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OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

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

Q2 2025 · Filed 2025-08-12
Market Value
$1.9B
+8.4%
Holdings
221
-3
New Purchases
9
Added To
52
Closed
16
Reduced
111
Top 10 Concentration
28.4%
Turnover
11.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SGOV 1.18% 0.00% +1.18% $22M
CUK 0.81% 0.00% +0.81% $15M
AMZN 1.04% 0.46% +0.59% $20M
MSFT 3.66% 3.08% +0.58% $69M
LVS 0.94% 0.47% +0.46% $18M
NVDA 1.80% 1.39% +0.42% $34M
TTWO 0.78% 0.37% +0.41% $15M
AL 0.40% 0.00% +0.40% $8M
XBI 0.82% 0.48% +0.34% $15M
APO 0.22% 0.00% +0.22% $4M
AMD 0.85% 0.63% +0.22% $16M
APD 0.68% 0.48% +0.20% $13M
MELI 1.12% 0.93% +0.19% $21M
RYAAY 0.63% 0.50% +0.13% $12M
EWJ 2.13% 2.00% +0.13% $40M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 3.22% 3.84% -0.62% $61M
ACWX 0.45% 0.99% -0.54% $8M
OTIS 0.00% 0.45% -0.45% $0
ICSH 1.51% 1.96% -0.44% $28M
VEU 6.89% 7.26% -0.38% $130M
CVS 0.44% 0.76% -0.32% $8M
EWN 1.16% 1.42% -0.25% $22M
MMC 0.90% 1.14% -0.24% $17M
DJP 1.34% 1.53% -0.19% $25M
BRK-B 0.92% 1.09% -0.17% $17M
BABA 0.67% 0.83% -0.16% $13M
RWX 1.71% 1.86% -0.16% $32M
XOM 0.58% 0.72% -0.15% $11M
TMO 0.69% 0.83% -0.14% $13M
LKQ 0.52% 0.65% -0.13% $10M

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 58 $506M 26.9%
Large Cap 115 $930M 49.4%
Mid Cap 31 $255M 13.6%
Small Cap 10 $83M 4.4%
Micro Cap 7 $107M 5.7%

Portfolio Analytics

Avg Market Cap
$279.7B
Median Market Cap
$74.1B
Avg P/E
31.7
Median P/E
24.3
Avg Dividend Yield
0.02%
Avg Beta
0.89
# Stocks
148
# ETFs / Funds
73

Top Holdings (221 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VEU 6.89% 1,926,907 $130M $67.22 $4M -150,198 -7.2%
2 MSFT 3.66% 138,350 $69M $497.41 $15M -3,931 -2.8%
3 AAPL 3.22% 295,218 $61M $205.17 -$6M -4,771 -1.6%
4 VWO 3.19% 1,213,332 $60M $49.46 $7M +31,835 +2.7%
5 EWJ 2.13% 533,841 $40M $74.97 $5M +27,268 +5.4%
6 VGK 2.05% 497,165 $39M $77.50 $4M +5,423 +1.1%
7 VNQ 2.05% 432,617 $39M $89.06 $1M +19,409 +4.7%
8 NVDA 1.80% 214,642 $34M $157.99 $10M -7,138 -3.2%
9 JPM 1.75% 113,722 $33M $289.91 $4M -4,891 -4.1%
10 RWX 1.71% 1,171,696 $32M $27.40 -$204K -148,113 -11.2%
11 SRLN 1.63% 738,962 $31M $41.59 $220K -2,911 -0.4%
12 ICSH 1.51% 561,281 $28M $50.71 -$5M -108,204 -16.2%
13 DAX 1.50% 627,540 $28M $44.93 $3M -12,628 -2.0%
14 GOOG 1.37% 145,221 $26M $177.39 $3M -165 -0.1%
15 DJP 1.34% 743,208 $25M $33.98 -$1M -9,797 -1.3%
16 META 1.21% 30,857 $23M $738.08 $4M -2,029 -6.2%
17 PANW 1.20% 109,987 $23M $204.64 $4M -480 -0.4%
18 SGOV 1.18% 220,261 $22M $100.69 +220,261 NEW
19 EWN 1.16% 400,726 $22M $54.50 -$3M -124,796 -23.8%
20 MELI 1.12% 8,066 $21M $2,613.63 $5M -190 -2.3%
21 GOOGL 1.12% 119,004 $21M $176.23 $3M +2,862 +2.5%
22 AMZN 1.04% 89,494 $20M $219.39 $12M +48,011 +115.7%
23 TLT 1.00% 214,168 $19M $88.25 $285K +9,672 +4.7%
24 DHR 1.00% 95,553 $19M $197.54 -$299K +2,019 +2.2%
25 MNA 0.98% 523,508 $18M $35.27 $590K +2,385 +0.5%
26 LNG 0.94% 72,978 $18M $243.52 $405K -2,074 -2.8%
27 ILF 0.94% 677,661 $18M $26.21 $3M +31,315 +4.8%
28 LVS 0.94% 404,393 $18M $43.51 $9M +192,956 +91.3%
29 CRM 0.92% 63,791 $17M $272.69 $603K +1,217 +1.9%
30 BRK-B 0.92% 35,543 $17M $485.77 -$2M
31 MMC 0.90% 77,560 $17M $218.64 -$3M -3,502 -4.3%
32 GXC 0.89% 191,787 $17M $87.55 $376K +913 +0.5%
33 SPY 0.88% 26,918 $17M $617.85 $2M +485 +1.8%
34 V 0.88% 46,436 $16M $355.05 -$134K -990 -2.1%
35 AMD 0.85% 112,867 $16M $141.90 $5M +5,893 +5.5%
36 ADP 0.83% 50,837 $16M $308.40 -$101K -808 -1.6%
37 XBI 0.82% 185,852 $15M $82.93 $7M +83,572 +81.7%
38 CUK 0.81% 596,826 $15M $25.51 +596,826 NEW
39 DIS 0.81% 122,254 $15M $124.01 $3M -5,711 -4.5%
40 INCO 0.80% 232,184 $15M $64.88 $1M -613 -0.3%
41 PLNT 0.80% 137,894 $15M $109.05 $1M -5,712 -4.0%
42 ABT 0.79% 108,673 $15M $136.01 -$541K -6,834 -5.9%
43 WMT 0.78% 150,524 $15M $97.78 $1M -351 -0.2%
44 TTWO 0.78% 60,200 $15M $242.85 $8M +29,544 +96.4%
45 SQ 0.75% 208,263 $14M $67.93 $3M +6,453 +3.2%
46 ICVT 0.75% 155,830 $14M $90.10 $1M +593 +0.4%
47 UNP 0.72% 59,116 $14M $230.08 -$555K -809 -1.4%
48 NICE 0.70% 77,923 $13M $168.91 $2M +2,839 +3.8%
49 TMO 0.69% 31,973 $13M $405.47 -$1M +3,199 +11.1%
50 BKNG 0.68% 2,199 $13M $5,789.40 $2M -214 -8.9%
51 APD 0.68% 45,127 $13M $282.06 $4M +17,062 +60.8%
52 NXPI 0.67% 58,070 $13M $218.49 $1M -1,045 -1.8%
53 BWA 0.67% 377,006 $13M $33.48 $2M +4,057 +1.1%
54 BABA 0.67% 111,172 $13M $113.41 -$2M +2,362 +2.2%
55 USDU 0.66% 479,755 $12M $25.77 -$543K +6,305 +1.3%
56 CNC 0.65% 225,483 $12M $54.28 -$1M +5,383 +2.5%
57 VCSH 0.65% 153,018 $12M $79.50 -$161K -3,120 -2.0%
58 COST 0.64% 12,112 $12M $989.94 $314K -233 -1.9%
59 RYAAY 0.63% 207,051 $12M $57.67 $3M +2,350 +1.1%
60 MGM 0.63% 346,167 $12M $34.39 $2M +19,970 +6.1%
61 AMJB 0.61% 379,381 $11M $30.26 -$1M -7,256 -1.9%
62 IAU 0.61% 184,085 $11M $62.36 -$154K -13,222 -6.7%
63 PG 0.61% 71,853 $11M $159.32 -$1M -1,826 -2.5%
64 KMI 0.60% 382,036 $11M $29.40 -$129K -16,171 -4.1%
65 XOM 0.58% 100,482 $11M $107.80 -$2M -5,152 -4.9%
66 VMC 0.58% 41,505 $11M $260.82 $786K -1,524 -3.5%
67 PRF 0.57% 252,206 $11M $42.27 $84K -9,540 -3.6%
68 CZR 0.56% 373,583 $11M $28.39 $2M +27,157 +7.8%
69 POOL 0.55% 35,727 $10M $291.48 -$237K +2,272 +6.8%
70 AAAU 0.52% 300,209 $10M $32.68 -$209K -24,278 -7.5%
71 LKQ 0.52% 265,017 $10M $37.01 -$2M -2,004 -0.8%
72 WSC 0.52% 356,285 $10M $27.40 $660K +28,858 +8.8%
73 LOW 0.47% 39,421 $9M $221.87 -$454K -27 -0.1%
74 FIS 0.46% 107,032 $9M $81.41 $901K +2,414 +2.3%
75 CBRE 0.45% 60,933 $9M $140.12 $566K -26 -0.0%
76 RTX 0.45% 58,070 $8M $146.02 $33K -5,698 -8.9%
77 ACWX 0.45% 138,775 $8M $60.94 -$9M -170,010 -55.1%
78 TCOM 0.45% 144,003 $8M $58.64 -$774K -992 -0.7%
79 BUSE 0.45% 367,110 $8M $22.88 $472K
80 PEP 0.44% 63,366 $8M $132.04 -$2M -2,493 -3.8%
81 CVS 0.44% 120,655 $8M $68.98 -$5M -74,699 -38.2%
82 GPN 0.43% 102,201 $8M $80.04 -$1M +4,989 +5.1%
83 VIG 0.43% 39,778 $8M $204.67 $68K -1,837 -4.4%
84 SLB 0.43% 236,671 $8M $33.80 -$1M +10,633 +4.7%
85 VUG 0.42% 18,188 $8M $438.40 $1M -85 -0.5%
86 PSX 0.42% 66,763 $8M $119.30 -$281K -15 -0.0%
87 PM 0.41% 42,000 $8M $182.13 $745K -1,500 -3.5%
88 AL 0.40% 129,471 $8M $58.49 +129,471 NEW
89 VTI 0.40% 24,588 $7M $303.93 $2M +3,245 +15.2%
90 KEYS 0.39% 44,976 $7M $163.86 $709K +502 +1.1%
91 ICLR 0.39% 50,248 $7M $145.45 -$180K +7,452 +17.4%
92 HD 0.38% 19,404 $7M $366.63 -$77K -217 -1.1%
93 VCIT 0.38% 85,444 $7M $82.92 $454K +4,335 +5.3%
94 LW 0.37% 132,979 $7M $51.85 -$283K -1,686 -1.2%
95 ESTC 0.36% 79,287 $7M $84.33 -$272K +1,197 +1.5%
96 WDAY 0.34% 26,412 $6M $240.00 $357K +797 +3.1%
97 VTV 0.32% 34,425 $6M $176.74 $368K +1,333 +4.0%
98 ZGN 0.32% 710,238 $6M $8.55 $1M +36,723 +5.5%
99 IWF 0.32% 14,295 $6M $424.58 $897K -30 -0.2%
100 ASML 0.32% 7,529 $6M $801.40 $1M +300 +4.2%

New Positions

SymbolValue% Port
SGOV $22M 1.18%
CUK $15M 0.81%
AL $8M 0.40%
APO $4M 0.22%
VXUS $370K 0.02%
GBTC $246K 0.01%
RH $221K 0.01%
TEL $217K 0.01%
XLK $205K 0.01%

Sold Out Positions

SymbolValue% Port
T —%
ICE —%
OTIS —%
SPGI —%
LMT —%
MRK —%
UNH —%
NOC —%
LRCX —%
INTC —%
SBUX —%
XLV —%
VGLT —%
EWZ —%
QUAL —%
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