PC
Permit Capital, LLC — 13F Portfolio Report & Top Holdings (Q2 2026)
Permit Capital, LLCCIK: 0001313978
Momentum followerQuality / disciplined sizing
Total reported value
$357.4M
Reporting period: 2026-06-30 · Number of holdings: 20
Permit Capital, LLC disclosed 20 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $357.4M and a quarterly turnover rate of 22.7%.
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Personality snowflake
- Concentration
- 51.29
- Portfolio Stability
- 22.73
- Momentum
- 100
- Sector conviction
- 64.63
- Diversification
- 40
- Sizing Uniformity
- 87.17
Permit Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.128 — mathematically equivalent to about 8 equally-sized positions, well below its 20 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 1.28), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim SBAC
0.0% $2.5M
Add PBI
0.0% $22.6M
New buy EPAM
New buy KBR
Trim ECHO
-4.0% -$2.1M
Trim RRC
0.0% -$1.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SBAC | Sba Communications CORP | Stock-Real Estate | 28.41% | -5.22% | — | |
| 2 | PBI | Pitney Bowes Inc | Stock-Other | 17.16% | +4.02% | — | |
| 3 | EXPE | Expedia Group Inc | Stock-Consumer Disc | 5.51% | -0.53% | — | |
| 4 | FTDR | Frontdoor Inc | Stock-Consumer Disc | 4.29% | +0.74% | — | |
| 5 | WDC | Western Digital CORP | Stock-Tech | 3.75% | -0.04% | -49.03% | |
| 6 | MTCH | Match Group Inc | Stock-Comm Services | 3.73% | +0.08% | — | |
| 7 | CVS | Cvs Health CORP | Stock-Healthcare | 3.63% | +0.57% | — | |
| 8 | HPQ | Hp Inc | Stock-Tech | 3.49% | -0.22% | — | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.43% | +0.05% | — | |
| 10 | OTEX | Open Text CORP | Stock-Other | 3.27% | +0.55% | +46.39% | |
| 11 | GEN | Gen Digital Inc | Stock-Tech | 3.09% | +0.69% | +18.27% | |
| 12 | ECHO | Echostar Corp-a | Stock-Comm Services | 2.87% | -1.32% | -4.05% | |
| 13 | MTG | Mgic Investment CORP | Stock-Financials | 2.69% | -0.35% | — | |
| 14 | EPAM | Epam Systems Inc | Stock-Tech | 2.40% | +2.40% | NEW | |
| 15 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.36% | -0.56% | — | |
| 16 | IDCC | Interdigital Inc | Stock-Tech | 2.29% | -0.67% | — | |
| 17 | RRC | Range Resources CORP | Stock-Energy | 2.17% | -1.04% | — | |
| 18 | SIG | Signet Jewelers Limited | Stock-Consumer Disc | 1.95% | -0.38% | — | |
| 19 | KBR | Kbr Inc | Stock-Industrials | 1.93% | +1.93% | NEW | |
| 20 | PYPL | Paypal Holdings Inc | Stock-Financials | 1.57% | -0.43% | — |
Portfolio Performance
Performance for Q3 2026
+3.8%
Performance Last 4 Quarters
+33.9%
- Stdev
- +20.7%
- Beta
- +1.23
- Alpha
- -1%
- Max Drawdown
- -8.9%
- Annualized Perf
- +24%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.44
- Stutzer
- +0.35
- Treynor
- +0.19
- Sterling
- +1.32
- Calmar
- +2.68
- Information Ratio
- +0.27
- Tracking Error
- +13.6%
- Stdev Down
- +9.7%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +41.6%
- Worst 12 Months
- +6.1%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.14
- Stdev Sectors
- +10.6%
- Skewness
- +1.17
- Kurtosis
- +3.75
- Upside Potential
- +3.92
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 20 | $357.4M | 23 | ||
| 2026 Q1 | 19 | $294.4M | 17 | ||
| 2025 Q4 | 19 | $321.4M | 8 | ||
| 2025 Q3 | 20 | $319.1M | 24 | ||
| 2025 Q2 | 20 | $308.8M | 0 | ||
| 2025 Q1 | 20 | $282.1M | 100 | ||
| 2024 Q4 | 31 | $290.4M | 0 | ||
| 2024 Q3 | 31 | $325.1M | 0 | ||
| 2024 Q2 | 30 | $266.0M | 0 | ||
| 2024 Q1 | 26 | $156.8M | 0 | ||
| 2023 Q4 | 26 | $291.2M | 0 | ||
| 2023 Q3 | 25 | $236.4M | 0 | ||
| 2023 Q2 | 25 | $268.5M | 0 | ||
| 2023 Q1 | 23 | $267.6M | 0 | ||
| 2022 Q4 | 26 | $289.5M | 0 | ||
| 2022 Q3 | 27 | $294.2M | 0 | ||
| 2022 Q2 | 28 | $328.8M | 0 | ||
| 2022 Q1 | 29 | $372.3M | 0 | ||
| 2021 Q4 | 26 | $370.9M | 0 | ||
| 2021 Q3 | 25 | $336.3M | 0 | ||
| 2021 Q2 | 23 | $332.6M | 100 | ||
| 2021 Q1 | 22 | $293.3M | 21 | ||
| 2020 Q4 | 22 | $287.3M | 17 | ||
| 2020 Q3 | 22 | $291.7M | 9 | ||
| 2020 Q2 | 22 | $267.6M | 13 | ||
| 2020 Q1 | 24 | $240.9M | 24 | ||
| 2019 Q4 | 24 | $237.1M | 11 | ||
| 2019 Q3 | 26 | $235.1M | 13 | ||
| 2019 Q2 | 26 | $225.9M | 11 | ||
| 2019 Q1 | 27 | $214.2M | 28 | ||
| 2018 Q4 | 27 | $167.6M | 11 | ||
| 2018 Q3 | 27 | $186.9M | 5 | ||
| 2018 Q2 | 27 | $185.0M | 15 | ||
| 2018 Q1 | 26 | $180.0M | 14 | ||
| 2017 Q4 | 27 | $185.9M | 100 | ||
| 2017 Q3 | 26 | $169.2M | 9 | ||
| 2017 Q2 | 27 | $170.0M | 9 | ||
| 2017 Q1 | 27 | $156.8M | 14 | ||
| 2016 Q4 | 30 | $145.8M | 14 | ||
| 2016 Q3 | 32 | $147.8M | 10 | ||
| 2016 Q2 | 32 | $140.3M | 13 | ||
| 2016 Q1 | 33 | $132.5M | 18 | ||
| 2015 Q4 | 31 | $134.9M | 27 | ||
| 2015 Q3 | 68 | $148.8M | 12 | ||
| 2015 Q2 | 69 | $162.3M | 6 | ||
| 2015 Q1 | 68 | $161.3M | 17 | ||
| 2014 Q4 | 75 | $163.0M | 14 | ||
| 2014 Q3 | 71 | $165.5M | 8 | ||
| 2014 Q2 | 68 | $162.0M | 15 | ||
| 2014 Q1 | 61 | $144.3M | 9 | ||
| 2013 Q4 | 60 | $142.2M | 11 | ||
| 2013 Q3 | 62 | $138.7M | 15 | ||
| 2013 Q2 | 63 | $132.7M | — |
Holding changes this quarter
Permit Capital, LLC's most significant position changes for 2026-06-30: New buy: Epam Systems Inc (EPAM); New buy: Kbr Inc (KBR); Sold out: Qvc Group Inc (QVCAQ); Trim: Echostar Corp-a (ECHO) — shares -4.05%; Add: Gen Digital Inc (GEN) — shares +18.27%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PBI | Pitney Bowes Inc | +4% | — | Unchanged |
| 2 | EPAM | Epam Systems Inc | +2.4% | NEW | New buy |
| 3 | KBR | Kbr Inc | +1.9% | NEW | New buy |
| 4 | FTDR | Frontdoor Inc | +0.7% | — | Unchanged |
| 5 | GEN | Gen Digital Inc | +0.7% | +18.27% | Add |
| 6 | CVS | Cvs Health CORP | +0.6% | — | Unchanged |
| 7 | OTEX | Open Text CORP | +0.6% | +46.39% | Add |
| 8 | MTCH | Match Group Inc | +0.1% | — | Unchanged |
| 9 | GOOG | Alphabet Inc-cl C | +0.1% | — | Unchanged |
| 10 | WDC | Western Digital CORP | 0% | -49.03% | Trim |
| 11 | HPQ | Hp Inc | -0.2% | — | Unchanged |
| 12 | QVCAQ | Qvc Group Inc | -0.3% | EXIT | Sold out |
| 13 | MTG | Mgic Investment CORP | -0.4% | — | Unchanged |
| 14 | SIG | Signet Jewelers Limited | -0.4% | — | Unchanged |
| 15 | PYPL | Paypal Holdings Inc | -0.4% | — | Unchanged |
| 16 | EXPE | Expedia Group Inc | -0.5% | — | Unchanged |
| 17 | META | Meta Platforms Inc-class A | -0.6% | — | Unchanged |
| 18 | IDCC | Interdigital Inc | -0.7% | — | Unchanged |
| 19 | RRC | Range Resources CORP | -1% | — | Unchanged |
| 20 | ECHO | Echostar Corp-a | -1.3% | -4.05% | Trim |
| 21 | SBAC | Sba Communications CORP | -5.2% | — | Unchanged |
Filing History
FAQ
What is Permit Capital, LLC and what type of investor is it?
Permit Capital, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $357.4M, spread across 20 disclosed positions.
What are Permit Capital, LLC's largest equity positions?
Based on the latest 13F filing, Permit Capital, LLC's top holdings by market value are:
1. Sba Communications CORP (SBAC) — $101.5M (28.4%)
2. Pitney Bowes Inc (PBI) — $61.3M (17.2%)
3. Expedia Group Inc (EXPE) — $19.7M (5.5%)
4. Frontdoor Inc (FTDR) — $15.3M (4.3%)
5. Western Digital CORP (WDC) — $13.4M (3.8%)
What changes did Permit Capital, LLC make in its most recent portfolio filing?
In the latest reported quarter, Permit Capital, LLC made 7 notable position adjustments: 2 new positions were initiated, 2 existing holdings were added to, 2 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Epam Systems Inc (EPAM); New buy: Kbr Inc (KBR); Sold out: Qvc Group Inc (QVCAQ); Trim: Echostar Corp-a (ECHO) — shares -4.05%; Add: Gen Digital Inc (GEN) — shares +18.27%
What sectors does Permit Capital, LLC focus on?
Permit Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Real Estate: 35.7%
• Information Technology: 18.9%
• Communication Services: 15.6%
• Consumer Discretionary: 14.8%
• Financials: 5.4%
• Health Care: 4.6%
Investment Profile
Permit Capital, LLC returned an annualized 24.0% over the trailing 36 months — underperforming the S&P 500 by 1.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.23 (more volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 35.7% of the portfolio concentrated in Real Estate.
Its concentration score has fallen from 87 to 51 over the past 4 quarters — a shift toward broader diversification.
It has added to its PBI position over the past two quarters (+$27.0M, now $61.3M), while trimming IDCC over the same stretch (-$5.0M, still holding $8.2M).
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Developer Access
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