OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2024-01-22

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.

$1.5bn reported value +13.1% vs Q3 2023

208positions

28.9%in top 10

18 new 73 added 76 reduced 5 sold out vs Q3 2023

Holdings, Q4 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	1,927,464	$108.2m7.08%	7.08%	Added +38.0k	+37,952 2.0%
2	APPLE INC COM AAPL	AAPL	287,662	$55.4m3.62%	3.62%	Reduced -4.0k	-4,012 -1.4%
3	MICROSOFT CORP COM MSFT	MSFT	139,655	$52.5m3.44%	3.44%	Added +15.6k	+15,554 12.5%
4	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,026,297	$42.2m2.76%	2.76%	Added +8.8k	+8,795 0.9%
5	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	691,021	$34.8m2.28%	2.28%	Added +178.9k	+178,891 34.9%
6	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	370,015	$32.7m2.14%	2.14%	Added +12.7k	+12,730 3.6%
7	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	487,779	$31.5m2.06%	2.06%	Added +24.8k	+24,772 5.3%
8	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	471,151	$30.2m1.98%	1.98%	Added +100	+100 0.0%
9	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,068,903	$29.2m1.91%	1.91%	Added +64.2k	+64,226 6.4%
10	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	579,203	$24.3m1.59%	1.59%	Added +33.7k	+33,709 6.2%
11	JPMORGAN CHASE & CO COM JPM	JPM	134,633	$22.9m1.50%	1.50%	Added +367	+367 0.3%
12	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	47,891	$22.8m1.49%	1.49%	Reduced -793	-793 -1.6%
13	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	747,275	$22.7m1.49%	1.49%	Reduced -4.8k	-4,829 -0.6%
14	ISHARES INC MSCI NETHERL ETF EWN	EWN	505,596	$22.6m1.48%	1.48%	Added +29.9k	+29,907 6.3%
15	ALPHABET INC CAP STK CL C GOOG	GOOG	157,978	$22.3m1.46%	1.46%	Reduced -17.6k	-17,594 -10.0%
16	PALO ALTO NETWORKS INC COM PANW	PANW	74,036	$21.8m1.43%	1.43%	Reduced -1.0k	-1,025 -1.4%
17	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	370,515	$21.8m1.43%	1.43%	Reduced -7.4k	-7,395 -2.0%
18	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	672,099	$20.7m1.36%	1.36%	Added +11.6k	+11,636 1.8%
19	DANAHER CORPORATION COM DHR	DHR	89,554	$20.7m1.36%	1.36%	Added +2.3k	+2,307 2.6%
20	ISHARES TR MSCI ACWI EX US ACWX	ACWX	375,125	$19.1m1.25%	1.25%	Reduced -18.1k	-18,075 -4.6%
21	CHENIERE ENERGY INC COM NEW LNG	LNG	108,417	$18.5m1.21%	1.21%	Reduced -1.9k	-1,886 -1.7%
22	META PLATFORMS INC CL A META	META	50,210	$17.8m1.16%	1.16%	Reduced -750	-750 -1.5%
23	ISHARES TR LATN AMER 40 ETF ILF	ILF	596,494	$17.3m1.13%	1.13%	Reduced -2.1k	-2,143 -0.4%
24	ISHARES TR 20 YR TR BD ETF TLT	TLT	164,305	$16.2m1.06%	1.06%	New
25	ALPHABET INC CAP STK CL A GOOGL	GOOGL	115,153	$16.1m1.05%	1.05%	Added +2.4k	+2,362 2.1%
26	MARSH & MCLENNAN COS INC COM MRSH	MRSH	84,148	$15.9m1.04%	1.04%	Reduced -712	-712 -0.8%
27	CENTENE CORP DEL COM CNC	CNC	204,124	$15.1m0.99%	0.99%	Added +355	+355 0.2%
28	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	28,339	$15.0m0.98%	0.98%	Added +849	+849 3.1%
29	UNION PAC CORP COM UNP	UNP	59,913	$14.7m0.96%	0.96%	Reduced -126	-126 -0.2%
30	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	454,445	$14.3m0.93%	0.93%	Added +14.8k	+14,770 3.4%
31	NXP SEMICONDUCTORS N V COM NXPI	NXPI	61,668	$14.2m0.93%	0.93%	Added +168	+168 0.3%
32	ADVANCED MICRO DEVICES INC COM AMD	AMD	94,665	$14.0m0.91%	0.91%	Reduced -1.3k	-1,252 -1.3%
33	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	178,988	$13.8m0.91%	0.91%	Added +9.6k	+9,619 5.7%
34	NVIDIA CORPORATION COM NVDA	NVDA	26,937	$13.3m0.87%	0.87%	Reduced -1.7k	-1,685 -5.9%
35	MGM RESORTS INTERNATIONAL COM MGM	MGM	285,604	$12.8m0.84%	0.84%	Added +4.0k	+3,971 1.4%
36	ABBOTT LABS COM ABT	ABT	114,666	$12.6m0.83%	0.83%	Added +2.7k	+2,665 2.4%
37	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,327	$12.6m0.82%	0.82%	Added +350	+350 1.0%
38	VISA INC COM CL A V	V	48,301	$12.6m0.82%	0.82%	Reduced -200	-200 -0.4%
39	CVS HEALTH CORP COM CVS	CVS	153,638	$12.1m0.79%	0.79%	Added +4.4k	+4,436 3.0%
40	POOL CORP COM POOL	POOL	30,079	$12.0m0.78%	0.78%	Added +373	+373 1.3%
41	MERCADOLIBRE INC COM MELI	MELI	7,356	$11.6m0.76%	0.76%	Reduced -137	-137 -1.8%
42	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	48,962	$11.4m0.75%	0.75%	Reduced -175	-175 -0.4%
43	PROCTER AND GAMBLE CO COM PG	PG	76,858	$11.3m0.74%	0.74%	Reduced -595	-595 -0.8%
44	WISDOMTREE TR BLMBG US BULL USDU	USDU	442,385	$11.1m0.73%	0.73%	Reduced -2.5k	-2,472 -0.6%
45	FIRST BUSEY CORP COM NEW BUSE	BUSE	445,327	$11.1m0.72%	0.72%	New
46	JPMORGAN CHASE & CO ALERIAN ML ETN AMJ	AMJ	427,285	$10.8m0.71%	0.71%	Reduced -8.5k	-8,502 -1.9%
47	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	230,284	$10.8m0.71%	0.71%	Added +5.0k	+5,004 2.2%
48	ISHARES TR CONV BD ETF ICVT	ICVT	137,161	$10.8m0.71%	0.71%	Added +659	+659 0.5%
49	DENTSPLY SIRONA INC COM XRAY	XRAY	301,443	$10.7m0.70%	0.70%	Reduced -411	-411 -0.1%
50	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	79,387	$10.6m0.69%	0.69%	Added +5.5k	+5,525 7.5%
51	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	299,606	$10.5m0.69%	0.69%	Reduced -4.7k	-4,670 -1.5%
52	COPART INC COM CPRT	CPRT	214,776	$10.5m0.69%	0.69%	Reduced -4.9k	-4,904 -2.2%
53	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	152,225	$10.4m0.68%	0.68%	Added +5.4k	+5,400 3.7%
54	SALESFORCE INC COM CRM	CRM	39,370	$10.4m0.68%	0.68%	Added +102	+102 0.3%
55	SCHLUMBERGER LTD COM STK SLB	SLB	198,896	$10.4m0.68%	0.68%	Added +3.0k	+2,987 1.5%
56	EXXON MOBIL CORP COM XOM	XOM	102,608	$10.3m0.67%	0.67%	Reduced -1.2k	-1,248 -1.2%
57	VULCAN MATLS CO COM VMC	VMC	43,833	$10.0m0.65%	0.65%	Added +475	+475 1.1%
58	TRIP COM GROUP LTD ADS TCOM	TCOM	276,269	$9.9m0.65%	0.65%	Added +16.4k	+16,378 6.3%
59	BOOKING HOLDINGS INC COM BKNG	BKNG	2,778	$9.9m0.64%	0.64%	Reduced -63	-63 -2.2%
60	PLANET FITNESS INC CL A PLNT	PLNT	129,481	$9.5m0.62%	0.62%	Added +940	+940 0.7%
61	PEPSICO INC COM PEP	PEP	55,636	$9.4m0.62%	0.62%	Added +1.5k	+1,480 2.7%
62	LOWES COS INC COM LOW	LOW	41,008	$9.1m0.60%	0.60%	Reduced -1.6k	-1,605 -3.8%
63	PHILLIPS 66 COM PSX	PSX	68,226	$9.1m0.59%	0.59%	Reduced -899	-899 -1.3%
64	DISNEY WALT CO COM DIS	DIS	97,992	$8.8m0.58%	0.58%	Added +4.2k	+4,233 4.5%
65	ISHARES GOLD TR ISHARES NEW IAU	IAU	217,435	$8.5m0.56%	0.56%	Reduced -5.0k	-5,018 -2.3%
66	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	49,491	$8.4m0.55%	0.55%	Reduced -615	-615 -1.2%
67	COSTCO WHSL CORP NEW COM COST	COST	12,606	$8.3m0.54%	0.54%	Added +102	+102 0.8%
68	SPDR SER TR S&P BIOTECH XBI	XBI	88,208	$7.9m0.52%	0.52%	Added +3.7k	+3,723 4.4%
69	WALMART INC COM WMT	WMT	49,898	$7.9m0.51%	0.51%	Unchanged
70	HOME DEPOT INC COM HD	HD	22,278	$7.7m0.51%	0.51%	Reduced -52	-52 -0.2%
71	NICE LTD SPONSORED ADR NICE	NICE	36,094	$7.2m0.47%	0.47%	Added +3.0k	+2,999 9.1%
72	OTIS WORLDWIDE CORP COM OTIS	OTIS	77,860	$7.0m0.46%	0.46%	Added +837	+837 1.1%
73	KINDER MORGAN INC DEL COM KMI	KMI	388,366	$6.9m0.45%	0.45%	Added +7.3k	+7,295 1.9%
74	BORGWARNER INC COM BWA	BWA	190,415	$6.8m0.45%	0.45%	Added +11.4k	+11,447 6.4%
75	GLOBAL PMTS INC COM GPN	GPN	51,022	$6.5m0.42%	0.42%	Added +38	+38 0.1%
76	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	82,434	$6.4m0.42%	0.42%	Added +11.9k	+11,908 16.9%
77	ELASTIC N V ORD SHS ESTC	ESTC	56,326	$6.3m0.42%	0.42%	Reduced -42.5k	-42,458 -43.0%
78	WILLSCOT HLDGS CORP COM CL A WSC	WSC	141,705	$6.3m0.41%	0.41%	New
79	FIDELITY NATL INFORMATION SV COM FIS	FIS	103,158	$6.2m0.41%	0.41%	Added +4.7k	+4,662 4.7%
80	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	76,210	$6.2m0.41%	0.41%	Reduced -3.7k	-3,745 -4.7%
81	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	299,976	$6.1m0.40%	0.40%	Added +20.3k	+20,310 7.3%
82	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	19,446	$6.0m0.40%	0.40%	Added +124	+124 0.6%
83	RTX CORPORATION COM RTX	RTX	70,345	$5.9m0.39%	0.39%	Added +1.9k	+1,882 2.8%
84	LKQ CORP COM LKQ	LKQ	123,196	$5.9m0.39%	0.39%	New
85	KKR & CO INC COM KKR	KKR	70,420	$5.8m0.38%	0.38%	Reduced -200	-200 -0.3%
86	CBRE GROUP INC CL A CBRE	CBRE	61,337	$5.7m0.37%	0.37%	Added +4.2k	+4,188 7.3%
87	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	23,938	$5.7m0.37%	0.37%	Added +868	+868 3.8%
88	SUN CMNTYS INC COM SUI	SUI	41,334	$5.5m0.36%	0.36%	Added +21.3k	+21,269 106.0%
89	OMEGA HEALTHCARE INVS INC COM OHI	OHI	176,985	$5.4m0.36%	0.36%	Reduced -1.4k	-1,378 -0.8%
90	APOLLO GLOBAL MGMT INC COM APO	APO	57,819	$5.4m0.35%	0.35%	Reduced -144	-144 -0.2%
91	PFIZER INC COM PFE	PFE	182,754	$5.3m0.34%	0.34%	Added +48	+48 0.0%
92	VANGUARD INDEX FDS VALUE ETF VTV	VTV	34,679	$5.2m0.34%	0.34%	Added +1.3k	+1,339 4.0%
93	NUCOR CORP COM NUE	NUE	29,450	$5.1m0.34%	0.34%	Unchanged
94	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	14,444	$5.1m0.33%	0.33%	Reduced -20	-20 -0.1%
95	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	93,990	$4.8m0.32%	0.32%	Unchanged
96	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	29,666	$4.8m0.31%	0.31%	Added +121	+121 0.4%
97	WNS HLDGS LTD SPON ADR WNS	WNS	74,968	$4.7m0.31%	0.31%	Added +745	+745 1.0%
98	ISHARES TR RUS 1000 GRW ETF IWF	IWF	14,965	$4.5m0.30%	0.30%	Unchanged
99	ICON PLC SHS ICLR	ICLR	15,612	$4.4m0.29%	0.29%	New
100	JOHNSON & JOHNSON COM JNJ	JNJ	27,085	$4.2m0.28%	0.28%	Reduced -1.2k	-1,178 -4.2%

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
INVESCO ACTIVELY MANAGED EXC GSY	GSY	7,565	$376.0k7.6k shares
KRANESHARES TRUST KWEB	KWEB	13,715	$375.4k13.7k shares
FIRST TR EXCHANGE-TRADED FD FTSM	FTSM	4,217	$250.6k4.2k shares
ENTERPRISE PRODS PARTNERS L EPD	EPD	8,500	$232.6k8.5k shares
CAMBRIA ETF TR TAIL	TAIL	11,396	$147.5k11.4k shares