Permanens Capital L.P.

CIK 0001599637 · Q2 2026

13F Equity AUM

$972.4M

+25.3% QoQ

Positions

100

+12 QoQ

AUM Rank

#2,458

Top 28%

Skill Alpha (FF)

-1.6%/yr^ns

No Clear Edge

Rank #5,205 · Top 63%

vs S&P -2.7%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 52.7%Top 10: 67.5%Top 20: 82.8%

BIL16.8%

VTV16.3%

VUG7.3%

IAU*6.7%

BLACKROCK ETF TRUST II5.7%

RSP4.3%

BBEU3.0%

JPY2.6%

SCHI2.6%

PERSHING SQUARE USA LTD2.3%

Others (90)32.5%

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

Sector Allocation

Financial Services71.3%

Unclassified8.0%

Financials6.7%

Technology4.5%

Energy2.1%

Communication Services2.0%

Other5.4%

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

Position Sizing

Positions: 100Median: 0.16%Avg: 1.00%

0–0.5%

70(8.1%)

0.5–1%

5(3.6%)

1–3%

18(28.2%)

3–5%

2(7.3%)

5%+

5(52.7%)

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

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Portfolio Overlap

Shared: 0Unique: 100vs 20 funds

0%Low

100

Fund positions

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.

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Position Changes This Quarter

New36Increased47Decreased12Exited24

New Positions

PERSHING SQUARE USA …2.3%

+601K

HHH1.2%

+169K

NOK1.0%

+754K

IGF0.3%

+49K

VT0.3%

+20K

EFA0.3%

+23K

GNR0.2%

+34K

AVGO0.1%

+4K

STUB0.1%

+81K

MU0.1%

+800

Increased

BIL16.8%

+790K(+80%)

VUG7.3%

+711K(+619%)

BLACKROCK ETF TRUST …5.7%

+281K(+34%)

PREF2.2%

+258K(+30%)

FRDM1.6%

+210K(+2434%)

BBEU3.0%

+170K(+82%)

RSP4.3%

+164K(+483%)

VTV16.3%

+129K(+22%)

DXJ2.3%

+102K(+426%)

IEFA1.1%

+101K(+950%)

Decreased

IAU*6.7%

-1,027,378(-54%)

SCHI2.6%

-249,975(-19%)

CANG0.0%

-181,412(-92%)

PODC0.0%

-125,238(-93%)

BRK/B0.1%

-18,587(-94%)

NFLX0.2%

-3,692(-12%)

MUFG1.2%

-1,408(-0%)

AA0.1%

-1,337(-9%)

NDQ0.1%

-1,005(-46%)

COP0.2%

-521(-3%)

Exited

-257,944

-174,553

-154,756

-201,265

-170,000

-65,544

-37,901

-50,000

-7,002

-2,457

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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