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Livermore
Livermore
ZHEN

Permanent Capital Management, LP

SEC CIK
0002054108
Latest filing
Aug 12, 2026

The latest 13F from Permanent Capital Management, LP covers Q2 2026 (filed Aug 12, 2026): 211 long positions worth $746.7M. The top 10 holdings make up 77.8% of the portfolio, and the largest is Vanguard Total World Stock ETF at 24.4%. Livermore has 7 filings on Form 13F from this institution, going back to Q2 2024.

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
66
Est. +$26.9M
Added
49
Est. +$97.7M
Reduced
38
Est. −$43.7M
Sold out
10
Est. −$6.67M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Total World Stock ETF922042742
    24.4%$182.1M
  2. Vanguard S&P 500 ETF922908363
    23.3%$173.9M
  3. iShares Core U.S. Aggregate Bond ETF464287226
    8.6%$64.5M
  4. Vanguard Ftse Developed Markets ETF921943858
    6.4%$48.1M
  5. Vanguard Scottsdale FDS92206C706
    4.7%$35.4M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Total World Stock ETF922042742
    +$81.2MAdded
  2. Vanguard S&P 500 ETF922908363
    +$4.54MAdded
  3. Valued Advisers Tr92046L353
    +$3.86MNew
  4. DGXQuest Diagnostics Inc
    +$1.43MAddedHistory
  5. Vanguard Morningstar Total Stock Market ETF922908769
    +$1.39MAdded

Largest weight increases

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

  1. Vanguard Total World Stock ETF922042742
    +9.26 pp15.1% → 24.4%
  2. Valued Advisers Tr92046L353
    +0.52 pp0.0% → 0.5%
  3. DGXQuest Diagnostics Inc
    +0.18 pp0.1% → 0.3%History
  4. iShares S&P 100 ETF464287101
    +0.15 pp0.0% → 0.2%
  5. Vanguard Morningstar Value ETF922908744
    +0.15 pp<0.1% → 0.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Invesco Exchange Traded FD T46137V357
    −$22.0MReduced
  2. iShares Russell 1000 Growth ETF464287614
    −$13.1MReducedConverted for a 4-for-1 split
  3. AURAurora Innovation, Inc.
    −$5.03MReducedHistory
  4. Vanguard Morningstar Small-Cap ETF922908751
    −$3.95MSold out
  5. NOWServiceNow, Inc.
    −$581.7KReducedHistory

Largest weight decreases

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

  1. Invesco Exchange Traded FD T46137V357
    −3.30 pp3.6% → 0.3%
  2. AURAurora Innovation, Inc.
    −0.67 pp1.2% → 0.6%History
  3. Vanguard Morningstar Small-Cap ETF922908751
    −0.61 pp0.6% → 0.0%
  4. Vanguard Ftse Emerging Markets ETF922042858
    −0.34 pp2.7% → 2.3%
  5. SPDR Series Trust78464A664
    −0.16 pp1.1% → 1.0%

Metrics

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

Portfolio value
$746.7M
+$103.7M (+16.1%) vs. prior quarter
Positions
211
+56 vs. prior quarter
Top 10 concentration
77.8%
Top 10 as share of value
Turnover
7.2%
Q2 2026, one quarter
Average holding period
3.8 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 (Q2 2024), so positions held before then are understated.

13F filings by quarter

7 quarters, going back to Q2 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $746.7M (Q2 2026)

Q2 2024: $478.7MQ4 2024: $323.0MQ1 2025: $348.9MQ3 2025: $534.9MQ4 2025: $513.3MQ1 2026: $643.0MQ2 2026: $746.7M
Q2 2024Q2 2026
13F filings of Permanent Capital Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 2026211$746.7MVanguard Total World Stock ETFVanguard S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2026SEC
Q1 2026May 14, 2026155$643.0MVanguard S&P 500 ETFVanguard Total World Stock ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2025SEC
Q4 2025Jan 7, 2026157$513.3MVanguard S&P 500 ETFInvesco Exchange Traded FD TVanguard Ftse Developed Markets ETFvs. Q3 2025SEC
Q3 2025Oct 17, 2025151$534.9MVanguard S&P 500 ETFVanguard Scottsdale FDSInvesco Exchange Traded FD T–SEC
Q1 2025Apr 11, 202579$348.9MVanguard S&P 500 ETFVanguard Scottsdale FDSVanguard Ftse Developed Markets ETFvs. Q4 2024SEC
Q4 2024Feb 7, 202574$323.0MVanguard Scottsdale FDSVanguard S&P 500 ETFMSFT–SEC
Q2 2024Jul 15, 2025158$478.7MVanguard S&P 500 ETFVanguard Scottsdale FDSVanguard Ftse Developed Markets ETF–SEC