OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2026-04-27

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 -2.6% vs Q4 2025

197positions

30.4%in top 10

11 new 68 added 82 reduced 10 sold out vs Q4 2025

Holdings, Q1 2026

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	1,841,563	$138.3m7.31%	7.31%	Reduced -14.2k	-14,198 -0.8%
2	APPLE INC COM AAPL	AAPL	283,118	$71.9m3.80%	3.80%	Reduced -1.2k	-1,238 -0.4%
3	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,192,716	$64.5m3.41%	3.41%	Added +5.4k	+5,426 0.5%
4	MICROSOFT CORP COM MSFT	MSFT	155,924	$57.7m3.05%	3.05%	Added +21.7k	+21,657 16.1%
5	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	528,001	$44.6m2.36%	2.36%	Added +849	+849 0.2%
6	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	434,573	$43.7m2.31%	2.31%	Added +237.3k	+237,330 120.3%
7	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	485,471	$43.1m2.28%	2.28%	Added +31.1k	+31,144 6.8%
8	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	489,139	$40.3m2.13%	2.13%	Added +599	+599 0.1%
9	AMAZON COM INC COM AMZN	AMZN	178,994	$37.3m1.97%	1.97%	Added +38.7k	+38,683 27.6%
10	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	715,805	$34.5m1.82%	1.82%	Reduced -20.2k	-20,217 -2.8%
11	ALPHABET INC CAP STK CL C GOOG	GOOG	119,659	$34.3m1.81%	1.81%	Reduced -1.3k	-1,319 -1.1%
12	NVIDIA CORPORATION COM NVDA	NVDA	186,766	$32.6m1.72%	1.72%	Reduced -10.2k	-10,250 -5.2%
13	JPMORGAN CHASE & CO COM JPM	JPM	110,719	$32.6m1.72%	1.72%	Added +145	+145 0.1%
14	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	767,782	$30.8m1.63%	1.63%	Reduced -1.0k	-1,038 -0.1%
15	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,153,817	$30.7m1.62%	1.62%	Added +5.8k	+5,762 0.5%
16	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	604,726	$30.6m1.62%	1.62%	Added +39.3k	+39,299 7.0%
17	ALPHABET INC CAP STK CL A GOOGL	GOOGL	94,183	$27.1m1.43%	1.43%	Added +4.0k	+3,965 4.4%
18	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	618,608	$26.1m1.38%	1.38%	Added +9.3k	+9,294 1.5%
19	ISHARES TR LATN AMER 40 ETF ILF	ILF	650,930	$23.1m1.22%	1.22%	Reduced -18.7k	-18,686 -2.8%
20	ISHARES INC MSCI NETHERL ETF EWN	EWN	393,525	$22.6m1.20%	1.20%	Added +324	+324 0.1%
21	PALO ALTO NETWORKS INC COM PANW	PANW	140,725	$22.6m1.19%	1.19%	Added +32.5k	+32,501 30.0%
22	ADVANCED MICRO DEVICES INC COM AMD	AMD	107,387	$21.8m1.16%	1.16%	Reduced -1.4k	-1,363 -1.2%
23	SPDR SER TR S&P BIOTECH XBI	XBI	170,839	$21.8m1.15%	1.15%	Reduced -10.1k	-10,125 -5.6%
24	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	43,966	$21.6m1.14%	1.14%	Added +8.8k	+8,793 25.0%
25	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	554,304	$20.1m1.07%	1.07%	Added +6.7k	+6,733 1.2%
26	ISHARES TR 20 YR TR BD ETF TLT	TLT	221,687	$19.2m1.02%	1.02%	Added +3.2k	+3,157 1.4%
27	BORGWARNER INC COM BWA	BWA	348,616	$18.9m1.00%	1.00%	Reduced -16.9k	-16,876 -4.6%
28	DANAHER CORPORATION COM DHR	DHR	99,069	$18.8m0.99%	0.99%	Added +1.4k	+1,368 1.4%
29	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	195,364	$18.2m0.96%	0.96%	Added +2.8k	+2,832 1.5%
30	MERCADOLIBRE INC COM MELI	MELI	9,946	$17.2m0.91%	0.91%	Reduced -149	-149 -1.5%
31	EXXON MOBIL CORP COM XOM	XOM	101,224	$17.2m0.91%	0.91%	Reduced -332	-332 -0.3%
32	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	25,758	$16.8m0.89%	0.89%	Added +617	+617 2.5%
33	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	34,620	$16.6m0.88%	0.88%	Reduced -244	-244 -0.7%
34	META PLATFORMS INC CL A META	META	28,713	$16.4m0.87%	0.87%	Added +231	+231 0.8%
35	WALMART INC COM WMT	WMT	123,089	$15.3m0.81%	0.81%	Reduced -10.7k	-10,732 -8.0%
36	ISHARES TR CONV BD ETF ICVT	ICVT	149,672	$15.2m0.81%	0.81%	Reduced -976	-976 -0.7%
37	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	115,896	$14.5m0.77%	0.77%	Added +8.1k	+8,082 7.5%
38	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	263,029	$14.5m0.76%	0.76%	Added +33.7k	+33,678 14.7%
39	BLOCK INC CL A XYZ	XYZ	239,829	$14.4m0.76%	0.76%	Added +9.7k	+9,683 4.2%
40	CARNIVAL PLC ADS CUK	CUK	549,495	$14.2m0.75%	0.75%	Reduced -8.8k	-8,771 -1.6%
41	SALESFORCE INC COM CRM	CRM	75,771	$14.1m0.75%	0.75%	Added +9.1k	+9,133 13.7%
42	MARSH & MCLENNAN COS INC COM MRSH	MRSH	80,882	$14.0m0.74%	0.74%	Added +2.1k	+2,066 2.6%
43	WISDOMTREE TR BLMBG US BULL USDU	USDU	530,739	$14.0m0.74%	0.74%	Added +17.5k	+17,496 3.4%
44	VISA INC COM CL A V	V	46,217	$14.0m0.74%	0.74%	Added +1.7k	+1,666 3.7%
45	AIR PRODS & CHEMS INC COM APD	APD	45,764	$13.3m0.70%	0.70%	Added +248	+248 0.5%
46	MGM RESORTS INTERNATIONAL COM MGM	MGM	344,057	$12.7m0.67%	0.67%	Added +1.4k	+1,404 0.4%
47	JPMORGAN CHASE FINL CO LLC CAL LKD 44 AMJB	AMJB	367,952	$12.7m0.67%	0.67%	Reduced -677	-677 -0.2%
48	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	157,576	$12.5m0.66%	0.66%	Added +369	+369 0.2%
49	SCHLUMBERGER LTD COM STK SLB	SLB	242,469	$12.5m0.66%	0.66%	Added +1.7k	+1,732 0.7%
50	KINDER MORGAN INC DEL COM KMI	KMI	363,682	$12.2m0.64%	0.64%	Reduced -3.1k	-3,136 -0.8%
51	PHILLIPS 66 COM PSX	PSX	66,252	$12.1m0.64%	0.64%	Reduced -1.4k	-1,435 -2.1%
52	DISNEY WALT CO COM DIS	DIS	124,909	$12.0m0.64%	0.64%	Added +5.3k	+5,311 4.4%
53	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	59,572	$11.8m0.62%	0.62%	Added +1.1k	+1,055 1.8%
54	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	201,338	$11.6m0.62%	0.62%	Reduced -524	-524 -0.3%
55	ABBOTT LABS COM ABT	ABT	112,500	$11.6m0.61%	0.61%	Added +4.6k	+4,596 4.3%
56	NXP SEMICONDUCTORS N V COM NXPI	NXPI	58,014	$11.4m0.60%	0.60%	Added +952	+952 1.7%
57	PLANET FITNESS INC CL A PLNT	PLNT	152,197	$11.3m0.60%	0.60%	Added +79.9k	+79,915 110.6%
58	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	236,444	$11.2m0.59%	0.59%	Reduced -3.7k	-3,695 -1.5%
59	ISHARES GOLD TR ISHARES NEW IAU	IAU	120,637	$10.6m0.56%	0.56%	Reduced -55.5k	-55,470 -31.5%
60	COSTCO WHSL CORP NEW COM COST	COST	10,656	$10.6m0.56%	0.56%	Reduced -1.8k	-1,771 -14.2%
61	PROCTER AND GAMBLE CO COM PG	PG	70,820	$10.2m0.54%	0.54%	Reduced -111	-111 -0.2%
62	POOL CORP COM POOL	POOL	50,045	$10.1m0.54%	0.54%	Added +12.4k	+12,422 33.0%
63	ERMENEGILDO ZEGNA N V ORD SHS ZGN	ZGN	942,458	$9.8m0.52%	0.52%	Added +243.1k	+243,137 34.8%
64	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	7,403	$9.8m0.52%	0.52%	Reduced -71	-71 -0.9%
65	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	366,640	$9.7m0.51%	0.51%	Added +2.2k	+2,191 0.6%
66	PEPSICO INC COM PEP	PEP	62,048	$9.6m0.51%	0.51%	Reduced -331	-331 -0.5%
67	LOWES COS INC COM LOW	LOW	39,784	$9.4m0.50%	0.50%	Added +553	+553 1.4%
68	ISHARES TR MSCI ACWI EX US ACWX	ACWX	136,270	$9.3m0.49%	0.49%	Reduced -1.8k	-1,750 -1.3%
69	LAS VEGAS SANDS CORP COM LVS	LVS	170,370	$9.2m0.49%	0.49%	Reduced -62.8k	-62,843 -26.9%
70	SERVICENOW INC COM NOW	NOW	87,101	$9.1m0.48%	0.48%	New
71	TRIP COM GROUP LTD ADS TCOM	TCOM	179,699	$8.9m0.47%	0.47%	Added +3.9k	+3,879 2.2%
72	CVS HEALTH CORP COM CVS	CVS	124,492	$8.9m0.47%	0.47%	Added +4.6k	+4,633 3.9%
73	NIKE INC CL B NKE	NKE	168,717	$8.9m0.47%	0.47%	Reduced -431	-431 -0.2%
74	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	43,557	$8.8m0.47%	0.47%	Reduced -7.6k	-7,630 -14.9%
75	BOOKING HOLDINGS INC COM BKNG	BKNG	2,048	$8.6m0.46%	0.46%	Reduced -19	-19 -0.9%
76	CBRE GROUP INC CL A CBRE	CBRE	58,884	$8.0m0.42%	0.42%	Added +1.1k	+1,133 2.0%
77	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	172,340	$8.0m0.42%	0.42%	Reduced -109.2k	-109,182 -38.8%
78	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	17,797	$7.8m0.41%	0.41%	Unchanged
79	TREX CO INC COM TREX	TREX	208,136	$7.6m0.40%	0.40%	Added +58.3k	+58,300 38.9%
80	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	23,213	$7.4m0.39%	0.39%	Reduced -1.3k	-1,260 -5.2%
81	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	34,437	$7.4m0.39%	0.39%	Reduced -1.9k	-1,854 -5.1%
82	NETFLIX INC COM NFLX	NFLX	76,007	$7.3m0.39%	0.39%	New
83	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	88,291	$7.3m0.39%	0.39%	Added +1.2k	+1,204 1.4%
84	ELASTIC N V ORD SHS ESTC	ESTC	143,144	$7.2m0.38%	0.38%	Added +63.1k	+63,105 78.8%
85	UNITEDHEALTH GROUP INC COM UNH	UNH	26,007	$7.0m0.37%	0.37%	Added +1.0k	+1,005 4.0%
86	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	24,829	$7.0m0.37%	0.37%	Reduced -17.8k	-17,807 -41.8%
87	PHILIP MORRIS INTL INC COM PM	PM	40,000	$6.6m0.35%	0.35%	Reduced -2.0k	-2,044 -4.9%
88	UNITED RENTALS INC COM URI	URI	8,768	$6.4m0.34%	0.34%	New
89	VANGUARD INDEX FDS VALUE ETF VTV	VTV	32,290	$6.3m0.33%	0.33%	Reduced -770	-770 -2.3%
90	HOME DEPOT INC COM HD	HD	18,979	$6.2m0.33%	0.33%	Reduced -117	-117 -0.6%
91	CHENIERE ENERGY INC COM NEW LNG	LNG	21,794	$6.2m0.33%	0.33%	Reduced -51.6k	-51,646 -70.3%
92	ISHARES TR RUS 1000 GRW ETF IWF	IWF	14,210	$6.1m0.32%	0.32%	Added +63	+63 0.5%
93	SUN CMNTYS INC COM SUI	SUI	47,600	$6.0m0.32%	0.32%	Added +840	+840 1.8%
94	ICON PLC SHS ICLR	ICLR	49,764	$5.5m0.29%	0.29%	Reduced -1.1k	-1,115 -2.2%
95	FIRST BUSEY CORP COM NEW BUSE	BUSE	210,214	$5.3m0.28%	0.28%	Reduced -150.9k	-150,924 -41.8%
96	WILLSCOT HLDGS CORP COM CL A WSC	WSC	300,098	$5.2m0.28%	0.28%	Reduced -63.2k	-63,223 -17.4%
97	BOSTON SCIENTIFIC CORP COM BSX	BSX	82,511	$5.2m0.27%	0.27%	New
98	FIDELITY NATL INFORMATION SV COM FIS	FIS	108,772	$5.1m0.27%	0.27%	Added +644	+644 0.6%
99	PROLOGIS INC. COM PLD	PLD	38,438	$5.1m0.27%	0.27%	Added +5	+5 0.0%
100	NUCOR CORP COM NUE	NUE	28,200	$4.8m0.25%	0.25%	Unchanged

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
NICE LTD NICE	NICE	77,760	$8.8m77.8k shares
GLOBAL PMTS INC GPN	GPN	103,651	$8.0m103.7k shares
WORKDAY INC WDAY	WDAY	27,043	$5.8m27.0k shares
YUM CHINA HLDGS INC YUMC	YUMC	17,900	$854.5k17.9k shares
RALLIANT CORP RAL	RAL	13,150	$669.5k13.2k shares
OMEGA HEALTHCARE INVS INC OHI	OHI	13,055	$578.9k13.1k shares
SCHWAB STRATEGIC TR SCHX	SCHX	13,200	$355.2k13.2k shares
GLOBAL X FDS COPX	COPX	4,247	$304.9k4.2k shares
GENERAL MLS INC GIS	GIS	4,500	$209.2k4.5k shares
KIMBERLY-CLARK CORP KMB	KMB	2,000	$201.8k2.0k shares