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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
VTV icon
1
Vanguard Morningstar Value ETF
VTV
$192B
$123M 18.35%
656,355
-140,675
-18% -$25.5M
VUG icon
2
Vanguard Morningstar Growth ETF
VUG
$228B
$122M 18.17%
1,522,650
-289,272
-16% -$22.1M
IAU icon
3
iShares Gold Trust
IAU
$66.1B
$64.8M 9.66%
890,255
-19,291
-2% -$1.26M
BIL icon
4
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.7B
$40.5M 6.04%
441,640
+410,635
+1,324% +$37.6M
SLV icon
5
iShares Silver Trust
SLV
$32.3B
$39.5M 5.89%
931,983
+313,405
+51% +$11.3M
DBEU icon
6
Xtrackers MSCI Europe Hedged Equity ETF
DBEU
$793M
$37.9M 5.66%
823,835
-591,137
-42% -$26.7M
DXJ icon
7
WisdomTree Japan Hedged Equity Fund
DXJ
$7.34B
$37.4M 5.57%
291,733
-178,262
-38% -$21.9M
SHYG icon
8
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
$7.68B
$34M 5.08%
786,065
-95,684
-11% -$4.12M
PREF icon
9
Principal Spectrum Preferred Securities Active ETF
PREF
$1.79B
$28.1M 4.19%
1,468,514
-52,215
-3% -$991K
EAGL
10
Eagle Capital Select Equity ETF
EAGL
$4.8B
$23.9M 3.56%
764,024
+3,947
+0.5% +$121K
JPY
11
Lazard Japanese Equity ETF
JPY
$85.1M
$17.4M 2.6%
+555,599
New +$16.6M
CCJ icon
12
Cameco
CCJ
$43.6B
$14M 2.08%
166,648
-17,656
-10% -$1.37M
WMT icon
13
Walmart Inc
WMT
$820B
$6.86M 1.02%
66,589
+15,738
+31% +$1.57M
UNH icon
14
UnitedHealth
UNH
$353B
$6.83M 1.02%
19,784
+13,247
+203% +$4.01M
MSFT icon
15
Microsoft
MSFT
$3.81T
$6.81M 1.02%
13,142
-4,510
-26% -$2.3M
JPM icon
16
JPMorgan Chase
JPM
$951B
$6.66M 0.99%
21,121
+2,245
+12% +$668K
MUFG icon
17
Mitsubishi UFJ Financial
MUFG
$258B
$6.3M 0.94%
+395,273
New +$5.85M
UBS icon
18
UBS Group
UBS
$168B
$6.23M 0.93%
151,917
+321
+0.2% +$12.5K
ULTA icon
19
Ulta Beauty
ULTA
$22.2B
$6.14M 0.92%
11,236
-1,710
-13% -$876K
SCHW
20
Charles Schwab
SCHW
$191B
$5.98M 0.89%
62,587
+1,246
+2% +$118K
IBIT icon
21
iShares Bitcoin Trust
IBIT
$58.6B
$3.5M 0.52%
+53,878
New +$3.5M
BRT
22
BRT Apartments
BRT
$273M
$3.19M 0.48%
201,263
+35,415
+21% +$553K
SPY icon
23
State Street SPDR S&P 500 ETF Trust
SPY
$825B
$2.88M 0.43%
4,318
+1,911
+79% +$1.23M
NFLX icon
24
Netflix
NFLX
$340B
$2.32M 0.35%
+19,360
New +$2.36M
IEI icon
25
iShares 3-7 Year Treasury Bond ETF
IEI
$17.7B
$1.86M 0.28%
+15,596
New +$1.86M
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.