Permanens Capital L.P.
Long book
$776.3M
Q1 2026
Positions
88
Top-10 weight
75%
concentration
Last quarter
+1.9%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsPermanens Capital L.P. is a wealth-management firm allocating client money, specialised in financials (68% of the long book), running a $776.3M US long book across 88 positions.
The portfolio is concentrated: the top 10 names carry 75% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ISHARES GOLD TRUST, VANGUARD VALUE ETF, SS SPDR BB 1-3M T-BILL ETF, VANGUARD GROWTH ETF, ISHRS SECUR INCOM ACT ETF.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.6%
Q2 2024
+5.0%
Q3 2024
+0.4%
Q4 2024
-0.3%
Q1 2025
+9.4%
Q2 2025
+8.0%
Q3 2025
+6.8%
Q4 2025
+0.4%
Q1 2026
+1.9%
Sector allocation
Financials 21%
Consumer discretionary 21%
Technology 19%
Materials 15%
Industrials 11%
Services media 6%
Other 2%
Energy 2%
Long book by quarter
What does Permanens Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CCJ CAMECO CORP | Materials | 169.3K | $18.4M | 2.4% | -2.8% |
| MSFT MICROSOFT CORP | Technology | 31.1K | $11.5M | 1.5% | +23.5% |
| WMT WALMART INC | Consumer discretionary | 86.7K | $10.8M | 1.4% | +0.3% |
| BKR BAKER HUGHES CO | Industrials | 174.6K | $10.7M | 1.4% | New |
| JPM JPMORGAN CHASE & CO | Financials | 34.1K | $10.0M | 1.3% | +24.2% |
| ULTA ULTA BEAUTY INC | Consumer discretionary | 18.6K | $9.7M | 1.3% | +24.2% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 19.8K | $9.5M | 1.2% | New |
| AMZN AMAZON.COM INC | Consumer discretionary | 18.5K | $3.9M | 0.5% | -31.2% |
| NFLX NETFLIX INC | Services media | 31.8K | $3.1M | 0.4% | +20.9% |
| COP CONOCOPHILLIPS | Energy | 19.1K | $2.5M | 0.3% | -44.9% |
| META META PLATFORMS INC-CLASS A | Technology | 3.9K | $2.2M | 0.3% | -15.4% |
| GOOGL ALPHABET INC-CL A | Technology | 6.1K | $1.8M | 0.2% | Held |
| BGC BGC GROUP INC-A | Financials | 170.0K | $1.7M | 0.2% | Held |
| MELI MERCADOLIBRE INC | Services media | 957 | $1.7M | 0.2% | +14.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 6.1K | $1.6M | 0.2% | -40.0% |
| MA MASTERCARD INC - A | Services media | 3.2K | $1.6M | 0.2% | +27.4% |
| GOOG ALPHABET INC-CL C | Technology | 5.5K | $1.6M | 0.2% | -41.2% |
| AAPL APPLE INC | Technology | 5.8K | $1.5M | 0.2% | Held |
| DHR DANAHER CORP | Technology | 6.9K | $1.3M | 0.2% | -35.0% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 6.5K | $1.2M | 0.2% | -41.9% |
| SHOP SHOPIFY INC - CLASS A | Technology | 10.0K | $1.2M | 0.2% | Held |
| ARCC ARES CAPITAL CORP | — | 65.5K | $1.2M | 0.2% | Held |
| WDAY WORKDAY INC-CLASS A | Technology | 8.8K | $1.1M | 0.1% | -34.7% |
| CMCSA COMCAST CORP-CLASS A | Communications | 37.9K | $1.1M | 0.1% | -46.7% |
| INTU INTUIT INC | Technology | 2.3K | $973K | 0.1% | +146.3% |
| QXO QXO INC | Consumer discretionary | 50.0K | $971K | 0.1% | +13.6% |
| AER AERCAP HOLDINGS NV | Services media | 7.0K | $961K | 0.1% | -60.0% |
| LEN LENNAR CORP-A | Industrials | 11.0K | $954K | 0.1% | -41.9% |
| AA ALCOA CORP | Industrials | 14.2K | $940K | 0.1% | -48.5% |
| WWD WOODWARD INC | Industrials | 2.5K | $879K | 0.1% | -67.0% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 493 | $651K | 0.1% | -67.8% |
| AJG ARTHUR J GALLAGHER & CO | Financials | 2.9K | $629K | 0.1% | New |
| EL ESTEE LAUDER COMPANIES-CL A | Other | 8.6K | $621K | 0.1% | -41.5% |
| SPGI S&P GLOBAL INC | Services media | 1.3K | $532K | 0.1% | New |
| HUM HUMANA INC | Financials | 2.8K | $490K | 0.1% | -48.6% |
| ELV ELEVANCE HEALTH INC | Financials | 1.5K | $433K | 0.1% | -41.9% |
| LVO LIVEONE INC | Consumer discretionary | 78.8K | $402K | 0.1% | Held |
| LBRDK LIBERTY BROADBAND-C | Communications | 7.6K | $381K | 0.0% | -38.9% |
| BXSL BLACKSTONE SECURED LENDING F | — | 15.4K | $376K | 0.0% | New |
| NVDA NVIDIA CORP | Technology | 2.1K | $362K | 0.0% | Held |
| ALTI ALTI GLOBAL INC | Financials | 82.6K | $299K | 0.0% | +6.1% |
| PODC PODCASTONE INC | Technology | 135.2K | $276K | 0.0% | +34.9% |
| EQT EQT CORP | Energy | 3.9K | $251K | 0.0% | New |
| BAC BANK OF AMERICA CORP | Financials | 4.1K | $202K | 0.0% | Held |
| PSEC PROSPECT CAPITAL CORP | — | 66.2K | $176K | 0.0% | New |
| FSK FS KKR CAPITAL CORP | — | 12.1K | $129K | 0.0% | Held |
| CCAP CRESCENT CAPITAL BDC INC | — | 10.0K | $126K | 0.0% | Held |
| MFIC MIDCAP FINANCIAL INVESTMENT | — | 11.0K | $124K | 0.0% | Held |
| CANG CANGO INC/KY-CLASS A | Financials | 196.4K | $81K | 0.0% | New |
| TCPC BLACKROCK TCP CAPITAL CORP | — | 21.4K | $77K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 88 | $776.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 80 | $766.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 62 | $670.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 68 | $733.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 59 | $550.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 53 | $523.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 53 | $492.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 27 | $979.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 26 | $813.9M | canonical | SEC ↗ |