Osborne Partners Capital Management portfolio

What changed this quarter

135 positions with a change (16 new, 34 added to, 76 trimmed, 9 sold); also, 1 exited through an acquisition or merger. 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• iShares 0-3 Month Treasury B ETF−56%fewer sharesReduced
  2.3% → 1.1%
• Palo Alto Networks−60%fewer sharesReduced
  1.2% → 1.1%
• Advanced Micro Devices−52%fewer sharesReduced
  1.2% → 1.7%
• Berkshire Hathaway−87%fewer sharesReduced
  0.9% → 0.1%
• Walmart−98%fewer sharesReduced
  0.8% → under 0.1%
• Apple−15%fewer sharesReduced
  3.8% → 3.8%
• Exxon Mobil−87%fewer sharesReduced
  0.9% → 0.1%
• Borgwarner−42%fewer sharesReduced
  1.0% → 0.7%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Vanguard International Equity Index FVEU8.5%
• Vanguard International Equity Index FVWO3.9%
• AlphabetGOOG · GOOGL3.9%
• AppleAAPL3.8%
• MicrosoftMSFT2.9%
• IsharesEWJ2.7%
• Vanguard Real Estate ETFVNQ2.5%
• Vanguard International Equity Index FVGK2.4%
• Amazon.comAMZN2.1%
• NVIDIANVDA2.0%
• State Street SPDR DOW Jones ETFRWX1.8%
• Barclays BankDJP1.7%
• JPMorgan ChaseJPM1.7%
• Advanced Micro DevicesAMD1.7%
• Ssga Active ETF TrSRLN1.6%
• Global X DAX Germany ETFDAX1.5%
• IsharesEWN1.5%
• State Street SPDR S&P Biotech ETFXBI1.5%
• iShares Latin America 40 ETFILF1.2%
• iShares Ultra Short Duration ETFICSH1.2%
• Thermo Fisher ScientificTMO1.2%
• New York Life Investments ETMNA1.2%
• iShares 20+ Year Treasury BD ETFTLT1.1%
• Palo Alto NetworksPANW1.1%
• iShares 0-3 Month Treasury B ETFSGOV1.1%
• State Str Spdr S&P 500 ETF TSPY1.1%
• iShares Convertible Bond ETFICVT1.0%
• State Street SPDR S&P China ETFGXC1.0%
• Meta PlatformsMETA0.9%
• BlockXYZ0.9%
• CarnivalCCL0.9%
• Take-two Interactive SoftwareTTWO0.8%
• MercadoLibreMELI0.8%
• WisdomTree BBG USD Bullish ETFUSDU0.8%
• ASML HoldingASML0.8%
• DanaherDHR0.8%
• Columbia India Consumer ETFINCO0.8%
• BorgwarnerBWA0.7%
• Air Products and ChemicalsAPD0.7%
• Ryanair HoldingsRYAAY0.7%
• Invesco Exchange Traded Fund TPRF0.7%
• NXP SemiconductorsNXPI0.7%
• JPMorgan Chase FinancialAMJB0.7%
• VisaV0.7%
• CVS HealthCVS0.7%
• Ermenegildo ZegnaZGN0.7%
• Walt DisneyDIS0.7%
• Kinder MorganKMI0.6%
• Phillips 66PSX0.6%
• Caesars EntertainmentCZR0.6%
• UnitedHealth GroupUNH0.6%
• Alibaba Group HoldingBABA0.6%
• SalesforceCRM0.6%
• Marsh & Mclennan CompaniesMRSH0.6%
• iShares Msci Acwi EX US ETFACWX0.6%
• Vanguard S/t Corp Bond ETFVCSH0.6%
• TrexTREX0.6%
• Abbott LaboratoriesABT0.6%
• Booking HoldingsBKNG0.5%
• United RentalsURI0.5%
• POOLPOOL0.5%
• Vanguard Mrngstar GR ETF-sui ETFVUG0.5%
• Lowe'sLOW0.5%
• iShares Gold Trust ETFIAU0.5%
• MGM Resorts InternationalMGM0.5%
• SLBSLB0.5%
• Willscot HoldingsWSC0.5%
• PepsicoPEP0.5%
• IconICLR0.5%
• Planet FitnessPLNT0.5%
• ElasticESTC0.5%
• CBRE GroupCBRE0.5%
• Vanguard Dividend Apprec ETFVIG0.4%
• Las Vegas SandsLVS0.4%
• Vanguard Int-term Corporate ETFVCIT0.4%
• NikeNKE0.4%
• ServiceNowNOW0.4%
• iShares Russell 1000 Growth ETFIWF0.4%
• Goldman Sachs Physical GoldAAAU0.4%
• Vanguard Mrngstr Val ETF-aui ETFVTV0.4%
• CaterpillarCAT0.4%
• First BuseyBUSE0.3%
• Trip.com GroupTCOM0.3%
• Sun CommunitiesSUI0.3%
• Quanta ServicesPWR0.3%
• PrologisPLD0.3%
• NetflixNFLX0.3%
• Invesco Exchange Traded Fund TPDP0.3%
• McGRATH RENTCORPMGRC0.2%
• Fidelity National Information ServicesFIS0.2%
• Eli LillyLLY0.2%
• Quest DiagnosticsDGX0.2%
• Apollo Global ManagementAPO0.2%
• Boston ScientificBSX0.2%
• American ExpressAXP0.2%
• Ingersoll RandIR0.2%
• Invesco Senior Loan ETFBKLN0.2%
• iShares Russell 1000 Value E ETFIWD0.2%
• Goldman Sachs EQL Wght Large ETFGSEW0.2%