Permanent Capital Management, LP

Diversification The portfolio now comprises 157 holdings, indicating a high level of diversification. However, the "effective" number of holdings is much higher when considering the underlying assets of the top Exchange Traded Funds (ETFs). The firm has adopted a core-satellite approach where the "core" is composed of broad market ETFs, and "satellite" positions are maintained in individual equities.

2. Key Holdings

Dominance of ETFs The most striking feature of this filing is the concentration of capital in a few massive ETF positions.

• VOO (Vanguard S&P 500 ETF): This is the portfolio's anchor, representing a massive 30.00% allocation ($153.97M). This is a new position, indicating a strategic decision to track the U.S. large-cap market.
• RSP (Invesco S&P 500 Equal Weight ETF): Holding 8.14% ($41.78M), this position suggests a desire to mitigate concentration risk inherent in market-cap weighted indices like the S&P 500, favoring a more balanced exposure to all 500 companies.
• VEA (Vanguard FTSE Developed Markets ETF): At 8.13% ($41.72M), this provides significant exposure to international developed markets (Europe and Asia Pacific).