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OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

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

Q4 2025 · Filed 2026-01-27
Market Value
$1.9B
-1.4%
Holdings
214
-2
New Purchases
8
Added To
39
Closed
18
Reduced
120
Top 10 Concentration
29.7%
Turnover
12.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
UNH 0.43% 0.00% +0.43% $8M
AMD 1.20% 0.92% +0.28% $23M
TREX 0.27% 0.00% +0.27% $5M
NKE 0.56% 0.30% +0.26% $11M
TMO 1.05% 0.80% +0.25% $20M
GOOG 1.96% 1.73% +0.23% $38M
XBI 1.14% 0.95% +0.18% $22M
AAPL 3.98% 3.80% +0.18% $77M
DHR 1.15% 0.99% +0.16% $22M
RYAAY 0.75% 0.63% +0.12% $15M
CRM 0.91% 0.80% +0.11% $18M
VEU 7.03% 6.92% +0.11% $137M
CUK 0.87% 0.76% +0.11% $17M
TCOM 0.65% 0.55% +0.10% $13M
AMZN 1.67% 1.57% +0.10% $32M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LKQ 0.00% 0.42% -0.42% $0
CNC 0.00% 0.42% -0.42% $0
MSFT 3.34% 3.62% -0.27% $65M
LVS 0.78% 1.04% -0.26% $15M
BABA 0.81% 1.02% -0.20% $16M
BMY 0.00% 0.19% -0.19% $0
SIRO 0.00% 0.19% -0.19% $0
LNG 0.74% 0.87% -0.14% $14M
POOL 0.44% 0.57% -0.13% $9M
NICE 0.45% 0.58% -0.13% $9M
NVDA 1.89% 2.02% -0.12% $37M
META 0.97% 1.09% -0.12% $19M
KMB 0.01% 0.13% -0.12% $202K
PANW 1.03% 1.13% -0.11% $20M
FTV 0.00% 0.10% -0.10% $0

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 59 $584M 30.1%
Large Cap 105 $923M 47.5%
Mid Cap 32 $240M 12.3%
Small Cap 10 $88M 4.5%
Micro Cap 8 $108M 5.6%

Portfolio Analytics

Avg Market Cap
$290.5B
Median Market Cap
$74.6B
Avg P/E
32.2
Median P/E
25.2
Avg Dividend Yield
0.02%
Avg Beta
0.90
# Stocks
144
# ETFs / Funds
70

Top Holdings (214 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VEU 7.03% 1,855,761 $137M $73.56 $206K -54,064 -2.8%
2 AAPL 3.98% 284,356 $77M $271.86 $2M -9,843 -3.4%
3 MSFT 3.34% 134,267 $65M $483.62 -$6M -3,223 -2.3%
4 VWO 3.29% 1,187,290 $64M $53.76 -$2M -32,500 -2.7%
5 EWJ 2.19% 527,152 $43M $80.74 -$523K -10,003 -1.9%
6 VGK 2.10% 488,540 $41M $83.61 $942K -11,518 -2.3%
7 VNQ 2.07% 454,327 $40M $88.49 -$1M +19
8 GOOG 1.96% 120,978 $38M $313.80 $4M -18,562 -13.3%
9 NVDA 1.89% 197,016 $37M $186.50 -$3M -15,756 -7.4%
10 JPM 1.83% 110,574 $36M $322.22 -$32K -2,480 -2.2%
11 AMZN 1.67% 140,311 $32M $230.82 $1M -539 -0.4%
12 RWX 1.66% 1,148,055 $32M $28.00 -$308K -18,912 -1.6%
13 SRLN 1.63% 768,820 $32M $41.27 -$313K -1,796 -0.2%
14 ICSH 1.47% 565,427 $29M $50.58 $1M +30,537 +5.7%
15 GOOGL 1.45% 90,218 $28M $313.00 -$573K -28,295 -23.9%
16 DAX 1.43% 609,314 $28M $45.62 -$79K -13,617 -2.2%
17 DJP 1.43% 736,022 $28M $37.61 $993K -17,056 -2.3%
18 AMD 1.20% 108,750 $23M $214.16 $5M -2,842 -2.5%
19 EWN 1.15% 393,201 $22M $57.03 -$1M -10,892 -2.7%
20 DHR 1.15% 97,701 $22M $228.92 $3M -533 -0.5%
21 XBI 1.14% 180,964 $22M $121.93 $3M -6,601 -3.5%
22 ILF 1.05% 669,616 $20M $30.45 $659K -13,357 -2.0%
23 TMO 1.05% 35,173 $20M $579.44 $5M +2,565 +7.9%
24 MELI 1.05% 10,095 $20M $2,014.26 $1M +1,918 +23.5%
25 PANW 1.03% 108,224 $20M $184.20 -$2M -1,389 -1.3%
26 SGOV 1.02% 197,243 $20M $100.38 $770K +8,278 +4.4%
27 MNA 1.01% 547,571 $20M $35.79 -$50K +280 +0.1%
28 TLT 0.98% 218,530 $19M $87.16 -$457K +287 +0.1%
29 META 0.97% 28,482 $19M $660.09 -$3M -787 -2.7%
30 GXC 0.96% 192,532 $19M $96.81 -$2M -4,178 -2.1%
31 CRM 0.91% 66,638 $18M $264.91 $2M +461 +0.7%
32 BRK-B 0.90% 34,864 $18M $502.65 -$292K -574 -1.6%
33 SPY 0.88% 25,141 $17M $681.92 -$620K -1,525 -5.7%
34 CUK 0.87% 558,266 $17M $30.33 $2M -10,760 -1.9%
35 BWA 0.85% 365,492 $16M $45.06 -$61K -10,528 -2.8%
36 BABA 0.81% 107,814 $16M $146.58 -$4M -4,098 -3.7%
37 V 0.80% 44,551 $16M $350.71 $54K -1,059 -2.3%
38 LVS 0.78% 233,213 $15M $65.09 -$5M -149,129 -39.0%
39 TTWO 0.77% 58,517 $15M $256.03 -$523K -1,496 -2.5%
40 SQ 0.77% 230,146 $15M $65.09 $222 +22,868 +11.0%
41 WMT 0.77% 133,821 $15M $111.41 -$633K -16,983 -11.3%
42 INCO 0.77% 229,351 $15M $64.81 -$191K -3,472 -1.5%
43 ICVT 0.76% 150,648 $15M $98.50 -$451K -2,174 -1.4%
44 MMC 0.75% 78,816 $15M $185.52 -$969K +1,454 +1.9%
45 RYAAY 0.75% 201,862 $15M $72.19 $2M -3,488 -1.7%
46 IAU 0.74% 176,107 $14M $81.17 $1M -6,234 -3.4%
47 LNG 0.74% 73,440 $14M $194.39 -$3M +292 +0.4%
48 UNP 0.70% 58,991 $14M $231.32 -$530K -983 -1.6%
49 DIS 0.70% 119,598 $14M $113.77 -$342K -2,228 -1.8%
50 ABT 0.70% 107,904 $14M $125.29 -$1M -766 -0.7%
51 USDU 0.68% 513,243 $13M $25.80 -$278K +938 +0.2%
52 ADP 0.68% 51,187 $13M $257.23 -$2M -335 -0.7%
53 TCOM 0.65% 175,820 $13M $71.91 $2M +31,620 +21.9%
54 VCSH 0.65% 157,207 $13M $79.73 $18K +613 +0.4%
55 MGM 0.64% 342,653 $13M $36.49 $609K -518 -0.1%
56 NXPI 0.64% 57,062 $12M $217.06 -$761K -666 -1.1%
57 XOM 0.63% 101,556 $12M $120.34 $791K +179 +0.2%
58 AAAU 0.62% 281,522 $12M $42.55 $922K -8,529 -2.9%
59 PRF 0.58% 240,139 $11M $46.92 -$44K -10,067 -4.0%
60 APD 0.58% 45,516 $11M $247.02 -$1M -344 -0.8%
61 VMC 0.57% 38,839 $11M $285.22 -$1M -1,710 -4.2%
62 BKNG 0.57% 2,067 $11M $5,355.52 -$372K -52 -2.5%
63 AMJB 0.57% 368,629 $11M $29.91 -$52K -6,636 -1.8%
64 NKE 0.56% 169,148 $11M $63.71 $5M +84,612 +100.1%
65 COST 0.55% 12,427 $11M $862.35 -$589K +213 +1.7%
66 PG 0.52% 70,931 $10M $143.31 -$925K -1,248 -1.7%
67 KMI 0.52% 366,818 $10M $27.49 -$462K -5,690 -1.5%
68 RTX 0.51% 54,144 $10M $183.40 $485K -2,302 -4.1%
69 CVS 0.49% 119,859 $10M $79.36 $277K -2,638 -2.1%
70 LOW 0.49% 39,231 $9M $241.16 -$518K -477 -1.2%
71 CBRE 0.48% 57,751 $9M $160.79 -$211K -2,523 -4.2%
72 ICLR 0.48% 50,879 $9M $182.22 $243K -711 -1.4%
73 ACWX 0.48% 138,020 $9M $67.13 $244K -755 -0.5%
74 SLB 0.48% 240,737 $9M $38.38 $941K -700 -0.3%
75 PEP 0.46% 62,379 $9M $143.52 $104K -626 -1.0%
76 NICE 0.45% 77,760 $9M $113.04 -$3M -850 -1.1%
77 PSX 0.45% 67,687 $9M $129.04 -$421K +375 +0.6%
78 VUG 0.45% 17,797 $9M $487.86 $10K -286 -1.6%
79 KEYS 0.45% 42,636 $9M $203.19 $803K -2,302 -5.1%
80 POOL 0.44% 37,623 $9M $228.75 -$3M +1,244 +3.4%
81 BUSE 0.44% 361,138 $9M $23.79 $231K
82 CZR 0.44% 364,449 $9M $23.39 -$2M -14,604 -3.9%
83 UNH 0.43% 25,002 $8M $330.11 +25,002 NEW
84 VTI 0.42% 24,473 $8M $335.27 $186K +38 +0.2%
85 GPN 0.41% 103,651 $8M $77.40 -$516K +871 +0.8%
86 ASML 0.41% 7,474 $8M $1,069.88 $592K -174 -2.3%
87 VIG 0.41% 36,291 $8M $219.78 -$393K -2,490 -6.4%
88 PLNT 0.40% 72,282 $8M $108.47 $313K -241 -0.3%
89 VCIT 0.38% 87,087 $7M $83.75 -$192K -1,912 -2.1%
90 FIS 0.37% 108,128 $7M $66.46 -$20K -1,158 -1.1%
91 ZGN 0.37% 699,321 $7M $10.25 $386K -18,325 -2.5%
92 WSC 0.35% 363,321 $7M $18.83 -$956K -6,062 -1.6%
93 PM 0.35% 42,044 $7M $160.40 -$70K +32 +0.1%
94 IWF 0.34% 14,147 $7M $473.30 $161K +197 +1.4%
95 HD 0.34% 19,096 $7M $344.09 -$1M -241 -1.2%
96 VTV 0.33% 33,060 $6M $190.99 $83K -351 -1.1%
97 ESTC 0.31% 80,039 $6M $75.44 -$729K -50 -0.1%
98 WDAY 0.30% 27,043 $6M $214.78 -$735K -137 -0.5%
99 SUI 0.30% 46,760 $6M $123.91 -$265K -205 -0.4%
100 TREX 0.27% 149,836 $5M $35.08 +149,836 NEW

New Positions

SymbolValue% Port
UNH $8M 0.43%
TREX $5M 0.27%
MU $517K 0.03%
SCHX $355K 0.02%
BKLN $216K 0.01%
VIOG $215K 0.01%
INTC $203K 0.01%
FDX $201K 0.01%

Sold Out Positions

SymbolValue% Port
T —%
BMY —%
CARR —%
AM —%
FTV —%
VZ —%
KMX —%
CNC —%
KVUE —%
LH —%
BP —%
FATE —%
MAR —%
LKQ —%
MYPS —%
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