Permanens Capital L.P.
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| SPDR SERIES TRUST | BIL | $162.9M | 1,777,681 | +5.09pp | 8q | +80.0%+$72.4M | |
| VANGUARD INDEX FDS | VTV | $158.8M | 728,513 | +1.18pp | 31q | +21.6%+$28.2M | |
| VANGUARD INDEX FDS | VUG | $71.1M | 825,415 | +0.85pp | 31q | +618.9%+$61.2M | |
| ISHARES GOLD TR | IAU | $64.8M | 858,088 | -14.75pp | 21q | -54.5%-$77.6M | |
| BLACKROCK ETF TRUST II | SECU | $55.0M | 1,103,409 | +0.38pp | 2q | +34.2%+$14.0M | |
| INVESCO EXCHANGE TRADED FD T | RSP | $42.2M | 198,353 | +3.50pp | 2q | +483.4%+$35.0M | |
| J P MORGAN EXCHANGE TRADED F | BBEU | $29.2M | 376,103 | +1.08pp | 4q | +82.1%+$13.2M | |
| LAZARD ACTIVE ETF TR | JPY | $25.4M | 695,196 | +0.09pp | 4q | +16.6%+$3.6M | |
| SCHWAB STRATEGIC TR | SCHI | $24.9M | 1,099,967 | -1.38pp | 2q | -18.5%-$5.7M | |
| PERSHING SQUARE USA LTD | PSUS | $22.5M | 601,320 | - | new | NEW | |
| WISDOMTREE TR | DXJ | $21.8M | 125,863 | +1.76pp | 31q | +426.3%+$17.7M | |
| PRINCIPAL EXCHANGE TRADED FD | PREF | $21.1M | 1,104,859 | +0.11pp | 6q | +30.4%+$4.9M | |
| CAMECO CORP | CCJ | $17.5M | 171,804 | -0.57pp | 17q | +1.5%+$258.9K | |
| EA SERIES TRUST | FRDM | $16.0M | 219,058 | +1.59pp | 2q | +2434.2%+$15.4M | |
| MICROSOFT CORP | MSFT | $13.6M | 36,373 | -0.09pp | 27q | +16.8%+$1.9M | |
| ALPHABET INC | GOOGL | $12.2M | 34,113 | +1.03pp | 4q | +458.3%+$10.0M | |
| HOWARD HUGHES HOLDINGS INC | HHH | $12.1M | 169,075 | - | new | NEW | |
| MITSUBISHI UFJ FINANCIAL GRO | MUFG | $11.5M | 574,236 | -0.08pp | 4q | HELD | |
| 2023 ETF SERIES TRUST | EAGL | $11.5M | 356,498 | +0.01pp | 9q | +19.2%+$1.8M | |
| JPMORGAN CHASE & CO | JPM | $11.4M | 34,689 | -0.12pp | 23q | +1.8%+$204.6K | |
| ISHARES TR | IWF | $10.9M | 87,760 | +1.08pp | 5q | +12437.1%+$10.8M | |
| ISHARES TR | IEFA | $10.7M | 111,184 | +0.98pp | 2q | +949.5%+$9.7M | |
| ISHARES GOLD TRUST MICRO | IAUM | $10.6M | 265,651 | -0.51pp | 3q | HELD | |
| WALMART INC | WMT | $10.4M | 91,844 | -0.32pp | 13q | +5.9%+$584.0K | |
| NOKIA CORP | NOK | $10.0M | 753,841 | - | new | NEW | |
| ULTA BEAUTY INC | ULTA | $8.9M | 19,827 | -0.33pp | 11q | +6.7%+$560.6K | |
| INVESCO EXCH TRADED FD TR II | BKLN | $8.8M | 432,210 | -0.10pp | 2q | +12.7%+$994.9K | |
| ISHARES TR | IVV | $7.4M | 9,880 | +0.71pp | 6q | +1446.2%+$6.9M | |
| AMAZON COM INC | AMZN | $5.1M | 21,215 | +0.02pp | 8q | +14.7%+$648.5K | |
| ISHARES TR | IWD | $4.9M | 20,400 | +0.46pp | 5q | +1161.6%+$4.6M | |
| STATE STR SPDR S&P 500 ETF T | SPY | $4.5M | 6,043 | -0.06pp | 28q | -3.0%-$142.2K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $4.4M | 9,114 | +0.22pp | 3q | +72.8%+$1.8M | |
| ISHARES TR | IGF | $3.3M | 49,160 | - | new | NEW | |
| VANGUARD INTL EQUITY INDEX F | VT | $3.2M | 20,200 | - | new | NEW | |
| APPLE INC | AAPL | $3.1M | 10,603 | +0.13pp | 4q | +82.7%+$1.4M | |
| MASTERCARD INCORPORATED | MA | $2.8M | 5,463 | +0.08pp | 4q | +70.1%+$1.2M | |
| MERCADOLIBRE INC | MELI | $2.8M | 1,630 | +0.07pp | 4q | +70.3%+$1.1M | |
| UNITEDHEALTH GROUP INC | UNH | $2.6M | 6,297 | +0.06pp | 8q | +3.5%+$88.1K | |
| META PLATFORMS INC | META | $2.5M | 4,522 | -0.02pp | 8q | +17.5%+$378.5K | |
| ISHARES TR | EFA | $2.4M | 23,150 | - | new | NEW | |
| ALPHABET INC | GOOG | $2.4M | 6,693 | +0.04pp | 3q | +21.6%+$420.1K | |
| SPDR INDEX SHS FDS | GNR | $2.3M | 34,000 | - | new | NEW | |
| PROSHARES TR | QLD | $2.0M | 20,750 | +0.04pp | 4q | HELD | |
| NETFLIX INC | NFLX | $2.0M | 28,088 | -0.19pp | 4q | -11.6%-$263.6K | |
| CONOCOPHILLIPS | COP | $1.9M | 18,548 | -0.13pp | 3q | -2.7%-$54.2K | |
| DANAHER CORP DEL | DHR | $1.9M | 9,994 | +0.03pp | 3q | +45.1%+$592.5K | |
| NVIDIA CORPORATION | NVDA | $1.7M | 8,647 | +0.13pp | 5q | +316.5%+$1.3M | |
| S&P GLOBAL INC | SPGI | $1.7M | 4,190 | +0.11pp | 2q | +234.9%+$1.2M | |
| ASML HLDG NV | ASML | $1.6M | 823 | +0.08pp | 3q | +66.9%+$656.5K | |
| HUMANA INC | HUM | $1.5M | 3,884 | +0.10pp | 3q | +38.1%+$426.4K | |
| SAP SE | SAP | $1.5M | 9,855 | -0.03pp | 3q | +16.0%+$209.7K | |
| WORKDAY INC | WDAY | $1.4M | 11,744 | flat | 3q | +33.1%+$357.2K | |
| BROADCOM INC | AVGO | $1.4M | 3,634 | - | new | NEW | |
| CAPITAL ONE FINL CORP | COF | $1.3M | 6,708 | -0.02pp | 3q | +2.5%+$32.3K | |
| SHOPIFY INC | SHOP | $1.3M | 11,748 | -0.02pp | 4q | +17.1%+$196.2K | |
| GALLAGHER ARTHUR J & CO | AJG | $1.2M | 5,056 | +0.04pp | 2q | +74.0%+$493.8K | |
| STUBHUB HLDGS INC | STUB | $1.0M | 80,562 | - | new | NEW | |
| NOMURA ETF TR | EMEQ | $1.0M | 14,086 | +0.05pp | 2q | +37.6%+$280.6K | |
| LENNAR CORP | LEN | $998.9K | 11,039 | -0.02pp | 3q | HELD | |
| MICRON TECHNOLOGY INC | MU | $923.4K | 800 | - | new | NEW | |
| VANGUARD INDEX FDS | VTI | $902.5K | 2,439 | - | new | NEW | |
| INVESCO QQQ TR | QQQ | $884.0K | 1,199 | -0.07pp | 6q | -45.6%-$740.9K | |
| EQT CORP | EQT | $867.7K | 16,320 | +0.06pp | 2q | +314.3%+$658.3K | |
| INTUIT | INTU | $813.3K | 3,116 | -0.04pp | 3q | +38.4%+$225.8K | |
| ISHARES TR | IJR | $741.5K | 5,000 | - | new | NEW | |
| LAUDER ESTEE COS INC | EL | $733.1K | 9,285 | flat | 3q | +7.4%+$50.4K | |
| KRANESHARES TRUST | KWEB | $680.1K | 27,792 | -0.03pp | 4q | HELD | |
| ALCOA CORP | AA | $669.1K | 12,832 | -0.05pp | 3q | -9.4%-$69.7K | |
| CATERPILLAR INC | CAT | $668.8K | 628 | - | new | NEW | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $617.0K | 1,233 | -1.16pp | 2q | -93.8%-$9.3M | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $604.1K | 1,562 | +0.01pp | 3q | +5.6%+$32.1K | |
| SEAGATE TECHNOLOGY HLDNGS PL | STX | $555.3K | 575 | - | new | NEW | |
| FLEXSHARES TR | GUNR | $551.9K | 11,200 | - | new | NEW | |
| BP PLC | BP | $522.5K | 14,140 | -0.02pp | 4q | +15.3%+$69.2K | |
| EATON CORP PLC | ETN | $455.5K | 1,069 | - | new | NEW | |
| TESLA INC | TSLA | $397.0K | 944 | - | new | NEW | |
| ADVANCED MICRO DEVICES INC | AMD | $383.4K | 660 | - | new | NEW | |
| PERSHING SQUARE INC | $381.3K | 11,603 | - | new | NEW | ||
| ELI LILLY & CO | LLY | $379.0K | 316 | - | new | NEW | |
| ASTRAZENECA PLC | AZN | $341.7K | 1,802 | - | new | NEW | |
| NOVARTIS AG | NVS | $333.0K | 2,125 | - | new | NEW | |
| PHILIP MORRIS INTL INC | PM | $330.8K | 1,814 | - | new | NEW | |
| LAM RESEARCH CORP | LRCX | $306.1K | 706 | - | new | NEW | |
| SEA LTD | SE | $270.8K | 2,826 | - | new | NEW | |
| UBS GROUP AG | UBS | $267.6K | 5,399 | - | new | NEW | |
| LIBERTY BROADBAND CORP | LBRDK | $252.0K | 7,576 | -0.02pp | 3q | HELD | |
| CHARTER COMMUNICATIONS INC | CHTR | $242.6K | 1,706 | - | new | NEW | |
| HSBC HLDGS PLC | HSBC | $240.2K | 2,526 | - | new | NEW | |
| ROYAL BK CDA | RY | $225.0K | 1,087 | - | new | NEW | |
| CANADIAN PACIFIC KANSAS CITY | CP | $221.1K | 2,546 | - | new | NEW | |
| ISHARES TR | IWM | $220.1K | 732 | -0.01pp | 2q | -20.0%-$55.0K | |
| KLA CORP | KLAC | $211.2K | 700 | - | new | NEW | |
| AMERICAN EXPRESS CO | AXP | $205.7K | 608 | - | new | NEW | |
| BRITISH AMERN TOB PLC | BTI | $201.2K | 3,258 | - | new | NEW | |
| LLOYDS BANKING GROUP PLC | LYG | $170.1K | 29,174 | - | new | NEW | |
| BANCO SANTANDER S.A. | SAN | $158.0K | 11,448 | - | new | NEW | |
| NU HLDGS LTD | NU | $148.1K | 11,089 | - | new | NEW | |
| OPENDOOR TECHNOLOGIES INC | OPEN | $46.2K | 10,000 | flat | 3q | HELD | |
| PODCASTONE INC | PODC | $44.7K | 10,000 | -0.03pp | 5q | -92.6%-$559.8K | |
| CANGO INC | CANG | $3.1K | 15,000 | -0.01pp | 2q | -92.4%-$37.1K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Capital Markets | $75.4M | 7.8% |
| Software & IT Services | $35.8M | 3.7% |
| Banks & Lending | $25.6M | 2.6% |
| Retail & Consumer | $24.4M | 2.5% |
| Semiconductors & Electronics | $18.8M | 1.9% |
| Mining & Metals | $18.2M | 1.9% |
| Other sectors | $51.2M | 5.3% |
| Not classified | $722.9M | 74.3% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $972.4M | 100 | 36 | 46 | 11 | 24 | 67.6% | 45 |
| Q1 2026 | $776.3M | 88 | 19 | 23 | 27 | 11 | 74.8% | 45 |
| Q4 2025 | $766.8M | 80 | 27 | 32 | 8 | 9 | 74.9% | 48 |
| Q3 2025 | $670.5M | 62 | 27 | 13 | 13 | 33 | 82.2% | 45 |
| Q2 2025 | $733.3M | 68 | 17 | 46 | 4 | 8 | 79.8% | 45 |
| Q1 2025 | $550.7M | 59 | 11 | 36 | 12 | 5 | 85.8% | 45 |
| Q4 2024 | $523.7M | 53 | 4 | 12 | 11 | 4 | 85.2% | 45 |
| Q3 2024 | $492.3M | 53 | 28 | 5 | 18 | 2 | 83.5% | 45 |
| Q2 2024 | $979.6M | 27 | 3 | 19 | 4 | 2 | 93.0% | 45 |
| Q1 2024 | $813.9M | 26 | 1 | 17 | 5 | 1 | 93.2% | 45 |
| Q4 2023 | $513.3M | 26 | 4 | 10 | 9 | 21 | 90.7% | 45 |
| Q3 2023 | $584.9M | 43 | 15 | 22 | 3 | 2 | 90.5% | 45 |
| Q2 2023 | $434.5M | 30 | 10 | 7 | 11 | 14 | 90.9% | 45 |
| Q1 2023 | $461.1M | 34 | 6 | 8 | 8 | 3 | 91.7% | 45 |
| Q4 2022 | $412.7M | 31 | 4 | 3 | 17 | 7 | 93.9% | 45 |
| Q3 2022 | $443.6M | 34 | 0 | 7 | 17 | 6 | 90.5% | 45 |
| Q2 2022 | $497.1M | 40 | 2 | 8 | 10 | 6 | 85.2% | 46 |
| Q1 2022 | $645.2M | 44 | 2 | 12 | 22 | 2 | 80.9% | 43 |
| Q4 2021 | $634.8M | 44 | 4 | 11 | 5 | 3 | 76.6% | 45 |
| Q3 2021 | $551.6M | 43 | 2 | 16 | 15 | 70 | 74.1% | 43 |
| Q2 2021 | $556.6M | 111 | 8 | 34 | 13 | 23 | 73.9% | 44 |
| Q1 2021 | $486.7M | 126 | 8 | 43 | 17 | 8 | 73.1% | 43 |
| Q4 2020 | $475.1M | 126 | 14 | 62 | 15 | 5 | 75.5% | 43 |
| Q3 2020 | $289.6M | 117 | 9 | 46 | 22 | 4 | 93.3% | 44 |
| Q2 2020 | $264.7M | 112 | 18 | 19 | 31 | 16 | 96.2% | 44 |
| Q1 2020 | $316.7M | 110 | 14 | 40 | 30 | 35 | 96.1% | 45 |
| Q4 2019 | $398.2M | 131 | 44 | 26 | 18 | 15 | 92.5% | 44 |
| Q3 2019 | $357.5M | 102 | 13 | 36 | 9 | 15 | 92.5% | 37 |
| Q2 2019 | $352.0M | 104 | 23 | 28 | 18 | 9 | 92.7% | 40 |
| Q1 2019 | $338.0M | 90 | 73 | 10 | 4 | 4 | 93.4% | 43 |
| Q4 2018 | $265.6M | 21 | 0 | 0 | 0 | 0 | 97.3% | 43 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.