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Livermore
Livermore
ZHEN

Permanens Capital L.P.

SEC CIK
0001599637
Latest filing
Aug 14, 2026

The latest 13F from Permanens Capital L.P. covers Q2 2026 (filed Aug 14, 2026): 100 long positions worth $972.4M. The top 10 holdings make up 67.6% of the portfolio, and the largest is State Street SPDR Bloomberg 1-3 Month T-Bill ETF at 16.8%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
36
Est. +$68.3M
Added
47
Est. +$278.1M
Reduced
12
Est. −$94.5M
Sold out
24
Est. −$62.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    16.8%$162.9M
  2. Vanguard Morningstar Value ETF922908744
    16.3%$158.8M
  3. Vanguard Morningstar Growth ETF922908736
    7.3%$71.1M
  4. IAUiShares Gold Trust
    6.7%$64.8MHistory
  5. BlackRock ETF Trust II092528819
    5.7%$55.0M

Share of portfolio

Top 5 holdings and the other 95 positions, by share of portfolio value

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF16.8%
  2. Vanguard Morningstar Value ETF16.3%
  3. Vanguard Morningstar Growth ETF7.3%
  4. IAU6.7%
  5. BlackRock ETF Trust II5.7%
  6. Other 95 positions47.3%

Biggest buys

New and added positions, by estimated amount bought

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +$72.4MAdded
  2. Invesco Exchange Traded FD T46137V357
    +$35.0MAdded
  3. Vanguard Morningstar Value ETF922908744
    +$28.2MAdded
  4. PSUSPershing Square USA, Ltd.
    +$22.5MNewHistory
  5. WisdomTree Tr97717W851
    +$17.7MAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +5.09 pp11.7% → 16.8%
  2. Invesco Exchange Traded FD T46137V357
    +3.50 pp0.8% → 4.3%
  3. PSUSPershing Square USA, Ltd.
    +2.31 pp0.0% → 2.3%History
  4. WisdomTree Tr97717W851
    +1.76 pp0.5% → 2.2%
  5. Ea Series Trust02072L607
    +1.59 pp0.1% → 1.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. IAUiShares Gold Trust
    −$77.6MReducedHistory
  2. iShares Tr464288661
    −$30.6MSold out
  3. BKRBaker Hughes Co
    −$10.7MSold outHistory
  4. BRK.BBerkshire Hathaway Inc
    −$9.30MReducedHistory
  5. BlackRock ETF Trust II092528868
    −$7.81MSold out

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. IAUiShares Gold Trust
    −14.75 pp21.4% → 6.7%History
  2. iShares Tr464288661
    −3.94 pp3.9% → 0.0%
  3. Schwab Strategic Tr808524698
    −1.38 pp3.9% → 2.6%
  4. BKRBaker Hughes Co
    −1.37 pp1.4% → 0.0%History
  5. BRK.BBerkshire Hathaway Inc
    −1.16 pp1.2% → 0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$972.4M
+$196.1M (+25.3%) vs. prior quarter
Positions
100
+12 vs. prior quarter
Top 10 concentration
67.6%
Top 10 as share of value
Turnover
17.9%
Q2 2026, one quarter
Average holding period
11.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $979.6M (Q2 2024)

Q1 2021: $486.7MQ2 2021: $556.6MQ3 2021: $551.6MQ4 2021: $634.8MQ1 2022: $645.2MQ2 2022: $497.1MQ3 2022: $443.6MQ4 2022: $412.7MQ1 2023: $461.1MQ2 2023: $434.5MQ3 2023: $584.9MQ4 2023: $513.3MQ1 2024: $813.9MQ2 2024: $979.6MQ3 2024: $492.3MQ4 2024: $523.7MQ1 2025: $550.7MQ2 2025: $733.3MQ3 2025: $670.5MQ4 2025: $766.8MQ1 2026: $776.3MQ2 2026: $972.4M
Q1 2021Q2 2026
13F filings of Permanens Capital L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026100$972.4MState Street SPDR Bloomberg 1-3 Month T-Bill ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q1 2026SEC
Q1 2026May 15, 202688$776.3MIAUVanguard Morningstar Value ETFState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q4 2025SEC
Q4 2025Feb 17, 202680$766.8MVanguard Morningstar Value ETFIAUVanguard Morningstar Growth ETFvs. Q3 2025SEC
Q3 2025Nov 14, 202562$670.5MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFIAUvs. Q2 2025SEC
Q2 2025Aug 14, 202568$733.3MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFDBX ETF Trvs. Q1 2025SEC
Q1 2025May 15, 202559$550.7MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFIAUvs. Q4 2024SEC
Q4 2024Feb 14, 202553$523.7MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFInvesco Exchange Traded FD Tvs. Q3 2024SEC
Q3 2024Nov 14, 202453$492.3MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFiShares Incvs. Q2 2024SEC
Q2 2024Aug 14, 202427$979.6MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFiShares Incvs. Q1 2024SEC
Q1 2024May 15, 202426$813.9MVanguard Morningstar Value ETFiShares IncVanguard Morningstar Growth ETFvs. Q4 2023SEC
Q4 2023Feb 14, 202426$513.3MVanguard Morningstar Value ETFiShares IncVanguard Morningstar Growth ETFvs. Q3 2023SEC
Q3 2023Nov 14, 202343$584.9MVanguard Morningstar Value ETFiShares IncVanguard Morningstar Growth ETFvs. Q2 2023SEC
Q2 2023Aug 14, 202330$434.5MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFWisdomTree Trvs. Q1 2023SEC
Q1 2023May 15, 202334$461.1MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFIAUvs. Q4 2022SEC
Q4 2022Feb 14, 202331$412.7MVanguard Morningstar Value ETFWisdomTree TrVanguard Morningstar Growth ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202234$443.6MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFWisdomTree Trvs. Q2 2022SEC
Q2 2022Aug 15, 202240$497.1MVanguard Morningstar Value ETFiShares TrWisdomTree Trvs. Q1 2022SEC
Q1 2022May 13, 202244$645.2MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFiShares MSCI USA Quality Factor ETFvs. Q4 2021SEC
Q4 2021Feb 14, 202244$634.8MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFWisdomTree Trvs. Q3 2021SEC
Q3 2021Nov 12, 202143$551.6MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFiShares Trvs. Q2 2021SEC
Q2 2021Aug 13, 2021111$556.6MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFiShares Trvs. Q1 2021SEC
Q1 2021May 13, 2021126$486.7MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFiShares Tr–SEC