OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2025-04-21

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 +0.4% vs Q4 2024

212positions

29.0%in top 10

6 new 72 added 86 reduced 12 sold out vs Q4 2024

Holdings, Q1 2025

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	2,077,105	$126.0m7.26%	7.26%	Added +20.8k	+20,757 1.0%
2	APPLE INC COM AAPL	AAPL	299,989	$66.6m3.84%	3.84%	Added +24.4k	+24,355 8.8%
3	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,181,497	$53.5m3.08%	3.08%	Added +16.4k	+16,439 1.4%
4	MICROSOFT CORP COM MSFT	MSFT	142,281	$53.4m3.08%	3.08%	Reduced -4.5k	-4,497 -3.1%
5	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	413,208	$37.4m2.16%	2.16%	Added +12.4k	+12,443 3.1%
6	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	506,573	$34.7m2.00%	2.00%	Added +12.2k	+12,190 2.5%
7	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	491,742	$34.5m1.99%	1.99%	Reduced -5.0k	-5,010 -1.0%
8	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	669,485	$33.9m1.96%	1.96%	Added +95.4k	+95,407 16.6%
9	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,319,809	$32.3m1.86%	1.86%	Added +89.1k	+89,119 7.2%
10	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	741,873	$30.5m1.76%	1.76%	Added +59.9k	+59,927 8.8%
11	JPMORGAN CHASE & CO COM JPM	JPM	118,613	$29.1m1.68%	1.68%	Reduced -6.2k	-6,170 -4.9%
12	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	753,005	$26.6m1.53%	1.53%	Reduced -2.1k	-2,100 -0.3%
13	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	640,168	$25.0m1.44%	1.44%	Reduced -23.2k	-23,176 -3.5%
14	ISHARES INC MSCI NETHERL ETF EWN	EWN	525,522	$24.6m1.42%	1.42%	Added +1.4k	+1,392 0.3%
15	NVIDIA CORPORATION COM NVDA	NVDA	221,780	$24.0m1.39%	1.39%	Reduced -6.4k	-6,415 -2.8%
16	ALPHABET INC CAP STK CL C GOOG	GOOG	145,386	$22.7m1.31%	1.31%	Reduced -4.0k	-4,020 -2.7%
17	MARSH & MCLENNAN COS INC COM MRSH	MRSH	81,062	$19.8m1.14%	1.14%	Reduced -816	-816 -1.0%
18	DANAHER CORPORATION COM DHR	DHR	93,534	$19.2m1.11%	1.11%	Reduced -352	-352 -0.4%
19	META PLATFORMS INC CL A META	META	32,886	$19.0m1.09%	1.09%	Reduced -264	-264 -0.8%
20	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,543	$18.9m1.09%	1.09%	Added +40	+40 0.1%
21	PALO ALTO NETWORKS INC COM PANW	PANW	110,467	$18.9m1.09%	1.09%	Added +175	+175 0.2%
22	ISHARES TR 20 YR TR BD ETF TLT	TLT	204,496	$18.6m1.07%	1.07%	Added +17.4k	+17,354 9.3%
23	ALPHABET INC CAP STK CL A GOOGL	GOOGL	116,142	$18.0m1.04%	1.04%	Reduced -275	-275 -0.2%
24	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	521,123	$17.9m1.03%	1.03%	Added +49.6k	+49,568 10.5%
25	CHENIERE ENERGY INC COM NEW LNG	LNG	75,052	$17.4m1.00%	1.00%	Reduced -1.6k	-1,625 -2.1%
26	ISHARES TR MSCI ACWI EX US ACWX	ACWX	308,785	$17.1m0.99%	0.99%	Unchanged
27	SALESFORCE INC COM CRM	CRM	62,574	$16.8m0.97%	0.97%	Added +500	+500 0.8%
28	VISA INC COM CL A V	V	47,426	$16.6m0.96%	0.96%	Reduced -961	-961 -2.0%
29	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	190,874	$16.4m0.95%	0.95%	Reduced -2.5k	-2,527 -1.3%
30	MERCADOLIBRE INC COM MELI	MELI	8,256	$16.1m0.93%	0.93%	Reduced -37	-37 -0.5%
31	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	51,645	$15.8m0.91%	0.91%	Reduced -195	-195 -0.4%
32	ABBOTT LABS COM ABT	ABT	115,507	$15.3m0.88%	0.88%	Reduced -3.6k	-3,639 -3.0%
33	ISHARES TR LATN AMER 40 ETF ILF	ILF	646,346	$15.2m0.88%	0.88%	Added +26.1k	+26,105 4.2%
34	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	26,433	$14.8m0.85%	0.85%	Reduced -10.3k	-10,320 -28.1%
35	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	108,810	$14.4m0.83%	0.83%	Reduced -4.3k	-4,325 -3.8%
36	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	28,774	$14.3m0.83%	0.83%	Reduced -476	-476 -1.6%
37	UNION PAC CORP COM UNP	UNP	59,925	$14.2m0.82%	0.82%	Reduced -194	-194 -0.3%
38	PLANET FITNESS INC CL A PLNT	PLNT	143,606	$13.9m0.80%	0.80%	Reduced -4.2k	-4,210 -2.9%
39	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	232,797	$13.9m0.80%	0.80%	Added +6.1k	+6,054 2.7%
40	CENTENE CORP DEL COM CNC	CNC	220,100	$13.4m0.77%	0.77%	Reduced -1.1k	-1,056 -0.5%
41	WALMART INC COM WMT	WMT	150,875	$13.2m0.76%	0.76%	Added +371	+371 0.2%
42	CVS HEALTH CORP COM CVS	CVS	195,354	$13.2m0.76%	0.76%	Reduced -11.5k	-11,452 -5.5%
43	ISHARES TR CONV BD ETF ICVT	ICVT	155,237	$13.0m0.75%	0.75%	Added +7.5k	+7,522 5.1%
44	WISDOMTREE TR BLMBG US BULL USDU	USDU	473,450	$12.9m0.74%	0.74%	Added +11.4k	+11,425 2.5%
45	DISNEY WALT CO COM DIS	DIS	127,965	$12.6m0.73%	0.73%	Reduced -1.2k	-1,223 -0.9%
46	EXXON MOBIL CORP COM XOM	XOM	105,634	$12.6m0.72%	0.72%	Reduced -2.2k	-2,158 -2.0%
47	JPMORGAN CHASE FINL CO LLC CAL LKD 44 AMJB	AMJB	386,637	$12.6m0.72%	0.72%	Reduced -6.8k	-6,848 -1.7%
48	PROCTER AND GAMBLE CO COM PG	PG	73,679	$12.6m0.72%	0.72%	Reduced -2.4k	-2,425 -3.2%
49	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	156,138	$12.3m0.71%	0.71%	Reduced -17.4k	-17,378 -10.0%
50	COSTCO WHSL CORP NEW COM COST	COST	12,345	$11.7m0.67%	0.67%	Unchanged
51	ISHARES GOLD TR ISHARES NEW IAU	IAU	197,307	$11.6m0.67%	0.67%	Reduced -6.8k	-6,842 -3.4%
52	NICE LTD SPONSORED ADR NICE	NICE	75,084	$11.6m0.67%	0.67%	Added +5.4k	+5,371 7.7%
53	KINDER MORGAN INC DEL COM KMI	KMI	398,207	$11.4m0.65%	0.65%	Reduced -6.7k	-6,701 -1.6%
54	LKQ CORP COM LKQ	LKQ	267,021	$11.4m0.65%	0.65%	Added +3.2k	+3,168 1.2%
55	NXP SEMICONDUCTORS N V COM NXPI	NXPI	59,115	$11.2m0.65%	0.65%	Reduced -565	-565 -0.9%
56	BOOKING HOLDINGS INC COM BKNG	BKNG	2,413	$11.1m0.64%	0.64%	Reduced -106	-106 -4.2%
57	ADVANCED MICRO DEVICES INC COM AMD	AMD	106,974	$11.0m0.63%	0.63%	Added +10.7k	+10,709 11.1%
58	BLOCK INC CL A XYZ	XYZ	201,810	$11.0m0.63%	0.63%	Added +103.8k	+103,770 105.8%
59	BORGWARNER INC COM BWA	BWA	372,949	$10.7m0.62%	0.62%	Added +6.8k	+6,803 1.9%
60	POOL CORP COM POOL	POOL	33,455	$10.7m0.61%	0.61%	Added +692	+692 2.1%
61	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	261,746	$10.6m0.61%	0.61%	Reduced -950	-950 -0.4%
62	VULCAN MATLS CO COM VMC	VMC	43,029	$10.0m0.58%	0.58%	Added +328	+328 0.8%
63	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	324,487	$10.0m0.58%	0.58%	Reduced -1.5k	-1,499 -0.5%
64	PEPSICO INC COM PEP	PEP	65,859	$9.9m0.57%	0.57%	Reduced -753	-753 -1.1%
65	MGM RESORTS INTERNATIONAL COM MGM	MGM	326,197	$9.7m0.56%	0.56%	Added +12.8k	+12,833 4.1%
66	GLOBAL PMTS INC COM GPN	GPN	97,212	$9.5m0.55%	0.55%	Added +1.3k	+1,345 1.4%
67	SCHLUMBERGER LTD COM STK SLB	SLB	226,038	$9.4m0.54%	0.54%	Added +3.6k	+3,624 1.6%
68	TRIP COM GROUP LTD ADS TCOM	TCOM	144,995	$9.2m0.53%	0.53%	Reduced -918	-918 -0.6%
69	LOWES COS INC COM LOW	LOW	39,448	$9.2m0.53%	0.53%	Reduced -2.1k	-2,053 -5.0%
70	WILLSCOT HLDGS CORP COM CL A WSC	WSC	327,427	$9.1m0.52%	0.52%	Added +16.1k	+16,142 5.2%
71	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	204,701	$8.7m0.50%	0.50%	Added +740	+740 0.4%
72	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	346,426	$8.7m0.50%	0.50%	Added +14.5k	+14,482 4.4%
73	RTX CORPORATION COM RTX	RTX	63,768	$8.4m0.49%	0.49%	Reduced -3.2k	-3,237 -4.8%
74	SPDR SER TR S&P BIOTECH XBI	XBI	102,280	$8.3m0.48%	0.48%	Added +3.4k	+3,373 3.4%
75	AIR PRODS & CHEMS INC COM APD	APD	28,065	$8.3m0.48%	0.48%	Added +387	+387 1.4%
76	PHILLIPS 66 COM PSX	PSX	66,778	$8.2m0.48%	0.48%	Added +260	+260 0.4%
77	LAS VEGAS SANDS CORP COM LVS	LVS	211,437	$8.2m0.47%	0.47%	Added +107.0k	+107,033 102.5%
78	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	41,615	$8.1m0.47%	0.47%	Reduced -2.6k	-2,562 -5.8%
79	CBRE GROUP INC CL A CBRE	CBRE	60,959	$8.0m0.46%	0.46%	Reduced -950	-950 -1.5%
80	FIRST BUSEY CORP COM NEW BUSE	BUSE	367,110	$7.9m0.46%	0.46%	Reduced -20.0k	-20,000 -5.2%
81	AMAZON COM INC COM AMZN	AMZN	41,483	$7.9m0.46%	0.46%	Added +35.6k	+35,609 606.2%
82	FIDELITY NATL INFORMATION SV COM FIS	FIS	104,618	$7.8m0.45%	0.45%	Added +2.8k	+2,767 2.7%
83	OTIS WORLDWIDE CORP COM OTIS	OTIS	75,087	$7.7m0.45%	0.45%	Reduced -1.1k	-1,102 -1.4%
84	ICON PLC SHS ICLR	ICLR	42,796	$7.5m0.43%	0.43%	Added +4.0k	+4,015 10.3%
85	HOME DEPOT INC COM HD	HD	19,621	$7.2m0.41%	0.41%	Added +44	+44 0.2%
86	LAMB WESTON HLDGS INC COM LW	LW	134,665	$7.2m0.41%	0.41%	Added +6.3k	+6,288 4.9%
87	ELASTIC N V ORD SHS ESTC	ESTC	78,090	$7.0m0.40%	0.40%	Reduced -211	-211 -0.3%
88	PHILIP MORRIS INTL INC COM PM	PM	43,500	$6.9m0.40%	0.40%	Unchanged
89	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	18,273	$6.8m0.39%	0.39%	Reduced -256	-256 -1.4%
90	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	44,474	$6.7m0.38%	0.38%	Added +515	+515 1.2%
91	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	81,109	$6.6m0.38%	0.38%	Reduced -1.6k	-1,568 -1.9%
92	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	30,656	$6.4m0.37%	0.37%	Reduced -1.2k	-1,243 -3.9%
93	WORKDAY INC CL A WDAY	WDAY	25,615	$6.0m0.34%	0.34%	New
94	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	21,343	$5.9m0.34%	0.34%	Reduced -362	-362 -1.7%
95	SUN CMNTYS INC COM SUI	SUI	44,631	$5.7m0.33%	0.33%	Added +460	+460 1.0%
96	HUMANA INC COM HUM	HUM	21,651	$5.7m0.33%	0.33%	Added +117	+117 0.5%
97	VANGUARD INDEX FDS VALUE ETF VTV	VTV	33,092	$5.7m0.33%	0.33%	Reduced -1.1k	-1,125 -3.3%
98	ISHARES TR RUS 1000 GRW ETF IWF	IWF	14,325	$5.2m0.30%	0.30%	Reduced -156	-156 -1.1%
99	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	83,990	$5.1m0.30%	0.30%	Unchanged
100	ERMENEGILDO ZEGNA N V ORD SHS ZGN	ZGN	673,515	$5.0m0.29%	0.29%	New

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
KKR & CO INC KKR	KKR	64,165	$9.5m64.2k shares
FMC CORP FMC	FMC	127,960	$6.2m128.0k shares
APOLLO GLOBAL MGMT INC APO	APO	35,573	$5.9m35.6k shares
JOHNSON CTLS INTL PLC JCI	JCI	7,317	$577.5k7.3k shares
ENTERPRISE PRODS PARTNERS L EPD	EPD	12,058	$378.1k12.1k shares
INVESCO EXCH TRADED FD TR II BKLN	BKLN	16,030	$337.8k16.0k shares
ATLASSIAN CORPORATION TEAM	TEAM	1,201	$292.3k1.2k shares
US BANCORP DEL USB	USB	5,438	$260.1k5.4k shares
SELECT SECTOR SPDR TR XLK	XLK	1,114	$259.0k1.1k shares
FRANKLIN TEMPLETON ETF TR FLQM	FLQM	4,641	$252.1k4.6k shares
ALPS ETF TR AMLP	AMLP	5,035	$242.5k5.0k shares
INTUIT INTU	INTU	344	$216.2k344 shares