Permanens Capital L.P.

NEW YORK, NY

$972m in 100 US stocks at the end of 30 June 2026. The top 10 are 67.6% of the money. It changed about 28.2% of the portfolio this quarter.

Value

$972m

Stocks

100

Top 10 share

67.6%

Turnover

28.2%

What changed this quarter

New

Bought for the first time this quarter.

Pershing Square USAPSUS
2.3% of the fund
Howard Hughes HoldingsHHH
1.2% of the fund
NokiaNOK
1.0% of the fund
Ishares TRIGF
0.3% of the fund
Vanguard Intl Equity Index FVT
0.3% of the fund
Ishares TREFA
0.2% of the fund
Spdr Index SHS FDSGNR
0.2% of the fund
BroadcomAVGO
0.1% of the fund
StubHub HoldingsSTUB
0.1% of the fund
Micron TechnologyMU
<0.1% of the fund
Vanguard Index FDSVTI
<0.1% of the fund
Ishares TRIJR
<0.1% of the fund
CaterpillarCAT
<0.1% of the fund
Seagate Technology HoldingsSTX
<0.1% of the fund
Flexshares TRGUNR
<0.1% of the fund
EatonETN
<0.1% of the fund
TeslaTSLA
<0.1% of the fund
Advanced Micro DevicesAMD
<0.1% of the fund
Pershing SquarePS
<0.1% of the fund
Eli LillyLLY
<0.1% of the fund
AstrazenecaAZN
<0.1% of the fund
Novartis AGNVS
<0.1% of the fund
Philip Morris InternationalPM
<0.1% of the fund
Lam ResearchLRCX
<0.1% of the fund
SeaSE
<0.1% of the fund

Added

Bought more of a stock they already held.

Spdr Series TrustBIL
16.8% of the fund
+80%
Vanguard Index FDSVTV
16.3% of the fund
+22%
Vanguard Index FDSVUG
7.3% of the fund
+20%
Blackrock ETF Trust IISECU
5.7% of the fund
+34%
Invesco Exchange Traded FD TRSP
4.3% of the fund
+483%
J P Morgan Exchange Traded FBBEU
3.0% of the fund
+82%
Lazard Active ETF TRJPY
2.6% of the fund
+17%
Wisdomtree TRDXJ
2.2% of the fund
+426%
Principal Exchange Traded FDPREF
2.2% of the fund
+30%
EA Series TrustFRDM
1.6% of the fund
+2434%
MicrosoftMSFT
1.4% of the fund
+17%
AlphabetGOOGL
1.3% of the fund
+458%
2023 ETF Series TrustEAGL
1.2% of the fund
+19%
Ishares TRIWF
1.1% of the fund
+3034%
Ishares TRIEFA
1.1% of the fund
+949%
WalmartWMT
1.1% of the fund
+6%
Ulta BeautyULTA
0.9% of the fund
+7%
Invesco Exch Traded FD TR IIBKLN
0.9% of the fund
+13%
Ishares TRIVV
0.8% of the fund
+1446%
Amazon.comAMZN
0.5% of the fund
+15%
Ishares TRIWD
0.5% of the fund
+1162%
Taiwan Semiconductor ManufacturingTSM
0.4% of the fund
+73%
AppleAAPL
0.3% of the fund
+83%
MastercardMA
0.3% of the fund
+70%
MercadoLibreMELI
0.3% of the fund
+70%

Cut

Sold some of their stake.

Ishares Gold TRIAU
6.7% of the fund
-54%
Schwab Strategic TRSCHI
2.6% of the fund
-19%
State STR Spdr S&P 500 ETF TSPY
0.5% of the fund
-3%
NetflixNFLX
0.2% of the fund
-12%
ConocoPhillipsCOP
0.2% of the fund
-3%
Invesco QQQ TRQQQ
<0.1% of the fund
-46%
AlcoaAA
<0.1% of the fund
-9%
Berkshire HathawayBRK-B
<0.1% of the fund
-94%
Ishares TRIWM
<0.1% of the fund
-20%
PodcastOnePODC
<0.1% of the fund
-93%
CangoCANG
<0.1% of the fund
-92%

Sold out

Sold their entire stake.

Ishares TRIEI
-100%
Baker HughesBKR
-100%
Blackrock ETF Trust IIBRHY
-100%
BRT ApartmentsBRT
-100%
BGC GroupBGC
-100%
Ares CapitalARCC
-100%
ComcastCMCSA
-100%
QXOQXO
-100%
AerCap HoldingsAER
-100%
WoodwardWWD
-100%
ShellSHEL
-100%
Spdr Gold TRGLD
-100%
LiveOneLVO
-100%
Blackstone Secured Lending FundBXSL
-100%
abrdn Income Credit Strategies FundACP
-100%
AlTi GlobalALTI
-100%
Ellington FinancialEFC
-100%
Bank of AmericaBAC
-100%
Prospect CapitalPSEC
-100%
FS KKR CapitalFSK
-100%
Crescent Capital BDCCCAP
-100%
MidCap Financial InvestmentMFIC
-100%
Ready CapitalRC
-100%
BlackRock TCP CapitalTCPC
-100%

Holdings

Spdr Series TrustBIL
Share
16.8%
Value
$163m
Shares
1,777,681
+80%
Vanguard Index FDSVTV
Share
16.3%
Value
$159m
Shares
728,513
+22%
Vanguard Index FDSVUG
Share
7.3%
Value
$71m
Shares
825,415
+20%
Ishares Gold TRIAU
Share
6.7%
Value
$65m
Shares
858,088
-54%
Blackrock ETF Trust IISECU
Share
5.7%
Value
$55m
Shares
1,103,409
+34%
Invesco Exchange Traded FD TRSP
Share
4.3%
Value
$42m
Shares
198,353
+483%
J P Morgan Exchange Traded FBBEU
Share
3.0%
Value
$29m
Shares
376,103
+82%
Lazard Active ETF TRJPY
Share
2.6%
Value
$25m
Shares
695,196
+17%
Schwab Strategic TRSCHI
Share
2.6%
Value
$25m
Shares
1,099,967
-19%
Pershing Square USAPSUS
Share
2.3%
Value
$22m
Shares
601,320
New
Wisdomtree TRDXJ
Share
2.2%
Value
$22m
Shares
125,863
+426%
Principal Exchange Traded FDPREF
Share
2.2%
Value
$21m
Shares
1,104,859
+30%
CamecoCCJ
Share
1.8%
Value
$17m
Shares
171,804
Held
EA Series TrustFRDM
Share
1.6%
Value
$16m
Shares
219,058
+2434%
MicrosoftMSFT
Share
1.4%
Value
$14m
Shares
36,373
+17%
AlphabetGOOGL
Share
1.3%
Value
$12m
Shares
34,113
+458%
Howard Hughes HoldingsHHH
Share
1.2%
Value
$12m
Shares
169,075
New
Mitsubishi UFJ Financial GroupMUFG
Share
1.2%
Value
$12m
Shares
574,236
Held
2023 ETF Series TrustEAGL
Share
1.2%
Value
$11m
Shares
356,498
+19%
JPMorgan ChaseJPM
Share
1.2%
Value
$11m
Shares
34,689
Held
Ishares TRIWF
Share
1.1%
Value
$11m
Shares
87,760
+3034%
Ishares TRIEFA
Share
1.1%
Value
$11m
Shares
111,184
+949%
Ishares Gold Trust MicroIAUM
Share
1.1%
Value
$11m
Shares
265,651
Held
WalmartWMT
Share
1.1%
Value
$10m
Shares
91,844
+6%
NokiaNOK
Share
1.0%
Value
$10m
Shares
753,841
New
Ulta BeautyULTA
Share
0.9%
Value
$9m
Shares
19,827
+7%
Invesco Exch Traded FD TR IIBKLN
Share
0.9%
Value
$9m
Shares
432,210
+13%
Ishares TRIVV
Share
0.8%
Value
$7m
Shares
9,880
+1446%
Amazon.comAMZN
Share
0.5%
Value
$5m
Shares
21,215
+15%
Ishares TRIWD
Share
0.5%
Value
$5m
Shares
20,400
+1162%
State STR Spdr S&P 500 ETF TSPY
Share
0.5%
Value
$5m
Shares
6,043
-3%
Taiwan Semiconductor ManufacturingTSM
Share
0.4%
Value
$4m
Shares
9,114
+73%
Ishares TRIGF
Share
0.3%
Value
$3m
Shares
49,160
New
Vanguard Intl Equity Index FVT
Share
0.3%
Value
$3m
Shares
20,200
New
AppleAAPL
Share
0.3%
Value
$3m
Shares
10,603
+83%
MastercardMA
Share
0.3%
Value
$3m
Shares
5,463
+70%
MercadoLibreMELI
Share
0.3%
Value
$3m
Shares
1,630
+70%
UnitedHealth GroupUNH
Share
0.3%
Value
$3m
Shares
6,297
+3%
Meta PlatformsMETA
Share
0.3%
Value
$3m
Shares
4,522
+17%
Ishares TREFA
Share
0.2%
Value
$2m
Shares
23,150
New
AlphabetGOOG
Share
0.2%
Value
$2m
Shares
6,693
+22%
Spdr Index SHS FDSGNR
Share
0.2%
Value
$2m
Shares
34,000
New
Proshares TRQLD
Share
0.2%
Value
$2m
Shares
20,750
Held
NetflixNFLX
Share
0.2%
Value
$2m
Shares
28,088
-12%
ConocoPhillipsCOP
Share
0.2%
Value
$2m
Shares
18,548
-3%
DanaherDHR
Share
0.2%
Value
$2m
Shares
9,994
+45%
NvidiaNVDA
Share
0.2%
Value
$2m
Shares
8,647
+317%
S&P GlobalSPGI
Share
0.2%
Value
$2m
Shares
4,190
+235%
ASML Holding NVASML
Share
0.2%
Value
$2m
Shares
823
+67%
HumanaHUM
Share
0.2%
Value
$2m
Shares
3,884
+38%
SAP SESAP
Share
0.2%
Value
$2m
Shares
9,855
+16%
WorkdayWDAY
Share
0.1%
Value
$1m
Shares
11,744
+33%
BroadcomAVGO
Share
0.1%
Value
$1m
Shares
3,634
New
Capital One FinancialCOF
Share
0.1%
Value
$1m
Shares
6,708
+2%
ShopifySHOP
Share
0.1%
Value
$1m
Shares
11,748
+17%
Arthur J. GallagherAJG
Share
0.1%
Value
$1m
Shares
5,056
+74%
StubHub HoldingsSTUB
Share
0.1%
Value
$1m
Shares
80,562
New
Nomura ETF TREMEQ
Share
0.1%
Value
$1m
Shares
14,086
+38%
LennarLEN
Share
0.1%
Value
$998,919
Shares
11,039
Held
Micron TechnologyMU
Share
<0.1%
Value
$923,432
Shares
800
New
Vanguard Index FDSVTI
Share
<0.1%
Value
$902,528
Shares
2,439
New
Invesco QQQ TRQQQ
Share
<0.1%
Value
$883,961
Shares
1,199
-46%
EQTEQT
Share
<0.1%
Value
$867,734
Shares
16,320
+314%
IntuitINTU
Share
<0.1%
Value
$813,276
Shares
3,116
+38%
Ishares TRIJR
Share
<0.1%
Value
$741,550
Shares
5,000
New
Estee Lauder CompaniesEL
Share
<0.1%
Value
$733,051
Shares
9,285
+7%
Kraneshares TrustKWEB
Share
<0.1%
Value
$680,070
Shares
27,792
Held
AlcoaAA
Share
<0.1%
Value
$669,060
Shares
12,832
-9%
CaterpillarCAT
Share
<0.1%
Value
$668,757
Shares
628
New
Berkshire HathawayBRK-B
Share
<0.1%
Value
$616,981
Shares
1,233
-94%
Elevance HealthELV
Share
<0.1%
Value
$604,072
Shares
1,562
+6%
Seagate Technology HoldingsSTX
Share
<0.1%
Value
$555,301
Shares
575
New
Flexshares TRGUNR
Share
<0.1%
Value
$551,936
Shares
11,200
New
BPBP
Share
<0.1%
Value
$522,473
Shares
14,140
+15%
EatonETN
Share
<0.1%
Value
$455,522
Shares
1,069
New
TeslaTSLA
Share
<0.1%
Value
$397,046
Shares
944
New
Advanced Micro DevicesAMD
Share
<0.1%
Value
$383,401
Shares
660
New
Pershing SquarePS
Share
<0.1%
Value
$381,277
Shares
11,603
New
Eli LillyLLY
Share
<0.1%
Value
$379,020
Shares
316
New
AstrazenecaAZN
Share
<0.1%
Value
$341,695
Shares
1,802
New
Novartis AGNVS
Share
<0.1%
Value
$333,030
Shares
2,125
New
Philip Morris InternationalPM
Share
<0.1%
Value
$330,837
Shares
1,814
New
Lam ResearchLRCX
Share
<0.1%
Value
$306,115
Shares
706
New
SeaSE
Share
<0.1%
Value
$270,816
Shares
2,826
New
UBS Group AGUBS
Share
<0.1%
Value
$267,574
Shares
5,399
New
Liberty BroadbandLBRDK
Share
<0.1%
Value
$251,978
Shares
7,576
Held
Charter CommunicationsCHTR
Share
<0.1%
Value
$242,610
Shares
1,706
New
HSBC HoldingsHSBC
Share
<0.1%
Value
$240,197
Shares
2,526
New
Royal Bank of CanadaRY
Share
<0.1%
Value
$224,976
Shares
1,087
New
Canadian Pacific Kansas CityCP
Share
<0.1%
Value
$221,094
Shares
2,546
New
Ishares TRIWM
Share
<0.1%
Value
$220,067
Shares
732
-20%
KLAKLAC
Share
<0.1%
Value
$211,197
Shares
700
New
American ExpressAXP
Share
<0.1%
Value
$205,656
Shares
608
New
British American Tobacco p.l.c.BTI
Share
<0.1%
Value
$201,214
Shares
3,258
New
Lloyds Banking GroupLYG
Share
<0.1%
Value
$170,084
Shares
29,174
New
Banco SantanderSAN
Share
<0.1%
Value
$157,982
Shares
11,448
New
Nu HoldingsNU
Share
<0.1%
Value
$148,149
Shares
11,089
New
Opendoor TechnologiesOPEN
Share
<0.1%
Value
$46,200
Shares
10,000
Held
PodcastOnePODC
Share
<0.1%
Value
$44,700
Shares
10,000
-93%
CangoCANG
Share
<0.1%
Value
$3,068
Shares
15,000
-92%

Company	Share of fund	Value	Shares	Change
Spdr Series TrustBIL	16.8%	$163m	1,777,681	+80%
Vanguard Index FDSVTV	16.3%	$159m	728,513	+22%
Vanguard Index FDSVUG	7.3%	$71m	825,415	+20%
Ishares Gold TRIAU	6.7%	$65m	858,088	-54%
Blackrock ETF Trust IISECU	5.7%	$55m	1,103,409	+34%
Invesco Exchange Traded FD TRSP	4.3%	$42m	198,353	+483%
J P Morgan Exchange Traded FBBEU	3.0%	$29m	376,103	+82%
Lazard Active ETF TRJPY	2.6%	$25m	695,196	+17%
Schwab Strategic TRSCHI	2.6%	$25m	1,099,967	-19%
Pershing Square USAPSUS	2.3%	$22m	601,320	New
Wisdomtree TRDXJ	2.2%	$22m	125,863	+426%
Principal Exchange Traded FDPREF	2.2%	$21m	1,104,859	+30%
CamecoCCJ	1.8%	$17m	171,804	Held
EA Series TrustFRDM	1.6%	$16m	219,058	+2434%
MicrosoftMSFT	1.4%	$14m	36,373	+17%
AlphabetGOOGL	1.3%	$12m	34,113	+458%
Howard Hughes HoldingsHHH	1.2%	$12m	169,075	New
Mitsubishi UFJ Financial GroupMUFG	1.2%	$12m	574,236	Held
2023 ETF Series TrustEAGL	1.2%	$11m	356,498	+19%
JPMorgan ChaseJPM	1.2%	$11m	34,689	Held
Ishares TRIWF	1.1%	$11m	87,760	+3034%
Ishares TRIEFA	1.1%	$11m	111,184	+949%
Ishares Gold Trust MicroIAUM	1.1%	$11m	265,651	Held
WalmartWMT	1.1%	$10m	91,844	+6%
NokiaNOK	1.0%	$10m	753,841	New
Ulta BeautyULTA	0.9%	$9m	19,827	+7%
Invesco Exch Traded FD TR IIBKLN	0.9%	$9m	432,210	+13%
Ishares TRIVV	0.8%	$7m	9,880	+1446%
Amazon.comAMZN	0.5%	$5m	21,215	+15%
Ishares TRIWD	0.5%	$5m	20,400	+1162%
State STR Spdr S&P 500 ETF TSPY	0.5%	$5m	6,043	-3%
Taiwan Semiconductor ManufacturingTSM	0.4%	$4m	9,114	+73%
Ishares TRIGF	0.3%	$3m	49,160	New
Vanguard Intl Equity Index FVT	0.3%	$3m	20,200	New
AppleAAPL	0.3%	$3m	10,603	+83%
MastercardMA	0.3%	$3m	5,463	+70%
MercadoLibreMELI	0.3%	$3m	1,630	+70%
UnitedHealth GroupUNH	0.3%	$3m	6,297	+3%
Meta PlatformsMETA	0.3%	$3m	4,522	+17%
Ishares TREFA	0.2%	$2m	23,150	New
AlphabetGOOG	0.2%	$2m	6,693	+22%
Spdr Index SHS FDSGNR	0.2%	$2m	34,000	New
Proshares TRQLD	0.2%	$2m	20,750	Held
NetflixNFLX	0.2%	$2m	28,088	-12%
ConocoPhillipsCOP	0.2%	$2m	18,548	-3%
DanaherDHR	0.2%	$2m	9,994	+45%
NvidiaNVDA	0.2%	$2m	8,647	+317%
S&P GlobalSPGI	0.2%	$2m	4,190	+235%
ASML Holding NVASML	0.2%	$2m	823	+67%
HumanaHUM	0.2%	$2m	3,884	+38%
SAP SESAP	0.2%	$2m	9,855	+16%
WorkdayWDAY	0.1%	$1m	11,744	+33%
BroadcomAVGO	0.1%	$1m	3,634	New
Capital One FinancialCOF	0.1%	$1m	6,708	+2%
ShopifySHOP	0.1%	$1m	11,748	+17%
Arthur J. GallagherAJG	0.1%	$1m	5,056	+74%
StubHub HoldingsSTUB	0.1%	$1m	80,562	New
Nomura ETF TREMEQ	0.1%	$1m	14,086	+38%
LennarLEN	0.1%	$998,919	11,039	Held
Micron TechnologyMU	<0.1%	$923,432	800	New
Vanguard Index FDSVTI	<0.1%	$902,528	2,439	New
Invesco QQQ TRQQQ	<0.1%	$883,961	1,199	-46%
EQTEQT	<0.1%	$867,734	16,320	+314%
IntuitINTU	<0.1%	$813,276	3,116	+38%
Ishares TRIJR	<0.1%	$741,550	5,000	New
Estee Lauder CompaniesEL	<0.1%	$733,051	9,285	+7%
Kraneshares TrustKWEB	<0.1%	$680,070	27,792	Held
AlcoaAA	<0.1%	$669,060	12,832	-9%
CaterpillarCAT	<0.1%	$668,757	628	New
Berkshire HathawayBRK-B	<0.1%	$616,981	1,233	-94%
Elevance HealthELV	<0.1%	$604,072	1,562	+6%
Seagate Technology HoldingsSTX	<0.1%	$555,301	575	New
Flexshares TRGUNR	<0.1%	$551,936	11,200	New
BPBP	<0.1%	$522,473	14,140	+15%
EatonETN	<0.1%	$455,522	1,069	New
TeslaTSLA	<0.1%	$397,046	944	New
Advanced Micro DevicesAMD	<0.1%	$383,401	660	New
Pershing SquarePS	<0.1%	$381,277	11,603	New
Eli LillyLLY	<0.1%	$379,020	316	New
AstrazenecaAZN	<0.1%	$341,695	1,802	New
Novartis AGNVS	<0.1%	$333,030	2,125	New
Philip Morris InternationalPM	<0.1%	$330,837	1,814	New
Lam ResearchLRCX	<0.1%	$306,115	706	New
SeaSE	<0.1%	$270,816	2,826	New
UBS Group AGUBS	<0.1%	$267,574	5,399	New
Liberty BroadbandLBRDK	<0.1%	$251,978	7,576	Held
Charter CommunicationsCHTR	<0.1%	$242,610	1,706	New
HSBC HoldingsHSBC	<0.1%	$240,197	2,526	New
Royal Bank of CanadaRY	<0.1%	$224,976	1,087	New
Canadian Pacific Kansas CityCP	<0.1%	$221,094	2,546	New
Ishares TRIWM	<0.1%	$220,067	732	-20%
KLAKLAC	<0.1%	$211,197	700	New
American ExpressAXP	<0.1%	$205,656	608	New
British American Tobacco p.l.c.BTI	<0.1%	$201,214	3,258	New
Lloyds Banking GroupLYG	<0.1%	$170,084	29,174	New
Banco SantanderSAN	<0.1%	$157,982	11,448	New
Nu HoldingsNU	<0.1%	$148,149	11,089	New
Opendoor TechnologiesOPEN	<0.1%	$46,200	10,000	Held
PodcastOnePODC	<0.1%	$44,700	10,000	-93%
CangoCANG	<0.1%	$3,068	15,000	-92%

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 32.6% since 30 June 2025.

Where the money is

Technology3.5%

Financial services3.3%

Media & telecom2.0%

Materials1.9%

Retail & consumer1.7%

Real estate1.2%

Everyday goods1.2%

Health care0.8%

Energy0.3%

Industrials0.3%

Other83.7%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.