OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2023-01-24

SEC-registered investment adviser since 1999 · limited liability company

Assets managed$2.7bn
Staff18 · 14 in investment roles
Main clients (by assets)High net worth individuals 82%, Charities 9%, Individuals 6%
Private funds1 (1 hedge) · $4.0m gross assets
Form ADV · 2026-08-18SEC adviser record

Legal entityOSBORNE PARTNERS CAPITAL MANAGEMENT, LLC (US)

$1.3bn reported value +6.6% vs Q3 2022

204positions

27.0%in top 10

14 new 59 added 109 reduced 10 sold out vs Q3 2022

Holdings, Q4 2022

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VANGUARD INTL EQUITY INDEX F ALLWRLD EX US VEU	VEU	1,786,660	$89.6m7.03%	7.03%	Reduced -127.2k	-127,202 -6.7%
2	APPLE INC COM AAPL	AAPL	300,328	$39.0m3.06%	3.06%	Added +2.5k	+2,459 0.8%
3	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	958,163	$37.3m2.93%	2.93%	Reduced -77.4k	-77,427 -7.5%
4	MICROSOFT CORP COM MSFT	MSFT	127,749	$30.6m2.41%	2.41%	Reduced -18.3k	-18,346 -12.6%
5	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	330,366	$27.2m2.14%	2.14%	Added +1.8k	+1,830 0.6%
6	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	749,525	$25.3m1.98%	1.98%	Added +11.8k	+11,828 1.6%
7	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	447,609	$24.8m1.95%	1.95%	Reduced -26.6k	-26,568 -5.6%
8	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	902,177	$24.2m1.90%	1.90%	Added +23.2k	+23,230 2.6%
9	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	439,563	$23.9m1.88%	1.88%	Reduced -22.5k	-22,520 -4.9%
10	DANAHER CORPORATION COM DHR	DHR	83,289	$22.1m1.74%	1.74%	Reduced -5.1k	-5,106 -5.8%
11	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	419,954	$21.0m1.65%	1.65%	Reduced -25.8k	-25,839 -5.8%
12	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	48,008	$18.4m1.44%	1.44%	Added +35.8k	+35,751 291.7%
13	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	443,370	$18.1m1.42%	1.42%	Reduced -19.2k	-19,241 -4.2%
14	ISHARES TR MSCI ACWI EX US ACWX	ACWX	396,195	$18.0m1.42%	1.42%	Added +386.8k	+386,775 4105.9%
15	JPMORGAN CHASE & CO COM JPM	JPM	132,940	$17.8m1.40%	1.40%	Reduced -3.0k	-3,048 -2.2%
16	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	372,904	$16.9m1.33%	1.33%	Reduced -7.3k	-7,331 -1.9%
17	ISHARES INC MSCI NETHERL ETF EWN	EWN	450,740	$16.8m1.32%	1.32%	Reduced -11.9k	-11,938 -2.6%
18	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	220,191	$16.6m1.30%	1.30%	Reduced -31.5k	-31,471 -12.5%
19	ALPHABET INC CAP STK CL C GOOG	GOOG	185,324	$16.4m1.29%	1.29%	Added +1.2k	+1,245 0.7%
20	CHENIERE ENERGY INC COM NEW LNG	LNG	109,142	$16.4m1.28%	1.28%	Added +2.7k	+2,684 2.5%
21	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	624,884	$16.0m1.26%	1.26%	Added +69.0k	+69,004 12.4%
22	CENTENE CORP DEL COM CNC	CNC	194,177	$15.9m1.25%	1.25%	Added +5.4k	+5,436 2.9%
23	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	26,346	$14.5m1.14%	1.14%	Added +273	+273 1.1%
24	MARSH & MCLENNAN COS INC COM MRSH	MRSH	86,161	$14.3m1.12%	1.12%	Added +714	+714 0.8%
25	PALO ALTO NETWORKS INC COM PANW	PANW	95,805	$13.4m1.05%	1.05%	Added +3.4k	+3,443 3.7%
26	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	420,043	$13.3m1.05%	1.05%	Reduced -6.8k	-6,844 -1.6%
27	ISHARES TR LATN AMER 40 ETF ILF	ILF	573,164	$13.1m1.03%	1.03%	Added +9.1k	+9,086 1.6%
28	ISHARES GOLD TR ISHARES NEW IAU	IAU	367,039	$12.7m1.00%	1.00%	Added +3.2k	+3,222 0.9%
29	CVS HEALTH CORP COM CVS	CVS	135,727	$12.6m0.99%	0.99%	Added +2.3k	+2,344 1.8%
30	PROCTER AND GAMBLE CO COM PG	PG	82,848	$12.6m0.99%	0.99%	Reduced -488	-488 -0.6%
31	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	52,207	$12.5m0.98%	0.98%	Reduced -390	-390 -0.7%
32	UNION PAC CORP COM UNP	UNP	58,960	$12.2m0.96%	0.96%	Reduced -734	-734 -1.2%
33	ABBOTT LABS COM ABT	ABT	108,876	$12.0m0.94%	0.94%	Reduced -2.8k	-2,817 -2.5%
34	EXXON MOBIL CORP COM XOM	XOM	103,906	$11.5m0.90%	0.90%	Reduced -608	-608 -0.6%
35	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	138,655	$10.9m0.85%	0.85%	Reduced -5.5k	-5,461 -3.8%
36	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,172	$10.9m0.85%	0.85%	Added +627	+627 1.8%
37	SCHLUMBERGER LTD COM STK SLB	SLB	194,213	$10.4m0.82%	0.82%	Added +144	+144 0.1%
38	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	66,225	$10.3m0.81%	0.81%	Reduced -488	-488 -0.7%
39	WISDOMTREE TR BLMBG US BULL USDU	USDU	391,039	$10.2m0.80%	0.80%	New
40	FMC CORP COM NEW FMC	FMC	81,417	$10.2m0.80%	0.80%	Reduced -615	-615 -0.8%
41	VISA INC COM CL A V	V	47,795	$9.9m0.78%	0.78%	Reduced -300	-300 -0.6%
42	DENTSPLY SIRONA INC COM XRAY	XRAY	309,867	$9.9m0.77%	0.77%	Reduced -45.6k	-45,607 -12.8%
43	JPMORGAN CHASE & CO ALERIAN ML ETN AMJ	AMJ	451,461	$9.8m0.77%	0.77%	Reduced -1.3k	-1,285 -0.3%
44	NXP SEMICONDUCTORS N V COM NXPI	NXPI	61,152	$9.7m0.76%	0.76%	Reduced -250	-250 -0.4%
45	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	63,505	$9.6m0.76%	0.76%	Reduced -50	-50 -0.1%
46	PFIZER INC COM PFE	PFE	185,616	$9.5m0.75%	0.75%	Added +651	+651 0.3%
47	PEPSICO INC COM PEP	PEP	51,828	$9.4m0.74%	0.74%	Added +375	+375 0.7%
48	ALPHABET INC CAP STK CL A GOOGL	GOOGL	106,088	$9.4m0.73%	0.73%	Reduced -11.8k	-11,808 -10.0%
49	PLANET FITNESS INC CL A PLNT	PLNT	117,804	$9.3m0.73%	0.73%	Reduced -2.3k	-2,316 -1.9%
50	META PLATFORMS INC CL A META	META	76,932	$9.3m0.73%	0.73%	Added +2.7k	+2,665 3.6%
51	MGM RESORTS INTERNATIONAL COM MGM	MGM	275,769	$9.2m0.73%	0.73%	Reduced -2.7k	-2,711 -1.0%
52	BROADCOM INC COM AVGO	AVGO	16,256	$9.1m0.71%	0.71%	Added +295	+295 1.9%
53	DOLLAR TREE INC COM DLTR	DLTR	64,029	$9.1m0.71%	0.71%	Added +1.6k	+1,564 2.5%
54	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	214,593	$8.9m0.70%	0.70%	Reduced -3.2k	-3,202 -1.5%
55	TRIP COM GROUP LTD ADS TCOM	TCOM	252,702	$8.7m0.68%	0.68%	Reduced -14.4k	-14,418 -5.4%
56	LOWES COS INC COM LOW	LOW	42,372	$8.4m0.66%	0.66%	Reduced -10	-10 -0.0%
57	FEDEX CORP COM FDX	FDX	46,476	$8.0m0.63%	0.63%	Reduced -1.2k	-1,220 -2.6%
58	ISHARES TR CONV BD ETF ICVT	ICVT	114,482	$8.0m0.62%	0.62%	Added +2.5k	+2,463 2.2%
59	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	102,293	$7.9m0.62%	0.62%	Reduced -11.2k	-11,165 -9.8%
60	DISNEY WALT CO COM DIS	DIS	86,834	$7.5m0.59%	0.59%	Reduced -59	-59 -0.1%
61	VULCAN MATLS CO COM VMC	VMC	42,768	$7.5m0.59%	0.59%	Reduced -1.7k	-1,693 -3.8%
62	VANGUARD SCOTTSDALE FDS LONG TERM TREAS VGLT	VGLT	121,439	$7.5m0.59%	0.59%	Reduced -3.0k	-2,976 -2.4%
63	WALMART INC COM WMT	WMT	52,342	$7.4m0.58%	0.58%	Reduced -15.3k	-15,292 -22.6%
64	BORGWARNER INC COM BWA	BWA	182,048	$7.3m0.58%	0.58%	Reduced -7.4k	-7,430 -3.9%
65	PHILLIPS 66 COM PSX	PSX	69,470	$7.2m0.57%	0.57%	Reduced -404	-404 -0.6%
66	RTX CORPORATION COM RTX	RTX	67,944	$6.9m0.54%	0.54%	Added +1.6k	+1,552 2.3%
67	COPART INC COM CPRT	CPRT	112,120	$6.8m0.54%	0.54%	Added +6.8k	+6,800 6.5%
68	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	94,490	$6.8m0.53%	0.53%	Reduced -307	-307 -0.3%
69	SPDR SER TR S&P BIOTECH XBI	XBI	80,646	$6.7m0.53%	0.53%	Reduced -1.9k	-1,854 -2.2%
70	HOME DEPOT INC COM HD	HD	21,174	$6.7m0.53%	0.53%	Reduced -45	-45 -0.2%
71	MERCADOLIBRE INC COM MELI	MELI	7,820	$6.6m0.52%	0.52%	Added +209	+209 2.8%
72	KINDER MORGAN INC DEL COM KMI	KMI	365,657	$6.6m0.52%	0.52%	Added +1.9k	+1,867 0.5%
73	ELASTIC N V ORD SHS ESTC	ESTC	127,887	$6.6m0.52%	0.52%	Reduced -2.0k	-2,001 -1.5%
74	OTIS WORLDWIDE CORP COM OTIS	OTIS	78,704	$6.2m0.48%	0.48%	Reduced -2.5k	-2,550 -3.1%
75	FIDELITY NATL INFORMATION SV COM FIS	FIS	89,411	$6.1m0.48%	0.48%	Added +19.5k	+19,511 27.9%
76	FREEPORT-MCMORAN INC CL B FCX	FCX	157,653	$6.0m0.47%	0.47%	Added +2.0k	+1,966 1.3%
77	ADVANCED MICRO DEVICES INC COM AMD	AMD	92,477	$6.0m0.47%	0.47%	New
78	NICE LTD SPONSORED ADR NICE	NICE	30,584	$5.9m0.46%	0.46%	Reduced -669	-669 -2.1%
79	LENNAR CORP CL A LEN	LEN	63,697	$5.8m0.45%	0.45%	Reduced -2.6k	-2,592 -3.9%
80	BOOKING HOLDINGS INC COM BKNG	BKNG	2,857	$5.8m0.45%	0.45%	Reduced -23	-23 -0.8%
81	COSTCO WHSL CORP NEW COM COST	COST	12,481	$5.7m0.45%	0.45%	Reduced -14	-14 -0.1%
82	POOL CORP COM POOL	POOL	18,710	$5.7m0.44%	0.44%	Added +1.4k	+1,409 8.1%
83	DUPONT DE NEMOURS INC COM DWDP	DWDP	81,823	$5.6m0.44%	0.44%	Reduced -6.7k	-6,687 -7.6%
84	TRINET GROUP INC COM TNET	TNET	81,778	$5.5m0.44%	0.44%	Added +3.7k	+3,672 4.7%
85	ACTIVISION BLIZZARD INC COM ATVI	ATVI	70,607	$5.4m0.42%	0.42%	Added +2.3k	+2,333 3.4%
86	NIKE INC CL B NKE	NKE	45,022	$5.3m0.41%	0.41%	Unchanged
87	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	69,904	$5.2m0.41%	0.41%	Reduced -944	-944 -1.3%
88	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	58,677	$5.2m0.41%	0.41%	Added +5.3k	+5,298 9.9%
89	JOHNSON & JOHNSON COM JNJ	JNJ	28,956	$5.1m0.40%	0.40%	Reduced -313	-313 -1.1%
90	SALESFORCE INC COM CRM	CRM	37,002	$4.9m0.39%	0.39%	Added +2.8k	+2,772 8.1%
91	GLOBAL PMTS INC COM GPN	GPN	49,391	$4.9m0.39%	0.39%	Reduced -1.0k	-1,029 -2.0%
92	OMEGA HEALTHCARE INVS INC COM OHI	OHI	172,342	$4.8m0.38%	0.38%	Added +1.6k	+1,587 0.9%
93	VANGUARD INDEX FDS VALUE ETF VTV	VTV	32,983	$4.6m0.36%	0.36%	Added +1.2k	+1,199 3.8%
94	PHILIP MORRIS INTL INC COM PM	PM	42,460	$4.3m0.34%	0.34%	Reduced -60	-60 -0.1%
95	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	14,793	$3.9m0.31%	0.31%	Reduced -106	-106 -0.7%
96	NUCOR CORP COM NUE	NUE	29,450	$3.9m0.30%	0.30%	Added +1.5k	+1,500 5.4%
97	CBRE GROUP INC CL A CBRE	CBRE	49,428	$3.8m0.30%	0.30%	Added +2.4k	+2,385 5.1%
98	INVESCO EXCHANGE TRADED FD T DORSEY WRIGHT MO PDP	PDP	47,662	$3.4m0.27%	0.27%	Reduced -235	-235 -0.5%
99	AMGEN INC COM AMGN	AMGN	12,565	$3.3m0.26%	0.26%	Unchanged
100	ISHARES TR RUS 1000 GRW ETF IWF	IWF	15,035	$3.2m0.25%	0.25%	Reduced -15	-15 -0.1%

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
INTUIT INTU	INTU	12,886	$5.0m12.9k shares
TWILIO INC TWLO	TWLO	71,408	$4.9m71.4k shares
ELECTRONIC ARTS INC EA	EA	12,750	$1.5m12.8k shares
DOXIMITY INC DOCS	DOCS	21,892	$662.0k21.9k shares
CITIGROUP INC C	C	15,011	$626.0k15.0k shares
ATLASSIAN CORP PLC		1,700	$358.0k1.7k shares
HEALTHPEAK PROPERTIES INC DOC	DOC	9,475	$217.0k9.5k shares
QUALCOMM INC QCOM	QCOM	1,902	$215.0k1.9k shares
CAMDEN NATL CORP CAC	CAC	4,809	$205.0k4.8k shares
SWEDISH EXPT CR CORP RJA	RJA	18,296	$166.0k18.3k shares