Permanent Capital Management, LP Q2 2025 Filing

Filed July 15, 2025

Portfolio Value

$478.7B

Holdings

158

Report Date

Q2 2025

Filing Type

13F-HR

All Holdings (158 positions)

#StockSharesValue% PortfolioType
1
VOOVANGUARD INDEX FDS
181,967$103.7B21.66%
2
VGITVANGUARD SCOTTSDALE FDS
826,342$49.4B10.32%
3
VEAVANGUARD TAX-MANAGED FDS
697,740$39.8B8.31%
4
RSPINVESCO EXCHANGE TRADED FD T
216,502$39.3B8.22%
5
MSFTMICROSOFT CORP
72,532$36.1B7.54%
6
USFRWISDOMTREE TR
497,517$25.0B5.23%
7
VWOVANGUARD INTL EQUITY INDEX F
334,043$16.5B3.45%
8
VBVANGUARD INDEX FDS
65,367$15.5B3.25%
9
AGGISHARES TR
135,958$13.5B2.82%
10
AURAURORA INNOVATION INC
2,494,540$13.1B2.73%
11
VTIVANGUARD INDEX FDS
25,010$7.6B1.59%
12
SPTLSPDR SERIES TRUST
266,864$7.1B1.48%
13
IWFISHARES TR
8,753$3.7B0.78%
14
SPYSPDR S&P 500 ETF TR
5,482$3.4B0.71%
15
NVDANVIDIA CORPORATION
20,337$3.2B0.67%
16
GQ9SPDR GOLD TR
9,708$3.0B0.62%
17
AMZNAMAZON COM INC
13,439$2.9B0.62%
18
AAPLAPPLE INC
13,917$2.9B0.60%
19
KCCAKRANESHARES TRUST
179,240$2.8B0.58%
20
COFCAPITAL ONE FINL CORP
12,960$2.8B0.58%
21
OI*O-I GLASS INC
180,405$2.7B0.56%
22
UBSUBS GROUP AG
69,327$2.3B0.49%
23
GLNGGOLAR LNG LTD
54,869$2.3B0.47%
24
CATCATERPILLAR INC
5,369$2.1B0.44%
25
TECK/BTECK RESOURCES LTD
51,249$2.1B0.43%
26
UNPUNION PAC CORP
8,505$2.0B0.41%
27
BKBANK NEW YORK MELLON CORP
20,760$1.9B0.40%
28
VTVANGUARD INTL EQUITY INDEX F
14,345$1.8B0.39%
29
GOOGLALPHABET INC
9,930$1.7B0.37%
30
METAMETA PLATFORMS INC
2,141$1.6B0.33%
31
0J7QIAC INC
41,827$1.6B0.33%
32
EXEEXPAND ENERGY CORPORATION
12,224$1.4B0.30%
33
LLOEWS CORP
15,447$1.4B0.30%
34
LIFLIFE360 INC
21,539$1.4B0.29%
35
PCGPG&E CORP
99,973$1.4B0.29%
36
ULUNILEVER PLC
22,388$1.4B0.29%
37
AXSAXIS CAP HLDGS LTD
12,355$1.3B0.27%
38
VGSHVANGUARD SCOTTSDALE FDS
20,928$1.2B0.26%
39
GOOGALPHABET INC
6,841$1.2B0.25%
40
ISHGISHARES TR
15,149$1.2B0.24%
41
NDQINVESCO QQQ TR
2,083$1.2B0.24%
42
HZOMARINEMAX INC
45,266$1.1B0.24%
43
IWMISHARES TR
5,235$1.1B0.24%
44
AIGAMERICAN INTL GROUP INC
12,826$1.1B0.23%
45
JPMJPMORGAN CHASE & CO.
3,710$1.1B0.22%
46
BPBP PLC
35,490$1.1B0.22%
47
WMTWALMART INC
10,700$1.0B0.22%
48
TRVCCITIGROUP INC
12,201$1.0B0.22%
49
CNNECANNAE HLDGS INC
49,000$1.0B0.21%
50
CDZICADIZ INC
321,022$959.9M0.20%
51
COSTCOSTCO WHSL CORP NEW
958$948.4M0.20%
52
AVGOBROADCOM INC
3,424$943.8M0.20%
53
PRMBPRIMO BRANDS CORPORATION
31,852$943.5M0.20%
54
BWXTBWX TECHNOLOGIES INC
6,375$918.4M0.19%
55
VVISA INC
2,568$911.8M0.19%
56
AURAAURA BIOSCIENCES INC
144,229$902.9M0.19%
57
GMGENERAL MTRS CO
18,067$889.1M0.19%
58
JNJJOHNSON & JOHNSON
5,796$885.3M0.18%
59
JBSJBS N.V.
60,000$876.6M0.18%
60
KOCOCA COLA CO
11,973$853.2M0.18%
61
NWSANEWS CORP NEW
26,361$783.4M0.16%
62
NTRSNORTHERN TR CORP
5,990$764.0M0.16%
63
IBMINTERNATIONAL BUSINESS MACHS
2,574$758.8M0.16%
64
DEDEERE & CO
1,461$745.3M0.16%
65
SPRYARS PHARMACEUTICALS INC
42,623$743.8M0.16%
66
MGMMGM RESORTS INTERNATIONAL
21,293$732.3M0.15%
67
XOMEXXON MOBIL CORP
6,608$712.3M0.15%
68
MRSHMARSH & MCLENNAN COS INC
3,220$704.0M0.15%
69
BACVERIZON COMMUNICATIONS INC
15,715$680.0M0.14%
70
KBWBINVESCO EXCH TRADED FD TR II
8,949$640.9M0.13%
71
ALKALASKA AIR GROUP INC
12,841$635.4M0.13%
72
BGBUNGE GLOBAL SA
7,735$621.0M0.13%
73
BCBRUNSWICK CORP
11,230$620.3M0.13%
74
IGOVISHARES TR
13,872$597.9M0.12%
75
BACBANK AMERICA CORP
12,575$595.0M0.12%
76
ABBVABBVIE INC
3,109$577.1M0.12%
77
SPGIS&P GLOBAL INC
1,063$560.5M0.12%
78
ACTGACACIA RESH CORP
156,000$558.5M0.12%
79
SYU1SYNOVUS FINL CORP
9,500$495.3M0.10%
80
NEENEXTERA ENERGY INC
7,112$493.7M0.10%
81
ICEINTERCONTINENTAL EXCHANGE IN
2,578$473.0M0.10%
82
HESHESS CORP
3,293$456.2M0.10%
83
ALITALIGHT INC
80,000$452.8M0.09%
84
IPINTERNATIONAL PAPER CO
9,370$438.8M0.09%
85
APOAPOLLO GLOBAL MGMT INC
3,059$434.0M0.09%
86
MCKMCKESSON CORP
561$411.5M0.09%
87
MCDMCDONALDS CORP
1,384$404.4M0.08%
88
CNXCNX RES CORP
11,786$397.0M0.08%
89
MSIMOTOROLA SOLUTIONS INC
935$394.1M0.08%
90
COPCONOCOPHILLIPS
4,388$393.8M0.08%
91
CCKCROWN HLDGS INC
3,807$392.0M0.08%
92
KMBKIMBERLY-CLARK CORP
3,001$390.7M0.08%
93
FTNTFORTINET INC
3,647$385.6M0.08%
94
SUISUN CMNTYS INC
3,000$382.6M0.08%
95
QUALISHARES TR
2,060$376.6M0.08%
96
FDVVFIDELITY COVINGTON TRUST
7,097$369.2M0.08%
97
BSXBOSTON SCIENTIFIC CORP
3,431$368.5M0.08%
98
MSCIMSCI INC
636$366.8M0.08%
99
FBNDFIDELITY MERRIMACK STR TR
7,942$364.7M0.08%
100
NOCNORTHROP GRUMMAN CORP
717$358.5M0.07%
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