OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SAN FRANCISCO, CA · CIK 1005607 · 13F filing filed 2026-08-04

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)

$1.8bn reported value -4.8% vs Q1 2026

203positions

33.3%in top 10

17 new 52 added 93 reduced 11 sold out vs Q1 2026

Holdings, Q2 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	1,836,963	$153.8m8.55%	8.55%	Reduced -4.6k	-4,600 -0.2%
2	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	1,186,805	$70.8m3.94%	3.94%	Reduced -5.9k	-5,911 -0.5%
3	APPLE INC COM AAPL	AAPL	239,363	$69.3m3.85%	3.85%	Reduced -43.8k	-43,755 -15.4%
4	MICROSOFT CORP COM MSFT	MSFT	141,053	$52.6m2.92%	2.92%	Reduced -14.9k	-14,871 -9.5%
5	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	530,341	$49.5m2.75%	2.75%	Added +2.3k	+2,340 0.4%
6	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	464,333	$44.8m2.49%	2.49%	Reduced -21.1k	-21,138 -4.3%
7	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	493,178	$43.7m2.43%	2.43%	Added +4.0k	+4,039 0.8%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	116,116	$41.0m2.28%	2.28%	Reduced -3.5k	-3,543 -3.0%
9	AMAZON COM INC COM AMZN	AMZN	159,640	$38.0m2.11%	2.11%	Reduced -19.4k	-19,354 -10.8%
10	NVIDIA CORPORATION COM NVDA	NVDA	178,271	$35.7m1.98%	1.98%	Reduced -8.5k	-8,495 -4.5%
11	SPDR INDEX SHS FDS DJ INTL RL ETF RWX	RWX	1,176,078	$31.8m1.76%	1.76%	Added +22.3k	+22,261 1.9%
12	BARCLAYS BANK PLC DJUBS CMDT ETN36 DJP	DJP	710,414	$31.1m1.73%	1.73%	Reduced -5.4k	-5,391 -0.8%
13	JPMORGAN CHASE & CO COM JPM	JPM	93,527	$30.6m1.70%	1.70%	Reduced -17.2k	-17,192 -15.5%
14	ADVANCED MICRO DEVICES INC COM AMD	AMD	51,791	$30.1m1.67%	1.67%	Reduced -55.6k	-55,596 -51.8%
15	ALPHABET INC CAP STK CL A GOOGL	GOOGL	82,223	$29.4m1.63%	1.63%	Reduced -12.0k	-11,960 -12.7%
16	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	723,630	$29.2m1.62%	1.62%	Reduced -44.2k	-44,152 -5.8%
17	GLOBAL X FDS DAX GERMANY ETF DAX	DAX	627,800	$27.7m1.54%	1.54%	Added +9.2k	+9,192 1.5%
18	ISHARES INC MSCI NETHERL ETF EWN	EWN	392,552	$27.6m1.53%	1.53%	Reduced -973	-973 -0.2%
19	SPDR SER TR S&P BIOTECH XBI	XBI	169,027	$26.7m1.49%	1.49%	Reduced -1.8k	-1,812 -1.1%
20	ISHARES TR LATN AMER 40 ETF ILF	ILF	647,988	$21.9m1.21%	1.21%	Reduced -2.9k	-2,942 -0.5%
21	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	431,446	$21.8m1.21%	1.21%	Reduced -173.3k	-173,280 -28.6%
22	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	41,743	$20.9m1.16%	1.16%	Reduced -2.2k	-2,223 -5.1%
23	INDEXIQ ETF TR IQ MRGR ARB ETF MNA	MNA	571,652	$20.9m1.16%	1.16%	Added +17.3k	+17,348 3.1%
24	ISHARES TR 20 YR TR BD ETF TLT	TLT	225,391	$19.5m1.08%	1.08%	Added +3.7k	+3,704 1.7%
25	PALO ALTO NETWORKS INC COM PANW	PANW	56,975	$19.4m1.08%	1.08%	Reduced -83.8k	-83,750 -59.5%
26	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	191,811	$19.3m1.07%	1.07%	Reduced -242.8k	-242,762 -55.9%
27	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	25,414	$19.0m1.05%	1.05%	Reduced -344	-344 -1.3%
28	ISHARES TR CONV BD ETF ICVT	ICVT	150,291	$18.3m1.02%	1.02%	Added +619	+619 0.4%
29	SPDR INDEX SHS FDS S&P CHINA ETF GXC	GXC	198,188	$17.1m0.95%	0.95%	Added +2.8k	+2,824 1.4%
30	META PLATFORMS INC CL A META	META	29,299	$16.5m0.92%	0.92%	Added +586	+586 2.0%
31	BLOCK INC CL A XYZ	XYZ	214,915	$16.3m0.91%	0.91%	Reduced -24.9k	-24,914 -10.4%
32	CARNIVAL CORP LTD COMMON SHARES CCL	CCL	546,785	$15.6m0.87%	0.87%	New
33	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	59,826	$15.0m0.83%	0.83%	Added +254	+254 0.4%
34	MERCADOLIBRE INC COM MELI	MELI	8,802	$14.9m0.83%	0.83%	Reduced -1.1k	-1,144 -11.5%
35	WISDOMTREE TR BLMBG US BULL USDU	USDU	556,910	$14.9m0.83%	0.83%	Added +26.2k	+26,171 4.9%
36	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	7,341	$14.6m0.81%	0.81%	Reduced -62	-62 -0.8%
37	DANAHER CORPORATION COM DHR	DHR	75,311	$14.3m0.80%	0.80%	Reduced -23.8k	-23,758 -24.0%
38	COLUMBIA ETF TR II INDIA CONSMR ETF INCO	INCO	230,518	$13.7m0.76%	0.76%	Reduced -32.5k	-32,511 -12.4%
39	BORGWARNER INC COM BWA	BWA	201,332	$13.4m0.74%	0.74%	Reduced -147.3k	-147,284 -42.2%
40	AIR PRODS & CHEMS INC COM APD	APD	45,373	$13.3m0.74%	0.74%	Reduced -391	-391 -0.8%
41	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	203,810	$13.2m0.73%	0.73%	Added +2.5k	+2,472 1.2%
42	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	235,402	$12.7m0.71%	0.71%	Reduced -1.0k	-1,042 -0.4%
43	NXP SEMICONDUCTORS N V COM NXPI	NXPI	45,181	$12.7m0.71%	0.71%	Reduced -12.8k	-12,833 -22.1%
44	JPMORGAN CHASE FINL CO LLC CAL LKD 44 AMJB	AMJB	364,721	$12.6m0.70%	0.70%	Reduced -3.2k	-3,231 -0.9%
45	VISA INC COM CL A V	V	36,231	$12.4m0.69%	0.69%	Reduced -10.0k	-9,986 -21.6%
46	CVS HEALTH CORP COM CVS	CVS	119,356	$12.3m0.69%	0.69%	Reduced -5.1k	-5,136 -4.1%
47	ERMENEGILDO ZEGNA N V ORD SHS ZGN	ZGN	936,573	$12.2m0.68%	0.68%	Reduced -5.9k	-5,885 -0.6%
48	DISNEY WALT CO COM DIS	DIS	123,970	$11.9m0.66%	0.66%	Reduced -939	-939 -0.8%
49	KINDER MORGAN INC DEL COM KMI	KMI	364,609	$11.7m0.65%	0.65%	Added +927	+927 0.2%
50	PHILLIPS 66 COM PSX	PSX	65,747	$11.1m0.62%	0.62%	Reduced -505	-505 -0.8%
51	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	361,162	$10.9m0.61%	0.61%	Reduced -5.5k	-5,478 -1.5%
52	UNITEDHEALTH GROUP INC COM UNH	UNH	26,083	$10.8m0.60%	0.60%	Added +76	+76 0.3%
53	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	112,569	$10.8m0.60%	0.60%	Reduced -3.3k	-3,327 -2.9%
54	SALESFORCE INC COM CRM	CRM	68,157	$10.7m0.59%	0.59%	Reduced -7.6k	-7,614 -10.1%
55	MARSH & MCLENNAN COS INC COM MRSH	MRSH	63,706	$10.6m0.59%	0.59%	Reduced -17.2k	-17,176 -21.2%
56	ISHARES TR MSCI ACWI EX US ACWX	ACWX	136,270	$10.4m0.58%	0.58%	Unchanged
57	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	127,791	$10.1m0.56%	0.56%	Reduced -29.8k	-29,785 -18.9%
58	TREX CO INC COM TREX	TREX	199,236	$10.0m0.55%	0.55%	Reduced -8.9k	-8,900 -4.3%
59	ABBOTT LABS COM ABT	ABT	109,722	$10.0m0.55%	0.55%	Reduced -2.8k	-2,778 -2.5%
60	BOOKING HOLDINGS INC COM BKNG	BKNG	55,044	$9.8m0.55%	0.55%	Added +3.8k	+3,844 7.5%
61	UNITED RENTALS INC COM URI	URI	8,464	$9.6m0.53%	0.53%	Reduced -304	-304 -3.5%
62	POOL CORP COM POOL	POOL	43,323	$9.3m0.52%	0.52%	Reduced -6.7k	-6,722 -13.4%
63	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	106,582	$9.2m0.51%	0.51%	Reduced -200	-200 -0.2%
64	LOWES COS INC COM LOW	LOW	41,469	$9.1m0.51%	0.51%	Added +1.7k	+1,685 4.2%
65	ISHARES GOLD TR ISHARES NEW IAU	IAU	119,988	$9.1m0.50%	0.50%	Reduced -649	-649 -0.5%
66	MGM RESORTS INTERNATIONAL COM MGM	MGM	189,102	$9.0m0.50%	0.50%	Reduced -155.0k	-154,955 -45.0%
67	SCHLUMBERGER LTD COM STK SLB	SLB	194,359	$9.0m0.50%	0.50%	Reduced -48.1k	-48,110 -19.8%
68	WILLSCOT HLDGS CORP COM CL A WSC	WSC	301,109	$8.7m0.48%	0.48%	Added +1.0k	+1,011 0.3%
69	PEPSICO INC COM PEP	PEP	63,411	$8.6m0.48%	0.48%	Added +1.4k	+1,363 2.2%
70	ICON PLC SHS ICLR	ICLR	48,671	$8.5m0.47%	0.47%	Reduced -1.1k	-1,093 -2.2%
71	PLANET FITNESS INC CL A PLNT	PLNT	161,997	$8.5m0.47%	0.47%	Added +9.8k	+9,800 6.4%
72	ELASTIC N V ORD SHS ESTC	ESTC	143,544	$8.2m0.45%	0.45%	Added +400	+400 0.3%
73	CBRE GROUP INC CL A CBRE	CBRE	60,288	$8.1m0.45%	0.45%	Added +1.4k	+1,404 2.4%
74	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	33,536	$7.9m0.44%	0.44%	Reduced -901	-901 -2.6%
75	LAS VEGAS SANDS CORP COM LVS	LVS	171,426	$7.9m0.44%	0.44%	Added +1.1k	+1,056 0.6%
76	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	88,720	$7.3m0.41%	0.41%	Added +429	+429 0.5%
77	NIKE INC CL B NKE	NKE	176,069	$7.2m0.40%	0.40%	Added +7.4k	+7,352 4.4%
78	SERVICENOW INC COM NOW	NOW	71,611	$7.1m0.39%	0.39%	Reduced -15.5k	-15,490 -17.8%
79	ISHARES TR RUS 1000 GRW ETF IWF	IWF	56,840	$7.1m0.39%	0.39%	Unchanged
80	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	177,988	$7.0m0.39%	0.39%	Added +5.6k	+5,648 3.3%
81	VANGUARD INDEX FDS VALUE ETF VTV	VTV	32,290	$7.0m0.39%	0.39%	Unchanged
82	CATERPILLAR INC COM CAT	CAT	5,970	$6.4m0.35%	0.35%	Reduced -175	-175 -2.9%
83	FIRST BUSEY CORP COM NEW BUSE	BUSE	210,214	$6.2m0.34%	0.34%	Unchanged
84	TRIP COM GROUP LTD ADS TCOM	TCOM	149,123	$5.9m0.33%	0.33%	Reduced -30.6k	-30,576 -17.0%
85	SUN CMNTYS INC COM SUI	SUI	48,551	$5.8m0.32%	0.32%	Added +951	+951 2.0%
86	QUANTA SVCS INC COM PWR	PWR	7,358	$5.3m0.29%	0.29%	Unchanged
87	PROLOGIS INC. COM PLD	PLD	38,355	$5.2m0.29%	0.29%	Reduced -83	-83 -0.2%
88	NETFLIX INC COM NFLX	NFLX	72,214	$5.2m0.29%	0.29%	Reduced -3.8k	-3,793 -5.0%
89	INVESCO EXCHANGE TRADED FD T DORSEY WRIGHT MO PDP	PDP	33,954	$5.2m0.29%	0.29%	Unchanged
90	MCGRATH RENTCORP COM MGRC	MGRC	36,210	$4.4m0.24%	0.24%	New
91	FIDELITY NATL INFORMATION SV COM FIS	FIS	110,384	$4.3m0.24%	0.24%	Added +1.6k	+1,612 1.5%
92	ELI LILLY & CO COM LLY	LLY	3,458	$4.1m0.23%	0.23%	Added +1	+1 0.0%
93	QUEST DIAGNOSTICS INC COM DGX	DGX	18,635	$3.9m0.22%	0.22%	New
94	APOLLO GLOBAL MGMT INC COM APO	APO	32,216	$3.8m0.21%	0.21%	Reduced -5.1k	-5,123 -13.7%
95	BOSTON SCIENTIFIC CORP COM BSX	BSX	86,598	$3.7m0.21%	0.21%	Added +4.1k	+4,087 5.0%
96	AMERICAN EXPRESS CO COM AXP	AXP	10,027	$3.4m0.19%	0.19%	Unchanged
97	INGERSOLL RAND INC COM IR	IR	40,516	$3.3m0.18%	0.18%	New
98	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	149,975	$3.1m0.17%	0.17%	Added +139.7k	+139,685 1357.5%
99	ISHARES TR RUS 1000 VAL ETF IWD	IWD	12,583	$3.1m0.17%	0.17%	Added +3	+3 0.0%
100	GOLDMAN SACHS ETF TR EQUAL WEIGHT US GSEW	GSEW	31,061	$2.9m0.16%	0.16%	Added +1.2k	+1,196 4.0%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CARNIVAL PLC CUK	CUK	549,495	$14.2m549.5k shares
PHILIP MORRIS INTL INC PM	PM	40,000	$6.6m40.0k shares
NUCOR CORP NUE	NUE	28,200	$4.8m28.2k shares
AIR LEASE CORP AL	AL	68,860	$4.5m68.9k shares
MONDELEZ INTL INC MDLZ	MDLZ	44,989	$2.6m45.0k shares
ABBVIE INC ABBV	ABBV	11,479	$2.5m11.5k shares
SHELL PLC SHEL	SHEL	4,615	$429.2k4.6k shares
LOCKHEED MARTIN CORP LMT	LMT	375	$226.6k375 shares
AMERICAN TOWER CORP NEW AMT	AMT	1,300	$224.4k1.3k shares
FEDEX CORP FDX	FDX	607	$216.2k607 shares
VERIZON COMMUNICATIONS INC VZ	VZ	4,290	$215.4k4.3k shares