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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
GOOG icon
76
Alphabet (Google) Class C
GOOG
$4.19T
– –
-8,894
Closed -$1.58M
HLT icon
77
Hilton Worldwide
HLT
$72.4B
– –
-2,162
Closed -$576K
HUM icon
78
Humana
HUM
$46.3B
– –
-4,645
Closed -$1.14M
INTU icon
79
Intuit
INTU
$97.9B
– –
-651
Closed -$513K
LBRDK
80
DELISTED
Liberty Broadband Class C
LBRDK
– –
-8,695
Closed -$855K
LEN icon
81
Lennar Class A
LEN
$20.8B
– –
-10,862
Closed -$1.2M
MAR icon
82
Marriott International
MAR
$91.5B
– –
-17,453
Closed -$4.77M
MLM icon
83
Martin Marietta Materials
MLM
$37.7B
– –
-434
Closed -$238K
PTC icon
84
PTC
PTC
$17.1B
– –
-3,027
Closed -$522K
RSP icon
85
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
– –
-19,069
Closed -$3.47M
SAP icon
86
SAP
SAP
$256B
– –
-3,832
Closed -$1.17M
SHEL icon
87
Shell
SHEL
$250B
– –
-20,704
Closed -$1.46M
SHY icon
88
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
– –
-165,623
Closed -$13.7M
SUSA icon
89
iShares ESG Optimized MSCI USA ETF
SUSA
$4.14B
– –
-24,577
Closed -$3.12M
TSM icon
90
TSMC
TSM
$2.17T
– –
-6,472
Closed -$1.47M
VMC icon
91
Vulcan Materials
VMC
$35.6B
– –
-863
Closed -$225K
WDAY icon
92
Workday
WDAY
$49.3B
– –
-6,856
Closed -$1.65M
WFC icon
93
Wells Fargo
WFC
$262B
– –
-6,564
Closed -$526K
WWD icon
94
Woodward
WWD
$20.2B
– –
-5,706
Closed -$1.4M
1 2 3
4

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ZI
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TCA
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EWM
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PFGIA
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MWM
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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.