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Permanens Capital Portfolio holdings

AUM $972M
1-Year Est. Return 27.73%
This Fund
S&P 500
This Quarter Est. Return
+8.94%
1 Year Est. Return
+27.73%
3 Year Est. Return
+76.92%
5 Year Est. Return
+81.54%
10 Year Est. Return
+277.71%
AUM
$671M
AUM Growth
-$62.8M
Cap. Flow
-$115M
Cap. Flow %
-17.14%
Top 10 Hldgs %
82.17%
Holding
94
New
26
Increased
17
Reduced
13
Closed
32

Top Buys

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$37.6M
2
JPY
Lazard Japanese Equity ETF
JPY
+$16.6M
3
SLV icon
iShares Silver Trust
SLV
+$11.3M
4
MUFG icon
Mitsubishi UFJ Financial
MUFG
+$5.85M
5
UNH icon
UnitedHealth
UNH
+$4.01M

Top Sells

Rank Stock Value
1
DBEU icon
Xtrackers MSCI Europe Hedged Equity ETF
DBEU
+$26.7M
2
VTV icon
Vanguard Morningstar Value ETF
VTV
+$25.5M
3
EMXC icon
iShares MSCI Emerging Markets ex China ETF
EMXC
+$25.4M
4
BBJP icon
JPMorgan BetaBuilders Japan ETF
BBJP
+$22.9M
5
VUG icon
Vanguard Morningstar Growth ETF
VUG
+$22.1M

Sector Composition

Rank Sector Weight
1 Miscellaneous 87.16%
2 Financials 4.65%
3 Energy 2.13%
4 Technology 1.53%
5 Consumer Discretionary 1.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IGSB icon
26
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
$1.86M 0.28%
+35,143
New +$1.85M
BGC icon
27
BGC Group
BGC
$5.76B
$1.61M 0.24%
170,000
– –
ARCC icon
28
Ares Capital
ARCC
$14.3B
$1.34M 0.2%
65,544
+416
+0.6% +$9.24K
AAPL icon
29
Apple
AAPL
$4.67T
$1.29M 0.19%
+5,075
New +$1.15M
ETHA
30
iShares Ethereum Trust ETF
ETHA
$7.57B
$1.2M 0.18%
+38,220
New +$1.13M
META icon
31
Meta Platforms (Facebook)
META
$1.47T
$1.2M 0.18%
1,635
-609
-27% -$453K
QLD icon
32
ProShares Ultra QQQ
QLD
$14B
$1.18M 0.18%
+17,210
New +$1.08M
SHOP icon
33
Shopify
SHOP
$197B
$1.18M 0.18%
+7,927
New +$1.07M
MA icon
34
Mastercard
MA
$521B
$1.12M 0.17%
+1,967
New +$1.13M
GOOGL icon
35
Alphabet (Google) Class A
GOOGL
$4.24T
$1.06M 0.16%
+4,369
New +$915K
AMZN icon
36
Amazon
AMZN
$2.87T
$1.06M 0.16%
4,814
-9,333
-66% -$2.11M
KWEB icon
37
KraneShares CSI China Internet ETF
KWEB
$5.2B
$854K 0.13%
+20,336
New +$763K
QXO
38
QXO Inc
QXO
$14B
$839K 0.13%
44,000
+10,000
+29% +$207K
QQQ icon
39
Invesco QQQ Trust
QQQ
$489B
$696K 0.1%
1,158
+208
+22% +$119K
DELL icon
40
Dell
DELL
$295B
$577K 0.09%
+4,067
New +$528K
WULF icon
41
TeraWulf
WULF
$7.66B
$514K 0.08%
+45,000
New +$344K
BBEU icon
42
JPMorgan BetaBuilders Europe ETF
BBEU
$9.48B
$401K 0.06%
+5,760
New +$392K
IVV icon
43
iShares Core S&P 500 ETF
IVV
$898B
$398K 0.06%
594
– –
IWF icon
44
iShares Russell 1000 Growth ETF
IWF
$126B
$376K 0.06%
3,212
+4
+0.1% +$445
NVDA icon
45
NVIDIA
NVDA
$5.25T
$354K 0.05%
1,898
+537
+39% +$93.6K
LVO icon
46
LiveOne
LVO
$53.1M
$346K 0.05%
83,726
+14,998
+22% +$93K
BP icon
47
BP
BP
$109B
$326K 0.05%
+9,472
New +$317K
BAC icon
48
Bank of America
BAC
$436B
$307K 0.05%
+5,948
New +$290K
IWD icon
49
iShares Russell 1000 Value ETF
IWD
$84.3B
$295K 0.04%
1,449
+7
+0.5% +$1.39K
ALTI icon
50
AlTi Global
ALTI
$461M
$277K 0.04%
77,817
– –
1
2
3 4

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Permanens Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Permanens Capital held 94 positions worth $671M, down 8.6% from $733M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Permanens Capital withdrew a net $115M in Q3 2025, closing 32 positions and reducing 13 holdings. Its most notable exit was iShares MSCI Emerging Markets ex China ETF, an estimated $25.4M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 87% of assets, up from 86% a quarter earlier, followed by Financials and Energy.

Against the trend, Permanens Capital opened a new position in Lazard Japanese Equity ETF worth $17.4M.

  • Permanens Capital's largest Q3 2025 buy was Lazard Japanese Equity ETF: 555,599 shares worth $17.4M.
  • Permanens Capital added most to State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q3 2025, an estimated $37.6M increase.
  • Permanens Capital's biggest Q3 2025 reduction was Xtrackers MSCI Europe Hedged Equity ETF, cutting an estimated $26.7M.
  • Permanens Capital fully exited iShares MSCI Emerging Markets ex China ETF in Q3 2025, selling an estimated $25.4M.
  • Permanens Capital's ten largest holdings make up 82% of its $671M portfolio in Q3 2025.
  • Permanens Capital opened 26 new positions and closed 32 in Q3 2025.
  • Permanens Capital's portfolio value fell 8.6% quarter-over-quarter to $671M.

Based on Permanens Capital's 13F filing for Q3 2025, filed 14 Nov 2025.