Institutional Manager · CIK 0001599637

Permanens Capital L.P.

NEW YORK, NY · File #028-16061

Latest AUM

$766.8M

Positions

Top-10 Concentration

76.4%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	VANGUARD INDEX FDS	922908736	-92,228	-$45.0M	+$2.0M
ADD	J P MORGAN EXCHANGE TRADED F	46641Q191	+554,518	+$40.6M	+$21,254
EXITED	DBX ETF TR	233051853	-823,835	-$37.9M	$0
ADD	SPDR SERIES TRUST	78468R663	+222,472	+$20.3M	-$163,407
ADD	ISHARES GOLD TR	IAU	+232,207	+$18.8M	+$7.5M
REDUCE	VANGUARD INDEX FDS	922908744	-95,062	-$18.2M	+$2.3M
NEW	ISHARES GOLD TR	IAU	+152,381	+$6.6M	$0
ADD	MICROSOFT CORP	MSFT	+12,082	+$5.8M	-$451,165
ADD	AMAZON COM INC	AMZN	+22,050	+$5.1M	+$54,157
ADD	PRINCIPAL EXCHANGE TRADED FD	74255Y888	+247,253	+$4.7M	-$102,796

Sector Allocation

Financials

10.1%$77.4M

Technology

2.6%$20.0M

Energy

2.5%$19.2M

Consumer Discretionary

2.3%$17.8M

Consumer Staples

1.3%$9.6M

Communication Services

0.8%$6.1M

0.7%$5.7M

0.6%$4.8M

0.4%$3.0M

0.2%$1.5M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 202580 pos · $766.8M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 202562 pos · $670.5M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 202568 pos · $733.3M
May 15, 202513F HOLDINGS REPORTQ/E Mar 202559 pos · $550.7M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202453 pos · $523.7M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 202453 pos · $492.3M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 202427 pos · $979.6M
May 15, 202413F HOLDINGS REPORTQ/E Mar 202426 pos · $813.9M
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 202343 pos · $584.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908744	561,293	$107.2M	14.26%
2	ISHARES GOLD TR	IAU	1,122,462	$91.1M	12.12%
3	VANGUARD INDEX FDS	922908736	161,547	$78.8M	10.48%
4	SPDR SERIES TRUST	78468R663	664,112	$60.7M	8.07%
5	ISHARES SILVER TR	SLV	900,242	$58.0M	7.72%
6	WISDOMTREE TR	WT	292,755	$42.2M	5.61%
7	J P MORGAN EXCHANGE TRADED F	46641Q191	560,278	$41.1M	5.46%
8	ISHARES TR	46434V407	847,010	$36.3M	4.83%
9	PRINCIPAL EXCHANGE TRADED FD	74255Y888	1,715,767	$32.7M	4.35%
10	2023 ETF SERIES TRUST	88339Y102	800,671	$26.0M	3.46%
11	LAZARD ACTIVE ETF TR	LAZ	582,605	$18.6M	2.48%
12	CAMECO CORP	CCJ	174,183	$15.9M	2.12%
13	MICROSOFT CORP	MSFT	25,224	$12.2M	1.62%
14	WALMART INC	WMT	86,403	$9.6M	1.28%
15	UBS GROUP AG	UBS	207,412	$9.6M	1.28%
16	ULTA BEAUTY INC	ULTA	14,966	$9.1M	1.20%
17	JPMORGAN CHASE & CO.	VYLD	27,436	$8.8M	1.18%
18	SCHWAB CHARLES CORP	SCHW-PJ	85,461	$8.5M	1.14%
19	MITSUBISHI UFJ FINL GROUP IN	606822104	533,233	$8.5M	1.13%
20	ISHARES GOLD TR	IAU	152,381	$6.6M	0.87%