13F HOLDINGS REPORT

PARTNERS CAPITAL INVESTMENT GROUP, LLP

Quarter ended Q4 2025 · Filed February 13, 2026 · Accession 0001104659-26-014776

Total Value

$2.68B

Positions

166

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (166)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	iShares Core S&P 500 ETF	464287200	867,648	$594.3M	22.14%
2	Vanguard Short-Term Treasury ETF	92206C102	2,899,929	$170.3M	6.35%
3	iShares Currency Hedged MSCI EAFE ETF	46434V803	3,442,271	$142.4M	5.31%
4	iShares Core MSCI Emerging Markets ETF	46434G103	2,114,082	$142.1M	5.30%
5	iShares 0-5 Year TIPS Bond ETF	46429B747	1,290,115	$132.1M	4.92%
6	Vanguard Value ETF	922908744	609,367	$116.4M	4.34%
7	Vanguard S&P 500 ETF	922908363	182,948	$114.7M	4.28%
8	iShares MSCI Emerging Markets ex China ETF	46434G764	1,155,424	$84.0M	3.13%
9	Vanguard Total World Stock ETF	922042742	572,306	$80.7M	3.01%
10	iShares TIPS Bond ETF	464287176	722,269	$79.4M	2.96%
11	iShares Core S&P Total US Stock Market ETF	464287150	466,334	$69.3M	2.58%
12	iShares Core MSCI EAFE ETF	46432F842	760,649	$68.0M	2.54%
13	Xtrackers MSCI Japan Hedged Equity ETF	233051507	672,898	$63.7M	2.37%
14	iShares 7-10 Year Treasury Bond ETF	464287440	500,192	$48.1M	1.79%
15	iShares MSCI ACWI ETF	464288257	288,213	$40.8M	1.52%
16	iShares Global REIT ETF	46434V647	1,563,807	$39.0M	1.45%
17	Synopsys Inc	SNPS	57,015	$38.9M	1.45%
18	SPDR S&P 500 ETF Trust	SPY	57,015	$38.9M	1.45%
19	Vanguard Intermediate-Term Treasury ETF	92206C706	546,946	$32.8M	1.22%
20	iShares Gold Trust	IAU	376,393	$30.6M	1.14%
21	iShares 0-3 Month Treasury Bond ETF	46436E718	287,091	$28.8M	1.07%
22	SPDR S&P 500 Fossil Fuel Reserves Free ETF	78468R796	356,322	$20.0M	0.75%
23	iShares Currency Hedged MSCI Japan ETF	46434V886	361,583	$19.1M	0.71%
24	iShares MSCI Japan ETF	46434G822	212,681	$17.2M	0.64%
25	iShares Currency Hedged MSCI ACWI EX US ETF	46435G847	434,639	$17.2M	0.64%
26	WisdomTree Japan Hedged Equity Fund	WT	118,546	$17.1M	0.64%
27	iShares Short-Term National Muni Bond ETF	464288158	159,194	$17.0M	0.63%
28	iShares J.P. Morgan EM Local Currency Bond ETF	464286517	385,814	$16.0M	0.60%
29	Energy Select Sector SPDR Fund	81369Y506	296,295	$13.2M	0.49%
30	Vanguard Real Estate ETF	922908553	143,402	$12.7M	0.47%
31	Columbia EM Core ex-China ETF	19762B202	320,043	$12.3M	0.46%
32	SPDR Bloomberg 3-12 Month T-Bill ETF	78468R523	118,527	$11.8M	0.44%
33	iShares Russell 3000 ETF	464287689	29,847	$11.5M	0.43%
34	iShares MSCI EAFE ETF	464287465	119,137	$11.4M	0.43%
35	Vanguard Russell 2000 ETF	92206C664	114,466	$11.4M	0.42%
36	TCW Transform Systems ETF	29287L205	105,340	$10.1M	0.38%
37	iShares MSCI China ETF	46429B671	168,407	$10.1M	0.38%
38	iShares Broad USD High Yield Corporate Bond ETF	46435U853	258,826	$9.7M	0.36%
39	iShares Russell 2000 ETF	464287655	37,199	$9.2M	0.34%
40	iShares 1-3 Year Treasury Bond ETF	464287457	106,376	$8.8M	0.33%
41	VanEck Israel ETF	92189F635	147,257	$8.7M	0.32%
42	Xtrackers MSCI EAFE Hedged Equity ETF	233051200	175,554	$8.4M	0.31%
43	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	78468R663	82,502	$7.5M	0.28%
44	Microsoft Corp	MSFT	15,328	$7.4M	0.28%
45	Invesco QQQ Trust Series 1	IVZ	11,106	$6.8M	0.25%
46	iShares Short Treasury Bond ETF	464288679	57,618	$6.3M	0.24%
47	Vanguard Total Stock Market ETF	922908769	18,369	$6.2M	0.23%
48	Invesco S&P 500 Equal Weight ETF	IVZ	31,350	$6.0M	0.22%
49	iShares MSCI Pacific ex Japan ETF	464286665	118,784	$6.0M	0.22%
50	iShares Edge MSCI USA Quality Factor ETF	46432F339	29,789	$5.9M	0.22%
51	Meta Platforms Inc	META	8,925	$5.9M	0.22%
52	Alphabet Inc	GOOG	18,077	$5.7M	0.21%
53	iShares MSCI World ETF	464286392	26,420	$4.9M	0.18%
54	SPDR Gold Shares	GLD	12,310	$4.9M	0.18%
55	SPDR Blackstone Senior Loan ETF	78467V608	111,806	$4.6M	0.17%
56	Linde PLC	LIN	10,698	$4.6M	0.17%
57	MasTec Inc	MTZ	20,623	$4.5M	0.17%
58	salesforce.com Inc	CRM	16,907	$4.5M	0.17%
59	iShares MSCI Emerging Markets ETF	464287234	81,461	$4.5M	0.17%
60	Capital One Financial Corp	14040H105	18,202	$4.4M	0.16%
61	Visa Inc	V	12,356	$4.3M	0.16%
62	Novartis AG	NVSEF	31,324	$4.3M	0.16%
63	Charles Schwab Corp/The	SCHW-PJ	43,137	$4.3M	0.16%
64	Bristol-Myers Squibb Co	CELG-RI	78,972	$4.3M	0.16%
65	Taiwan Semiconductor Manufacturing Co Ltd	874039100	14,007	$4.3M	0.16%
66	News Corp	NWSLL	159,129	$4.2M	0.15%
67	Transdigm Group Inc	TDG	3,097	$4.1M	0.15%
68	S&P Global Inc	SPGI	7,809	$4.1M	0.15%
69	Intercontinental Exchange Inc	45866F104	24,959	$4.0M	0.15%
70	Vulcan Materials Co	929160109	14,099	$4.0M	0.15%
71	Hilton Worldwide Holdings Inc	HLT	13,757	$4.0M	0.15%
72	Vanguard FTSE Pacific ETF	922042866	42,905	$3.9M	0.14%
73	United Rentals Inc	URI	4,782	$3.9M	0.14%
74	Tyler Technologies Inc	TYL	8,402	$3.8M	0.14%
75	Restaurant Brands International Inc	76131D103	53,939	$3.7M	0.14%
76	Deere & Co	DE	7,843	$3.7M	0.14%
77	iShares Trust iShares ESG Aware MSCI USA ETF	46435G425	24,006	$3.6M	0.13%
78	Broadcom Inc	AVGO	10,288	$3.6M	0.13%
79	Ferguson PLC	G3421J106	15,873	$3.5M	0.13%
80	Apple Inc	AAPL	12,565	$3.4M	0.13%
81	iShares National Muni Bond ETF	464288414	30,959	$3.3M	0.12%
82	Xtrackers MSCI Europe Hedged Equity ETF	233051853	65,740	$3.2M	0.12%
83	ServiceNow Inc	NOW	19,165	$2.9M	0.11%
84	iShares Edge MSCI Min Vol USA ETF	46429B697	29,341	$2.8M	0.10%
85	Alphabet Inc	GOOG	7,760	$2.4M	0.09%
86	Vanguard Short-Term Inflation-Protected Securities ETF	922020805	48,597	$2.4M	0.09%
87	iShares Residential and Multisector Real Estate ETF	464288562	28,990	$2.4M	0.09%
88	iShares MSCI India ETF	46429B598	41,894	$2.3M	0.08%
89	John Bean Technologies Corp	JBTM	13,816	$2.1M	0.08%
90	United Therapeutics Corp	UTHR	4,076	$2.0M	0.07%
91	Argenx SE	ARGX	2,159	$1.8M	0.07%
92	Incyte Corp	INCY	18,253	$1.8M	0.07%
93	Snap Inc	SNAP	218,359	$1.8M	0.07%
94	iShares Expanded Tech Sector ETF	464287549	13,547	$1.7M	0.07%
95	IGM Financial Inc	449586106	13,547	$1.7M	0.07%
96	BeiGene Ltd	BEIGF	5,744	$1.7M	0.07%
97	KraneShares CSI China Internet ETF	500767306	46,890	$1.6M	0.06%
98	iShares 3-7 Year Treasury Bond ETF	464288661	12,797	$1.5M	0.06%
99	Howmet Aerospace Inc	HWM	7,200	$1.5M	0.06%
100	iShares Russell Mid-Cap ETF	464287499	15,239	$1.5M	0.05%
101	ACV Auctions Inc	ACVA	180,445	$1.4M	0.05%
102	iShares Expanded Tech-Software Sector ETF	464287515	13,169	$1.4M	0.05%
103	SPDR Bloomberg 1-10 Year TIPS ETF	78468R861	72,114	$1.4M	0.05%
104	Vanguard Global ex-U.S. Real Estate ETF	922042676	28,136	$1.3M	0.05%
105	iShares Semiconductor ETF	464287523	4,016	$1.2M	0.05%
106	iShares S&P 500 Value ETF	464287408	5,332	$1.1M	0.04%
107	Vanguard Dividend Appreciation ETF	921908844	5,114	$1.1M	0.04%
108	iShares MSCI United Kingdom ETF	46435G334	25,206	$1.1M	0.04%
109	Apollo Global Management Inc	03768E105	7,391	$1.1M	0.04%
110	NU Holdings Ltd/Cayman Islands	NU	58,993	$987,543	0.04%
111	Blackstone Mortgage Trust Inc	BX	44,466	$850,626	0.03%
112	SPDR S&P Biotech ETF	78464A870	6,934	$845,487	0.03%
113	iShares MSCI ACWI ex US ETF	464288240	12,594	$845,404	0.03%
114	Invesco China Technology ETF	IVZ	12,749	$662,940	0.02%
115	Pacer Funds Trust-Pacer Benchmark Data & Infrastructure Real Estate Sctr Etf	69374H741	22,714	$650,540	0.02%
116	Blackstone Inc	BX	4,189	$645,693	0.02%
117	Pacer Funds Trust-Pacer Benchmark Industrial Real Estate Sctr Etf	69374H766	17,137	$628,585	0.02%
118	Seagate Technology Holdings PLC	SE	2,254	$620,729	0.02%
119	Seagate Technology PLC	STX	2,254	$620,729	0.02%
120	Cummins Inc	CMI	1,204	$614,582	0.02%
121	Netflix Inc	NFLX	6,460	$605,690	0.02%
122	General Motors Co	37045V100	7,310	$594,449	0.02%
123	iShares Core Growth Allocation ETF	464289867	7,668	$498,497	0.02%
124	Emerson Electric Co	EMR	3,581	$475,270	0.02%
125	ProShares S&P 500 Dividend Aristocrats ETF	74348A467	4,543	$472,776	0.02%
126	Trane Technologies PLC	TT	1,212	$471,710	0.02%
127	Vertiv Holdings Co	VRT	2,820	$456,868	0.02%
128	iShares MSCI EAFE Value ETF	464288877	6,324	$451,576	0.02%
129	GFL Environmental Inc	GFL	10,507	$451,276	0.02%
130	Vanguard FTSE Emerging Markets ETF	922042858	8,017	$430,973	0.02%
131	PG&E Corp	PCG-PX	26,066	$418,881	0.02%
132	Iris Energy Ltd	IREN	11,000	$415,470	0.02%
133	Safran SA	F4035A557	1,158	$404,498	0.02%
134	Vistra Energy Corp	VST	2,450	$395,259	0.01%
135	Coinbase Global Inc	COIN	1,738	$393,031	0.01%
136	Republic Services Inc	760759100	1,836	$389,103	0.01%
137	CenterPoint Energy Inc	CNP	10,112	$387,694	0.01%
138	Xcel Energy Inc	XELLL	5,211	$384,884	0.01%
139	Invesco Nasdaq Biotechnology ETF	IVZ	12,917	$366,781	0.01%
140	UroGen Pharma Ltd	URGN	15,384	$360,293	0.01%
141	Primoris Services Corp	74164F103	2,697	$334,806	0.01%
142	First Solar Inc	FSLR	1,254	$327,582	0.01%
143	KKR & Co Inc	KKRT	2,529	$322,397	0.01%
144	Eaton Corp PLC	ETN	978	$311,503	0.01%
145	Guidewire Software Inc	GWRE	1,529	$307,344	0.01%
146	Citigroup Inc	C-PR	2,432	$283,790	0.01%
147	Waste Management Inc	94106L109	1,224	$268,925	0.01%
148	Fox Corp	FOX	3,509	$256,403	0.01%
149	Lennar Corp	LEN-B	2,455	$252,407	0.01%
150	Urban Edge Properties	91704F104	13,147	$252,291	0.01%
151	Kimberly-Clark Corp	KMB	2,500	$252,225	0.01%
152	Vanguard Financials ETF	92204A405	1,877	$250,588	0.01%
153	Uber Technologies Inc	UBER	3,063	$250,278	0.01%
154	CBRE Group Inc	CBRE	1,484	$238,612	0.01%
155	iShares iBoxx High Yield Corporate Bond ETF	464288513	2,890	$233,042	0.01%
156	Berkshire Hathaway Inc	BRK-A	459	$230,716	0.01%
157	Palantir Technologies Inc	PLTR	1,254	$222,899	0.01%
158	Allogene Therapeutics Inc	ALLO	161,597	$221,388	0.01%
159	Tesla Inc	TSLA	492	$221,262	0.01%
160	Franklin Covey Co	FC	11,924	$200,085	0.01%
161	Teads Holding Co	TEAD	209,407	$147,402	0.01%
162	POET Technologies Inc	POET	23,000	$145,590	0.01%
163	Opendoor Technologies Inc	OPENZ	21,326	$124,331	0.00%
164	Cango Inc/KY	CANG	75,000	$112,500	0.00%
165	Bitfarms Ltd/Canada	BITF	20,000	$47,000	0.00%
166	Bit Digital Inc	BTBT	10,000	$18,900	0.00%