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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
+7.88%
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
$767M
AUM Growth
+$96.3M
Cap. Flow
+$52.9M
Cap. Flow %
6.91%
Top 10 Hldgs %
74.87%
Holding
88
New
26
Increased
36
Reduced
8
Closed
8

Top Buys

Rank Stock Value
1
BBEU icon
JPMorgan BetaBuilders Europe ETF
BBEU
+$39.4M
2
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$20.4M
3
IAU icon
iShares Gold Trust
IAU
+$18.2M
4
IAUM icon
iShares Gold Trust Micro
IAUM
+$6.31M
5
MSFT icon
Microsoft
MSFT
+$6.05M

Top Sells

Rank Stock Value
1
VUG icon
Vanguard Morningstar Growth ETF
VUG
+$44.9M
2
DBEU icon
Xtrackers MSCI Europe Hedged Equity ETF
DBEU
+$37.9M
3
VTV icon
Vanguard Morningstar Value ETF
VTV
+$17.9M
4
IBIT icon
iShares Bitcoin Trust
IBIT
+$3.5M
5
UNH icon
UnitedHealth
UNH
+$3.26M

Sector Composition

Rank Sector Weight
1 Miscellaneous 79.7%
2 Financials 5.87%
3 Technology 3.42%
4 Energy 2.7%
5 Consumer Discretionary 2.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTV icon
1
Vanguard Morningstar Value ETF
VTV
$192B
$107M 13.98%
561,293
-95,062
-14% -$17.9M
IAU icon
2
iShares Gold Trust
IAU
$66.1B
$91.1M 11.88%
1,122,462
+232,207
+26% +$18.2M
VUG icon
3
Vanguard Morningstar Growth ETF
VUG
$228B
$78.8M 10.28%
969,282
-553,368
-36% -$44.9M
BIL icon
4
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.7B
$60.7M 7.91%
664,112
+222,472
+50% +$20.4M
SLV icon
5
iShares Silver Trust
SLV
$32.3B
$58M 7.56%
900,242
-31,741
-3% -$1.59M
DXJ icon
6
WisdomTree Japan Hedged Equity Fund
DXJ
$7.34B
$42.2M 5.5%
292,755
+1,022
+0.4% +$140K
BBEU icon
7
JPMorgan BetaBuilders Europe ETF
BBEU
$9.48B
$41.1M 5.36%
560,278
+554,518
+9,627% +$39.4M
SHYG icon
8
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
$7.68B
$36.3M 4.74%
847,010
+60,945
+8% +$2.62M
PREF icon
9
Principal Spectrum Preferred Securities Active ETF
PREF
$1.79B
$32.7M 4.27%
1,715,767
+247,253
+17% +$4.72M
EAGL
10
Eagle Capital Select Equity ETF
EAGL
$4.8B
$26M 3.39%
800,671
+36,647
+5% +$1.17M
JPY
11
Lazard Japanese Equity ETF
JPY
$85.1M
$18.6M 2.43%
582,605
+27,006
+5% +$859K
CCJ icon
12
Cameco
CCJ
$43.6B
$15.9M 2.08%
174,183
+7,535
+5% +$679K
MSFT icon
13
Microsoft
MSFT
$3.81T
$12.2M 1.59%
25,224
+12,082
+92% +$6.05M
WMT icon
14
Walmart Inc
WMT
$820B
$9.65M 1.26%
86,403
+19,814
+30% +$2.13M
UBS icon
15
UBS Group
UBS
$168B
$9.61M 1.25%
207,412
+55,495
+37% +$2.24M
ULTA icon
16
Ulta Beauty
ULTA
$22.2B
$9.05M 1.18%
14,966
+3,730
+33% +$2.05M
JPM icon
17
JPMorgan Chase
JPM
$951B
$8.84M 1.15%
27,436
+6,315
+30% +$1.96M
SCHW
18
Charles Schwab
SCHW
$191B
$8.54M 1.11%
85,461
+22,874
+37% +$2.17M
MUFG icon
19
Mitsubishi UFJ Financial
MUFG
$258B
$8.46M 1.1%
533,233
+137,960
+35% +$2.13M
IAUM icon
20
iShares Gold Trust Micro
IAUM
$7.06B
$6.55M 0.85%
+152,381
New +$6.31M
AMZN icon
21
Amazon
AMZN
$2.87T
$6.2M 0.81%
26,864
+22,050
+458% +$5.04M
UNH icon
22
UnitedHealth
UNH
$353B
$3.35M 0.44%
10,150
-9,634
-49% -$3.26M
COP icon
23
ConocoPhillips
COP
$157B
$3.24M 0.42%
+34,632
New +$3.13M
SPY icon
24
State Street SPDR S&P 500 ETF Trust
SPY
$825B
$3.22M 0.42%
4,707
+389
+9% +$263K
META icon
25
Meta Platforms (Facebook)
META
$1.47T
$3.01M 0.39%
4,553
+2,918
+178% +$1.95M
1
2 3 4

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PFGIA
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Permanens Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Permanens Capital held 88 positions worth $767M, up 14% from $671M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Permanens Capital deployed $52.9M of net new capital in Q4 2025, opening 26 new positions and adding to 36 existing holdings. Its largest new stake was iShares Gold Trust Micro: 152,381 shares worth $6.55M.

By sector, the portfolio is most concentrated in Miscellaneous at 80% of assets, down from 87% a quarter earlier, followed by Financials and Technology.

On the sell side, the largest reduction was Vanguard Morningstar Growth ETF, an estimated $44.9M trimmed.

  • Permanens Capital's largest Q4 2025 buy was iShares Gold Trust Micro: 152,381 shares worth $6.55M.
  • Permanens Capital added most to JPMorgan BetaBuilders Europe ETF in Q4 2025, an estimated $39.4M increase.
  • Permanens Capital's biggest Q4 2025 reduction was Vanguard Morningstar Growth ETF, cutting an estimated $44.9M.
  • Permanens Capital fully exited Xtrackers MSCI Europe Hedged Equity ETF in Q4 2025, selling an estimated $37.9M.
  • Permanens Capital's ten largest holdings make up 75% of its $767M portfolio in Q4 2025.
  • Permanens Capital opened 26 new positions and closed 8 in Q4 2025.
  • Permanens Capital's portfolio value rose 14% quarter-over-quarter to $767M.

Based on Permanens Capital's 13F filing for Q4 2025, filed 17 Feb 2026.