Tracking Permanens Capital's Shift in Portfolio Holdings from Q3 to Q4 2022

Permanens Capital L.P. reported a change in its holdings from Q3 to Q4 2022, with some significant adjustments made to the portfolio. In this blog post, we will look at the changes in holdings and examine why Permanens Capital made these moves.

Introduction:

Permanens Capital L.P. is an investment management firm that specializes in global macro strategies. Their goal is to provide clients with long-term capital appreciation, with a focus on risk management. As of Q4 2022, the firm reported a total market value of $413,254,000 in 13F securities.

Main Body:

One of the most significant changes in Permanens Capital's portfolio was the reduction of their holdings in VUG, Vanguard Index FDS, which saw a decrease from 175,841 shares in Q3 to 133,173 shares in Q4. The value of their holdings also fell from $37,621,000 to $28,380,000, a decrease of 24.6%.

Permanens Capital also increased their holdings in IAU, iShares Gold TR, which rose from 635,995 shares in Q3 to 651,595 shares in Q4, with the value of their holdings increasing from $20,053,000 to $22,538,000, a 12.4% increase.

In addition to these moves, Permanens Capital sold out of some positions. SPYG, SPDR SER TR, which previously had 0 shares, was added to the portfolio with 2,698 shares in Q4. And 3 holdings, TOST, Toast Inc, TGT, Target Corp, and AMZN, Amazon Com Inc, were completely divested.

These changes suggest that Permanens Capital is shifting its focus to opportunities in gold, which seems like a sound decision amid rising inflation. The move toward SPYG indicates a shift in focus from growth-oriented stocks to a more value-oriented approach. It is noteworthy how they added 2,698 shares of SPYG, which could show the strength of their belief in the potential of these stocks.

Conclusion:

Permanens Capital's portfolio changes from Q3 to Q4 2022 demonstrate their belief that there is an opportunity in gold investments and value-oriented stocks. The reduction in VUG holdings reflects what might be a shift away from growth-oriented stocks, while the addition of SPYG and the complete divestment of TOST, TGT, and AMZN show significant changes in the portfolio.

It is worth noting that Permanens Capital is a macro-focused hedge fund with an emphasis on risk management, and their portfolio decisions are likely supported by their macroeconomic perspective rather than a specific company or sector focus. It will be interesting to see how these changes impact their portfolio performance in the upcoming quarters.