Institutional Manager · CIK 0002054108

Permanent Capital Management, LP

CHICAGO, IL · File #028-24804

Latest AUM

$513.3M

Positions

157

Top-10 Concentration

79.1%

Filings

Portfolio Value Over Time

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	922908751	-38,870	-$10.0M	+$187,414
REDUCE	VANGUARD SCOTTSDALE FDS	92206C706	-110,355	-$6.6M	-$70,094
REDUCE	AURORA INNOVATION INC	AUROW	-1,154,317	-$4.4M	-$3.9M
REDUCE	WISDOMTREE TR	WT	-70,378	-$3.5M	+$20,933
REDUCE	KRANESHARES TRUST	500767553	-163,700	-$2.8M	-$46,604
NEW	BOEING CO	BA-PA	+7,152	+$1.6M	$0
ADD	VANGUARD INDEX FDS	922908363	+2,176	+$1.4M	+$3.2M
EXITED	UNILEVER PLC	904767704	-19,841	-$1.2M	$0
NEW	UNILEVER PLC	UNLYF	+17,621	+$1.2M	$0
EXITED	VAIL RESORTS INC	91879Q109	-7,296	-$1.1M	$0

Sector Allocation

Financials

14.0%$71.8M

Technology

8.8%$45.4M

Consumer Discretionary

1.7%$8.9M

Industrials

1.7%$8.6M

Energy

1.3%$6.6M

Healthcare

1.2%$6.1M

Communication Services

1.0%$5.0M

Consumer Staples

0.8%$4.1M

Materials

0.1%$780,193

Utilities

0.1%$707,459

Filing History

Jan 7, 202613F HOLDINGS REPORTQ/E Dec 2025157 pos · $513.3M
Oct 17, 202513F HOLDINGS REPORTQ/E Sep 2025151 pos · $534.9M
Jul 15, 202513F HOLDINGS REPORTQ/E Jun 2025158 pos · $478.7M
Apr 11, 202513F HOLDINGS REPORTQ/E Mar 202579 pos · $348.9M
Feb 7, 202513F HOLDINGS REPORTQ/E Dec 202474 pos · $323.0M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908363	245,519	$154.0M	32.85%
2	INVESCO EXCHANGE TRADED FD T	IVZ	218,091	$41.8M	8.91%
3	VANGUARD TAX-MANAGED FDS	921943858	667,846	$41.7M	8.90%
4	VANGUARD SCOTTSDALE FDS	92206C706	590,480	$35.4M	7.55%
5	MICROSOFT CORP	MSFT	72,189	$34.9M	7.45%
6	WISDOMTREE TR	WT	348,134	$17.5M	3.74%
7	VANGUARD INTL EQUITY INDEX F	922042858	292,437	$15.7M	3.35%
8	ISHARES TR	464287226	138,582	$13.8M	2.95%
9	VANGUARD INDEX FDS	922908769	23,727	$8.0M	1.70%
10	ISHARES TR	464288257	54,862	$7.8M	1.66%
11	SPDR SERIES TRUST	78464A664	279,198	$7.4M	1.58%
12	VANGUARD INDEX FDS	922908751	26,423	$6.8M	1.45%
13	AURORA INNOVATION INC	AUROW	1,340,223	$5.1M	1.10%
14	NVIDIA CORPORATION	NVDA	22,789	$4.3M	0.91%
15	ISHARES TR	464287614	8,762	$4.1M	0.88%
16	SPDR GOLD TR	GLD	9,803	$3.9M	0.83%
17	APPLE INC	AAPL	14,080	$3.8M	0.82%
18	CAPITAL ONE FINL CORP	14040H105	13,719	$3.3M	0.71%
19	AMAZON COM INC	AMZN	13,942	$3.2M	0.69%
20	CATERPILLAR INC	CAT	5,586	$3.2M	0.68%