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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
Cap. Flow
-$26.7M
Cap. Flow %
-5.2%
Top 10 Hldgs %
72.19%
Holding
173
New
22
Increased
58
Reduced
55
Closed
16

Top Buys

Rank Stock Value
1
BA icon
Boeing
BA
+$1.47M
2
VOO icon
Vanguard S&P 500 ETF
VOO
+$1.35M
3
PGR icon
Progressive
PGR
+$1.07M
4
BDX icon
Becton Dickinson
BDX
+$891K
5
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$684K

Top Sells

Rank Stock Value
1
VB icon
Vanguard Morningstar Small-Cap ETF
VB
+$9.96M
2
VGIT icon
Vanguard Intermediate-Term Treasury ETF
VGIT
+$6.64M
3
AUR icon
Aurora
AUR
+$5.29M
4
USFR icon
WisdomTree Floating Rate Treasury Fund
USFR
+$3.54M
5
KCCA icon
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
ARMK icon
126
Aramark
ARMK
$15B
$245K 0.05%
6,655
-20,996
-76% -$800K
IT icon
127
Gartner
IT
$10.1B
$241K 0.05%
955
+3
+0.3% +$722
SPH icon
128
Suburban Propane Partners
SPH
$1.24B
$234K 0.05%
12,614
– –
DLR icon
129
Digital Realty Trust
DLR
$69.7B
$229K 0.04%
1,470
+6
+0.4% +$985
HNRG icon
130
Hallador Energy
HNRG
$670M
$224K 0.04%
11,777
– –
SHW icon
131
Sherwin-Williams
SHW
$82.7B
$224K 0.04%
691
+4
+0.6% +$1.34K
CAH icon
132
Cardinal Health
CAH
$53.9B
$219K 0.04%
+1,065
New +$200K
NUE icon
133
Nucor
NUE
$58.6B
$216K 0.04%
+1,321
New +$199K
VTV icon
134
Vanguard Morningstar Value ETF
VTV
$188B
$215K 0.04%
1,125
– –
ALIT icon
135
Alight
ALIT
$447M
$215K 0.04%
5,500
-7,500
-58% -$374K
BRK.B icon
136
Berkshire Hathaway Class B
BRK.B
$1.1T
$213K 0.04%
+423
New +$210K
BATRA icon
137
Atlanta Braves Holdings Series A
BATRA
$3.49B
$212K 0.04%
5,000
– –
INDA icon
138
iShares MSCI India ETF
INDA
$6.89B
$212K 0.04%
+3,915
New +$211K
DEO icon
139
Diageo
DEO
$49B
$210K 0.04%
2,436
-380
-13% -$35K
DFAC icon
140
Dimensional US Core Equity 2 ETF
DFAC
$47.9B
$208K 0.04%
5,250
– –
FTNT icon
141
Fortinet
FTNT
$119B
$206K 0.04%
2,594
+18
+0.7% +$1.49K
RSG icon
142
Republic Services
RSG
$64.8B
$203K 0.04%
+956
New +$206K
AES icon
143
AES
AES
$10.5B
$182K 0.04%
12,699
+4
+0% +$56
PCAPU
144
ProCap Acquisition Corp Unit
PCAPU
$213M
$144K 0.03%
14,038
– –
MHD icon
145
BlackRock MuniHoldings Fund
MHD
$602M
$141K 0.03%
12,038
+145
+1% +$1.7K
MMU
146
Western Asset Managed Municipals Fund
MMU
$548M
$141K 0.03%
+13,513
New +$140K
MUC icon
147
BlackRock MuniHoldings California Quality Fund
MUC
$998M
$140K 0.03%
+13,206
New +$142K
GBDC icon
148
Golub Capital BDC
GBDC
$3.34B
$140K 0.03%
+10,300
New +$143K
MUJ icon
149
BlackRock MuniHoldings New Jersey Quality Fund
MUJ
$640M
$140K 0.03%
+11,741
New +$139K
NRK icon
150
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$903M
$140K 0.03%
+13,836
New +$140K
3 4 5
6
7

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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.