OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2024-04-25

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)

$1.6bn reported value +6.2% vs Q4 2023

201positions

28.4%in top 10

6 new 66 added 97 reduced 13 sold out vs Q4 2023

Holdings, Q1 2024

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	1,971,885	$115.7m7.13%	7.13%	Added +44.4k	+44,421 2.3%
2	MICROSOFT CORP COM MSFT	MSFT	138,695	$58.4m3.60%	3.60%	Reduced -960	-960 -0.7%
3	APPLE INC COM AAPL	AAPL	283,800	$48.7m3.00%	3.00%	Reduced -3.9k	-3,862 -1.3%
4	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,116,229	$46.6m2.87%	2.87%	Added +89.9k	+89,932 8.8%
5	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	693,890	$35.1m2.16%	2.16%	Added +2.9k	+2,869 0.4%
6	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	471,846	$33.7m2.07%	2.07%	Added +695	+695 0.1%
7	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	386,168	$33.4m2.06%	2.06%	Added +16.2k	+16,153 4.4%
8	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	489,636	$33.0m2.03%	2.03%	Added +1.9k	+1,857 0.4%
9	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,145,536	$29.9m1.84%	1.84%	Added +76.6k	+76,633 7.2%
10	JPMORGAN CHASE & CO COM JPM	JPM	132,903	$26.6m1.64%	1.64%	Reduced -1.7k	-1,730 -1.3%
11	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	612,230	$25.8m1.59%	1.59%	Added +33.0k	+33,027 5.7%
12	ISHARES INC MSCI NETHERL ETF EWN	EWN	503,456	$24.9m1.53%	1.53%	Reduced -2.1k	-2,140 -0.4%
13	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	46,228	$24.2m1.49%	1.49%	Reduced -1.7k	-1,663 -3.5%
14	ALPHABET INC CAP STK CL C GOOG	GOOG	157,828	$24.0m1.48%	1.48%	Reduced -150	-150 -0.1%
15	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	751,079	$23.4m1.44%	1.44%	Added +3.8k	+3,804 0.5%
16	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	361,015	$23.1m1.42%	1.42%	Reduced -9.5k	-9,500 -2.6%
17	DANAHER CORPORATION COM DHR	DHR	91,322	$22.8m1.41%	1.41%	Added +1.8k	+1,768 2.0%
18	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	670,749	$22.4m1.38%	1.38%	Reduced -1.4k	-1,350 -0.2%
19	NVIDIA CORPORATION COM NVDA	NVDA	21,759	$19.7m1.21%	1.21%	Reduced -5.2k	-5,178 -19.2%
20	ISHARES TR MSCI ACWI EX US ACWX	ACWX	345,360	$18.4m1.14%	1.14%	Reduced -29.8k	-29,765 -7.9%
21	CHENIERE ENERGY INC COM NEW LNG	LNG	111,129	$17.9m1.10%	1.10%	Added +2.7k	+2,712 2.5%
22	ALPHABET INC CAP STK CL A GOOGL	GOOGL	117,850	$17.8m1.10%	1.10%	Added +2.7k	+2,697 2.3%
23	META PLATFORMS INC CL A META	META	36,177	$17.6m1.08%	1.08%	Reduced -14.0k	-14,033 -27.9%
24	MARSH & MCLENNAN COS INC COM MRSH	MRSH	83,226	$17.1m1.06%	1.06%	Reduced -922	-922 -1.1%
25	ISHARES TR LATN AMER 40 ETF ILF	ILF	599,775	$17.1m1.05%	1.05%	Added +3.3k	+3,281 0.6%
26	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	28,866	$16.8m1.03%	1.03%	Added +527	+527 1.9%
27	ISHARES TR 20 YR TR BD ETF TLT	TLT	175,630	$16.6m1.02%	1.02%	Added +11.3k	+11,325 6.9%
28	CENTENE CORP DEL COM CNC	CNC	208,737	$16.4m1.01%	1.01%	Added +4.6k	+4,613 2.3%
29	PALO ALTO NETWORKS INC COM PANW	PANW	55,821	$15.9m0.98%	0.98%	Reduced -18.2k	-18,215 -24.6%
30	DISNEY WALT CO COM DIS	DIS	129,302	$15.8m0.97%	0.97%	Added +31.3k	+31,310 31.9%
31	NXP SEMICONDUCTORS N V COM NXPI	NXPI	61,738	$15.3m0.94%	0.94%	Added +70	+70 0.1%
32	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,226	$14.8m0.91%	0.91%	Reduced -101	-101 -0.3%
33	UNION PAC CORP COM UNP	UNP	60,019	$14.8m0.91%	0.91%	Added +106	+106 0.2%
34	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	458,012	$14.4m0.89%	0.89%	Added +3.6k	+3,567 0.8%
35	MGM RESORTS INTERNATIONAL COM MGM	MGM	289,105	$13.6m0.84%	0.84%	Added +3.5k	+3,501 1.2%
36	VISA INC COM CL A V	V	48,286	$13.5m0.83%	0.83%	Reduced -15	-15 -0.0%
37	ABBOTT LABS COM ABT	ABT	115,236	$13.1m0.81%	0.81%	Added +570	+570 0.5%
38	CVS HEALTH CORP COM CVS	CVS	159,493	$12.7m0.78%	0.78%	Added +5.9k	+5,855 3.8%
39	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	161,031	$12.4m0.77%	0.77%	Reduced -18.0k	-17,957 -10.0%
40	BORGWARNER INC COM BWA	BWA	356,899	$12.4m0.76%	0.76%	Added +166.5k	+166,484 87.4%
41	POOL CORP COM POOL	POOL	30,695	$12.4m0.76%	0.76%	Added +616	+616 2.0%
42	PROCTER AND GAMBLE CO COM PG	PG	76,203	$12.4m0.76%	0.76%	Reduced -655	-655 -0.8%
43	SALESFORCE INC COM CRM	CRM	40,989	$12.3m0.76%	0.76%	Added +1.6k	+1,619 4.1%
44	TRIP COM GROUP LTD ADS TCOM	TCOM	280,077	$12.3m0.76%	0.76%	Added +3.8k	+3,808 1.4%
45	COPART INC COM CPRT	CPRT	210,052	$12.2m0.75%	0.75%	Reduced -4.7k	-4,724 -2.2%
46	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	48,522	$12.1m0.75%	0.75%	Reduced -440	-440 -0.9%
47	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	182,184	$12.0m0.74%	0.74%	Added +30.0k	+29,959 19.7%
48	EXXON MOBIL CORP COM XOM	XOM	102,383	$11.9m0.73%	0.73%	Reduced -225	-225 -0.2%
49	VULCAN MATLS CO COM VMC	VMC	43,510	$11.9m0.73%	0.73%	Reduced -323	-323 -0.7%
50	ADVANCED MICRO DEVICES INC COM AMD	AMD	65,282	$11.8m0.73%	0.73%	Reduced -29.4k	-29,383 -31.0%
51	WISDOMTREE TR BLMBG US BULL USDU	USDU	445,689	$11.7m0.72%	0.72%	Added +3.3k	+3,304 0.8%
52	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	77,902	$11.3m0.70%	0.70%	Reduced -1.5k	-1,485 -1.9%
53	ISHARES TR CONV BD ETF ICVT	ICVT	141,883	$11.3m0.70%	0.70%	Added +4.7k	+4,722 3.4%
54	SCHLUMBERGER LTD COM STK SLB	SLB	204,076	$11.2m0.69%	0.69%	Added +5.2k	+5,180 2.6%
55	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	253,024	$11.1m0.68%	0.68%	Added +22.7k	+22,740 9.9%
56	PHILLIPS 66 COM PSX	PSX	67,567	$11.0m0.68%	0.68%	Reduced -659	-659 -1.0%
57	MERCADOLIBRE INC COM MELI	MELI	7,213	$10.9m0.67%	0.67%	Reduced -143	-143 -1.9%
58	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	282,604	$10.9m0.67%	0.67%	Reduced -17.0k	-17,002 -5.7%
59	FIRST BUSEY CORP COM NEW BUSE	BUSE	444,680	$10.7m0.66%	0.66%	Reduced -647	-647 -0.1%
60	LOWES COS INC COM LOW	LOW	41,590	$10.6m0.65%	0.65%	Added +582	+582 1.4%
61	DENTSPLY SIRONA INC COM XRAY	XRAY	312,103	$10.4m0.64%	0.64%	Added +10.7k	+10,660 3.5%
62	BOOKING HOLDINGS INC COM BKNG	BKNG	2,793	$10.1m0.62%	0.62%	Added +15	+15 0.5%
63	PEPSICO INC COM PEP	PEP	57,541	$10.1m0.62%	0.62%	Added +1.9k	+1,905 3.4%
64	NICE LTD SPONSORED ADR NICE	NICE	36,739	$9.6m0.59%	0.59%	Added +645	+645 1.8%
65	NIKE INC CL B NKE	NKE	100,241	$9.4m0.58%	0.58%	Added +65.2k	+65,156 185.7%
66	COSTCO WHSL CORP NEW COM COST	COST	12,551	$9.2m0.57%	0.57%	Reduced -55	-55 -0.4%
67	PLANET FITNESS INC CL A PLNT	PLNT	143,641	$9.0m0.55%	0.55%	Added +14.2k	+14,160 10.9%
68	WALMART INC COM WMT	WMT	149,361	$9.0m0.55%	0.55%	Reduced -333	-333 -0.2%
69	ISHARES GOLD TR ISHARES NEW IAU	IAU	213,192	$9.0m0.55%	0.55%	Reduced -4.2k	-4,243 -1.9%
70	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	48,320	$8.8m0.54%	0.54%	Reduced -1.2k	-1,171 -2.4%
71	SPDR SER TR S&P BIOTECH XBI	XBI	89,477	$8.5m0.52%	0.52%	Added +1.3k	+1,269 1.4%
72	HOME DEPOT INC COM HD	HD	21,794	$8.4m0.52%	0.52%	Reduced -484	-484 -2.2%
73	FMC CORP COM NEW FMC	FMC	125,828	$8.0m0.49%	0.49%	Added +61.8k	+61,783 96.5%
74	FIDELITY NATL INFORMATION SV COM FIS	FIS	106,640	$7.9m0.49%	0.49%	Added +3.5k	+3,482 3.4%
75	OTIS WORLDWIDE CORP COM OTIS	OTIS	77,771	$7.7m0.48%	0.48%	Reduced -89	-89 -0.1%
76	KINDER MORGAN INC DEL COM KMI	KMI	405,346	$7.4m0.46%	0.46%	Added +17.0k	+16,980 4.4%
77	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	102,179	$7.4m0.46%	0.46%	Added +19.7k	+19,745 23.9%
78	KKR & CO INC COM KKR	KKR	70,458	$7.1m0.44%	0.44%	Added +38	+38 0.1%
79	GLOBAL PMTS INC COM GPN	GPN	52,702	$7.0m0.43%	0.43%	Added +1.7k	+1,680 3.3%
80	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	318,736	$7.0m0.43%	0.43%	Added +18.8k	+18,760 6.2%
81	RTX CORPORATION COM RTX	RTX	71,079	$6.9m0.43%	0.43%	Added +734	+734 1.0%
82	LKQ CORP COM LKQ	LKQ	128,502	$6.9m0.42%	0.42%	Added +5.3k	+5,306 4.3%
83	WILLSCOT HLDGS CORP COM CL A WSC	WSC	146,499	$6.8m0.42%	0.42%	Added +4.8k	+4,794 3.4%
84	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	19,238	$6.6m0.41%	0.41%	Reduced -208	-208 -1.1%
85	APOLLO GLOBAL MGMT INC COM APO	APO	57,909	$6.5m0.40%	0.40%	Added +90	+90 0.2%
86	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	76,444	$6.2m0.38%	0.38%	Added +234	+234 0.3%
87	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	23,510	$6.1m0.38%	0.38%	Reduced -428	-428 -1.8%
88	CBRE GROUP INC CL A CBRE	CBRE	62,408	$6.1m0.37%	0.37%	Added +1.1k	+1,071 1.8%
89	NUCOR CORP COM NUE	NUE	29,450	$5.8m0.36%	0.36%	Unchanged
90	OMEGA HEALTHCARE INVS INC COM OHI	OHI	179,610	$5.7m0.35%	0.35%	Added +2.6k	+2,625 1.5%
91	LAMB WESTON HLDGS INC COM LW	LW	52,202	$5.6m0.34%	0.34%	New
92	ELASTIC N V ORD SHS ESTC	ESTC	55,290	$5.5m0.34%	0.34%	Reduced -1.0k	-1,036 -1.8%
93	VANGUARD INDEX FDS VALUE ETF VTV	VTV	33,925	$5.5m0.34%	0.34%	Reduced -754	-754 -2.2%
94	ICON PLC SHS ICLR	ICLR	16,102	$5.4m0.33%	0.33%	Added +490	+490 3.1%
95	SUN CMNTYS INC COM SUI	SUI	42,022	$5.4m0.33%	0.33%	Added +688	+688 1.7%
96	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	93,990	$5.1m0.31%	0.31%	Unchanged
97	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	14,641	$5.1m0.31%	0.31%	Added +197	+197 1.4%
98	ISHARES TR RUS 1000 GRW ETF IWF	IWF	14,935	$5.0m0.31%	0.31%	Reduced -30	-30 -0.2%
99	PFIZER INC COM PFE	PFE	180,379	$5.0m0.31%	0.31%	Reduced -2.4k	-2,375 -1.3%
100	FREEPORT-MCMORAN INC CL B FCX	FCX	99,177	$4.7m0.29%	0.29%	Reduced -546	-546 -0.6%

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
WNS HLDGS LTD WNS	WNS	74,968	$4.7m75.0k shares
ISHARES TR MCHI	MCHI	22,215	$905.0k22.2k shares
ISHARES INC EWZ	EWZ	10,540	$368.5k10.5k shares
INVESCO EXCH TRADED FD TR II BKLN	BKLN	15,507	$328.4k15.5k shares
SPDR SER TR TFI	TFI	6,339	$297.9k6.3k shares
MCDONALDS CORP MCD	MCD	995	$295.0k995 shares
DOLLAR TREE INC DLTR	DLTR	1,970	$279.8k2.0k shares
LENNAR CORP LEN	LEN	1,715	$255.6k1.7k shares
BIOGEN INC BIIB	BIIB	925	$239.4k925 shares
ADOBE INC ADBE	ADBE	374	$223.1k374 shares
SELECT SECTOR SPDR TR XLE	XLE	2,534	$212.5k2.5k shares
STARBUCKS CORP SBUX	SBUX	2,210	$212.2k2.2k shares
UNITED PARCEL SERVICE INC UPS	UPS	1,329	$209.0k1.3k shares