13F Insight
DOSSIER · 13F-HR · Q2 2026

Permanens Capital L.P.

$972M in tracked AUM across 100 positions as of Q2 2026.

PC
CIK 0001599637 · last filed Jun 30, 2026
Total AUM
$972M
as of Q2 2026
Holdings
100
—
positions
Whale Score
66
66
tracked
Activity
—
no data
changes this Q
AI Analysis · Q2 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.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
BIL
SPDR SERIES TRUST
$163M1.8M16.8%02
VTV
VANGUARD INDEX FDS
$159M729K16.3%03
VUG
VANGUARD INDEX FDS
$71M825K7.3%04
IAU
ISHARES GOLD TR
$65M858K6.7%05
SECU
BLACKROCK ETF TRUST II
$55M1.1M5.7%06
RSP
INVESCO EXCHANGE TRADED FD T
$42M198K4.3%07
BBEU
J P MORGAN EXCHANGE TRADED F
$29M376K3.0%08
JPY
LAZARD ACTIVE ETF TR
$25M695K2.6%09
SCHI
SCHWAB STRATEGIC TR
$25M1.1M2.6%10
PSUS
PERSHING SQUARE USA LTD
$22M601K2.3%

Filing history

2026Q2Jun 30
$972M▲ 25.3%
100 positionsView →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 positionsLocked
Showing 12 of 48