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PCM
Permanent Capital Management Portfolio holdings
AUM
$643M
This Fund
S&P 500
This Quarter
Est. Return
+1.82%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$513M
AUM Growth
-$21.7M
(-4%)
Cap. Flow
-$26.7M
Cap. Flow
% of AUM
-5.2%
Top 10 Holdings %
Top 10 Hldgs %
72.19%
Holding
173
New
22
Increased
58
Reduced
55
Closed
16
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$1.47M |
| 2 |
Vanguard S&P 500 ETF
VOO
|
+$1.35M |
| 3 |
Progressive
PGR
|
+$1.07M |
| 4 |
Becton Dickinson
BDX
|
+$891K |
| 5 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$684K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Morningstar Small-Cap ETF
VB
|
+$9.96M |
| 2 |
Vanguard Intermediate-Term Treasury ETF
VGIT
|
+$6.64M |
| 3 |
Aurora
AUR
|
+$5.29M |
| 4 |
WisdomTree Floating Rate Treasury Fund
USFR
|
+$3.54M |
| 5 |
KraneShares California Carbon Allowance Strategy ETF
KCCA
|
+$2.79M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 9.28% |
| 2 | Financials | 4.71% |
| 3 | Consumer Discretionary | 3.11% |
| 4 | Industrials | 2.31% |
| 5 | Communication Services | 2.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Verizon
VZ
$195B
| $618K | 0.12% |
15,164
-551
| -4% | -$22.3K |
|
77
ARS Pharmaceuticals
SPRY
$509M
| $609K | 0.12% |
52,306
-1,035
| -2% | -$10.1K |
|
|
MRSH
78
Marsh
MRSH
$90.5B
| $600K | 0.12% |
3,236
+16
| +0.5% | +$2.99K |
|
79
IBM
IBM
$211B
| $597K | 0.12% |
2,015
-146
| -7% | -$43.7K |
|
80
First Western Financial
MYFW
$304M
| $563K | 0.11% |
+21,000
| New | +$501K |
|
|
HUT
81
Hut 8
HUT
$12.1B
| $551K | 0.11% |
+12,000
| New | +$529K |
|
82
Reddit
RDDT
$27.1B
| $549K | 0.11% |
2,390
+140
| +6% | +$29.4K |
|
83
Blue Owl Capital
OWL
$6.96B
| $531K | 0.1% |
35,518
+10,372
| +41% | +$162K |
|
84
Sprott Physical Silver Trust
PSLV
$12B
| $518K | 0.1% |
+21,920
| New | +$402K |
|
85
Applied Materials
AMAT
$403B
| $460K | 0.09% |
1,791
-99
| -5% | -$23.7K |
|
86
McDonald's
MCD
$192B
| $460K | 0.09% |
1,504
+120
| +9% | +$36.8K |
|
87
Boston Scientific
BSX
$69.5B
| $439K | 0.09% |
4,608
+1,177
| +34% | +$115K |
|
88
iShares 1-3 Year International Treasury Bond ETF
ISHG
$837M
| $433K | 0.08% |
5,749
-602
| -9% | -$45.4K |
|
89
iShares MSCI EAFE ETF
EFA
$78B
| $425K | 0.08% |
4,425
-127
| -3% | -$12K |
|
90
Intercontinental Exchange
ICE
$85.6B
| $420K | 0.08% |
2,594
+16
| +0.6% | +$2.5K |
|
91
Aura Biosciences
AURA
$725M
| $413K | 0.08% |
75,864
-71,905
| -49% | -$427K |
|
92
Take-Two Interactive
TTWO
$45.4B
| $409K | 0.08% |
1,596
+577
| +57% | +$144K |
|
93
Fidelity High Dividend ETF
FDVV
$10.1B
| $402K | 0.08% |
7,097
| – | – |
|
94
Crown Holdings
CCK
$12.8B
| $392K | 0.08% |
3,807
| – | – |
|
95
Apollo Global Management
APO
$72.4B
| $384K | 0.07% |
2,654
-830
| -24% | -$110K |
|
96
Spotify
SPOT
$103B
| $377K | 0.07% |
649
+75
| +13% | +$46.9K |
|
97
Fidelity Total Bond ETF
FBND
$26.9B
| $368K | 0.07% |
7,942
| – | – |
|
98
Intuitive Surgical
ISRG
$127B
| $353K | 0.07% |
623
+9
| +1% | +$4.79K |
|
|
B
99
Barrick Mining
B
$61.5B
| $349K | 0.07% |
8,025
| – | – |
|
100
Cannae Holdings
CNNE
$639M
| $346K | 0.07% |
22,000
-27,000
| -55% | -$460K |
|
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Permanent Capital Management's Q4 2025 Portfolio in Review
As of Q4 2025, Permanent Capital Management held 173 positions worth $513M, down 4% from $535M the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Permanent Capital Management withdrew a net $26.7M in Q4 2025, closing 16 positions and reducing 55 holdings. Its most notable exit was Vail Resorts, an estimated $1.09M position sold in full.
By sector, the portfolio is most concentrated in Technology at 9.3% of assets, down from 9.7% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Permanent Capital Management opened a new position in Boeing worth $1.55M.
- Permanent Capital Management's largest Q4 2025 buy was Boeing: 7,152 shares worth $1.55M.
- Permanent Capital Management added most to Vanguard S&P 500 ETF in Q4 2025, an estimated $1.35M increase.
- Permanent Capital Management's biggest Q4 2025 reduction was Vanguard Morningstar Small-Cap ETF, cutting an estimated $9.96M.
- Permanent Capital Management fully exited Vail Resorts in Q4 2025, selling an estimated $1.09M.
- Permanent Capital Management's ten largest holdings make up 72% of its $513M portfolio in Q4 2025.
- Permanent Capital Management opened 22 new positions and closed 16 in Q4 2025.
- Permanent Capital Management's portfolio value fell 4% quarter-over-quarter to $513M.
Based on Permanent Capital Management's 13F filing for Q4 2025, filed 7 Jan 2026.