# Permanent Capital Management, LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2054108. Source: https://holderbook.com/funds/2054108-permanent-capital-management-lp/

- Reported value: $746.7M
- Positions: 211
- Weight of the ten largest: 77.8%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $182.1M | 1,160,445 | 24.4% | 4 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $173.9M | 253,227 | 23.3% | 7 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $64.5M | 651,553 | 8.6% | 7 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $48.1M | 675,379 | 6.4% | 7 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $35.4M | 600,884 | 4.7% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $27.2M | 73,008 | 3.6% | 7 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $17.4M | 292,236 | 2.3% | 7 |
| WISDOMTREE TR | [USFR](https://holderbook.com/stocks/USFR/) | $14.0M | 278,781 | 1.9% | 7 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $9.4M | 25,411 | 1.3% | 5 |
| ISHARES TR | [ACWI](https://holderbook.com/stocks/ACWI/) | $8.6M | 54,862 | 1.2% | 4 |
| SPDR SERIES TRUST | [SPTL](https://holderbook.com/stocks/SPTL/) | $7.3M | 278,085 | 1.0% | 7 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $5.8M | 5,465 | 0.8% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $4.6M | 23,070 | 0.6% | 7 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $4.4M | 35,109 | 0.6% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $4.2M | 14,538 | 0.6% | 7 |
| AURORA INNOVATION INC | [AUR](https://holderbook.com/stocks/AUR/) | $4.1M | 603,200 | 0.6% | 7 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $4.0M | 16,652 | 0.5% | 7 |
| VALUED ADVISERS TR | [EQTY](https://holderbook.com/stocks/EQTY/) | $3.9M | 138,184 | 0.5% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $3.6M | 10,023 | 0.5% | 7 |
| UBS GROUP AG | [UBS](https://holderbook.com/stocks/UBS/) | $3.2M | 64,477 | 0.4% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $3.1M | 4,185 | 0.4% | 4 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $3.0M | 20,794 | 0.4% | 4 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $3.0M | 8,157 | 0.4% | 4 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $2.4M | 26,635 | 0.3% | 4 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $2.3M | 20,522 | 0.3% | 4 |
| QUEST DIAGNOSTICS INC | [DGX](https://holderbook.com/stocks/DGX/) | $2.3M | 10,706 | 0.3% | 2 |
| CADIZ INC | [CDZI](https://holderbook.com/stocks/CDZI/) | $2.2M | 537,680 | 0.3% | 4 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $2.2M | 7,913 | 0.3% | 4 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.1M | 5,939 | 0.3% | 7 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $1.9M | 8,945 | 0.3% | 7 |
| O-I GLASS INC | [OI](https://holderbook.com/stocks/OI/) | $1.8M | 186,778 | 0.2% | 4 |
| LOEWS CORP | [L](https://holderbook.com/stocks/L/) | $1.7M | 15,454 | 0.2% | 4 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $1.7M | 33,099 | 0.2% | 4 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $1.5M | 4,072 | 0.2% | 7 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.5M | 6,055 | 0.2% | 5 |
| GOLAR LNG LTD | [GLNG](https://holderbook.com/stocks/GLNG/) | $1.4M | 28,796 | 0.2% | 4 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $1.4M | 6,480 | 0.2% | 4 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $1.4M | 6,859 | 0.2% | 4 |
| MGM RESORTS INTERNATIONAL | [MGM](https://holderbook.com/stocks/MGM/) | $1.4M | 28,463 | 0.2% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.4M | 2,410 | 0.2% | 7 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $1.3M | 21,526 | 0.2% | 4 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $1.2M | 4,298 | 0.2% | 4 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.2M | 4,007 | 0.2% | 7 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $1.2M | 13,986 | 0.2% | 2 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.2M | 10,383 | 0.2% | 7 |
| MARINEMAX INC | [HZO](https://holderbook.com/stocks/HZO/) | $1.2M | 31,474 | 0.2% | 4 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $1.2M | 3,149 | 0.2% | 1 |
| AXIS CAP HLDGS LTD | [AXS](https://holderbook.com/stocks/AXS/) | $1.1M | 10,053 | 0.1% | 4 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $1.1M | 17,648 | 0.1% | 3 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $1.0M | 6,011 | 0.1% | 4 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.0M | 1,423 | 0.1% | 4 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.0M | 3,158 | 0.1% | 7 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.0M | 12,263 | 0.1% | 4 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $975.2K | 12,652 | 0.1% | 4 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $959.1K | 12,868 | 0.1% | 4 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $940.6K | 1,479 | 0.1% | 4 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $926.0K | 990 | 0.1% | 7 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $911.5K | 3,622 | 0.1% | 7 |
| BRUNSWICK CORP | [BC](https://holderbook.com/stocks/BC/) | $903.9K | 10,730 | 0.1% | 4 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $891.5K | 1,233 | 0.1% | 4 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $870.4K | 4,021 | 0.1% | 3 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $862.2K | 6,160 | 0.1% | 4 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $857.9K | 12,000 | 0.1% | 1 |
| QXO INC | [QXO](https://holderbook.com/stocks/QXO/) | $855.8K | 49,526 | 0.1% | 1 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $842.2K | 6,032 | 0.1% | 2 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $812.0K | 3,418 | 0.1% | 3 |
| INVESCO EXCH TRADED FD TR II | [KBWB](https://holderbook.com/stocks/KBWB/) | $811.3K | 8,726 | 0.1% | 5 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $798.2K | 5,892 | 0.1% | 2 |
| LIFE360 INC | [LIF](https://holderbook.com/stocks/LIF/) | $793.2K | 14,328 | 0.1% | 7 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $771.3K | 3,445 | 0.1% | 1 |
| PG&E CORP | [PCG](https://holderbook.com/stocks/PCG/) | $767.8K | 45,577 | 0.1% | 4 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $761.6K | 3,445 | 0.1% | 1 |
| PRIMO BRANDS CORPORATION | [PRMB](https://holderbook.com/stocks/PRMB/) | $749.7K | 30,675 | 0.1% | 2 |
| IMMUNEERING CORP | [IMRX](https://holderbook.com/stocks/IMRX/) | $748.5K | 150,000 | 0.1% | 1 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $739.8K | 2,896 | 0.1% | 4 |
| BWX TECHNOLOGIES INC | [BWXT](https://holderbook.com/stocks/BWXT/) | $737.5K | 3,789 | 0.1% | 4 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $709.0K | 16,746 | 0.1% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $707.8K | 5,177 | 0.1% | 4 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $690.6K | 6,648 | 0.1% | 4 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $685.5K | 7,810 | 0.1% | 7 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $680.9K | 18,429 | 0.1% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $679.7K | 11,929 | 0.1% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $656.3K | 1,913 | 0.1% | 7 |
| NEWS CORP NEW | [NWSA](https://holderbook.com/stocks/NWSA/) | $654.5K | 26,361 | 0.1% | 4 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $652.5K | 544 | 0.1% | 2 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $647.2K | 4,277 | 0.1% | 3 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $641.4K | 1,525 | 0.1% | 4 |
| BUTTERFLY NETWORK INC | [BFLY](https://holderbook.com/stocks/BFLY/) | $631.5K | 75,000 | 0.1% | 2 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $630.9K | 2,888 | 0.1% | 3 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $626.1K | 542 | 0.1% | 1 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $557.9K | 12,061 | 0.1% | 1 |
| FERMI INC | [FRMI](https://holderbook.com/stocks/FRMI/) | $549.6K | 60,000 | 0.1% | 2 |
| WISDOMTREE TR | [DGRW](https://holderbook.com/stocks/DGRW/) | $549.3K | 5,745 | 0.1% | 1 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $542.0K | 3,252 | 0.1% | 4 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $532.8K | 4,458 | 0.1% | 1 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $532.0K | 1,227 | 0.1% | 2 |
| DIMENSIONAL ETF TRUST | [DFIV](https://holderbook.com/stocks/DFIV/) | $522.4K | 9,670 | 0.1% | 1 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $491.4K | 846 | 0.1% | 1 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $490.6K | 1,308 | 0.1% | 2 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $485.5K | 1,015 | 0.1% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +10.4% | +14.8% | -4.4% | 95% |
| Q1 2026 | -3.4% | -4.6% | +1.2% | 100% |
| Q4 2025 | +0.7% | +2.4% | -1.6% | 100% |
| Q2 2025 | +6.8% | +10.5% | -3.6% | 100% |
| Q1 2025 | -1.7% | -4.6% | +2.9% | 100% |
| Q3 2024 | +7.1% | +5.4% | +1.6% | 90% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $746.7M | 211 |
| Q1 2026 | $643.0M | 155 |
| Q4 2025 | $513.3M | 157 |
| Q3 2025 | $534.9M | 151 |
| Q1 2025 | $348.9M | 79 |
| Q4 2024 | $323.0M | 74 |
| Q2 2024 | $478.7M | 158 |