OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2025-01-24

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.

$1.7bn reported value -2.0% vs Q3 2024

218positions

28.4%in top 10

8 new 76 added 91 reduced 11 sold out vs Q3 2024

Holdings, Q4 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	2,056,348	$118.1m6.83%	6.83%	Added +43.3k	+43,264 2.1%
2	APPLE INC COM AAPL	AAPL	275,634	$69.0m3.99%	3.99%	Reduced -1.2k	-1,164 -0.4%
3	MICROSOFT CORP COM MSFT	MSFT	146,778	$61.9m3.58%	3.58%	Added +6.6k	+6,581 4.7%
4	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,165,058	$51.3m2.97%	2.97%	Added +18.5k	+18,476 1.6%
5	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	400,765	$35.7m2.07%	2.07%	Added +1.8k	+1,783 0.5%
6	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	494,383	$33.2m1.92%	1.92%	Added +12.9k	+12,860 2.7%
7	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	496,752	$31.5m1.82%	1.82%	Added +10.4k	+10,406 2.1%
8	NVIDIA CORPORATION COM NVDA	NVDA	228,195	$30.6m1.77%	1.77%	Added +34.0k	+33,954 17.5%
9	JPMORGAN CHASE & CO COM JPM	JPM	124,783	$29.9m1.73%	1.73%	Reduced -3.1k	-3,142 -2.5%
10	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	574,078	$29.0m1.68%	1.68%	Reduced -64.3k	-64,291 -10.1%
11	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	681,946	$28.5m1.65%	1.65%	Added +20.3k	+20,325 3.1%
12	ALPHABET INC CAP STK CL C GOOG	GOOG	149,406	$28.5m1.65%	1.65%	Reduced -6.7k	-6,738 -4.3%
13	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,230,690	$28.4m1.64%	1.64%	Added +5.2k	+5,181 0.4%
14	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	755,105	$24.2m1.40%	1.40%	Added +3.1k	+3,108 0.4%
15	ISHARES INC MSCI NETHERL ETF EWN	EWN	524,130	$23.3m1.35%	1.35%	Added +12.5k	+12,512 2.5%
16	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	663,344	$22.1m1.28%	1.28%	Added +6.9k	+6,911 1.1%
17	ALPHABET INC CAP STK CL A GOOGL	GOOGL	116,417	$22.0m1.28%	1.28%	Reduced -278	-278 -0.2%
18	DANAHER CORPORATION COM DHR	DHR	93,886	$21.6m1.25%	1.25%	Added +2.0k	+1,955 2.1%
19	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	36,753	$21.5m1.25%	1.25%	Reduced -6.9k	-6,870 -15.8%
20	SALESFORCE INC COM CRM	CRM	62,074	$20.8m1.20%	1.20%	Reduced -569	-569 -0.9%
21	PALO ALTO NETWORKS INC COM PANW	PANW	110,292	$20.1m1.16%	1.16%	Reduced -88	-88 -0.1%
22	META PLATFORMS INC CL A META	META	33,150	$19.4m1.12%	1.12%	Reduced -89	-89 -0.3%
23	MARSH & MCLENNAN COS INC COM MRSH	MRSH	81,878	$17.4m1.01%	1.01%	Reduced -51	-51 -0.1%
24	CHENIERE ENERGY INC COM NEW LNG	LNG	76,677	$16.5m0.95%	0.95%	Reduced -319	-319 -0.4%
25	ISHARES TR 20 YR TR BD ETF TLT	TLT	187,142	$16.3m0.95%	0.95%	Added +5.1k	+5,124 2.8%
26	ISHARES TR MSCI ACWI EX US ACWX	ACWX	308,785	$16.1m0.93%	0.93%	Reduced -10.5k	-10,465 -3.3%
27	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,503	$16.1m0.93%	0.93%	Unchanged
28	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	471,555	$15.5m0.90%	0.90%	Added +5.4k	+5,444 1.2%
29	VISA INC COM CL A V	V	48,387	$15.3m0.88%	0.88%	Reduced -282	-282 -0.6%
30	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	29,250	$15.2m0.88%	0.88%	Added +697	+697 2.4%
31	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	51,840	$15.2m0.88%	0.88%	Added +488	+488 0.9%
32	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	193,401	$14.7m0.85%	0.85%	Added +572	+572 0.3%
33	PLANET FITNESS INC CL A PLNT	PLNT	147,816	$14.6m0.85%	0.85%	Added +51	+51 0.0%
34	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	226,743	$14.6m0.85%	0.85%	Reduced -2.6k	-2,577 -1.1%
35	DISNEY WALT CO COM DIS	DIS	129,188	$14.4m0.83%	0.83%	Reduced -307	-307 -0.2%
36	MERCADOLIBRE INC COM MELI	MELI	8,293	$14.1m0.82%	0.82%	Added +1.8k	+1,754 26.8%
37	UNION PAC CORP COM UNP	UNP	60,119	$13.7m0.79%	0.79%	Added +356	+356 0.6%
38	WALMART INC COM WMT	WMT	150,504	$13.6m0.79%	0.79%	Reduced -375	-375 -0.2%
39	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	173,516	$13.5m0.78%	0.78%	Added +1.9k	+1,925 1.1%
40	ABBOTT LABS COM ABT	ABT	119,146	$13.5m0.78%	0.78%	Added +1.3k	+1,255 1.1%
41	CENTENE CORP DEL COM CNC	CNC	221,156	$13.4m0.78%	0.78%	Added +10.5k	+10,515 5.0%
42	ISHARES TR LATN AMER 40 ETF ILF	ILF	620,241	$13.0m0.75%	0.75%	Added +1.6k	+1,622 0.3%
43	WISDOMTREE TR BLMBG US BULL USDU	USDU	462,025	$12.8m0.74%	0.74%	Added +4.0k	+3,956 0.9%
44	PROCTER AND GAMBLE CO COM PG	PG	76,104	$12.8m0.74%	0.74%	Reduced -252	-252 -0.3%
45	ISHARES TR CONV BD ETF ICVT	ICVT	147,715	$12.6m0.73%	0.73%	Reduced -462	-462 -0.3%
46	BOOKING HOLDINGS INC COM BKNG	BKNG	2,519	$12.5m0.72%	0.72%	Reduced -85	-85 -3.3%
47	NXP SEMICONDUCTORS N V COM NXPI	NXPI	59,680	$12.4m0.72%	0.72%	Reduced -285	-285 -0.5%
48	NICE LTD SPONSORED ADR NICE	NICE	69,713	$11.8m0.69%	0.69%	Added +1.9k	+1,892 2.8%
49	BORGWARNER INC COM BWA	BWA	366,146	$11.6m0.67%	0.67%	Added +4.5k	+4,497 1.2%
50	ADVANCED MICRO DEVICES INC COM AMD	AMD	96,265	$11.6m0.67%	0.67%	Added +4.5k	+4,543 5.0%
51	JPMORGAN CHASE FINL CO LLC CAL LKD 44 AMJB	AMJB	393,485	$11.6m0.67%	0.67%	Reduced -9.9k	-9,877 -2.5%
52	EXXON MOBIL CORP COM XOM	XOM	107,792	$11.6m0.67%	0.67%	Reduced -811	-811 -0.8%
53	COSTCO WHSL CORP NEW COM COST	COST	12,345	$11.3m0.65%	0.65%	Reduced -18	-18 -0.1%
54	POOL CORP COM POOL	POOL	32,763	$11.2m0.65%	0.65%	Added +504	+504 1.6%
55	KINDER MORGAN INC DEL COM KMI	KMI	404,908	$11.1m0.64%	0.64%	Reduced -7.0k	-7,015 -1.7%
56	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	331,944	$11.1m0.64%	0.64%	Added +6.1k	+6,102 1.9%
57	VULCAN MATLS CO COM VMC	VMC	42,701	$11.0m0.64%	0.64%	Reduced -223	-223 -0.5%
58	MGM RESORTS INTERNATIONAL COM MGM	MGM	313,364	$10.9m0.63%	0.63%	Added +7.0k	+7,041 2.3%
59	GLOBAL PMTS INC COM GPN	GPN	95,867	$10.7m0.62%	0.62%	Added +1.5k	+1,459 1.6%
60	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	262,696	$10.6m0.61%	0.61%	Reduced -5.8k	-5,810 -2.2%
61	WILLSCOT HLDGS CORP COM CL A WSC	WSC	311,285	$10.4m0.60%	0.60%	Added +150.8k	+150,818 94.0%
62	LOWES COS INC COM LOW	LOW	41,501	$10.2m0.59%	0.59%	Reduced -405	-405 -1.0%
63	PEPSICO INC COM PEP	PEP	66,612	$10.1m0.59%	0.59%	Added +2.8k	+2,774 4.3%
64	ISHARES GOLD TR ISHARES NEW IAU	IAU	204,149	$10.1m0.58%	0.58%	Reduced -5.9k	-5,947 -2.8%
65	TRIP COM GROUP LTD ADS TCOM	TCOM	145,913	$10.0m0.58%	0.58%	Reduced -2.4k	-2,420 -1.6%
66	LKQ CORP COM LKQ	LKQ	263,853	$9.7m0.56%	0.56%	Added +123.3k	+123,308 87.7%
67	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	113,135	$9.6m0.56%	0.56%	Added +791	+791 0.7%
68	KKR & CO INC COM KKR	KKR	64,165	$9.5m0.55%	0.55%	Reduced -2.7k	-2,657 -4.0%
69	CVS HEALTH CORP COM CVS	CVS	206,806	$9.3m0.54%	0.54%	Reduced -2.3k	-2,319 -1.1%
70	FIRST BUSEY CORP COM NEW BUSE	BUSE	387,110	$9.1m0.53%	0.53%	Unchanged
71	SPDR SER TR S&P BIOTECH XBI	XBI	98,907	$8.9m0.52%	0.52%	Added +4.9k	+4,900 5.2%
72	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	203,961	$8.9m0.51%	0.51%	Added +4.4k	+4,355 2.2%
73	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	44,177	$8.7m0.50%	0.50%	Reduced -2.2k	-2,238 -4.8%
74	LAMB WESTON HLDGS INC COM LW	LW	128,377	$8.6m0.50%	0.50%	Added +3.9k	+3,875 3.1%
75	SCHLUMBERGER LTD COM STK SLB	SLB	222,414	$8.5m0.49%	0.49%	Added +6.9k	+6,889 3.2%
76	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	325,986	$8.5m0.49%	0.49%	Reduced -305	-305 -0.1%
77	BLOCK INC CL A XYZ	XYZ	98,040	$8.3m0.48%	0.48%	Added +320	+320 0.3%
78	FIDELITY NATL INFORMATION SV COM FIS	FIS	101,851	$8.2m0.48%	0.48%	Reduced -1.2k	-1,234 -1.2%
79	ICON PLC SHS ICLR	ICLR	38,781	$8.1m0.47%	0.47%	Added +22.0k	+22,004 131.2%
80	CBRE GROUP INC CL A CBRE	CBRE	61,909	$8.1m0.47%	0.47%	Reduced -1.2k	-1,184 -1.9%
81	AIR PRODS & CHEMS INC COM APD	APD	27,678	$8.0m0.46%	0.46%	Added +291	+291 1.1%
82	ELASTIC N V ORD SHS ESTC	ESTC	78,301	$7.8m0.45%	0.45%	Reduced -38.8k	-38,751 -33.1%
83	RTX CORPORATION COM RTX	RTX	67,005	$7.8m0.45%	0.45%	Reduced -705	-705 -1.0%
84	HOME DEPOT INC COM HD	HD	19,577	$7.6m0.44%	0.44%	Reduced -33	-33 -0.2%
85	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	18,529	$7.6m0.44%	0.44%	Reduced -795	-795 -4.1%
86	PHILLIPS 66 COM PSX	PSX	66,518	$7.6m0.44%	0.44%	Added +1.0k	+1,026 1.6%
87	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	43,959	$7.1m0.41%	0.41%	Added +25	+25 0.1%
88	OTIS WORLDWIDE CORP COM OTIS	OTIS	76,189	$7.1m0.41%	0.41%	Reduced -1.4k	-1,389 -1.8%
89	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	82,677	$6.6m0.38%	0.38%	Added +3.1k	+3,110 3.9%
90	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	21,705	$6.3m0.36%	0.36%	Added +269	+269 1.2%
91	FMC CORP COM NEW FMC	FMC	127,960	$6.2m0.36%	0.36%	Added +2.1k	+2,081 1.6%
92	APOLLO GLOBAL MGMT INC COM APO	APO	35,573	$5.9m0.34%	0.34%	Reduced -23.6k	-23,599 -39.9%
93	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	31,899	$5.9m0.34%	0.34%	Added +232	+232 0.7%
94	ISHARES TR RUS 1000 GRW ETF IWF	IWF	14,481	$5.8m0.34%	0.34%	Reduced -180	-180 -1.2%
95	VANGUARD INDEX FDS VALUE ETF VTV	VTV	34,217	$5.8m0.34%	0.34%	Added +105	+105 0.3%
96	DENTSPLY SIRONA INC COM XRAY	XRAY	298,880	$5.7m0.33%	0.33%	Reduced -33.5k	-33,543 -10.1%
97	NIKE INC CL B NKE	NKE	73,562	$5.6m0.32%	0.32%	Reduced -33.4k	-33,391 -31.2%
98	HUMANA INC COM HUM	HUM	21,534	$5.5m0.32%	0.32%	Added +735	+735 3.5%
99	SUN CMNTYS INC COM SUI	SUI	44,171	$5.4m0.31%	0.31%	Added +414	+414 0.9%
100	LAS VEGAS SANDS CORP COM LVS	LVS	104,404	$5.4m0.31%	0.31%	Added +1.4k	+1,363 1.3%

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
SPDR SER TR SHM	SHM	7,350	$353.8k7.3k shares
ISHARES TR IVW	IVW	3,609	$345.5k3.6k shares
LAM RESEARCH CORP		4,000	$326.6k4.0k shares
ISHARES INC EWG	EWG	8,930	$302.2k8.9k shares
ELEVANCE HEALTH INC ELV	ELV	497	$258.4k497 shares
GOLDMAN SACHS ETF TR GBIL	GBIL	2,331	$233.8k2.3k shares
SPDR SERIES TRUST SPYM	SPYM	3,454	$233.2k3.5k shares
TESLA INC TSLA	TSLA	875	$228.9k875 shares
LENNAR CORP LEN	LEN	1,150	$215.6k1.1k shares
STARBUCKS CORP SBUX	SBUX	2,117	$206.4k2.1k shares
QUALCOMM INC QCOM	QCOM	1,197	$203.6k1.2k shares