OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2024-07-22

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)

$1.7bn reported value +2.9% vs Q1 2024

218positions

28.7%in top 10

22 new 101 added 64 reduced 5 sold out vs Q1 2024

Holdings, Q2 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	1,994,539	$117.0m7.01%	7.01%	Added +22.7k	+22,654 1.1%
2	MICROSOFT CORP COM MSFT	MSFT	141,517	$63.3m3.79%	3.79%	Added +2.8k	+2,822 2.0%
3	APPLE INC COM AAPL	AAPL	286,536	$60.4m3.61%	3.61%	Added +2.7k	+2,736 1.0%
4	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,132,419	$49.6m2.97%	2.97%	Added +16.2k	+16,190 1.4%
5	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	399,110	$33.4m2.00%	2.00%	Added +12.9k	+12,942 3.4%
6	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	649,898	$32.8m1.97%	1.97%	Reduced -44.0k	-43,992 -6.3%
7	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	489,299	$32.7m1.96%	1.96%	Reduced -337	-337 -0.1%
8	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	476,145	$32.5m1.95%	1.95%	Added +4.3k	+4,299 0.9%
9	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,198,241	$28.8m1.72%	1.72%	Added +52.7k	+52,705 4.6%
10	ALPHABET INC CAP STK CL C GOOG	GOOG	156,707	$28.7m1.72%	1.72%	Reduced -1.1k	-1,121 -0.7%
11	JPMORGAN CHASE & CO COM JPM	JPM	132,306	$26.8m1.60%	1.60%	Reduced -597	-597 -0.5%
12	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	637,685	$26.7m1.60%	1.60%	Added +25.5k	+25,455 4.2%
13	ISHARES INC MSCI NETHERL ETF EWN	EWN	507,805	$25.5m1.53%	1.53%	Added +4.3k	+4,349 0.9%
14	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	751,057	$24.1m1.44%	1.44%	Reduced -22	-22 0.0%
15	NVIDIA CORPORATION COM NVDA	NVDA	192,510	$23.8m1.42%	1.42%	Reduced -25.1k	-25,080 -11.5%
16	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	43,574	$23.7m1.42%	1.42%	Reduced -2.7k	-2,654 -5.7%
17	DANAHER CORPORATION COM DHR	DHR	93,553	$23.4m1.40%	1.40%	Added +2.2k	+2,231 2.4%
18	ALPHABET INC CAP STK CL A GOOGL	GOOGL	116,720	$21.3m1.27%	1.27%	Reduced -1.1k	-1,130 -1.0%
19	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	664,441	$21.1m1.26%	1.26%	Reduced -6.3k	-6,308 -0.9%
20	SALESFORCE INC COM CRM	CRM	81,045	$20.8m1.25%	1.25%	Added +40.1k	+40,056 97.7%
21	CHENIERE ENERGY INC COM NEW LNG	LNG	112,396	$19.7m1.18%	1.18%	Added +1.3k	+1,267 1.1%
22	PALO ALTO NETWORKS INC COM PANW	PANW	56,120	$19.0m1.14%	1.14%	Added +299	+299 0.5%
23	MARSH & MCLENNAN COS INC COM MRSH	MRSH	84,638	$17.8m1.07%	1.07%	Added +1.4k	+1,412 1.7%
24	ISHARES TR MSCI ACWI EX US ACWX	ACWX	320,930	$17.1m1.02%	1.02%	Reduced -24.4k	-24,430 -7.1%
25	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	243,419	$17.0m1.02%	1.02%	Reduced -117.6k	-117,596 -32.6%
26	ISHARES TR 20 YR TR BD ETF TLT	TLT	182,449	$16.7m1.00%	1.00%	Added +6.8k	+6,819 3.9%
27	META PLATFORMS INC CL A META	META	33,082	$16.7m1.00%	1.00%	Reduced -3.1k	-3,095 -8.6%
28	NXP SEMICONDUCTORS N V COM NXPI	NXPI	60,792	$16.4m0.98%	0.98%	Reduced -946	-946 -1.5%
29	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	28,874	$16.0m0.96%	0.96%	Added +8	+8 0.0%
30	ISHARES TR LATN AMER 40 ETF ILF	ILF	613,415	$15.2m0.91%	0.91%	Added +13.6k	+13,640 2.3%
31	ADVANCED MICRO DEVICES INC COM AMD	AMD	90,141	$14.6m0.88%	0.88%	Added +24.9k	+24,859 38.1%
32	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,666	$14.5m0.87%	0.87%	Added +440	+440 1.2%
33	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	458,954	$14.5m0.87%	0.87%	Added +942	+942 0.2%
34	CENTENE CORP DEL COM CNC	CNC	212,362	$14.1m0.84%	0.84%	Added +3.6k	+3,625 1.7%
35	UNION PAC CORP COM UNP	UNP	60,232	$13.6m0.82%	0.82%	Added +213	+213 0.3%
36	MGM RESORTS INTERNATIONAL COM MGM	MGM	299,425	$13.3m0.80%	0.80%	Added +10.3k	+10,320 3.6%
37	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	187,265	$12.8m0.77%	0.77%	Added +5.1k	+5,081 2.8%
38	VISA INC COM CL A V	V	48,603	$12.8m0.76%	0.76%	Added +317	+317 0.7%
39	DISNEY WALT CO COM DIS	DIS	128,239	$12.7m0.76%	0.76%	Reduced -1.1k	-1,063 -0.8%
40	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	319,809	$12.7m0.76%	0.76%	Added +66.8k	+66,785 26.4%
41	PROCTER AND GAMBLE CO COM PG	PG	76,416	$12.6m0.75%	0.75%	Added +213	+213 0.3%
42	CVS HEALTH CORP COM CVS	CVS	210,997	$12.5m0.75%	0.75%	Added +51.5k	+51,504 32.3%
43	EXXON MOBIL CORP COM XOM	XOM	107,783	$12.4m0.74%	0.74%	Added +5.4k	+5,400 5.3%
44	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	51,352	$12.3m0.73%	0.73%	Added +2.8k	+2,830 5.8%
45	ABBOTT LABS COM ABT	ABT	117,510	$12.2m0.73%	0.73%	Added +2.3k	+2,274 2.0%
46	WISDOMTREE TR BLMBG US BULL USDU	USDU	447,809	$12.1m0.73%	0.73%	Added +2.1k	+2,120 0.5%
47	MERCADOLIBRE INC COM MELI	MELI	7,305	$12.0m0.72%	0.72%	Added +92	+92 1.3%
48	JPMORGAN CHASE FINL CO LLC CAL LKD 44 AMJB	AMJB	412,967	$12.0m0.72%	0.72%	New
49	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	153,179	$11.8m0.71%	0.71%	Reduced -7.9k	-7,852 -4.9%
50	BORGWARNER INC COM BWA	BWA	359,692	$11.6m0.69%	0.69%	Added +2.8k	+2,793 0.8%
51	ISHARES TR CONV BD ETF ICVT	ICVT	144,116	$11.3m0.68%	0.68%	Added +2.2k	+2,233 1.6%
52	PLANET FITNESS INC CL A PLNT	PLNT	153,031	$11.3m0.67%	0.67%	Added +9.4k	+9,390 6.5%
53	NICE LTD SPONSORED ADR NICE	NICE	63,741	$11.0m0.66%	0.66%	Added +27.0k	+27,002 73.5%
54	BOOKING HOLDINGS INC COM BKNG	BKNG	2,766	$11.0m0.66%	0.66%	Reduced -27	-27 -1.0%
55	COSTCO WHSL CORP NEW COM COST	COST	12,573	$10.7m0.64%	0.64%	Added +22	+22 0.2%
56	VULCAN MATLS CO COM VMC	VMC	42,973	$10.7m0.64%	0.64%	Reduced -537	-537 -1.2%
57	PEPSICO INC COM PEP	PEP	63,435	$10.5m0.63%	0.63%	Added +5.9k	+5,894 10.2%
58	FIRST BUSEY CORP COM NEW BUSE	BUSE	429,110	$10.4m0.62%	0.62%	Reduced -15.6k	-15,570 -3.5%
59	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	270,867	$10.3m0.62%	0.62%	Reduced -11.7k	-11,737 -4.2%
60	WALMART INC COM WMT	WMT	150,504	$10.2m0.61%	0.61%	Added +1.1k	+1,143 0.8%
61	LAMB WESTON HLDGS INC COM LW	LW	117,781	$9.9m0.59%	0.59%	Added +65.6k	+65,579 125.6%
62	SCHLUMBERGER LTD COM STK SLB	SLB	208,428	$9.8m0.59%	0.59%	Added +4.4k	+4,352 2.1%
63	POOL CORP COM POOL	POOL	31,757	$9.8m0.58%	0.58%	Added +1.1k	+1,062 3.5%
64	LOWES COS INC COM LOW	LOW	42,325	$9.3m0.56%	0.56%	Added +735	+735 1.8%
65	PHILLIPS 66 COM PSX	PSX	65,991	$9.3m0.56%	0.56%	Reduced -1.6k	-1,576 -2.3%
66	ISHARES GOLD TR ISHARES NEW IAU	IAU	210,808	$9.3m0.55%	0.55%	Reduced -2.4k	-2,384 -1.1%
67	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	78,602	$9.2m0.55%	0.55%	Added +700	+700 0.9%
68	SPDR SER TR S&P BIOTECH XBI	XBI	92,842	$8.6m0.52%	0.52%	Added +3.4k	+3,365 3.8%
69	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	46,228	$8.4m0.51%	0.51%	Reduced -2.1k	-2,092 -4.3%
70	DENTSPLY SIRONA INC COM XRAY	XRAY	328,867	$8.2m0.49%	0.49%	Added +16.8k	+16,764 5.4%
71	KINDER MORGAN INC DEL COM KMI	KMI	411,403	$8.2m0.49%	0.49%	Added +6.1k	+6,057 1.5%
72	NIKE INC CL B NKE	NKE	106,378	$8.0m0.48%	0.48%	Added +6.1k	+6,137 6.1%
73	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	109,592	$7.9m0.47%	0.47%	Added +7.4k	+7,413 7.2%
74	FIDELITY NATL INFORMATION SV COM FIS	FIS	104,033	$7.8m0.47%	0.47%	Reduced -2.6k	-2,607 -2.4%
75	HUMANA INC COM HUM	HUM	20,611	$7.7m0.46%	0.46%	New
76	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	328,898	$7.6m0.45%	0.45%	Added +10.2k	+10,162 3.2%
77	KKR & CO INC COM KKR	KKR	71,618	$7.5m0.45%	0.45%	Added +1.2k	+1,160 1.6%
78	OTIS WORLDWIDE CORP COM OTIS	OTIS	77,861	$7.5m0.45%	0.45%	Added +90	+90 0.1%
79	HOME DEPOT INC COM HD	HD	21,649	$7.5m0.45%	0.45%	Reduced -145	-145 -0.7%
80	FMC CORP COM NEW FMC	FMC	127,252	$7.3m0.44%	0.44%	Added +1.4k	+1,424 1.1%
81	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	19,389	$7.3m0.43%	0.43%	Added +151	+151 0.8%
82	AIR PRODS & CHEMS INC COM APD	APD	27,370	$7.1m0.42%	0.42%	Added +26.0k	+26,025 1934.9%
83	RTX CORPORATION COM RTX	RTX	70,275	$7.1m0.42%	0.42%	Reduced -804	-804 -1.1%
84	APOLLO GLOBAL MGMT INC COM APO	APO	58,994	$7.0m0.42%	0.42%	Added +1.1k	+1,085 1.9%
85	TRIP COM GROUP LTD ADS TCOM	TCOM	144,744	$6.8m0.41%	0.41%	Reduced -135.3k	-135,333 -48.3%
86	ELASTIC N V ORD SHS ESTC	ESTC	56,995	$6.5m0.39%	0.39%	Added +1.7k	+1,705 3.1%
87	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	78,900	$6.3m0.38%	0.38%	Added +2.5k	+2,456 3.2%
88	OMEGA HEALTHCARE INVS INC COM OHI	OHI	183,485	$6.3m0.38%	0.38%	Added +3.9k	+3,875 2.2%
89	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	43,685	$6.0m0.36%	0.36%	New
90	WILLSCOT HLDGS CORP COM CL A WSC	WSC	157,164	$5.9m0.35%	0.35%	Added +10.7k	+10,665 7.3%
91	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	21,429	$5.7m0.34%	0.34%	Reduced -2.1k	-2,081 -8.8%
92	CBRE GROUP INC CL A CBRE	CBRE	63,762	$5.7m0.34%	0.34%	Added +1.4k	+1,354 2.2%
93	LKQ CORP COM LKQ	LKQ	135,366	$5.6m0.34%	0.34%	Added +6.9k	+6,864 5.3%
94	VANGUARD INDEX FDS VALUE ETF VTV	VTV	34,182	$5.5m0.33%	0.33%	Added +257	+257 0.8%
95	GLOBAL PMTS INC COM GPN	GPN	55,657	$5.4m0.32%	0.32%	Added +3.0k	+2,955 5.6%
96	ISHARES TR RUS 1000 GRW ETF IWF	IWF	14,605	$5.3m0.32%	0.32%	Reduced -330	-330 -2.2%
97	PFIZER INC COM PFE	PFE	190,179	$5.3m0.32%	0.32%	Added +9.8k	+9,800 5.4%
98	SUN CMNTYS INC COM SUI	SUI	43,576	$5.2m0.31%	0.31%	Added +1.6k	+1,554 3.7%
99	ICON PLC SHS ICLR	ICLR	16,686	$5.2m0.31%	0.31%	Added +584	+584 3.6%
100	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	30,978	$4.8m0.29%	0.29%	Added +116	+116 0.4%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
JPMORGAN CHASE & CO AMJ	AMJ	81,515	$2.3m81.5k shares
PENN ENTERTAINMENT INC PENN	PENN	119,395	$2.2m119.4k shares
ATLASSIAN CORPORATION TEAM	TEAM	1,605	$313.2k1.6k shares
DIMENSIONAL ETF TRUST DFUV	DFUV	6,086	$248.9k6.1k shares
PAYPAL HLDGS INC PYPL	PYPL	3,111	$208.4k3.1k shares