OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2023-04-24

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)

Kindhedge funds, wealth
Others nearbySan Francisco, CA, Menlo Park, CA

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
San Francisco, CA (main office)United States	United States	about 12
Menlo Park, CAUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$1.4bn reported value +7.1% vs Q4 2022

209positions

27.4%in top 10

12 new 93 added 75 reduced 7 sold out vs Q4 2022

Holdings, Q1 2023

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	1,817,479	$97.2m7.13%	7.13%	Added +30.8k	+30,819 1.7%
2	APPLE INC COM AAPL	AAPL	299,152	$49.3m3.62%	3.62%	Reduced -1.2k	-1,176 -0.4%
3	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	958,703	$38.7m2.84%	2.84%	Added +540	+540 0.1%
4	MICROSOFT CORP COM MSFT	MSFT	127,153	$36.7m2.69%	2.69%	Reduced -596	-596 -0.5%
5	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	335,707	$27.9m2.04%	2.04%	Added +5.3k	+5,341 1.6%
6	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	451,683	$27.5m2.02%	2.02%	Added +4.1k	+4,074 0.9%
7	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	459,992	$27.0m1.98%	1.98%	Added +20.4k	+20,429 4.7%
8	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	945,811	$24.9m1.82%	1.82%	Added +43.6k	+43,634 4.8%
9	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	748,138	$23.6m1.73%	1.73%	Reduced -1.4k	-1,387 -0.2%
10	DANAHER CORPORATION COM DHR	DHR	84,524	$21.3m1.56%	1.56%	Added +1.2k	+1,235 1.5%
11	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	421,517	$21.2m1.55%	1.55%	Added +1.6k	+1,563 0.4%
12	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	48,282	$19.8m1.45%	1.45%	Added +274	+274 0.6%
13	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	466,547	$19.3m1.42%	1.42%	Added +23.2k	+23,177 5.2%
14	ISHARES INC MSCI NETHERL ETF EWN	EWN	457,534	$19.3m1.42%	1.42%	Added +6.8k	+6,794 1.5%
15	PALO ALTO NETWORKS INC COM PANW	PANW	96,655	$19.3m1.42%	1.42%	Added +850	+850 0.9%
16	ISHARES TR MSCI ACWI EX US ACWX	ACWX	394,040	$19.2m1.41%	1.41%	Reduced -2.2k	-2,155 -0.5%
17	ALPHABET INC CAP STK CL C GOOG	GOOG	179,839	$18.7m1.37%	1.37%	Reduced -5.5k	-5,485 -3.0%
18	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	633,185	$18.6m1.36%	1.36%	Added +8.3k	+8,301 1.3%
19	JPMORGAN CHASE & CO COM JPM	JPM	133,261	$17.4m1.27%	1.27%	Added +321	+321 0.2%
20	CHENIERE ENERGY INC COM NEW LNG	LNG	108,712	$17.1m1.26%	1.26%	Reduced -430	-430 -0.4%
21	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	377,193	$16.8m1.23%	1.23%	Added +4.3k	+4,289 1.1%
22	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	214,344	$16.3m1.20%	1.20%	Reduced -5.8k	-5,847 -2.7%
23	META PLATFORMS INC CL A META	META	76,826	$16.3m1.19%	1.19%	Reduced -106	-106 -0.1%
24	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	26,555	$15.3m1.12%	1.12%	Added +209	+209 0.8%
25	MARSH & MCLENNAN COS INC COM MRSH	MRSH	86,458	$14.4m1.06%	1.06%	Added +297	+297 0.3%
26	ISHARES TR LATN AMER 40 ETF ILF	ILF	586,527	$14.0m1.03%	1.03%	Added +13.4k	+13,363 2.3%
27	ISHARES GOLD TR ISHARES NEW IAU	IAU	365,071	$13.6m1.00%	1.00%	Reduced -2.0k	-1,968 -0.5%
28	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	427,126	$13.5m0.99%	0.99%	Added +7.1k	+7,083 1.7%
29	CENTENE CORP DEL COM CNC	CNC	198,632	$12.6m0.92%	0.92%	Added +4.5k	+4,455 2.3%
30	PROCTER AND GAMBLE CO COM PG	PG	83,553	$12.4m0.91%	0.91%	Added +705	+705 0.8%
31	MGM RESORTS INTERNATIONAL COM MGM	MGM	276,725	$12.3m0.90%	0.90%	Added +956	+956 0.3%
32	UNION PAC CORP COM UNP	UNP	59,105	$11.9m0.87%	0.87%	Added +145	+145 0.2%
33	DENTSPLY SIRONA INC COM XRAY	XRAY	300,052	$11.8m0.86%	0.86%	Reduced -9.8k	-9,815 -3.2%
34	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	142,449	$11.7m0.86%	0.86%	Added +3.8k	+3,794 2.7%
35	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	52,312	$11.6m0.85%	0.85%	Added +105	+105 0.2%
36	ALPHABET INC CAP STK CL A GOOGL	GOOGL	110,923	$11.5m0.84%	0.84%	Added +4.8k	+4,835 4.6%
37	NXP SEMICONDUCTORS N V COM NXPI	NXPI	61,227	$11.4m0.84%	0.84%	Added +75	+75 0.1%
38	EXXON MOBIL CORP COM XOM	XOM	103,880	$11.4m0.84%	0.84%	Reduced -26	-26 -0.0%
39	ABBOTT LABS COM ABT	ABT	109,972	$11.1m0.82%	0.82%	Added +1.1k	+1,096 1.0%
40	WISDOMTREE TR BLMBG US BULL USDU	USDU	417,307	$10.9m0.80%	0.80%	Added +26.3k	+26,268 6.7%
41	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,196	$10.9m0.80%	0.80%	Added +24	+24 0.1%
42	VISA INC COM CL A V	V	48,052	$10.8m0.79%	0.79%	Added +257	+257 0.5%
43	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	217,126	$10.6m0.78%	0.78%	Added +2.5k	+2,533 1.2%
44	BROADCOM INC COM AVGO	AVGO	16,251	$10.4m0.76%	0.76%	Reduced -5	-5 -0.0%
45	CVS HEALTH CORP COM CVS	CVS	139,430	$10.4m0.76%	0.76%	Added +3.7k	+3,703 2.7%
46	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	65,862	$10.3m0.76%	0.76%	Reduced -363	-363 -0.6%
47	JPMORGAN CHASE & CO ALERIAN ML ETN AMJ	AMJ	450,024	$10.0m0.73%	0.73%	Reduced -1.4k	-1,437 -0.3%
48	MERCADOLIBRE INC COM MELI	MELI	7,487	$9.9m0.72%	0.72%	Reduced -333	-333 -4.3%
49	FMC CORP COM NEW FMC	FMC	80,438	$9.8m0.72%	0.72%	Reduced -979	-979 -1.2%
50	PEPSICO INC COM PEP	PEP	53,172	$9.7m0.71%	0.71%	Added +1.3k	+1,344 2.6%
51	TRIP COM GROUP LTD ADS TCOM	TCOM	253,946	$9.6m0.70%	0.70%	Added +1.2k	+1,244 0.5%
52	SCHLUMBERGER LTD COM STK SLB	SLB	192,540	$9.5m0.69%	0.69%	Reduced -1.7k	-1,673 -0.9%
53	PLANET FITNESS INC CL A PLNT	PLNT	118,494	$9.2m0.67%	0.67%	Added +690	+690 0.6%
54	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	59,146	$9.1m0.67%	0.67%	Reduced -4.4k	-4,359 -6.9%
55	ADVANCED MICRO DEVICES INC COM AMD	AMD	92,558	$9.1m0.67%	0.67%	Added +81	+81 0.1%
56	BORGWARNER INC COM BWA	BWA	179,720	$8.8m0.65%	0.65%	Reduced -2.3k	-2,328 -1.3%
57	DISNEY WALT CO COM DIS	DIS	87,496	$8.8m0.64%	0.64%	Added +662	+662 0.8%
58	ISHARES TR CONV BD ETF ICVT	ICVT	119,087	$8.6m0.63%	0.63%	Added +4.6k	+4,605 4.0%
59	LOWES COS INC COM LOW	LOW	42,820	$8.6m0.63%	0.63%	Added +448	+448 1.1%
60	VANGUARD SCOTTSDALE FDS LONG TERM TREAS VGLT	VGLT	129,481	$8.5m0.62%	0.62%	Added +8.0k	+8,042 6.6%
61	COPART INC COM CPRT	CPRT	112,547	$8.5m0.62%	0.62%	Added +427	+427 0.4%
62	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	99,670	$8.0m0.59%	0.59%	Reduced -2.6k	-2,623 -2.6%
63	WALMART INC COM WMT	WMT	52,453	$7.7m0.57%	0.57%	Added +111	+111 0.2%
64	PFIZER INC COM PFE	PFE	186,898	$7.6m0.56%	0.56%	Added +1.3k	+1,282 0.7%
65	BOOKING HOLDINGS INC COM BKNG	BKNG	2,836	$7.5m0.55%	0.55%	Reduced -21	-21 -0.7%
66	ELASTIC N V ORD SHS ESTC	ESTC	129,088	$7.5m0.55%	0.55%	Added +1.2k	+1,201 0.9%
67	SALESFORCE INC COM CRM	CRM	37,384	$7.5m0.55%	0.55%	Added +382	+382 1.0%
68	VULCAN MATLS CO COM VMC	VMC	43,404	$7.4m0.55%	0.55%	Added +636	+636 1.5%
69	DOLLAR TREE INC COM DLTR	DLTR	49,951	$7.2m0.53%	0.53%	Reduced -14.1k	-14,078 -22.0%
70	NICE LTD SPONSORED ADR NICE	NICE	30,933	$7.1m0.52%	0.52%	Added +349	+349 1.1%
71	FEDEX CORP COM FDX	FDX	30,494	$7.0m0.51%	0.51%	Reduced -16.0k	-15,982 -34.4%
72	PHILLIPS 66 COM PSX	PSX	68,303	$6.9m0.51%	0.51%	Reduced -1.2k	-1,167 -1.7%
73	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	71,440	$6.7m0.49%	0.49%	Added +1.5k	+1,536 2.2%
74	RTX CORPORATION COM RTX	RTX	67,731	$6.6m0.49%	0.49%	Reduced -213	-213 -0.3%
75	TRINET GROUP INC COM TNET	TNET	82,226	$6.6m0.49%	0.49%	Added +448	+448 0.6%
76	POOL CORP COM POOL	POOL	19,257	$6.6m0.48%	0.48%	Added +547	+547 2.9%
77	OTIS WORLDWIDE CORP COM OTIS	OTIS	77,711	$6.6m0.48%	0.48%	Reduced -993	-993 -1.3%
78	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	94,490	$6.5m0.48%	0.48%	Unchanged
79	KINDER MORGAN INC DEL COM KMI	KMI	368,842	$6.5m0.47%	0.47%	Added +3.2k	+3,185 0.9%
80	LENNAR CORP CL A LEN	LEN	61,441	$6.5m0.47%	0.47%	Reduced -2.3k	-2,256 -3.5%
81	FREEPORT-MCMORAN INC CL B FCX	FCX	155,821	$6.4m0.47%	0.47%	Reduced -1.8k	-1,832 -1.2%
82	SPDR SER TR S&P BIOTECH XBI	XBI	82,136	$6.3m0.46%	0.46%	Added +1.5k	+1,490 1.9%
83	COSTCO WHSL CORP NEW COM COST	COST	12,544	$6.2m0.46%	0.46%	Added +63	+63 0.5%
84	HOME DEPOT INC COM HD	HD	21,066	$6.2m0.46%	0.46%	Reduced -108	-108 -0.5%
85	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	60,625	$6.2m0.45%	0.45%	Added +1.9k	+1,948 3.3%
86	ACTIVISION BLIZZARD INC COM ATVI	ATVI	70,795	$6.1m0.44%	0.44%	Added +188	+188 0.3%
87	NIKE INC CL B NKE	NKE	45,022	$5.5m0.40%	0.40%	Unchanged
88	GLOBAL PMTS INC COM GPN	GPN	50,331	$5.3m0.39%	0.39%	Added +940	+940 1.9%
89	FIDELITY NATL INFORMATION SV COM FIS	FIS	92,494	$5.0m0.37%	0.37%	Added +3.1k	+3,083 3.5%
90	OMEGA HEALTHCARE INVS INC COM OHI	OHI	176,250	$4.8m0.35%	0.35%	Added +3.9k	+3,908 2.3%
91	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	19,123	$4.8m0.35%	0.35%	Added +5.4k	+5,435 39.7%
92	NUCOR CORP COM NUE	NUE	29,450	$4.5m0.33%	0.33%	Unchanged
93	JOHNSON & JOHNSON COM JNJ	JNJ	29,269	$4.5m0.33%	0.33%	Added +313	+313 1.1%
94	VANGUARD INDEX FDS VALUE ETF VTV	VTV	32,783	$4.5m0.33%	0.33%	Reduced -200	-200 -0.6%
95	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	14,833	$4.2m0.31%	0.31%	Added +40	+40 0.3%
96	PHILIP MORRIS INTL INC COM PM	PM	42,695	$4.2m0.30%	0.30%	Added +235	+235 0.6%
97	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	19,851	$4.1m0.30%	0.30%	Added +4.7k	+4,665 30.7%
98	CBRE GROUP INC CL A CBRE	CBRE	52,000	$3.8m0.28%	0.28%	Added +2.6k	+2,572 5.2%
99	ISHARES TR RUS 1000 GRW ETF IWF	IWF	15,035	$3.7m0.27%	0.27%	Unchanged
100	INVESCO EXCHANGE TRADED FD T DORSEY WRIGHT MO PDP	PDP	46,352	$3.5m0.26%	0.26%	Reduced -1.3k	-1,310 -2.8%

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
DUPONT DE NEMOURS INC DWDP	DWDP	81,823	$5.6m81.8k shares
ISHARES TR IWR	IWR	5,590	$377.0k5.6k shares
INVESCO DB US DLR INDEX TR UUP	UUP	9,820	$273.1k9.8k shares
GILEAD SCIENCES INC GILD	GILD	2,991	$256.8k3.0k shares
LAZARD LTD LAZ	LAZ	6,215	$215.5k6.2k shares
VANGUARD INDEX FDS VB	VB	1,161	$213.0k1.2k shares
KEY TRONIC CORP KTCC	KTCC	42,300	$183.2k42.3k shares