Permanens Capital Portfolio holdings

AUM $551M

AUM

$551M

AUM Growth

+$27M (+5%)

Cap. Flow

+$41.3M

Cap. Flow % of AUM

7.5%

Top 10 Holdings %Top 10 Hldgs %

85.76%

Holding

New

Increased

Reduced

Closed

Top Buys

1	Principal Spectrum Preferred Securities Active ETF PREF	$25.8M
2	Xtrackers MSCI Europe Hedged Equity ETF DBEU	$22.3M
3	Vanguard Growth ETF VUG	$19M
4	WisdomTree Japan Hedged Equity Fund DXJ	$17.9M
5	Vanguard Value ETF VTV	$14M

Top Sells

1	Invesco S&P 500 Equal Weight ETF RSP	$64.6M
2	iShares 1-3 Year Treasury Bond ETF SHY	$15.7M
3	iShares Gold Trust IAU	$6.61M
4	Cameco CCJ	$3.96M
5	Berkshire Hathaway Class B BRK.B	$1.34M

Sector Composition

1	Financials	3.72%
2	Technology	2.47%
3	Consumer Discretionary	2.03%
4	Communication Services	1.62%
5	Energy	1.08%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Vanguard Value ETF VTV $135B	$136M	24.71%	787,828 +81,041	+11%	+$14M
2	2 Vanguard Growth ETF VUG $166B	$132M	23.89%	354,713 +51,366	+17%	+$19M
3	3 iShares Gold Trust IAU $47.6B	$51.5M	9.35%	873,742 -112,194	-11%	-$6.61M
4	4 Xtrackers MSCI Europe Hedged Equity ETF DBEU $681M	$42.8M	7.77%	968,639 +504,746	+109%	+$22.3M
5	5 WisdomTree Japan Hedged Equity Fund DXJ $3.41B	$35M	6.35%	317,244 +162,390	+105%	+$17.9M
6	6 Principal Spectrum Preferred Securities Active ETF PREF $1.18B	$25.8M	4.69%	1,380,931	New	+$25.8M
7	7 iShares MSCI Emerging Markets ex China ETF EMXC $14.3B	$21.9M	3.98%	397,633 +94,352	+31%	+$5.2M
8	EAGL 8 Eagle Capital Select Equity ETF EAGL $2.79B	$13.9M	2.53%	497,280 +247,597	+99%	+$6.94M
9	9 JPMorgan BetaBuilders Japan ETF BBJP $12.9B	$8.13M	1.48%	144,927 +30,564	+27%	+$1.72M
10	10 Microsoft MSFT $3.53T	$5.59M	1.02%	14,899 +5,416	+57%	+$2.03M
11	11 iShares ESG Optimized MSCI USA ETF SUSA $3.47B	$5.59M	1.01%	48,641 +3,272	+7%	+$376K
12	12 Berkshire Hathaway Class B BRK.B $1.05T	$5.13M	0.93%	9,636 -2,515	-21%	-$1.34M
13	13 Apple AAPL $2.93T	$4.55M	0.83%	20,475 +3,396	+20%	+$754K
14	14 Walt Disney DIS $212B	$4.46M	0.81%	45,149 +9,046	+25%	+$893K
15	15 Charles Schwab SCHW $159B	$4.27M	0.78%	54,528 +7,561	+16%	+$592K
16	16 JPMorgan Chase JPM $736B	$4.12M	0.75%	16,784 +1,355	+9%	+$332K
17	17 Ulta Beauty ULTA $20.6B	$4.12M	0.75%	11,228 +2,485	+28%	+$911K
18	18 UBS Group UBS $102B	$4M	0.73%	130,697	New	+$4M
19	19 Walmart WMT $754B	$3.96M	0.72%	45,025 -6,530	-13%	-$574K
20	20 Marriot International MAR $69.8B	$3.67M	0.67%	15,396 +2,076	+16%	+$495K
21	21 Cameco CCJ $29B	$2.88M	0.52%	69,936 -96,090	-58%	-$3.96M
22	22 Amazon AMZN $2.25T	$2.23M	0.41%	11,729 +3,492	+42%	+$664K
23	23 SPDR S&P 500 ETF Trust SPY $632B	$2.21M	0.4%	3,938 -234	-6%	-$131K
24	24 ConocoPhillips COP $122B	$1.76M	0.32%	16,730 +4,838	+41%	+$508K
25	25 Sprott Physical Gold PHYS $11.9B	$1.69M	0.31%	70,327	New	+$1.69M