PARTNERS CAPITAL INVESTMENT GROUP, LLP Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$2.7B

Holdings

166

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (166 positions)

#	Stock	Shares	Value	% Portfolio
1	IVViShares Core S&P 500 ETF	867,648	$594.3M	22.14%
2	VGSHVanguard Short-Term Treasury ETF	2,899,929	$170.3M	6.35%
3	HEFAiShares Currency Hedged MSCI EAFE ETF	3,442,271	$142.4M	5.31%
4	IEMGiShares Core MSCI Emerging Markets ETF	2,114,082	$142.1M	5.30%
5	STIPiShares 0-5 Year TIPS Bond ETF	1,290,115	$132.1M	4.92%
6	VTVVanguard Value ETF	609,367	$116.4M	4.34%
7	VOOVanguard S&P 500 ETF	182,948	$114.7M	4.28%
8	EMXCiShares MSCI Emerging Markets ex China ETF	1,155,424	$84.0M	3.13%
9	VTVanguard Total World Stock ETF	572,306	$80.7M	3.01%
10	TIPiShares TIPS Bond ETF	722,269	$79.4M	2.96%
11	ITOTiShares Core S&P Total US Stock Market ETF	466,334	$69.3M	2.58%
12	AQLTiShares Core MSCI EAFE ETF	760,649	$68.0M	2.54%
13	DBJPXtrackers MSCI Japan Hedged Equity ETF	672,898	$63.7M	2.37%
14	IEFiShares 7-10 Year Treasury Bond ETF	500,192	$48.1M	1.79%
15	ACWIiShares MSCI ACWI ETF	288,213	$40.8M	1.52%
16	REETiShares Global REIT ETF	1,563,807	$39.0M	1.45%
17	SNPSSynopsys Inc	57,015	$38.9M	1.45%
18	SPYSPDR S&P 500 ETF Trust	57,015	$38.9M	1.45%
19	VGITVanguard Intermediate-Term Treasury ETF	546,946	$32.8M	1.22%
20	IAUUSDiShares Gold Trust	376,393	$30.6M	1.14%
21	SGOViShares 0-3 Month Treasury Bond ETF	287,091	$28.8M	1.07%
22	SPYXSPDR S&P 500 Fossil Fuel Reserves Free ETF	356,322	$20.0M	0.75%
23	HEWJiShares Currency Hedged MSCI Japan ETF	361,583	$19.1M	0.71%
24	EWJiShares MSCI Japan ETF	212,681	$17.2M	0.64%
25	HAWXiShares Currency Hedged MSCI ACWI EX US ETF	434,639	$17.2M	0.64%
26	DXJWisdomTree Japan Hedged Equity Fund	118,546	$17.1M	0.64%
27	SUBiShares Short-Term National Muni Bond ETF	159,194	$17.0M	0.63%
28	LEMBiShares J.P. Morgan EM Local Currency Bond ETF	385,814	$16.0M	0.60%
29	XLEEnergy Select Sector SPDR Fund	296,295	$13.2M	0.49%
30	VNQVanguard Real Estate ETF	143,402	$12.7M	0.47%
31	XCEMColumbia EM Core ex-China ETF	320,043	$12.3M	0.46%
32	BILSSPDR Bloomberg 3-12 Month T-Bill ETF	118,527	$11.8M	0.44%
33	IWViShares Russell 3000 ETF	29,847	$11.5M	0.43%
34	EFAiShares MSCI EAFE ETF	119,137	$11.4M	0.43%
35	VTWOVanguard Russell 2000 ETF	114,466	$11.4M	0.42%
36	PWRDTCW Transform Systems ETF	105,340	$10.1M	0.38%
37	MCHIiShares MSCI China ETF	168,407	$10.1M	0.38%
38	USHYiShares Broad USD High Yield Corporate Bond ETF	258,826	$9.7M	0.36%
39	IWMiShares Russell 2000 ETF	37,199	$9.2M	0.34%
40	SHYiShares 1-3 Year Treasury Bond ETF	106,376	$8.8M	0.33%
41	ISRAVanEck Israel ETF	147,257	$8.7M	0.32%
42	DBEFXtrackers MSCI EAFE Hedged Equity ETF	175,554	$8.4M	0.31%
43	BILSPDR Bloomberg Barclays 1-3 Month T-Bill ETF	82,502	$7.5M	0.28%
44	MSFTMicrosoft Corp	15,328	$7.4M	0.28%
45	NDQInvesco QQQ Trust Series 1	11,106	$6.8M	0.25%
46	SHViShares Short Treasury Bond ETF	57,618	$6.3M	0.24%
47	VTIVanguard Total Stock Market ETF	18,369	$6.2M	0.23%
48	RSPInvesco S&P 500 Equal Weight ETF	31,350	$6.0M	0.22%
49	EPPiShares MSCI Pacific ex Japan ETF	118,784	$6.0M	0.22%
50	QUALiShares Edge MSCI USA Quality Factor ETF	29,789	$5.9M	0.22%
51	METAMeta Platforms Inc	8,925	$5.9M	0.22%
52	GOOGLAlphabet Inc	18,077	$5.7M	0.21%
53	URTHiShares MSCI World ETF	26,420	$4.9M	0.18%
54	GQ9SPDR Gold Shares	12,310	$4.9M	0.18%
55	SRLNSPDR Blackstone Senior Loan ETF	111,806	$4.6M	0.17%
56	LINLinde PLC	10,698	$4.6M	0.17%
57	MTZMasTec Inc	20,623	$4.5M	0.17%
58	CRMsalesforce.com Inc	16,907	$4.5M	0.17%
59	EEMiShares MSCI Emerging Markets ETF	81,461	$4.5M	0.17%
60	COFCapital One Financial Corp	18,202	$4.4M	0.16%
61	VVisa Inc	12,356	$4.3M	0.16%
62	NVSNovartis AG	31,324	$4.3M	0.16%
63	SCHWCharles Schwab Corp/The	43,137	$4.3M	0.16%
64	BMYBristol-Myers Squibb Co	78,972	$4.3M	0.16%
65	TSMTaiwan Semiconductor Manufacturing Co Ltd	14,007	$4.3M	0.16%
66	NWSANews Corp	159,129	$4.2M	0.15%
67	T7DTransdigm Group Inc	3,097	$4.1M	0.15%
68	SPGIS&P Global Inc	7,809	$4.1M	0.15%
69	ICEIntercontinental Exchange Inc	24,959	$4.0M	0.15%
70	VMCVulcan Materials Co	14,099	$4.0M	0.15%
71	HLTHilton Worldwide Holdings Inc	13,757	$4.0M	0.15%
72	VPLVanguard FTSE Pacific ETF	42,905	$3.9M	0.14%
73	URIUnited Rentals Inc	4,782	$3.9M	0.14%
74	TYLTyler Technologies Inc	8,402	$3.8M	0.14%
75	QSRRestaurant Brands International Inc	53,939	$3.7M	0.14%
76	DEDeere & Co	7,843	$3.7M	0.14%
77	ESGUiShares Trust iShares ESG Aware MSCI USA ETF	24,006	$3.6M	0.13%
78	AVGOBroadcom Inc	10,288	$3.6M	0.13%
79	FERGFerguson PLC	15,873	$3.5M	0.13%
80	AAPLApple Inc	12,565	$3.4M	0.13%
81	MUBiShares National Muni Bond ETF	30,959	$3.3M	0.12%
82	DBEUXtrackers MSCI Europe Hedged Equity ETF	65,740	$3.2M	0.12%
83	NOWServiceNow Inc	19,165	$2.9M	0.11%
84	USMViShares Edge MSCI Min Vol USA ETF	29,341	$2.8M	0.10%
85	GOOGAlphabet Inc	7,760	$2.4M	0.09%
86	VTIPVanguard Short-Term Inflation-Protected Securities ETF	48,597	$2.4M	0.09%
87	REZiShares Residential and Multisector Real Estate ETF	28,990	$2.4M	0.09%
88	INDAiShares MSCI India ETF	41,894	$2.3M	0.08%
89	JBTJohn Bean Technologies Corp	13,816	$2.1M	0.08%
90	UTHUnited Therapeutics Corp	4,076	$2.0M	0.07%
91	ARGXArgenx SE	2,159	$1.8M	0.07%
92	INCYIncyte Corp	18,253	$1.8M	0.07%
93	SNAPSnap Inc	218,359	$1.8M	0.07%
94	IGMiShares Expanded Tech Sector ETF	13,547	$1.7M	0.07%
95	IGMIGM Financial Inc	13,547	$1.7M	0.07%
96	ONCBeiGene Ltd	5,744	$1.7M	0.07%
97	KWEBKraneShares CSI China Internet ETF	46,890	$1.6M	0.06%
98	IEIiShares 3-7 Year Treasury Bond ETF	12,797	$1.5M	0.06%
99	HWMHowmet Aerospace Inc	7,200	$1.5M	0.05%
100	IWRiShares Russell Mid-Cap ETF	15,239	$1.5M	0.05%

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