OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2023-07-20

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)

$1.4bn reported value +1.7% vs Q1 2023

205positions

28.8%in top 10

3 new 76 added 90 reduced 7 sold out vs Q1 2023

Holdings, Q2 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	1,856,735	$101.0m7.28%	7.28%	Added +39.3k	+39,256 2.2%
2	APPLE INC COM AAPL	AAPL	294,071	$57.0m4.11%	4.11%	Reduced -5.1k	-5,081 -1.7%
3	MICROSOFT CORP COM MSFT	MSFT	124,757	$42.5m3.06%	3.06%	Reduced -2.4k	-2,396 -1.9%
4	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	999,638	$40.7m2.93%	2.93%	Added +40.9k	+40,935 4.3%
5	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	349,273	$29.2m2.10%	2.10%	Added +13.6k	+13,566 4.0%
6	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	467,842	$29.0m2.09%	2.09%	Added +7.8k	+7,850 1.7%
7	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	460,377	$28.4m2.05%	2.05%	Added +8.7k	+8,694 1.9%
8	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	990,158	$24.5m1.77%	1.77%	Added +44.3k	+44,347 4.7%
9	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	481,190	$24.2m1.75%	1.75%	Added +59.7k	+59,673 14.2%
10	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	753,363	$23.0m1.66%	1.66%	Added +5.2k	+5,225 0.7%
11	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	48,595	$21.5m1.55%	1.55%	Added +313	+313 0.7%
12	ALPHABET INC CAP STK CL C GOOG	GOOG	175,838	$21.3m1.53%	1.53%	Reduced -4.0k	-4,001 -2.2%
13	DANAHER CORPORATION COM DHR	DHR	86,520	$20.8m1.50%	1.50%	Added +2.0k	+1,996 2.4%
14	ISHARES INC MSCI NETHERL ETF EWN	EWN	466,301	$20.2m1.46%	1.46%	Added +8.8k	+8,767 1.9%
15	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	478,283	$20.0m1.44%	1.44%	Added +11.7k	+11,736 2.5%
16	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	379,680	$19.9m1.43%	1.43%	Added +2.5k	+2,487 0.7%
17	JPMORGAN CHASE & CO COM JPM	JPM	134,316	$19.5m1.41%	1.41%	Added +1.1k	+1,055 0.8%
18	ISHARES TR MSCI ACWI EX US ACWX	ACWX	393,900	$19.4m1.40%	1.40%	Reduced -140	-140 -0.0%
19	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	647,346	$19.2m1.38%	1.38%	Added +14.2k	+14,161 2.2%
20	PALO ALTO NETWORKS INC COM PANW	PANW	74,681	$19.1m1.38%	1.38%	Reduced -22.0k	-21,974 -22.7%
21	CHENIERE ENERGY INC COM NEW LNG	LNG	109,876	$16.7m1.21%	1.21%	Added +1.2k	+1,164 1.1%
22	MARSH & MCLENNAN COS INC COM MRSH	MRSH	86,167	$16.2m1.17%	1.17%	Reduced -291	-291 -0.3%
23	ISHARES TR LATN AMER 40 ETF ILF	ILF	593,920	$16.1m1.16%	1.16%	Added +7.4k	+7,393 1.3%
24	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	211,366	$16.0m1.15%	1.15%	Reduced -3.0k	-2,978 -1.4%
25	META PLATFORMS INC CL A META	META	52,289	$15.0m1.08%	1.08%	Reduced -24.5k	-24,537 -31.9%
26	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	27,198	$14.2m1.02%	1.02%	Added +643	+643 2.4%
27	CENTENE CORP DEL COM CNC	CNC	202,332	$13.6m0.98%	0.98%	Added +3.7k	+3,700 1.9%
28	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	435,795	$13.6m0.98%	0.98%	Added +8.7k	+8,669 2.0%
29	ALPHABET INC CAP STK CL A GOOGL	GOOGL	112,287	$13.4m0.97%	0.97%	Added +1.4k	+1,364 1.2%
30	NXP SEMICONDUCTORS N V COM NXPI	NXPI	61,406	$12.6m0.91%	0.91%	Added +179	+179 0.3%
31	MGM RESORTS INTERNATIONAL COM MGM	MGM	279,857	$12.3m0.89%	0.89%	Added +3.1k	+3,132 1.1%
32	UNION PAC CORP COM UNP	UNP	59,865	$12.2m0.88%	0.88%	Added +760	+760 1.3%
33	ABBOTT LABS COM ABT	ABT	111,012	$12.1m0.87%	0.87%	Added +1.0k	+1,040 0.9%
34	DENTSPLY SIRONA INC COM XRAY	XRAY	301,263	$12.1m0.87%	0.87%	Added +1.2k	+1,211 0.4%
35	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,208	$12.0m0.87%	0.87%	Added +12	+12 0.0%
36	PROCTER AND GAMBLE CO COM PG	PG	77,897	$11.8m0.85%	0.85%	Reduced -5.7k	-5,656 -6.8%
37	WISDOMTREE TR BLMBG US BULL USDU	USDU	435,573	$11.6m0.83%	0.83%	Added +18.3k	+18,266 4.4%
38	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	52,312	$11.5m0.83%	0.83%	Unchanged
39	VISA INC COM CL A V	V	48,301	$11.5m0.83%	0.83%	Added +249	+249 0.5%
40	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	223,845	$11.4m0.82%	0.82%	Added +6.7k	+6,719 3.1%
41	EXXON MOBIL CORP COM XOM	XOM	103,793	$11.1m0.80%	0.80%	Reduced -87	-87 -0.1%
42	POOL CORP COM POOL	POOL	29,492	$11.0m0.80%	0.80%	Added +10.2k	+10,235 53.1%
43	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	146,363	$10.8m0.78%	0.78%	Added +3.9k	+3,914 2.8%
44	ADVANCED MICRO DEVICES INC COM AMD	AMD	94,038	$10.7m0.77%	0.77%	Added +1.5k	+1,480 1.6%
45	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	63,095	$10.3m0.74%	0.74%	Reduced -2.8k	-2,767 -4.2%
46	JPMORGAN CHASE & CO ALERIAN ML ETN AMJ	AMJ	444,992	$10.2m0.74%	0.74%	Reduced -5.0k	-5,032 -1.1%
47	COPART INC COM CPRT	CPRT	111,347	$10.2m0.73%	0.73%	Reduced -1.2k	-1,200 -1.1%
48	CVS HEALTH CORP COM CVS	CVS	146,263	$10.1m0.73%	0.73%	Added +6.8k	+6,833 4.9%
49	PEPSICO INC COM PEP	PEP	53,669	$9.9m0.72%	0.72%	Added +497	+497 0.9%
50	VULCAN MATLS CO COM VMC	VMC	43,754	$9.9m0.71%	0.71%	Added +350	+350 0.8%
51	ISHARES TR CONV BD ETF ICVT	ICVT	126,414	$9.7m0.70%	0.70%	Added +7.3k	+7,327 6.2%
52	SCHLUMBERGER LTD COM STK SLB	SLB	195,803	$9.6m0.69%	0.69%	Added +3.3k	+3,263 1.7%
53	LOWES COS INC COM LOW	LOW	42,517	$9.6m0.69%	0.69%	Reduced -303	-303 -0.7%
54	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	56,696	$9.2m0.66%	0.66%	Reduced -2.5k	-2,450 -4.1%
55	TRIP COM GROUP LTD ADS TCOM	TCOM	259,837	$9.1m0.66%	0.66%	Added +5.9k	+5,891 2.3%
56	MERCADOLIBRE INC COM MELI	MELI	7,443	$8.8m0.64%	0.64%	Reduced -44	-44 -0.6%
57	BORGWARNER INC COM BWA	BWA	178,166	$8.7m0.63%	0.63%	Reduced -1.6k	-1,554 -0.9%
58	VANGUARD SCOTTSDALE FDS LONG TERM TREAS VGLT	VGLT	134,389	$8.5m0.62%	0.62%	Added +4.9k	+4,908 3.8%
59	ELASTIC N V ORD SHS ESTC	ESTC	129,913	$8.3m0.60%	0.60%	Added +825	+825 0.6%
60	PLANET FITNESS INC CL A PLNT	PLNT	122,553	$8.3m0.60%	0.60%	Added +4.1k	+4,059 3.4%
61	ISHARES GOLD TR ISHARES NEW IAU	IAU	223,721	$8.1m0.59%	0.59%	Reduced -141.3k	-141,350 -38.7%
62	SALESFORCE INC COM CRM	CRM	38,327	$8.1m0.58%	0.58%	Added +943	+943 2.5%
63	DISNEY WALT CO COM DIS	DIS	90,594	$8.1m0.58%	0.58%	Added +3.1k	+3,098 3.5%
64	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	72,482	$8.0m0.58%	0.58%	Added +1.0k	+1,042 1.5%
65	WALMART INC COM WMT	WMT	49,791	$7.8m0.56%	0.56%	Reduced -2.7k	-2,662 -5.1%
66	BOOKING HOLDINGS INC COM BKNG	BKNG	2,852	$7.7m0.56%	0.56%	Added +16	+16 0.6%
67	DOLLAR TREE INC COM DLTR	DLTR	50,181	$7.2m0.52%	0.52%	Added +230	+230 0.5%
68	SPDR SER TR S&P BIOTECH XBI	XBI	83,420	$6.9m0.50%	0.50%	Added +1.3k	+1,284 1.6%
69	PFIZER INC COM PFE	PFE	186,696	$6.8m0.49%	0.49%	Reduced -202	-202 -0.1%
70	OTIS WORLDWIDE CORP COM OTIS	OTIS	76,540	$6.8m0.49%	0.49%	Reduced -1.2k	-1,171 -1.5%
71	COSTCO WHSL CORP NEW COM COST	COST	12,544	$6.8m0.49%	0.49%	Unchanged
72	RTX CORPORATION COM RTX	RTX	67,961	$6.7m0.48%	0.48%	Added +230	+230 0.3%
73	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	83,685	$6.6m0.48%	0.48%	Reduced -16.0k	-15,985 -16.0%
74	PHILLIPS 66 COM PSX	PSX	69,317	$6.6m0.48%	0.48%	Added +1.0k	+1,014 1.5%
75	NICE LTD SPONSORED ADR NICE	NICE	31,905	$6.6m0.48%	0.48%	Added +972	+972 3.1%
76	HOME DEPOT INC COM HD	HD	21,060	$6.5m0.47%	0.47%	Reduced -6	-6 -0.0%
77	KINDER MORGAN INC DEL COM KMI	KMI	376,198	$6.5m0.47%	0.47%	Added +7.4k	+7,356 2.0%
78	FMC CORP COM NEW FMC	FMC	58,072	$6.1m0.44%	0.44%	Reduced -22.4k	-22,366 -27.8%
79	ACTIVISION BLIZZARD INC COM ATVI	ATVI	71,750	$6.0m0.44%	0.44%	Added +955	+955 1.4%
80	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	94,490	$6.0m0.44%	0.44%	Unchanged
81	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	67,506	$5.6m0.41%	0.41%	Added +6.9k	+6,881 11.3%
82	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	19,623	$5.6m0.40%	0.40%	Added +500	+500 2.6%
83	OMEGA HEALTHCARE INVS INC COM OHI	OHI	178,653	$5.5m0.40%	0.40%	Added +2.4k	+2,403 1.4%
84	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	274,411	$5.2m0.38%	0.38%	New
85	FIDELITY NATL INFORMATION SV COM FIS	FIS	94,844	$5.2m0.37%	0.37%	Added +2.4k	+2,350 2.5%
86	GLOBAL PMTS INC COM GPN	GPN	51,365	$5.1m0.36%	0.36%	Added +1.0k	+1,034 2.0%
87	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	22,341	$4.9m0.35%	0.35%	Added +2.5k	+2,490 12.5%
88	NUCOR CORP COM NUE	NUE	29,450	$4.8m0.35%	0.35%	Unchanged
89	VANGUARD INDEX FDS VALUE ETF VTV	VTV	33,804	$4.8m0.35%	0.35%	Added +1.0k	+1,021 3.1%
90	JOHNSON & JOHNSON COM JNJ	JNJ	28,894	$4.8m0.34%	0.34%	Reduced -375	-375 -1.3%
91	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	14,814	$4.6m0.33%	0.33%	Reduced -19	-19 -0.1%
92	CBRE GROUP INC CL A CBRE	CBRE	55,154	$4.5m0.32%	0.32%	Added +3.2k	+3,154 6.1%
93	APOLLO GLOBAL MGMT INC COM APO	APO	57,328	$4.4m0.32%	0.32%	Added +7.1k	+7,070 14.1%
94	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	29,162	$4.3m0.31%	0.31%	Added +364	+364 1.3%
95	PHILIP MORRIS INTL INC COM PM	PM	42,460	$4.1m0.30%	0.30%	Reduced -235	-235 -0.6%
96	ISHARES TR RUS 1000 GRW ETF IWF	IWF	15,005	$4.1m0.30%	0.30%	Reduced -30	-30 -0.2%
97	FREEPORT-MCMORAN INC CL B FCX	FCX	102,033	$4.1m0.29%	0.29%	Reduced -53.8k	-53,788 -34.5%
98	NIKE INC CL B NKE	NKE	35,022	$3.9m0.28%	0.28%	Reduced -10.0k	-10,000 -22.2%
99	KKR & CO INC COM KKR	KKR	68,710	$3.8m0.28%	0.28%	Added +9.1k	+9,140 15.3%
100	INVESCO EXCHANGE TRADED FD T DORSEY WRIGHT MO PDP	PDP	44,446	$3.6m0.26%	0.26%	Reduced -1.9k	-1,906 -4.1%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
AMCOR PLC AMCR	AMCR	115,220	$1.3m115.2k shares
NORDSTROM INC JWN	JWN	50,000	$813.5k50.0k shares
SPDR SER TR XHB	XHB	3,576	$242.3k3.6k shares
CONSOLIDATED EDISON INC ED	ED	2,240	$214.3k2.2k shares
VICTORY PORTFOLIOS II CDC	CDC	3,429	$207.9k3.4k shares
BIO RAD LABS INC BIO.B	BIO.B	434	$205.7k434 shares
INVESCO EXCHANGE TRADED FD T PSP	PSP	10,888	$110.1k10.9k shares