OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2025-08-12

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)

$1.9bn reported value +8.4% vs Q1 2025

205positions

28.4%in top 10

9 new 52 added 111 reduced 16 sold out vs Q1 2025

Holdings, Q2 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	1,926,907	$129.5m6.89%	6.89%	Reduced -150.2k	-150,198 -7.2%
2	MICROSOFT CORP COM MSFT	MSFT	138,350	$68.8m3.66%	3.66%	Reduced -3.9k	-3,931 -2.8%
3	APPLE INC COM AAPL	AAPL	295,218	$60.6m3.22%	3.22%	Reduced -4.8k	-4,771 -1.6%
4	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,213,332	$60.0m3.19%	3.19%	Added +31.8k	+31,835 2.7%
5	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	533,841	$40.0m2.13%	2.13%	Added +27.3k	+27,268 5.4%
6	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	497,165	$38.5m2.05%	2.05%	Added +5.4k	+5,423 1.1%
7	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	432,617	$38.5m2.05%	2.05%	Added +19.4k	+19,409 4.7%
8	NVIDIA CORPORATION COM NVDA	NVDA	214,642	$33.9m1.80%	1.80%	Reduced -7.1k	-7,138 -3.2%
9	JPMORGAN CHASE & CO COM JPM	JPM	113,722	$33.0m1.75%	1.75%	Reduced -4.9k	-4,891 -4.1%
10	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,171,696	$32.1m1.71%	1.71%	Reduced -148.1k	-148,113 -11.2%
11	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	738,962	$30.7m1.63%	1.63%	Reduced -2.9k	-2,911 -0.4%
12	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	561,281	$28.5m1.51%	1.51%	Reduced -108.2k	-108,204 -16.2%
13	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	627,540	$28.2m1.50%	1.50%	Reduced -12.6k	-12,628 -2.0%
14	ALPHABET INC CAP STK CL C GOOG	GOOG	145,221	$25.8m1.37%	1.37%	Reduced -165	-165 -0.1%
15	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	743,208	$25.3m1.34%	1.34%	Reduced -9.8k	-9,797 -1.3%
16	META PLATFORMS INC CL A META	META	30,857	$22.8m1.21%	1.21%	Reduced -2.0k	-2,029 -6.2%
17	PALO ALTO NETWORKS INC COM PANW	PANW	109,987	$22.5m1.20%	1.20%	Reduced -480	-480 -0.4%
18	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	220,261	$22.2m1.18%	1.18%	New
19	ISHARES INC MSCI NETHERL ETF EWN	EWN	400,726	$21.8m1.16%	1.16%	Reduced -124.8k	-124,796 -23.8%
20	MERCADOLIBRE INC COM MELI	MELI	8,066	$21.1m1.12%	1.12%	Reduced -190	-190 -2.3%
21	ALPHABET INC CAP STK CL A GOOGL	GOOGL	119,004	$21.0m1.12%	1.12%	Added +2.9k	+2,862 2.5%
22	AMAZON COM INC COM AMZN	AMZN	89,494	$19.6m1.04%	1.04%	Added +48.0k	+48,011 115.7%
23	ISHARES TR 20 YR TR BD ETF TLT	TLT	214,168	$18.9m1.00%	1.00%	Added +9.7k	+9,672 4.7%
24	DANAHER CORPORATION COM DHR	DHR	95,553	$18.9m1.00%	1.00%	Added +2.0k	+2,019 2.2%
25	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	523,508	$18.5m0.98%	0.98%	Added +2.4k	+2,385 0.5%
26	CHENIERE ENERGY INC COM NEW LNG	LNG	72,978	$17.8m0.94%	0.94%	Reduced -2.1k	-2,074 -2.8%
27	ISHARES TR LATN AMER 40 ETF ILF	ILF	677,661	$17.8m0.94%	0.94%	Added +31.3k	+31,315 4.8%
28	LAS VEGAS SANDS CORP COM LVS	LVS	404,393	$17.6m0.94%	0.94%	Added +193.0k	+192,956 91.3%
29	SALESFORCE INC COM CRM	CRM	63,791	$17.4m0.92%	0.92%	Added +1.2k	+1,217 1.9%
30	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	35,543	$17.3m0.92%	0.92%	Unchanged
31	MARSH & MCLENNAN COS INC COM MRSH	MRSH	77,560	$17.0m0.90%	0.90%	Reduced -3.5k	-3,502 -4.3%
32	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	191,787	$16.8m0.89%	0.89%	Added +913	+913 0.5%
33	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	26,918	$16.6m0.88%	0.88%	Added +485	+485 1.8%
34	VISA INC COM CL A V	V	46,436	$16.5m0.88%	0.88%	Reduced -990	-990 -2.1%
35	ADVANCED MICRO DEVICES INC COM AMD	AMD	112,867	$16.0m0.85%	0.85%	Added +5.9k	+5,893 5.5%
36	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	50,837	$15.7m0.83%	0.83%	Reduced -808	-808 -1.6%
37	SPDR SER TR S&P BIOTECH XBI	XBI	185,852	$15.4m0.82%	0.82%	Added +83.6k	+83,572 81.7%
38	CARNIVAL PLC ADS CUK	CUK	596,826	$15.2m0.81%	0.81%	New
39	DISNEY WALT CO COM DIS	DIS	122,254	$15.2m0.81%	0.81%	Reduced -5.7k	-5,711 -4.5%
40	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	232,184	$15.1m0.80%	0.80%	Reduced -613	-613 -0.3%
41	PLANET FITNESS INC CL A PLNT	PLNT	137,894	$15.0m0.80%	0.80%	Reduced -5.7k	-5,712 -4.0%
42	ABBOTT LABS COM ABT	ABT	108,673	$14.8m0.79%	0.79%	Reduced -6.8k	-6,834 -5.9%
43	WALMART INC COM WMT	WMT	150,524	$14.7m0.78%	0.78%	Reduced -351	-351 -0.2%
44	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	60,200	$14.6m0.78%	0.78%	Added +29.5k	+29,544 96.4%
45	BLOCK INC CL A XYZ	XYZ	208,263	$14.1m0.75%	0.75%	Added +6.5k	+6,453 3.2%
46	ISHARES TR CONV BD ETF ICVT	ICVT	155,830	$14.0m0.75%	0.75%	Added +593	+593 0.4%
47	UNION PAC CORP COM UNP	UNP	59,116	$13.6m0.72%	0.72%	Reduced -809	-809 -1.4%
48	NICE LTD SPONSORED ADR NICE	NICE	77,923	$13.2m0.70%	0.70%	Added +2.8k	+2,839 3.8%
49	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	31,973	$13.0m0.69%	0.69%	Added +3.2k	+3,199 11.1%
50	BOOKING HOLDINGS INC COM BKNG	BKNG	2,199	$12.7m0.68%	0.68%	Reduced -214	-214 -8.9%
51	AIR PRODS & CHEMS INC COM APD	APD	45,127	$12.7m0.68%	0.68%	Added +17.1k	+17,062 60.8%
52	NXP SEMICONDUCTORS N V COM NXPI	NXPI	58,070	$12.7m0.67%	0.67%	Reduced -1.0k	-1,045 -1.8%
53	BORGWARNER INC COM BWA	BWA	377,006	$12.6m0.67%	0.67%	Added +4.1k	+4,057 1.1%
54	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	111,172	$12.6m0.67%	0.67%	Added +2.4k	+2,362 2.2%
55	WISDOMTREE TR BLMBG US BULL USDU	USDU	479,755	$12.4m0.66%	0.66%	Added +6.3k	+6,305 1.3%
56	CENTENE CORP DEL COM CNC	CNC	225,483	$12.2m0.65%	0.65%	Added +5.4k	+5,383 2.5%
57	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	153,018	$12.2m0.65%	0.65%	Reduced -3.1k	-3,120 -2.0%
58	COSTCO WHSL CORP NEW COM COST	COST	12,112	$12.0m0.64%	0.64%	Reduced -233	-233 -1.9%
59	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	207,051	$11.9m0.63%	0.63%	Added +2.4k	+2,350 1.1%
60	MGM RESORTS INTERNATIONAL COM MGM	MGM	346,167	$11.9m0.63%	0.63%	Added +20.0k	+19,970 6.1%
61	JPMORGAN CHASE FINL CO LLC CAL LKD 44 AMJB	AMJB	379,381	$11.5m0.61%	0.61%	Reduced -7.3k	-7,256 -1.9%
62	ISHARES GOLD TR ISHARES NEW IAU	IAU	184,085	$11.5m0.61%	0.61%	Reduced -13.2k	-13,222 -6.7%
63	PROCTER AND GAMBLE CO COM PG	PG	71,853	$11.4m0.61%	0.61%	Reduced -1.8k	-1,826 -2.5%
64	KINDER MORGAN INC DEL COM KMI	KMI	382,036	$11.2m0.60%	0.60%	Reduced -16.2k	-16,171 -4.1%
65	EXXON MOBIL CORP COM XOM	XOM	100,482	$10.8m0.58%	0.58%	Reduced -5.2k	-5,152 -4.9%
66	VULCAN MATLS CO COM VMC	VMC	41,505	$10.8m0.58%	0.58%	Reduced -1.5k	-1,524 -3.5%
67	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	252,206	$10.7m0.57%	0.57%	Reduced -9.5k	-9,540 -3.6%
68	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	373,583	$10.6m0.56%	0.56%	Added +27.2k	+27,157 7.8%
69	POOL CORP COM POOL	POOL	35,727	$10.4m0.55%	0.55%	Added +2.3k	+2,272 6.8%
70	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	300,209	$9.8m0.52%	0.52%	Reduced -24.3k	-24,278 -7.5%
71	LKQ CORP COM LKQ	LKQ	265,017	$9.8m0.52%	0.52%	Reduced -2.0k	-2,004 -0.8%
72	WILLSCOT HLDGS CORP COM CL A WSC	WSC	356,285	$9.8m0.52%	0.52%	Added +28.9k	+28,858 8.8%
73	LOWES COS INC COM LOW	LOW	39,421	$8.7m0.47%	0.47%	Reduced -27	-27 -0.1%
74	FIDELITY NATL INFORMATION SV COM FIS	FIS	107,032	$8.7m0.46%	0.46%	Added +2.4k	+2,414 2.3%
75	CBRE GROUP INC CL A CBRE	CBRE	60,933	$8.5m0.45%	0.45%	Reduced -26	-26 -0.0%
76	RTX CORPORATION COM RTX	RTX	58,070	$8.5m0.45%	0.45%	Reduced -5.7k	-5,698 -8.9%
77	ISHARES TR MSCI ACWI EX US ACWX	ACWX	138,775	$8.5m0.45%	0.45%	Reduced -170.0k	-170,010 -55.1%
78	TRIP COM GROUP LTD ADS TCOM	TCOM	144,003	$8.4m0.45%	0.45%	Reduced -992	-992 -0.7%
79	FIRST BUSEY CORP COM NEW BUSE	BUSE	367,110	$8.4m0.45%	0.45%	Unchanged
80	PEPSICO INC COM PEP	PEP	63,366	$8.4m0.44%	0.44%	Reduced -2.5k	-2,493 -3.8%
81	CVS HEALTH CORP COM CVS	CVS	120,655	$8.3m0.44%	0.44%	Reduced -74.7k	-74,699 -38.2%
82	GLOBAL PMTS INC COM GPN	GPN	102,201	$8.2m0.43%	0.43%	Added +5.0k	+4,989 5.1%
83	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	39,778	$8.1m0.43%	0.43%	Reduced -1.8k	-1,837 -4.4%
84	SCHLUMBERGER LTD COM STK SLB	SLB	236,671	$8.0m0.43%	0.43%	Added +10.6k	+10,633 4.7%
85	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	18,188	$8.0m0.42%	0.42%	Reduced -85	-85 -0.5%
86	PHILLIPS 66 COM PSX	PSX	66,763	$8.0m0.42%	0.42%	Reduced -15	-15 -0.0%
87	PHILIP MORRIS INTL INC COM PM	PM	42,000	$7.6m0.41%	0.41%	Reduced -1.5k	-1,500 -3.5%
88	AIR LEASE CORP CL A AL	AL	129,471	$7.6m0.40%	0.40%	New
89	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	24,588	$7.5m0.40%	0.40%	Added +3.2k	+3,245 15.2%
90	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	44,976	$7.4m0.39%	0.39%	Added +502	+502 1.1%
91	ICON PLC SHS ICLR	ICLR	50,248	$7.3m0.39%	0.39%	Added +7.5k	+7,452 17.4%
92	HOME DEPOT INC COM HD	HD	19,404	$7.1m0.38%	0.38%	Reduced -217	-217 -1.1%
93	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	85,444	$7.1m0.38%	0.38%	Added +4.3k	+4,335 5.3%
94	LAMB WESTON HLDGS INC COM LW	LW	132,979	$6.9m0.37%	0.37%	Reduced -1.7k	-1,686 -1.2%
95	ELASTIC N V ORD SHS ESTC	ESTC	79,287	$6.7m0.36%	0.36%	Added +1.2k	+1,197 1.5%
96	WORKDAY INC CL A WDAY	WDAY	26,412	$6.3m0.34%	0.34%	Added +797	+797 3.1%
97	VANGUARD INDEX FDS VALUE ETF VTV	VTV	34,425	$6.1m0.32%	0.32%	Added +1.3k	+1,333 4.0%
98	ERMENEGILDO ZEGNA N V ORD SHS ZGN	ZGN	710,238	$6.1m0.32%	0.32%	Added +36.7k	+36,723 5.5%
99	ISHARES TR RUS 1000 GRW ETF IWF	IWF	14,295	$6.1m0.32%	0.32%	Reduced -30	-30 -0.2%
100	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	7,529	$6.0m0.32%	0.32%	Added +300	+300 4.2%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
OTIS WORLDWIDE CORP OTIS	OTIS	75,087	$7.7m75.1k shares
UNITEDHEALTH GROUP INC UNH	UNH	1,066	$558.3k1.1k shares
ISHARES INC EWZ	EWZ	15,500	$400.7k15.5k shares
INTERCONTINENTAL EXCHANGE IN ICE	ICE	2,064	$356.0k2.1k shares
VANGUARD SCOTTSDALE FDS VGLT	VGLT	5,690	$327.8k5.7k shares
S&P GLOBAL INC SPGI	SPGI	553	$281.0k553 shares
MERCK & CO INC MRK	MRK	2,860	$256.7k2.9k shares
NORTHROP GRUMMAN CORP NOC	NOC	450	$230.4k450 shares
SPDR SER TR SJNK	SJNK	9,000	$226.4k9.0k shares
LAM RESEARCH CORP LRCX	LRCX	3,071	$223.3k3.1k shares
SELECT SECTOR SPDR TR XLV	XLV	1,522	$222.2k1.5k shares
INTEL CORP INTC	INTC	9,713	$220.6k9.7k shares
ISHARES TR QUAL	QUAL	1,280	$218.7k1.3k shares
AT&T INC T	T	7,651	$216.4k7.7k shares
LOCKHEED MARTIN CORP LMT	LMT	483	$215.8k483 shares
STARBUCKS CORP SBUX	SBUX	2,117	$207.7k2.1k shares