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OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

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

Q3 2025 · Filed 2025-10-30
Market Value
$2.0B
+4.7%
Holdings
216
-5
New Purchases
11
Added To
78
Closed
10
Reduced
75
Top 10 Concentration
29.6%
Turnover
9.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 3.80% 3.22% +0.58% $75M
AMZN 1.57% 1.04% +0.53% $31M
GOOG 1.73% 1.37% +0.36% $34M
GOOGL 1.46% 1.12% +0.35% $29M
BABA 1.02% 0.67% +0.35% $20M
NVDA 2.02% 1.80% +0.21% $40M
BWA 0.84% 0.67% +0.17% $17M
VWO 3.36% 3.19% +0.16% $66M
GXC 1.05% 0.89% +0.16% $21M
XBI 0.95% 0.82% +0.13% $19M
TMO 0.80% 0.69% +0.11% $16M
LVS 1.04% 0.94% +0.11% $21M
TCOM 0.55% 0.45% +0.10% $11M
ICLR 0.46% 0.39% +0.07% $9M
AMD 0.92% 0.85% +0.07% $18M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PLNT 0.38% 0.80% -0.42% $8M
LW 0.00% 0.37% -0.37% $0
HUM 0.00% 0.30% -0.30% $0
CNC 0.42% 0.65% -0.23% $8M
ACN 0.00% 0.23% -0.23% $0
SGOV 0.97% 1.18% -0.21% $19M
AL 0.24% 0.40% -0.16% $5M
MELI 0.97% 1.12% -0.15% $19M
ICSH 1.38% 1.51% -0.14% $27M
CRM 0.80% 0.92% -0.13% $16M
WSC 0.40% 0.52% -0.12% $8M
NICE 0.58% 0.70% -0.12% $11M
META 1.09% 1.21% -0.12% $21M
MMC 0.79% 0.90% -0.11% $16M
LKQ 0.42% 0.52% -0.10% $8M

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 56 $578M 29.4%
Large Cap 110 $948M 48.1%
Mid Cap 32 $245M 12.4%
Small Cap 10 $90M 4.6%
Micro Cap 8 $109M 5.5%

Portfolio Analytics

Avg Market Cap
$280.2B
Median Market Cap
$71.1B
Avg P/E
31.7
Median P/E
24.3
Avg Dividend Yield
0.02%
Avg Beta
0.90
# Stocks
147
# ETFs / Funds
69

Top Holdings (216 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VEU 6.92% 1,909,825 $136M $71.37 $7M -17,082 -0.9%
2 AAPL 3.80% 294,199 $75M $254.63 $14M -1,019 -0.3%
3 MSFT 3.62% 137,490 $71M $517.95 $2M -860 -0.6%
4 VWO 3.36% 1,219,790 $66M $54.18 $6M +6,458 +0.5%
5 EWJ 2.19% 537,155 $43M $80.21 $3M +3,314 +0.6%
6 VNQ 2.11% 454,308 $42M $91.42 $3M +21,691 +5.0%
7 VGK 2.03% 500,058 $40M $79.80 $1M +2,893 +0.6%
8 NVDA 2.02% 212,772 $40M $186.58 $6M -1,870 -0.9%
9 JPM 1.81% 113,054 $36M $315.43 $3M -668 -0.6%
10 GOOG 1.73% 139,540 $34M $243.55 $8M -5,681 -3.9%
11 RWX 1.65% 1,166,967 $32M $27.81 $349K -4,729 -0.4%
12 SRLN 1.63% 770,616 $32M $41.58 $1M +31,654 +4.3%
13 AMZN 1.57% 140,850 $31M $219.57 $11M +51,356 +57.4%
14 GOOGL 1.46% 118,513 $29M $243.10 $8M -491 -0.4%
15 DAX 1.42% 622,931 $28M $44.75 -$319K -4,609 -0.7%
16 ICSH 1.38% 534,890 $27M $50.75 -$1M -26,391 -4.7%
17 DJP 1.36% 753,078 $27M $35.44 $1M +9,870 +1.3%
18 EWN 1.19% 404,093 $23M $58.01 $2M +3,367 +0.8%
19 PANW 1.13% 109,613 $22M $203.62 -$188K -374 -0.3%
20 META 1.09% 29,269 $21M $734.38 -$1M -1,588 -5.2%
21 GXC 1.05% 196,710 $21M $104.97 $4M +4,923 +2.6%
22 LVS 1.04% 382,342 $21M $53.79 $3M -22,051 -5.5%
23 BABA 1.02% 111,912 $20M $178.73 $7M +740 +0.7%
24 ILF 1.00% 682,973 $20M $28.89 $2M +5,312 +0.8%
25 MNA 1.00% 547,291 $20M $35.90 $1M +23,783 +4.5%
26 TLT 0.99% 218,243 $20M $89.37 $604K +4,075 +1.9%
27 DHR 0.99% 98,234 $19M $198.26 $600K +2,681 +2.8%
28 MELI 0.97% 8,177 $19M $2,336.94 -$2M +111 +1.4%
29 SGOV 0.97% 188,965 $19M $100.70 -$3M -31,296 -14.2%
30 XBI 0.95% 187,565 $19M $100.20 $3M +1,713 +0.9%
31 AMD 0.92% 111,592 $18M $161.79 $2M -1,275 -1.1%
32 BRK-B 0.90% 35,438 $18M $502.74 $550K -105 -0.3%
33 SPY 0.90% 26,666 $18M $666.18 $1M -252 -0.9%
34 LNG 0.87% 73,148 $17M $234.98 -$583K +170 +0.2%
35 BWA 0.84% 376,020 $17M $43.96 $4M -986 -0.3%
36 TMO 0.80% 32,608 $16M $485.03 $3M +635 +2.0%
37 CRM 0.80% 66,177 $16M $237.00 -$2M +2,386 +3.7%
38 MMC 0.79% 77,362 $16M $201.53 -$1M -198 -0.3%
39 V 0.79% 45,610 $16M $341.38 -$917K -826 -1.8%
40 WMT 0.79% 150,804 $16M $103.06 $824K +280 +0.2%
41 TTWO 0.79% 60,013 $16M $258.36 $885K -187 -0.3%
42 ICVT 0.78% 152,822 $15M $100.05 $1M -3,008 -1.9%
43 ADP 0.77% 51,522 $15M $293.50 -$556K +685 +1.4%
44 INCO 0.76% 232,823 $15M $64.67 -$9K +639 +0.3%
45 CUK 0.76% 569,026 $15M $26.44 -$180K -27,800 -4.7%
46 SQ 0.76% 207,278 $15M $72.27 $833K -985 -0.5%
47 ABT 0.74% 108,670 $15M $133.94 -$225K -3
48 UNP 0.72% 59,974 $14M $236.37 $575K +858 +1.4%
49 DIS 0.71% 121,826 $14M $114.50 -$1M -428 -0.3%
50 USDU 0.69% 512,305 $14M $26.39 $1M +32,550 +6.8%
51 IAU 0.67% 182,341 $13M $72.77 $2M -1,744 -0.9%
52 NXPI 0.67% 57,728 $13M $227.73 $459K -342 -0.6%
53 VCSH 0.64% 156,594 $13M $79.93 $352K +3,576 +2.3%
54 APD 0.63% 45,860 $13M $272.72 -$222K +733 +1.6%
55 VMC 0.63% 40,549 $12M $307.62 $2M -956 -2.3%
56 RYAAY 0.63% 205,350 $12M $60.22 $426K -1,701 -0.8%
57 MGM 0.60% 343,171 $12M $34.66 -$10K -2,996 -0.9%
58 BKNG 0.58% 2,119 $11M $5,399.45 -$1M -80 -3.6%
59 XOM 0.58% 101,377 $11M $112.75 $598K +895 +0.9%
60 NICE 0.58% 78,610 $11M $144.78 -$2M +687 +0.9%
61 PRF 0.57% 250,206 $11M $45.21 $651K -2,000 -0.8%
62 COST 0.57% 12,214 $11M $925.63 -$685K +102 +0.8%
63 POOL 0.57% 36,379 $11M $310.07 $866K +652 +1.8%
64 PG 0.56% 72,179 $11M $153.65 -$357K +326 +0.5%
65 AMJB 0.56% 375,265 $11M $29.52 -$402K -4,116 -1.1%
66 AAAU 0.56% 290,051 $11M $38.12 $1M -10,158 -3.4%
67 TCOM 0.55% 144,200 $11M $75.20 $2M +197 +0.1%
68 KMI 0.54% 372,508 $11M $28.31 -$686K -9,528 -2.5%
69 CZR 0.52% 379,053 $10M $27.03 -$362K +5,470 +1.5%
70 LOW 0.51% 39,708 $10M $251.31 $1M +287 +0.7%
71 CBRE 0.48% 60,274 $9M $157.56 $959K -659 -1.1%
72 RTX 0.48% 56,446 $9M $167.33 $966K -1,624 -2.8%
73 CVS 0.47% 122,497 $9M $75.39 $912K +1,842 +1.5%
74 PSX 0.46% 67,312 $9M $136.02 $1M +549 +0.8%
75 ICLR 0.46% 51,590 $9M $175.00 $2M +1,342 +2.7%
76 ACWX 0.46% 138,775 $9M $65.01 $565K
77 PEP 0.45% 63,005 $9M $140.44 $482K -361 -0.6%
78 VUG 0.44% 18,083 $9M $479.60 $699K -105 -0.6%
79 GPN 0.43% 102,780 $9M $83.08 $359K +579 +0.6%
80 VIG 0.42% 38,781 $8M $215.79 $227K -997 -2.5%
81 BUSE 0.42% 361,138 $8M $23.15 -$41K -5,972 -1.6%
82 SLB 0.42% 241,437 $8M $34.37 $299K +4,766 +2.0%
83 LKQ 0.42% 269,737 $8M $30.54 -$2M +4,720 +1.8%
84 CNC 0.42% 229,813 $8M $35.68 -$4M +4,330 +1.9%
85 VTI 0.41% 24,435 $8M $328.17 $546K -153 -0.6%
86 KEYS 0.40% 44,938 $8M $174.92 $491K -38 -0.1%
87 HD 0.40% 19,337 $8M $405.18 $721K -67 -0.3%
88 WSC 0.40% 369,383 $8M $21.11 -$2M +13,098 +3.7%
89 PLNT 0.38% 72,523 $8M $103.80 -$8M -65,371 -47.4%
90 VCIT 0.38% 88,999 $7M $84.11 $401K +3,555 +4.2%
91 ASML 0.38% 7,648 $7M $968.11 $1M +119 +1.6%
92 FIS 0.37% 109,286 $7M $65.94 -$2M +2,254 +2.1%
93 PM 0.35% 42,012 $7M $162.20 -$835K +12 +0.0%
94 ZGN 0.34% 717,646 $7M $9.45 $709K +7,408 +1.0%
95 ESTC 0.34% 80,089 $7M $84.49 $80K +802 +1.0%
96 WDAY 0.33% 27,180 $7M $240.73 $204K +768 +2.9%
97 IWF 0.33% 13,950 $7M $468.41 $465K -345 -2.4%
98 VTV 0.32% 33,411 $6M $186.49 $147K -1,014 -3.0%
99 SUI 0.31% 46,965 $6M $129.00 $292K +1,377 +3.0%
100 NKE 0.30% 84,536 $6M $69.73 -$102K +117 +0.1%

New Positions

SymbolValue% Port
RAL $575K 0.03%
BA $459K 0.02%
AM $339K 0.02%
EFC-PD $287K 0.01%
LRCX $275K 0.01%
T $243K 0.01%
COPX $224K 0.01%
LH $216K 0.01%
LMT $213K 0.01%
MRK $202K 0.01%
FATE $13K —%

Sold Out Positions

SymbolValue% Port
ACN —%
RH —%
VLTO —%
IT —%
HUM —%
LW —%
CPRT —%
MTUM —%
XLK —%
HTBK —%
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