1y return+15.3%S&P 500 +20.9%
3y return+51.8%S&P 500 +68.5%
5y return+44.8%S&P 500 +74.5%
10y return+184.5%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $284 against $357 in the S&P 500.2
Permanens Capital L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| BILSpdr Series Trust | $162.9M | 16.8% | +80.0% |
| VTVVanguard Index Fds | $158.8M | 16.3% | +21.6% |
| VUGVanguard Index Fds | $71.1M | 7.3% | +19.8% |
| IAUIshares Gold Tr | $64.8M | 6.7% | −54.5% |
| SECUBlackrock Etf Trust II | $55.0M | 5.7% | +34.2% |
| RSPInvesco Exchange Traded Fd T | $42.2M | 4.3% | +483.4% |
| BBEUJ P Morgan Exchange Traded F | $29.2M | 3.0% | +82.1% |
| JPYLazard Active Etf Tr | $25.4M | 2.6% | +16.6% |
| SCHISchwab Strategic Tr | $24.9M | 2.6% | −18.5% |
| PSUSPershing Square Usa Ltd | $22.5M | 2.3% | New |
| DXJWisdomtree Tr | $21.8M | 2.2% | +426.3% |
| PREFPrincipal Exchange Traded Fd | $21.1M | 2.2% | +30.4% |
| CCJCameco Corp | $17.5M | 1.8% | +1.5% |
| FRDMEa Series Trust | $16.0M | 1.6% | +2434.2% |
| MSFTMicrosoft Corp | $13.6M | 1.4% | +16.8% |
| GOOGLAlphabet Inc | $12.2M | 1.3% | +458.3% |
| HHHHoward Hughes Holdings Inc | $12.1M | 1.2% | New |
| MUFGMitsubishi Ufj Financial Gro | $11.5M | 1.2% | |
| EAGL2023 Etf Series Trust | $11.5M | 1.2% | +19.2% |
| JPMJpmorgan Chase & Co | $11.4M | 1.2% | +1.8% |
| IWFIshares Tr | $10.9M | 1.1% | +3034.3% |
| IEFAIshares Tr | $10.7M | 1.1% | +949.5% |
| IAUMIshares Gold Trust Micro | $10.6M | 1.1% | |
| WMTWalmart Inc | $10.4M | 1.1% | +5.9% |
| NOKNokia Corp | $10.0M | 1.0% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| CCJCameco Corp | June 30, 2022 | +384.6% | $17.5M |
| DXJWisdomtree Tr | June 30, 2020 | +269.0% | $21.8M |
| JPMJpmorgan Chase & Co | December 31, 2020 | +157.6% | $11.4M |
| VUGVanguard Index Fds | June 30, 2020 | +155.7% | $71.1M |
| SPYSpdr S&p 500 Etf | June 30, 2020 | +142.2% | $4.5M |
| IAUIshares Gold Tr | June 30, 2021 | +124.0% | $64.8M |
| VTVVanguard Index Fds | June 30, 2020 | +118.8% | $158.8M |
| WMTWalmart Inc | June 30, 2023 | +116.2% | $10.4M |
| MSFTMicrosoft Corp | June 30, 2020 | +83.3% | $13.6M |
| TSMTaiwan Semiconductor Manufac | December 31, 2025 | +57.2% | $4.4M |
Sold off last quarter
- IEIIshares Tr was $30.6M
- BKRBaker Hughes Company was $10.7M
- BRHYBlackrock Etf Trust II was $7.8M
- BRTBrt Apartments Corp was $2.7M
- BGCBgc Group Inc was $1.7M
- ARCCAres Capital Corp was $1.2M
- CMCSAComcast Corp New was $1.1M
- QXOQxo Inc was $971K
- Aercap Holdings NvCUSIP N00985106 was $961K
- WWDWoodward Inc was $879K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +0.7% | +14.8% |
| March 31, 2026 | +0.1% | −4.6% |
| December 31, 2025 | +6.2% | +2.4% |
| September 30, 2025 | +7.7% | +7.8% |
| June 30, 2025 | +8.7% | +10.5% |
| March 31, 2025 | −0.6% | −4.6% |
| December 31, 2024 | −0.2% | +2.1% |
| September 30, 2024 | +4.6% | +5.4% |
| June 30, 2024 | −0.0% | +4.0% |
| March 31, 2024 | +10.1% | +10.0% |
| December 31, 2023 | +8.4% | +11.2% |
| September 30, 2023 | −2.3% | −3.6% |
| June 30, 2023 | +4.7% | +8.3% |
| March 31, 2023 | +2.3% | +7.0% |
| December 31, 2022 | +10.4% | +7.1% |
| September 30, 2022 | −5.4% | −5.3% |
| June 30, 2022 | −15.5% | −16.5% |
| March 31, 2022 | −5.2% | −4.9% |
| December 31, 2021 | +6.8% | +10.7% |
| September 30, 2021 | −0.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Permanens Capital L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1599637&type=13F-HR&dateb=&owner=include&count=40CIK 1599637
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1599637/000149315226038314/Filed August 14, 2026 · accession 0001493152-26-038314