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OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

ONE EMBARCADERO CENTER SUITE 4100, SAN FRANCISCO, CA 94111 • 4153625637

Q1 2026 · Filed 2026-04-27
Market Value
$1.9B
-2.6%
Holdings
207
-7
New Purchases
11
Added To
68
Closed
10
Reduced
82
Top 10 Concentration
30.4%
Turnover
10.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SGOV 2.31% 1.02% +1.29% $44M
NOW 0.48% 0.00% +0.48% $9M
DJP 1.82% 1.43% +0.40% $34M
NFLX 0.39% 0.00% +0.39% $7M
URI 0.34% 0.00% +0.34% $6M
AMZN 1.97% 1.67% +0.30% $37M
VEU 7.31% 7.03% +0.28% $138M
XOM 0.91% 0.63% +0.28% $17M
BSX 0.27% 0.00% +0.27% $5M
VNQ 2.28% 2.07% +0.21% $43M
PLNT 0.60% 0.40% +0.19% $11M
PSX 0.64% 0.45% +0.19% $12M
SLB 0.66% 0.48% +0.18% $12M
ILF 1.22% 1.05% +0.17% $23M
PANW 1.19% 1.03% +0.17% $23M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VMC 0.05% 0.57% -0.52% $982K
UNP 0.20% 0.70% -0.51% $4M
RTX 0.02% 0.51% -0.49% $446K
NICE 0.00% 0.45% -0.45% $0
GPN 0.00% 0.41% -0.41% $0
LNG 0.33% 0.74% -0.41% $6M
WDAY 0.00% 0.30% -0.30% $0
LVS 0.49% 0.78% -0.30% $9M
MSFT 3.05% 3.34% -0.29% $58M
ADP 0.47% 0.68% -0.21% $9M
AAAU 0.42% 0.62% -0.20% $8M
ICLR 0.29% 0.48% -0.19% $6M
AAPL 3.80% 3.98% -0.18% $72M
TCOM 0.47% 0.65% -0.18% $9M
IAU 0.56% 0.74% -0.17% $11M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 50.4%
Technology 15.5%
Consumer Cyclical 10.7%
Communication Services 5.8%
Healthcare 5.1%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 60 $559M 29.5%
Large Cap 101 $896M 47.4%
Mid Cap 30 $235M 12.4%
Small Cap 10 $96M 5.1%
Micro Cap 6 $106M 5.6%

Portfolio Analytics

Avg Market Cap
$301.2B
Median Market Cap
$79.3B
Avg P/E
33.0
Median P/E
25.6
Avg Dividend Yield
0.02%
Avg Beta
0.90
# Stocks
133
# ETFs / Funds
74

Top Holdings (207 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VEU 7.31% 1,841,563 $138M $75.10 $2M -14,198 -0.8%
2 AAPL 3.80% 283,118 $72M $253.79 -$5M -1,238 -0.4%
3 VWO 3.41% 1,192,716 $64M $54.05 $638K +5,426 +0.5%
4 MSFT 3.05% 155,924 $58M $370.17 -$7M +21,657 +16.1%
5 EWJ 2.36% 528,001 $45M $84.44 $2M +849 +0.2%
6 SGOV 2.31% 434,573 $44M $100.66 $24M +237,330 +120.3%
7 VNQ 2.28% 485,471 $43M $88.70 $3M +31,144 +6.8%
8 VGK 2.13% 489,139 $40M $82.43 -$527K +599 +0.1%
9 AMZN 1.97% 178,994 $37M $208.27 $5M +38,683 +27.6%
10 DJP 1.82% 715,805 $34M $48.14 $7M -20,217 -2.8%
11 GOOG 1.81% 119,659 $34M $286.86 -$4M -1,319 -1.1%
12 NVDA 1.72% 186,766 $33M $174.40 -$4M -10,250 -5.2%
13 JPM 1.72% 110,719 $33M $294.16 -$3M +145 +0.1%
14 SRLN 1.63% 767,782 $31M $40.14 -$910K -1,038 -0.1%
15 RWX 1.62% 1,153,817 $31M $26.62 -$1M +5,762 +0.5%
16 ICSH 1.62% 604,726 $31M $50.62 $2M +39,299 +7.0%
17 GOOGL 1.43% 94,183 $27M $287.56 -$1M +3,965 +4.4%
18 DAX 1.38% 618,608 $26M $42.16 -$2M +9,294 +1.5%
19 ILF 1.22% 650,930 $23M $35.52 $3M -18,686 -2.8%
20 EWN 1.20% 393,525 $23M $57.51 $207K +324 +0.1%
21 PANW 1.19% 140,725 $23M $160.32 $3M +32,501 +30.0%
22 AMD 1.16% 107,387 $22M $203.43 -$1M -1,363 -1.2%
23 XBI 1.15% 170,839 $22M $127.73 -$244K -10,125 -5.6%
24 TMO 1.14% 43,966 $22M $491.53 $1M +8,793 +25.0%
25 MNA 1.07% 554,304 $20M $36.35 $551K +6,733 +1.2%
26 TLT 1.02% 221,687 $19M $86.69 $171K +3,157 +1.4%
27 BWA 1.00% 348,616 $19M $54.26 $2M -16,876 -4.6%
28 DHR 0.99% 99,069 $19M $189.60 -$4M +1,368 +1.4%
29 GXC 0.96% 195,364 $18M $93.12 -$447K +2,832 +1.5%
30 MELI 0.91% 9,946 $17M $1,729.02 -$3M -149 -1.5%
31 XOM 0.91% 101,224 $17M $169.66 $5M -332 -0.3%
32 SPY 0.89% 25,758 $17M $650.34 -$393K +617 +2.5%
33 BRK-B 0.88% 34,620 $17M $479.20 -$934K -244 -0.7%
34 META 0.87% 28,713 $16M $572.13 -$2M +231 +0.8%
35 WMT 0.81% 123,089 $15M $124.28 $389K -10,732 -8.0%
36 ICVT 0.81% 149,672 $15M $101.79 $396K -976 -0.7%
37 BABA 0.77% 115,896 $15M $125.46 -$1M +8,082 +7.5%
38 INCO 0.76% 263,029 $14M $54.97 -$406K +33,678 +14.7%
39 SQ 0.76% 239,829 $14M $60.18 -$547K +9,683 +4.2%
40 CUK 0.75% 549,495 $14M $25.77 -$3M -8,771 -1.6%
41 CRM 0.75% 75,771 $14M $186.67 -$4M +9,133 +13.7%
42 MMC 0.74% 80,882 $14M $173.45 -$593K +2,066 +2.6%
43 USDU 0.74% 530,739 $14M $26.33 $733K +17,496 +3.4%
44 V 0.74% 46,217 $14M $302.24 -$2M +1,666 +3.7%
45 APD 0.70% 45,764 $13M $290.49 $2M +248 +0.5%
46 MGM 0.67% 344,057 $13M $37.01 $230K +1,404 +0.4%
47 AMJB 0.67% 367,952 $13M $34.57 $2M -677 -0.2%
48 VCSH 0.66% 157,576 $12M $79.27 -$43K +369 +0.2%
49 SLB 0.66% 242,469 $12M $51.39 $3M +1,732 +0.7%
50 KMI 0.64% 363,682 $12M $33.53 $2M -3,136 -0.8%
51 PSX 0.64% 66,252 $12M $182.18 $3M -1,435 -2.1%
52 DIS 0.64% 124,909 $12M $96.38 -$2M +5,311 +4.4%
53 TTWO 0.62% 59,572 $12M $197.50 -$3M +1,055 +1.8%
54 RYAAY 0.62% 201,338 $12M $57.80 -$3M -524 -0.3%
55 ABT 0.61% 112,500 $12M $102.67 -$2M +4,596 +4.3%
56 NXPI 0.60% 58,014 $11M $196.86 -$965K +952 +1.7%
57 PLNT 0.60% 152,197 $11M $74.38 $3M +79,915 +110.6%
58 PRF 0.59% 236,444 $11M $47.53 -$29K -3,695 -1.5%
59 IAU 0.56% 120,637 $11M $88.16 -$4M -55,470 -31.5%
60 COST 0.56% 10,656 $11M $996.43 -$99K -1,771 -14.2%
61 PG 0.54% 70,820 $10M $144.44 $64K -111 -0.2%
62 POOL 0.54% 50,045 $10M $202.33 $2M +12,422 +33.0%
63 ZGN 0.52% 942,458 $10M $10.42 $3M +243,137 +34.8%
64 ASML 0.52% 7,403 $10M $1,320.87 $2M -71 -0.9%
65 CZR 0.51% 366,640 $10M $26.43 $1M +2,191 +0.6%
66 PEP 0.51% 62,048 $10M $155.29 $683K -331 -0.5%
67 LOW 0.50% 39,784 $9M $236.28 -$61K +553 +1.4%
68 ACWX 0.49% 136,270 $9M $68.47 $65K -1,750 -1.3%
69 LVS 0.49% 170,370 $9M $53.88 -$6M -62,843 -26.9%
70 NOW 0.48% 87,101 $9M $104.55 +87,101 NEW
71 TCOM 0.47% 179,699 $9M $49.79 -$4M +3,879 +2.2%
72 CVS 0.47% 124,492 $9M $71.82 -$571K +4,633 +3.9%
73 NKE 0.47% 168,717 $9M $52.82 -$2M -431 -0.2%
74 ADP 0.47% 43,557 $9M $203.18 -$4M -7,630 -14.9%
75 BKNG 0.46% 2,048 $9M $4,210.48 -$2M -19 -0.9%
76 CBRE 0.42% 58,884 $8M $135.46 -$1M +1,133 +2.0%
77 AAAU 0.42% 172,340 $8M $46.19 -$4M -109,182 -38.8%
78 VUG 0.41% 17,797 $8M $436.79 -$909K
79 TREX 0.40% 208,136 $8M $36.42 $2M +58,300 +38.9%
80 VTI 0.39% 23,213 $7M $320.81 -$758K -1,260 -5.2%
81 VIG 0.39% 34,437 $7M $215.06 -$570K -1,854 -5.1%
82 NFLX 0.39% 76,007 $7M $96.15 +76,007 NEW
83 VCIT 0.39% 88,291 $7M $82.75 $13K +1,204 +1.4%
84 ESTC 0.38% 143,144 $7M $49.99 $1M +63,105 +78.8%
85 UNH 0.37% 26,007 $7M $270.59 -$1M +1,005 +4.0%
86 KEYS 0.37% 24,829 $7M $282.37 -$2M -17,807 -41.8%
87 PM 0.35% 40,000 $7M $165.34 -$130K -2,044 -4.9%
88 URI 0.34% 8,768 $6M $728.56 +8,768 NEW
89 VTV 0.33% 32,290 $6M $196.20 $21K -770 -2.3%
90 HD 0.33% 18,979 $6M $328.88 -$329K -117 -0.6%
91 LNG 0.33% 21,794 $6M $283.76 -$8M -51,646 -70.3%
92 IWF 0.32% 14,210 $6M $426.40 -$637K +63 +0.5%
93 SUI 0.32% 47,600 $6M $125.96 $202K +840 +1.8%
94 ICLR 0.29% 49,764 $6M $110.66 -$4M -1,115 -2.2%
95 BUSE 0.28% 210,214 $5M $25.27 -$3M -150,924 -41.8%
96 WSC 0.28% 300,098 $5M $17.36 -$2M -63,223 -17.4%
97 BSX 0.27% 82,511 $5M $62.75 +82,511 NEW
98 FIS 0.27% 108,772 $5M $46.91 -$2M +644 +0.6%
99 PLD 0.27% 38,438 $5M $132.18 $174K +5 +0.0%
100 NUE 0.25% 28,200 $5M $169.10 $169K

New Positions

SymbolValue% Port
NOW $9M 0.48%
NFLX $7M 0.39%
URI $6M 0.34%
BSX $5M 0.27%
VUSB $2M 0.10%
IDEV $804K 0.04%
VONE $447K 0.02%
IJR $325K 0.02%
IEMG $241K 0.01%
VZ $215K 0.01%
LH $205K 0.01%

Sold Out Positions

SymbolValue% Port
YUMC —%
RAL —%
GIS —%
GPN —%
OHI —%
KMB —%
COPX —%
NICE —%
WDAY —%
SCHX —%
View SEC EDGAR Filings for OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms