-2.28%	Trim
10	AAPL	Apple INC	+0.1%	+1.01%	Add
11	GOOG	Alphabet Inc-cl C	+0.1%	-6.05%	Trim
12	UBS	UBS Group AG	+0.1%	-2.68%	Trim
13	AMZN	Amazon.com INC	+0.1%	+3.97%	Add
14	NVDA	Nvidia CORP	+0.1%	+6.32%	Add
15	VTI	Vanguard Total Stock Mkt ETF	0%	-5.13%	Trim
16	BP	Bp Plc-spons Adr	0%	-21.12%	Trim
17	BWXT	Bwx Technologies INC	-0.1%	-23.21%	Trim
18	AURA	Aura Biosciences INC	-0.1%	-48.66%	Trim
19	CNNE	Cannae Holdings INC	-0.1%	-55.10%	Trim
20	SPY	Ss Spdr S&p 500 ETF Trust-us	-0.1%	-23.66%	Trim
21	ALIT	Alight INC - Class A	-0.1%	-57.69%	Trim
22	ARMK	Aramark	-0.2%	-75.93%	Trim
23	MSFT	Microsoft CORP	-0.2%	-0.31%	Trim
24	LIF	Life360 INC	-0.3%	-33.48%	Trim
25	USFR	Wisdomtree Floating Rate Tre	-0.5%	-16.82%	Trim
26	KCCA	Kraneshares California Carbo	-0.5%	-91.33%	Trim
27	VGIT	Vanguard Intermediate-term T	-1%	-15.75%	Trim
28	AUR	Aurora Innovation INC	-1.5%	-46.27%	Trim
29	VB	Vanguard Small-cap ETF	-1.8%	-59.53%	Trim
30	BA	Boeing Co/the	—	NEW	New buy
31	UL	Unilever PLC	—	EXIT	Sold out
32	UL	Unilever Plc-sponsored Adr	—	NEW	New buy
33	MTN	Vail Resorts INC	—	EXIT	Sold out
34	PGR	Progressive CORP	—	NEW	New buy
35	BDX	Becton Dickinson And Co	—	NEW	New buy
36	CI	THE Cigna Group	—	EXIT	Sold out
37	SEM	Select Medical Holdings CORP	—	NEW	New buy
38	SLG	Sl Green Realty CORP	—	NEW	New buy
39	MYFW	First Western Financial INC	—	NEW	New buy
40	CVX	Chevron CORP	—	EXIT	Sold out
41	HUT	Hut 8 CORP	—	NEW	New buy
42	PSLV	Sprott Physical Silver Trust	—	NEW	New buy
43	MBLY	Mobileye Global Inc-a	—	EXIT	Sold out
44	SUI	Sun Communities INC	—	EXIT	Sold out
45	ETN	Eaton Corporation plc	—	EXIT	Sold out
46	SYU1	Synovus Financial CORP	—	EXIT	Sold out
47	GDXJ	Vaneck Junior Gold Miners	—	NEW	New buy
48	MSI	Motorola Solutions INC	—	EXIT	Sold out
49	TSM	Taiwan Semiconductor-sp Adr	—	NEW	New buy
50	CAH	Cardinal Health INC	—	NEW	New buy