Permanent Capital Management, LP
Long book
$643.0M
Q1 2026
Positions
155
Top-10 weight
77%
concentration
Last quarter
+11.3%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsPermanent Capital Management, LP is a wealth-management firm allocating client money, running a $643.0M US long book across 155 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: VANGUARD S&P 500 ETF, VANGUARD TOT WORLD STK ETF, ISHARES CORE U.S. AGGREGATE, VANGUARD FTSE DEVELOPED ETF, VANGUARD INTERMEDIATE-TERM T.
Over the last 6 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 3 of 6 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
Q2 2024
+9.1%
Q4 2024
-1.2%
Q1 2025
+7.4%
Q3 2025
+1.4%
Q4 2025
-3.0%
Q1 2026
+11.3%
Sector allocation
Technology 45%
Industrials 14%
Financials 13%
Consumer discretionary 7%
Healthcare 4%
Utilities 4%
Services media 3%
Energy 3%
Long book by quarter
What does Permanent Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MSFT MICROSOFT CORP | Technology | 72.7K | $29.6M | 4.6% | +0.7% |
| AUR AURORA INNOVATION INC | Technology | 1.3M | $7.9M | 1.2% | Held |
| CAT CATERPILLAR INC | Industrials | 5.6K | $5.0M | 0.8% | +0.6% |
| NVDA NVIDIA CORP | Technology | 23.0K | $4.6M | 0.7% | +1.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 16.7K | $4.4M | 0.7% | +19.6% |
| AAPL APPLE INC | Technology | 14.5K | $3.9M | 0.6% | +2.8% |
| GOOGL ALPHABET INC-CL A | Technology | 10.1K | $3.9M | 0.6% | +2.2% |
| UBS UBS GROUP AG-REG | Financials | 64.5K | $2.8M | 0.4% | -4.4% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 20.8K | $2.8M | 0.4% | +0.1% |
| KMB KIMBERLY-CLARK CORP | Other | 24.3K | $2.4M | 0.4% | +196.6% |
| GOOG ALPHABET INC-CL C | Technology | 6.0K | $2.3M | 0.4% | Held |
| EXE EXPAND ENERGY CORP | Energy | 22.4K | $2.3M | 0.4% | -6.1% |
| UNP UNION PACIFIC CORP | Industrials | 7.9K | $2.1M | 0.3% | -25.4% |
| CDZI CADIZ INC | Utilities | 474.0K | $2.1M | 0.3% | -4.5% |
| L LOEWS CORP | Financials | 15.5K | $1.7M | 0.3% | Held |
| AVGO BROADCOM INC | Technology | 3.9K | $1.6M | 0.3% | +12.2% |
| GLNG GOLAR LNG LTD | Industrials | 28.8K | $1.6M | 0.2% | -51.3% |
| META META PLATFORMS INC-CLASS A | Technology | 2.3K | $1.4M | 0.2% | +6.5% |
| WMT WALMART INC | Consumer discretionary | 10.4K | $1.4M | 0.2% | -4.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 5.8K | $1.3M | 0.2% | +2.2% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 6.9K | $1.3M | 0.2% | -50.0% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 21.5K | $1.3M | 0.2% | -33.3% |
| MGM MGM RESORTS INTERNATIONAL | Services media | 32.1K | $1.2M | 0.2% | +50.6% |
| PCG P G & E CORP | Utilities | 67.0K | $1.1M | 0.2% | -33.0% |
| AXS AXIS CAPITAL HOLDINGS LTD | Financials | 10.1K | $1.0M | 0.2% | -18.6% |
| NTRS NORTHERN TRUST CORP | Financials | 6.0K | $1000K | 0.2% | +0.2% |
| JPM JPMORGAN CHASE & CO | Financials | 3.2K | $989K | 0.2% | -5.1% |
| GM GENERAL MOTORS CO | Industrials | 12.7K | $973K | 0.2% | -16.2% |
| KO COCA-COLA CO/THE | Consumer staples | 12.3K | $966K | 0.2% | +1.6% |
| AIG AMERICAN INTERNATIONAL GROUP | Financials | 12.9K | $963K | 0.1% | +0.2% |
| BA BOEING CO/THE | Industrials | 4.0K | $921K | 0.1% | -43.8% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 907 | $920K | 0.1% | +3.2% |
| HZO MARINEMAX INC | Consumer discretionary | 31.9K | $916K | 0.1% | -24.6% |
| NOW SERVICENOW INC | Technology | 10.2K | $899K | 0.1% | +480.1% |
| DE DEERE & CO | Industrials | 1.5K | $875K | 0.1% | +0.9% |
| BC BRUNSWICK CORP | Industrials | 10.7K | $852K | 0.1% | +16.3% |
| BWXT BWX TECHNOLOGIES INC | Industrials | 3.9K | $852K | 0.1% | -18.6% |
| XOM EXXON MOBIL CORP | Energy | 5.2K | $801K | 0.1% | -37.2% |
| C CITIGROUP INC | Financials | 6.2K | $788K | 0.1% | -39.3% |
| ABBV ABBVIE INC | Healthcare | 3.6K | $772K | 0.1% | +2.0% |
| DGX QUEST DIAGNOSTICS INC | Healthcare | 3.9K | $766K | 0.1% | New |
| NEE NEXTERA ENERGY INC | Utilities | 7.8K | $764K | 0.1% | +1.3% |
| V VISA INC-CLASS A SHARES | Services media | 2.3K | $757K | 0.1% | -7.4% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 15.3K | $736K | 0.1% | +1.0% |
| OI O-I GLASS INC | Industrials | 79.4K | $723K | 0.1% | -43.9% |
| BDX BECTON DICKINSON AND CO | Healthcare | 4.7K | $700K | 0.1% | +0.2% |
| ALK ALASKA AIR GROUP INC | Industrials | 17.8K | $698K | 0.1% | +43.9% |
| NWSA NEWS CORP - CLASS A | Other | 26.4K | $694K | 0.1% | Held |
| BAC BANK OF AMERICA CORP | Financials | 11.9K | $638K | 0.1% | +2.4% |
| PRMB PRIMO BRANDS CORP | Consumer staples | 30.7K | $625K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 155 | $643.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 7, 2026 | 157 | $513.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 17, 2025 | 151 | $534.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 11, 2025 | 79 | $348.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 74 | $323.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 15, 2025 | 158 | $478.7M | canonical | SEC ↗ |