13F Insight
DOSSIER · 13F-HR · Q1 2026

Permanens Capital L.P.

$776M in tracked AUM across 88 positions as of Q1 2026.

PC
CIK 0001599637 · last filed Mar 31, 2026
Total AUM
$776M
as of Q1 2026
Holdings
88
—
positions
Whale Score
64
64
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026

Based on the SEC 13F filing data provided for Permanens Capital L.P. for the period ending September 30, 2025, here is a comprehensive institutional analysis.

1. Portfolio Overview

Permanens Capital L.P. has executed a drastic restructuring of its portfolio during the third quarter of 2025. The total portfolio value plummeted by 61.6%, declining from $733.35 million to $281.73 million. This reduction is not solely attributable to market performance but is driven by a significant shift i...

The portfolio now consists of 35 holdings, down from a presumably larger set in the previous quarter (indicated by the sale of 35 positions). The turnover was exceptionally high, with the firm exiting 35 positions and establishing 20 new ones. The current portfolio is highly concentrated, with the top 10 holdings accounting for approximately 88.9% of the total value. This suggests a move away from broad diversification toward high-conviction positions.

2. Key Holdings

The composition of the top holdings indicates a strong preference for liquidity preservation, currency hedging, and precious metals exposure.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
IAU
ISHARES GOLD TR
$166M1.9M21.4%02
VTV
VANGUARD INDEX FDS
$118M599K15.1%03
BIL
SPDR SERIES TRUST
$91M988K11.7%04
VUG
VANGUARD INDEX FDS
$50M115K6.5%05
SECU
BLACKROCK ETF TRUST II
$41M822K5.3%06
SCHI
SCHWAB STRATEGIC TR
$31M1.3M3.9%07
IEI
ISHARES TR
$31M258K3.9%08
JPY
LAZARD ACTIVE ETF TR
$20M596K2.5%09
CCJ
CAMECO CORP
$18M169K2.4%10
PREF
PRINCIPAL EXCHANGE TRADED FD
$16M847K2.1%

Filing history

2026Q1Mar 31
$776M▲ 1.2%
88 positionsView →2025Q4Dec 31
$767M▲ 172.2%
80 positionsView →2025Q3Sep 30
$282M▼ 61.6%
35 positionsView →2025Q2Jun 30
$733M▲ 33.2%
68 positionsLocked2025Q1Mar 31
$551M▲ 5.2%
59 positionsLocked2024Q4Dec 31
$524M▲ 6.4%
53 positionsLocked2024Q3Sep 30
$492M▼ 49.7%
53 positionsLocked2024Q2Jun 30
$980M▲ 20.4%
27 positionsLocked2024Q1Mar 31
$814M▲ 58.6%
26 positionsLocked2023Q4Dec 31
$513M▼ 12.2%
26 positionsLocked2023Q3Sep 30
$585M▲ 34.6%
43 positionsLocked2023Q2Jun 30
$434M▼ 5.8%
30 positionsLocked
Showing 12 of 47