Q4 2025 · 13F-HR
Permanent Capital Management, LPholdings as filed
Filed 2026-01-07 · accession 0001951757-26-000033
$513.3M
Reported value
157
Positions
2025-12-31
Period end
The Brief · Permanent Capital Management, LP · Q4 2025
AI · grounded in 13F
Permanent Capital Management, LP established a new position in BA worth $1.55M. The fund also opened new stakes in UL for $1.15M and PGR for $1.08M. On the sell side, the manager trimmed its holdings in KCCA by 91.33% and VB by 59.53%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 922908363 | VOO | VANGUARD INDEX FDS | $154.0M | 30.0% | 245,519 | Common | NONE |
| 46137V357 | RSP | INVESCO EXCHANGE TRADED FD T | $41.8M | 8.14% | 218,091 | Common | NONE |
| 921943858 | VEA | VANGUARD TAX-MANAGED FDS | $41.7M | 8.13% | 667,846 | Common | NONE |
| 92206C706 | VGIT | VANGUARD SCOTTSDALE FDS | $35.4M | 6.89% | 590,480 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $34.9M | 6.80% | 72,189 | Common | NONE |
| 97717Y527 | USFR | WISDOMTREE TR | $17.5M | 3.41% | 348,134 | Common | NONE |
| 922042858 | VWO | VANGUARD INTL EQUITY INDEX F | $15.7M | 3.06% | 292,437 | Common | NONE |
| 464287226 | AGG | ISHARES TR | $13.8M | 2.70% | 138,582 | Common | NONE |
| 922908769 | VTI | VANGUARD INDEX FDS | $8.0M | 1.55% | 23,727 | Common | NONE |
| 464288257 | ACWI | ISHARES TR | $7.8M | 1.51% | 54,862 | Common | NONE |
| 78464A664 | SPTL | SPDR SERIES TRUST | $7.4M | 1.44% | 279,198 | Common | NONE |
| 922908751 | VB | VANGUARD INDEX FDS | $6.8M | 1.33% | 26,423 | Common | NONE |
| 051774107 | AUR | AURORA INNOVATION INC | $5.1M | 1.00% | 1,340,223 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $4.3M | 0.83% | 22,789 | Common | NONE |
| 464287614 | IWF | ISHARES TR | $4.1M | 0.81% | 8,762 | Common | NONE |
| 78463V107 | GLD | SPDR GOLD TR | $3.9M | 0.76% | 9,803 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $3.8M | 0.75% | 14,080 | Common | NONE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $3.3M | 0.65% | 13,719 | Common | NONE |
| 023135106 | AMZN | AMAZON COM INC | $3.2M | 0.63% | 13,942 | Common | NONE |
| 149123101 | CAT | CATERPILLAR INC | $3.2M | 0.62% | 5,586 | Common | NONE |
| H42097107 | UBS | UBS GROUP AG | $3.1M | 0.61% | 67,470 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC | $3.1M | 0.61% | 9,931 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $2.9M | 0.56% | 4,185 | Common | NONE |
| 127537207 | CDZI | CADIZ INC | $2.8M | 0.54% | 496,519 | Common | NONE |
| 165167735 | EXE | EXPAND ENERGY CORPORATION | $2.6M | 0.51% | 23,845 | Common | NONE |
| 907818108 | UNP | UNION PAC CORP | $2.5M | 0.48% | 10,611 | Common | NONE |
| 064058100 | BK | BANK NEW YORK MELLON CORP | $2.4M | 0.47% | 20,773 | Common | NONE |
| G9456A100 | GLNG | GOLAR LNG LTD | $2.2M | 0.43% | 59,183 | Common | NONE |
| 67098H104 | OI | O-I GLASS INC | $2.1M | 0.41% | 141,546 | Common | NONE |
| 922042742 | VT | VANGUARD INTL EQUITY INDEX F | $2.0M | 0.39% | 14,345 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC | $1.9M | 0.37% | 6,010 | Common | NONE |
| 44891N208 | IAC | IAC INC | $1.7M | 0.32% | 42,322 | Common | NONE |
| 540424108 | L | LOEWS CORP | $1.6M | 0.32% | 15,455 | Common | NONE |
| 69331C108 | PCG | PG&E CORP | $1.6M | 0.31% | 100,029 | Common | NONE |
| 097023105 | BA | BOEING CO | $1.6M | 0.30% | 7,152 | Common | NONE |
| 878742204 | TECK | TECK RESOURCES LTD | $1.5M | 0.30% | 32,270 | Common | NONE |
| 003881307 | ACTG | ACACIA RESH CORP | $1.5M | 0.30% | 405,345 | Common | NONE |
| 30303M102 | META | META PLATFORMS INC | $1.4M | 0.28% | 2,169 | Common | NONE |
| 46090E103 | QQQ | INVESCO QQQ TR | $1.3M | 0.26% | 2,173 | Common | NONE |
| G0692U109 | AXS | AXIS CAP HLDGS LTD | $1.3M | 0.26% | 12,355 | Common | NONE |
| 464287655 | IWM | ISHARES TR | $1.3M | 0.25% | 5,308 | Common | NONE |
| 37045V100 | GM | GENERAL MTRS CO | $1.2M | 0.24% | 15,091 | Common | NONE |
| 11135F101 | AVGO | BROADCOM INC | $1.2M | 0.24% | 3,493 | Common | NONE |
| 931142103 | WMT | WALMART INC | $1.2M | 0.24% | 10,808 | Common | NONE |
| 172967424 | C | CITIGROUP INC | $1.2M | 0.23% | 10,148 | Common | NONE |
| N4732M103 | JBS | JBS N.V. | $1.2M | 0.23% | 81,797 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $1.2M | 0.23% | 5,664 | Common | NONE |
| 904767803 | UL | UNILEVER PLC | $1.2M | 0.22% | 17,621 | Common | NONE |
| 026874784 | AIG | AMERICAN INTL GROUP INC | $1.1M | 0.21% | 12,844 | Common | NONE |
| 743315103 | PGR | PROGRESSIVE CORP | $1.1M | 0.21% | 4,737 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $1.1M | 0.21% | 3,327 | Common | NONE |
| 567908108 | HZO | MARINEMAX INC | $1.0M | 0.20% | 42,302 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $994,369 | 0.19% | 8,263 | Common | NONE |
| 055622104 | BP | BP PLC | $972,209 | 0.19% | 27,993 | Common | NONE |
| 532206109 | LIF | LIFE360 INC | $918,998 | 0.18% | 14,328 | Common | NONE |
| 075887109 | BDX | BECTON DICKINSON & CO | $909,024 | 0.18% | 4,684 | Common | NONE |
| 78409V104 | SPGI | S&P GLOBAL INC | $871,158 | 0.17% | 1,667 | Common | NONE |
| 92826C839 | V | VISA INC | $869,410 | 0.17% | 2,479 | Common | NONE |
| 191216100 | KO | COCA COLA CO | $843,744 | 0.16% | 12,069 | Common | NONE |
| 494368103 | KMB | KIMBERLY-CLARK CORP | $837,247 | 0.16% | 8,187 | Common | NONE |
| 05605H100 | BWXT | BWX TECHNOLOGIES INC | $836,200 | 0.16% | 4,838 | Common | NONE |
| 665859104 | NTRS | NORTHERN TR CORP | $824,065 | 0.16% | 5,998 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $811,368 | 0.16% | 3,551 | Common | NONE |
| 552953101 | MGM | MGM RESORTS INTERNATIONAL | $776,799 | 0.15% | 21,288 | Common | NONE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $757,997 | 0.15% | 879 | Common | NONE |
| 46138E628 | KBWB | INVESCO EXCH TRADED FD TR II | $730,794 | 0.14% | 8,670 | Common | NONE |
| 65249B109 | NWSA | NEWS CORP NEW | $688,549 | 0.13% | 26,361 | Common | NONE |
| 92206C102 | VGSH | VANGUARD SCOTTSDALE FDS | $686,613 | 0.13% | 11,691 | Common | NONE |
| 244199105 | DE | DEERE & CO | $685,368 | 0.13% | 1,467 | Common | NONE |
| 117043109 | BC | BRUNSWICK CORP | $685,235 | 0.13% | 9,230 | Common | NONE |
| 81619Q105 | SEM | SELECT MED HLDGS CORP | $668,250 | 0.13% | 45,000 | Common | NONE |
| 060505104 | BAC | BANK AMERICA CORP | $640,475 | 0.12% | 11,645 | Common | NONE |
| 78440X887 | SLG | SL GREEN RLTY CORP | $625,116 | 0.12% | 13,628 | Common | NONE |
| 011659109 | ALK | ALASKA AIR GROUP INC | $623,418 | 0.12% | 12,394 | Common | NONE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $618,798 | 0.12% | 7,708 | Common | NONE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $617,630 | 0.12% | 15,164 | Common | NONE |
| 82835W108 | SPRY | ARS PHARMACEUTICALS INC | $609,365 | 0.12% | 52,306 | Common | NONE |
| 571748102 | MRSH | MARSH & MCLENNAN COS INC | $600,343 | 0.12% | 3,236 | Common | NONE |
| 459200101 | IBM | INTERNATIONAL BUSINESS MACHS | $596,863 | 0.12% | 2,015 | Common | NONE |
| 33751L105 | MYFW | FIRST WESTN FINL INC | $563,010 | 0.11% | 21,000 | Common | NONE |
| 44812J104 | HUT | HUT 8 CORP | $551,280 | 0.11% | 12,000 | Common | NONE |
| 75734B100 | RDDT | REDDIT INC | $549,389 | 0.11% | 2,390 | Common | NONE |
| 09581B103 | OWL | BLUE OWL CAPITAL INC | $530,639 | 0.10% | 35,518 | Common | NONE |
| 85207K107 | PSLV | SPROTT ASSET MANAGEMENT LP | $518,408 | 0.10% | 21,920 | Common | NONE |
| 038222105 | AMAT | APPLIED MATLS INC | $460,269 | 0.09% | 1,791 | Common | NONE |
| 580135101 | MCD | MCDONALDS CORP | $459,758 | 0.09% | 1,504 | Common | NONE |
| 101137107 | BSX | BOSTON SCIENTIFIC CORP | $439,373 | 0.09% | 4,608 | Common | NONE |
| 464288125 | ISHG | ISHARES TR | $432,583 | 0.08% | 5,749 | Common | NONE |
| 464287465 | EFA | ISHARES TR | $424,933 | 0.08% | 4,425 | Common | NONE |
| 45866F104 | ICE | INTERCONTINENTAL EXCHANGE IN | $420,124 | 0.08% | 2,594 | Common | NONE |
| 05153U107 | AURA | AURA BIOSCIENCES INC | $413,459 | 0.08% | 75,864 | Common | NONE |
| 874054109 | TTWO | TAKE-TWO INTERACTIVE SOFTWAR | $408,624 | 0.08% | 1,596 | Common | NONE |
| 316092840 | FDVV | FIDELITY COVINGTON TRUST | $402,329 | 0.08% | 7,097 | Common | NONE |
| 228368106 | CCK | CROWN HLDGS INC | $392,007 | 0.08% | 3,807 | Common | NONE |
| 03769M106 | APO | APOLLO GLOBAL MGMT INC | $384,193 | 0.07% | 2,654 | Common | NONE |
| L8681T102 | SPOT | SPOTIFY TECHNOLOGY S A | $376,881 | 0.07% | 649 | Common | NONE |
| 316188309 | FBND | FIDELITY MERRIMACK STR TR | $367,770 | 0.07% | 7,942 | Common | NONE |
| 46120E602 | ISRG | INTUITIVE SURGICAL INC | $352,842 | 0.07% | 623 | Common | NONE |
| 06849F108 | B | BARRICK MNG CORP | $349,489 | 0.07% | 8,025 | Common | NONE |
| 13765N107 | CNNE | CANNAE HLDGS INC | $346,060 | 0.07% | 22,000 | Common | NONE |
| G25508105 | CRH | CRH PLC | $340,080 | 0.07% | 2,725 | Common | NONE |
| 11271J107 | BN | BROOKFIELD CORP | $338,531 | 0.07% | 7,377 | Common | NONE |
| 89400J107 | TRU | TRANSUNION | $338,370 | 0.07% | 3,946 | Common | NONE |
| 88160R101 | TSLA | TESLA INC | $335,941 | 0.07% | 747 | Common | NONE |
| 464287408 | IVE | ISHARES TR | $332,526 | 0.06% | 1,568 | Common | NONE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $326,479 | 0.06% | 989 | Common | NONE |
| 58155Q103 | MCK | MCKESSON CORP | $326,068 | 0.06% | 397 | Common | NONE |
| 443201108 | HWM | HOWMET AEROSPACE INC | $302,815 | 0.06% | 1,477 | Common | NONE |
| 023608102 | AEE | AMEREN CORP | $291,491 | 0.06% | 2,919 | Common | NONE |
| 20825C104 | COP | CONOCOPHILLIPS | $287,570 | 0.06% | 3,072 | Common | NONE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $286,332 | 0.06% | 5,767 | Common | NONE |
| 92189F791 | GDXJ | VANECK ETF TRUST | $285,474 | 0.06% | 2,509 | Common | NONE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $279,502 | 0.05% | 482 | Common | NONE |
| 03073E105 | COR | CENCORA INC | $276,280 | 0.05% | 818 | Common | NONE |
| 46432F339 | QUAL | ISHARES TR | $272,308 | 0.05% | 1,371 | Common | NONE |
| 81762P102 | NOW | SERVICENOW INC | $268,848 | 0.05% | 1,755 | Common | NONE |
| 235851102 | DHR | DANAHER CORPORATION | $263,397 | 0.05% | 1,149 | Common | NONE |
| 500767553 | KCCA | KRANESHARES TRUST | $261,227 | 0.05% | 15,540 | Common | NONE |
| 12653C108 | CNX | CNX RES CORP | $260,221 | 0.05% | 7,077 | Common | NONE |
| 43300A203 | HLT | HILTON WORLDWIDE HLDGS INC | $256,514 | 0.05% | 893 | Common | NONE |
| 219350105 | GLW | CORNING INC | $256,113 | 0.05% | 2,925 | Common | NONE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $254,314 | 0.05% | 446 | Common | NONE |
| 088929104 | BGC | BGC GROUP INC | $253,416 | 0.05% | 28,378 | Common | NONE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $251,367 | 0.05% | 825 | Common | NONE |
| 55354G100 | MSCI | MSCI INC | $246,130 | 0.05% | 429 | Common | NONE |
| 03852U106 | ARMK | ARAMARK | $245,303 | 0.05% | 6,655 | Common | NONE |
| 366651107 | IT | GARTNER INC | $240,927 | 0.05% | 955 | Common | NONE |
| 864482104 | SPH | SUBURBAN PROPANE PARTNERS L | $233,864 | 0.05% | 12,614 | Common | NONE |
| 253868103 | DLR | DIGITAL RLTY TR INC | $229,217 | 0.04% | 1,470 | Common | NONE |
| 40609P105 | HNRG | HALLADOR ENERGY COMPANY | $224,234 | 0.04% | 11,777 | Common | NONE |
| 824348106 | SHW | SHERWIN WILLIAMS CO | $223,905 | 0.04% | 691 | Common | NONE |
| 14149Y108 | CAH | CARDINAL HEALTH INC | $218,858 | 0.04% | 1,065 | Common | NONE |
| 670346105 | NUE | NUCOR CORP | $216,208 | 0.04% | 1,321 | Common | NONE |
| 922908744 | VTV | VANGUARD INDEX FDS | $214,864 | 0.04% | 1,125 | Common | NONE |
| 01626W101 | ALIT | ALIGHT INC | $214,500 | 0.04% | 110,000 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $212,621 | 0.04% | 423 | Common | NONE |
| 047726104 | BATRA | ATLANTA BRAVES HLDGS INC | $212,450 | 0.04% | 5,000 | Common | NONE |
| 46429B598 | INDA | ISHARES TR | $211,606 | 0.04% | 3,915 | Common | NONE |
| 25243Q205 | DEO | DIAGEO PLC | $210,154 | 0.04% | 2,436 | Common | NONE |
| 25434V708 | DFAC | DIMENSIONAL ETF TRUST | $207,848 | 0.04% | 5,250 | Common | NONE |
| 34959E109 | FTNT | FORTINET INC | $205,990 | 0.04% | 2,594 | Common | NONE |
| 760759100 | RSG | REPUBLIC SVCS INC | $202,605 | 0.04% | 956 | Common | NONE |
| 00130H105 | AES | AES CORP | $182,104 | 0.04% | 12,699 | Common | NONE |
| G7257A113 | PCAPU | PROCAP ACQUISITION CORP | $143,749 | 0.03% | 14,038 | Common | NONE |
| 09253N104 | MHD | BLACKROCK MUNIHOLDINGS FD IN | $141,330 | 0.03% | 12,038 | Common | NONE |
| 95766M105 | MMU | WESTERN ASSET MANAGED MUNS F | $141,071 | 0.03% | 13,513 | Common | NONE |
| 09254L107 | MUC | BLACKROCK MUNIHLDNGS CALI QL | $139,984 | 0.03% | 13,206 | Common | NONE |
| 38173M102 | GBDC | GOLUB CAP BDC INC | $139,771 | 0.03% | 10,300 | Common | NONE |
| 09254X101 | MUJ | BLACKROCK MUNIHLDGS NJ QLTY | $139,721 | 0.03% | 11,741 | Common | NONE |
| 670656107 | NRK | NUVEEN NEW YORK AMT QLT MUNI | $139,608 | 0.03% | 13,836 | Common | NONE |
| 09254E103 | MYI | BLACKROCK MUNIYIELD QUALITY | $139,593 | 0.03% | 12,842 | Common | NONE |
| 09254F100 | MQY | BLACKROCK MUNIYILD QULT FD I | $139,479 | 0.03% | 12,343 | Common | NONE |
| M8744T106 | TBLA | TABOOLA.COM LTD | $138,300 | 0.03% | 30,000 | Common | NONE |
| 72200W106 | PML | PIMCO MUN INCOME FD II | $137,836 | 0.03% | 18,185 | Common | NONE |
| 69376K106 | RPC | P10 INC | $132,932 | 0.03% | 13,551 | Common | NONE |
| 00123Q104 | AGNC | AGNC INVT CORP | $117,072 | 0.02% | 10,800 | Common | NONE |
| 09253R105 | XMVFX | BLACKROCK MUNIVEST FD INC | $88,365 | 0.02% | 12,751 | Common | NONE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.