Permanens Capital L.P.

CIK 0001599637 · Q1 2026

13F Equity AUM

$776.3M

+1.2% QoQ

Positions

+8 QoQ

AUM Rank

#3,304

Top 27%

Skill Alpha (FF)

-1.8%/yr^ns

No Clear Edge

Rank #4,902 · Top 60%

vs S&P -5.0%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 60.0%Top 10: 74.8%Top 20: 88.8%

IAU*21.4%

VTV15.2%

BIL11.7%

VUG6.5%

BLACKROCK ETF TRUST II5.3%

SCHI3.9%

IEI3.9%

JPY2.5%

CCO2.4%

PREF2.0%

Others (78)25.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services60.1%

Financials21.4%

Unclassified5.3%

Energy4.2%

Technology2.6%

Consumer Cyclical2.1%

Other4.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 88Median: 0.15%Avg: 1.14%

0–0.5%

64(7.9%)

0.5–1%

2(1.4%)

1–3%

15(22.9%)

3–5%

2(7.9%)

5%+

5(60.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 85Unique: 3vs 20 funds

1.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.5%

BANK OF AMERICA CORP /DE/

1.6%

1.9%

1.5%

2.1%

1.6%

GEODE CAPITAL MANAGEMENT, LLC

1.3%

VANGUARD CAPITAL MANAGEMENT LLC

1.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New19Increased25Decreased27Exited11

New Positions

BLACKROCK ETF TRUST …5.3%

+822K

SCHI3.9%

+1.3M

BKR1.4%

+175K

BRK/B1.2%

+20K

BRHY1.0%

+155K

BKLN1.0%

+383K

RSP0.8%

+34K

IEFA0.1%

+11K

AJG0.1%

+3K

SPGI0.1%

+1K

Increased

IAU*21.4%

+763K(+68%)

BIL11.7%

+324K(+49%)

IEI3.9%

+241K(+1463%)

IAUM1.6%

+113K(+74%)

MUFG1.3%

+42K(+8%)

VTV15.2%

+38K(+7%)

PODC0.0%

+35K(+35%)

ACP0.0%

+33K(+120%)

JPY2.5%

+14K(+2%)

JPM1.3%

+7K(+24%)

Decreased

PREF2.0%

-868,623(-51%)

EAGL1.2%

-501,534(-63%)

BBEU1.9%

-353,696(-63%)

DXJ0.5%

-268,841(-92%)

VUG6.5%

-46,732(-29%)

CMCSA0.1%

-33,146(-47%)

COP0.3%

-15,563(-45%)

AA0.1%

-13,342(-49%)

AER0.1%

-10,514(-60%)

SHEL0.1%

-9,197(-60%)

Exited

-900,242

-847,010

-207,412

-85,461

-37,203

-3,877

-3,035

-4,173

-608

-1,208

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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