We are live on
!
Find out more
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 | |
|---|---|---|---|---|---|---|
|
1
Vanguard S&P 500 ETF
VOO
$979B
| $154M | 30% |
245,519
+2,176
| +0.9% | +$1.35M |
|
2
Invesco S&P 500 Equal Weight ETF
RSP
$97B
| $41.8M | 8.14% |
218,091
+1,380
| +0.6% | +$262K |
|
|
3
Vanguard FTSE Developed Markets ETF
VEA
$229B
| $41.7M | 8.13% |
667,846
+11,168
| +2% | +$684K |
|
|
4
Vanguard Intermediate-Term Treasury ETF
VGIT
$41.6B
| $35.4M | 6.89% |
590,480
-110,355
| -16% | -$6.64M |
|
5
Microsoft
MSFT
$3.45T
| $34.9M | 6.8% |
72,189
-227
| -0.3% | -$114K |
|
|
6
WisdomTree Floating Rate Treasury Fund
USFR
$18.1B
| $17.5M | 3.41% |
348,134
-70,378
| -17% | -$3.54M |
|
7
Vanguard FTSE Emerging Markets ETF
VWO
$121B
| $15.7M | 3.06% |
292,437
+5,722
| +2% | +$311K |
|
8
iShares Core US Aggregate Bond ETF
AGG
$137B
| $13.8M | 2.7% |
138,582
+2,285
| +2% | +$229K |
|
9
Vanguard Morningstar Total Stock Market ETF
VTI
$660B
| $7.95M | 1.55% |
23,727
-1,283
| -5% | -$427K |
|
10
iShares MSCI ACWI ETF
ACWI
$32.9B
| $7.76M | 1.51% |
54,862
| – | – |
|
11
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
$10.4B
| $7.39M | 1.44% |
279,198
+9,545
| +4% | +$258K |
|
|
12
Vanguard Morningstar Small-Cap ETF
VB
$79.5B
| $6.82M | 1.33% |
26,423
-38,870
| -60% | -$9.96M |
|
|
13
Aurora
AUR
$12.6B
| $5.15M | 1% |
1,340,223
-1,154,317
| -46% | -$5.29M |
|
14
NVIDIA
NVDA
$4.86T
| $4.25M | 0.83% |
22,789
+1,354
| +6% | +$252K |
|
15
iShares Russell 1000 Growth ETF
IWF
$121B
| $4.15M | 0.81% |
35,048
+36
| +0.1% | +$4.26K |
|
16
SPDR Gold Trust
GLD
$131B
| $3.89M | 0.76% |
9,803
-229
| -2% | -$87.5K |
|
17
Apple
AAPL
$4.54T
| $3.83M | 0.75% |
14,080
+141
| +1% | +$37.9K |
|
18
Capital One
COF
$128B
| $3.32M | 0.65% |
13,719
+759
| +6% | +$169K |
|
19
Amazon
AMZN
$2.92T
| $3.22M | 0.63% |
13,942
+532
| +4% | +$122K |
|
20
Caterpillar
CAT
$375B
| $3.2M | 0.62% |
5,586
+217
| +4% | +$121K |
|
21
UBS Group
UBS
$173B
| $3.12M | 0.61% |
67,470
-1,857
| -3% | -$75K |
|
22
Alphabet (Google) Class A
GOOGL
$4.36T
| $3.11M | 0.61% |
9,931
-17
| -0.2% | -$4.86K |
|
23
State Street SPDR S&P 500 ETF Trust
SPY
$790B
| $2.86M | 0.56% |
4,185
-1,297
| -24% | -$877K |
|
24
Cadiz
CDZI
$251M
| $2.79M | 0.54% |
496,519
| – | – |
|
|
EXE
25
Expand Energy Corp
EXE
$21.8B
| $2.63M | 0.51% |
23,845
-339
| -1% | -$37.6K |
|
Similar funds
CRCM
GECH
TCM
APC
RR
WHGAM
TCA
SFG
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.