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Portfolio (Quarterly) Guide ↗

Permanent Capital Management, LP

· CIK 0002054108
13F Portfolio $513M AUM 157 positions Filed Jan 7, 2026 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 23 New 46 Added 49 Reduced 17 Exited
Page 2 of 8  ·  157 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 UBS UBS GROUP AG Financial Services 67,470.0 $3.1M 0.61% -2K -2.7% $46.31 -0.5%
22 GOOGL ALPHABET INC Communication Services 9,931.0 $3.1M 0.61% $313.00 +25.6%
23 SPY SPDR S&P 500 ETF TR Financial Services 4,185.0 $2.9M 0.56% -1K -23.7% $683.91 +7.5%
24 CDZI CADIZ INC Utilities 496,519.0 $2.8M 0.54% $5.61 -24.6%
25 EXPAND ENERGY CORPORATION 23,845.0 $2.6M 0.51% -339.0 -1.4% $110.36
26 UNP UNION PAC CORP Industrials 10,611.0 $2.5M 0.48% +521.0 +5.2% $231.32 +17.2%
27 BK BANK NEW YORK MELLON CORP Financial Services 20,773.0 $2.4M 0.47% $116.09 +17.4%
28 GLNG GOLAR LNG LTD Energy 59,183.0 $2.2M 0.43% +7K +13.2% $37.21 +50.0%
29 OI O-I GLASS INC Consumer Cyclical 141,546.0 $2.1M 0.41% -26K -15.4% $14.76 -39.0%
30 VT VANGUARD INTL EQUITY INDEX F 14,345.0 $2.0M 0.39% $141.06 +8.4%
31 GOOG ALPHABET INC Communication Services 6,010.0 $1.9M 0.37% -387.0 -6.0% $313.80 +24.2%
32 IAC IAC INC Technology 42,322.0 $1.7M 0.32% -9K -16.7% $39.10 +2.7%
33 L LOEWS CORP Financial Services 15,455.0 $1.6M 0.32% $105.31 +2.5%
34 PCG PG&E CORP Utilities 100,029.0 $1.6M 0.31% $16.12 +2.2%
35 BA BOEING CO Industrials 7,152.0 $1.6M 0.30% NEW $217.12 +0.4%
36 TECK TECK RESOURCES LTD Basic Materials 32,270.0 $1.5M 0.30% $47.89 +25.0%
37 ACTG ACACIA RESH CORP Industrials 405,345.0 $1.5M 0.29% $3.74 +23.0%
38 META META PLATFORMS INC Communication Services 2,169.0 $1.4M 0.28% -60.0 -2.7% $660.09 -9.0%
39 QQQ INVESCO QQQ TR Financial Services 2,173.0 $1.3M 0.26% +90.0 +4.3% $614.31 +15.0%
40 AXS AXIS CAP HLDGS LTD Financial Services 12,355.0 $1.3M 0.26% $107.53 -6.9%
Page 2 of 8  ·  157 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 37.2%
Financial Services 23.1%
Industrials 8.5%
Consumer Cyclical 7.5%
Communication Services 6.4%
Healthcare 4.7%
Utilities 4.0%
Energy 3.5%
Consumer Defensive 2.7%
Basic Materials 1.6%