OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

PrivateCIK: 1005607

Location

SAN FRANCISCO, CA

203

Positions

$1.80B

Total AUM (reported)

21.73M

Total Shares

Allocation by class

COM$662.36M36.8%

ALLWRLD EX US$153.85M8.5%

FTSE EMR MKT ETF$70.84M3.9%

CL A$50.10M2.8%

MSCI JAPAN ETF$49.46M2.7%

REAL ESTATE ETF$44.78M2.5%

FTSE EUROPE ETF$43.67M2.4%

Portfolio Concentration

Top 3$293.95M16.3%

4–10$305.27M17.0%

11–25$388.53M21.6%

Rest$812.36M45.1%

Top 3 weight

16.3%

Top 10 weight

33.3%

Voting Authority Distribution

Total shares with voting rights: 21.73M

Sole

Full voting authority

309.19K

% of voting shares1.4%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

21.42M

% of voting shares98.6%

Investment Discretion (by position count)

Sole203

Shared0

Other0

Dominant voting typeNone · 98.6% of voting shares

Institutional Holdings203

Rows:

VANGUARD INTL EQUITY INDEX F

SOLE

ALLWRLD EX US

Shares1.84M

TypeSH

Market value$153.85M

8.55%

Sole

22.20K

Shared

0.00

None

1.81M

VANGUARD INTL EQUITY INDEX F

SOLE

FTSE EMR MKT ETF

Shares1.19M

TypeSH

Market value$70.84M

3.94%

Sole

13.20K

Shared

0.00

None

1.17M

APPLE INC

SOLE

COM

Shares239.36K

TypeSH

Market value$69.26M

3.85%

Sole

31.72K

Shared

0.00

None

207.64K

MICROSOFT CORP

SOLE

COM

Shares141.05K

TypeSH

Market value$52.62M

2.92%

Sole

1.04K

Shared

0.00

None

140.01K

ISHARES INC

SOLE

MSCI JAPAN ETF

Shares530.34K

TypeSH

Market value$49.46M

2.75%

Sole

5.73K

Shared

0.00

None

524.61K

VANGUARD INDEX FDS

SOLE

REAL ESTATE ETF

Shares464.33K

TypeSH

Market value$44.78M

2.49%

Sole

5.26K

Shared

0.00

None

459.07K

VANGUARD INTL EQUITY INDEX F

SOLE

FTSE EUROPE ETF

Shares493.18K

TypeSH

Market value$43.67M

2.43%

Sole

5.70K

Shared

0.00

None

487.48K

ALPHABET INC

SOLE

CAP STK CL C

Shares116.12K

TypeSH

Market value$41.03M

2.28%

Sole

195.00

Shared

0.00

None

115.92K

AMAZON COM INC

SOLE

COM

Shares159.64K

TypeSH

Market value$38.05M

2.11%

Sole

1.77K

Shared

0.00

None

157.87K

NVIDIA CORPORATION

SOLE

COM

Shares178.27K

TypeSH

Market value$35.67M

1.98%

Sole

225.00

Shared

0.00

None

178.05K

SPDR INDEX SHS FDS

SOLE

ST DOW INTL ETF

Shares1.18M

TypeSH

Market value$31.77M

1.76%

Sole

15.46K

Shared

0.00

None

1.16M

BARCLAYS BANK PLC

SOLE

DJUBS CMDT ETN36

Shares710.41K

TypeSH

Market value$31.05M

1.73%

Sole

7.82K

Shared

0.00

None

702.60K

JPMORGAN CHASE & CO

SOLE

COM

Shares93.53K

TypeSH

Market value$30.61M

1.70%

Sole

1.03K

Shared

0.00

None

92.49K

ADVANCED MICRO DEVICES INC

SOLE

COM

Shares51.79K

TypeSH

Market value$30.09M

1.67%

Sole

430.00

Shared

0.00

None

51.36K

ALPHABET INC

SOLE

CAP STK CL A

Shares82.22K

TypeSH

Market value$29.38M

1.63%

Sole

1.24K

Shared

0.00

None

80.98K

SSGA ACTIVE ETF TR

SOLE

ST STR BL LN ETF

Shares723.63K

TypeSH

Market value$29.16M

1.62%

Sole

11.38K

Shared

0.00

None

712.25K

GLOBAL X FDS

SOLE

DAX GERMANY ETF

Shares627.80K

TypeSH

Market value$27.73M

1.54%

Sole

6.63K

Shared

0.00

None

621.17K

ISHARES INC

SOLE

MSCI NETHERL ETF

Shares392.55K

TypeSH

Market value$27.61M

1.53%

Sole

4.23K

Shared

0.00

None

388.32K

SPDR SERIES TRUST

SOLE

ST STR SP BIOT

Shares169.03K

TypeSH

Market value$26.75M

1.49%

Sole

2.02K

Shared

0.00

None

167.01K

ISHARES TR

SOLE

LATN AMER 40 ETF

Shares647.99K

TypeSH

Market value$21.87M

1.21%

Sole

7.31K

Shared

0.00

None

640.68K

ISHARES TR

SOLE

ULTRA SHORT DUR

Shares431.45K

TypeSH

Market value$21.82M

1.21%

Sole

57.17K

Shared

0.00

None

374.28K

THERMO FISHER SCIENTIFIC INC

SOLE

COM

Shares41.74K

TypeSH

Market value$20.93M

1.16%

Sole

443.00

Shared

0.00

None

41.30K

NEW YORK LIFE INVESTMENTS ET

SOLE

MERGE ARBIT ETF

Shares571.65K

TypeSH

Market value$20.85M

1.16%

Sole

6.20K

Shared

0.00

None

565.45K

ISHARES TR

SOLE

20 YR TR BD ETF

Shares225.39K

TypeSH

Market value$19.48M

1.08%

Sole

3.46K

Shared

0.00

None

221.93K

PALO ALTO NETWORKS INC

SOLE

COM

Shares56.98K

TypeSH

Market value$19.43M

1.08%

Sole

517.00

Shared

0.00

None

56.46K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
VANGUARD INTL EQUITY INDEX FSOLE	ALLWRLD EX US	1.84M	SH	$153.85M 8.55%	22.20K	1.81M
VANGUARD INTL EQUITY INDEX FSOLE	FTSE EMR MKT ETF	1.19M	SH	$70.84M 3.94%	13.20K	1.17M
APPLE INCSOLE	COM	239.36K	SH	$69.26M 3.85%	31.72K	207.64K
MICROSOFT CORPSOLE	COM	141.05K	SH	$52.62M 2.92%	1.04K	140.01K
ISHARES INCSOLE	MSCI JAPAN ETF	530.34K	SH	$49.46M 2.75%	5.73K	524.61K
VANGUARD INDEX FDSSOLE	REAL ESTATE ETF	464.33K	SH	$44.78M 2.49%	5.26K	459.07K
VANGUARD INTL EQUITY INDEX FSOLE	FTSE EUROPE ETF	493.18K	SH	$43.67M 2.43%	5.70K	487.48K
ALPHABET INCSOLE	CAP STK CL C	116.12K	SH	$41.03M 2.28%	195.00	115.92K
AMAZON COM INCSOLE	COM	159.64K	SH	$38.05M 2.11%	1.77K	157.87K
NVIDIA CORPORATIONSOLE	COM	178.27K	SH	$35.67M 1.98%	225.00	178.05K
SPDR INDEX SHS FDSSOLE	ST DOW INTL ETF	1.18M	SH	$31.77M 1.76%	15.46K	1.16M
BARCLAYS BANK PLCSOLE	DJUBS CMDT ETN36	710.41K	SH	$31.05M 1.73%	7.82K	702.60K
JPMORGAN CHASE & COSOLE	COM	93.53K	SH	$30.61M 1.70%	1.03K	92.49K
ADVANCED MICRO DEVICES INCSOLE	COM	51.79K	SH	$30.09M 1.67%	430.00	51.36K
ALPHABET INCSOLE	CAP STK CL A	82.22K	SH	$29.38M 1.63%	1.24K	80.98K
SSGA ACTIVE ETF TRSOLE	ST STR BL LN ETF	723.63K	SH	$29.16M 1.62%	11.38K	712.25K
GLOBAL X FDSSOLE	DAX GERMANY ETF	627.80K	SH	$27.73M 1.54%	6.63K	621.17K
ISHARES INCSOLE	MSCI NETHERL ETF	392.55K	SH	$27.61M 1.53%	4.23K	388.32K
SPDR SERIES TRUSTSOLE	ST STR SP BIOT	169.03K	SH	$26.75M 1.49%	2.02K	167.01K
ISHARES TRSOLE	LATN AMER 40 ETF	647.99K	SH	$21.87M 1.21%	7.31K	640.68K
ISHARES TRSOLE	ULTRA SHORT DUR	431.45K	SH	$21.82M 1.21%	57.17K	374.28K
THERMO FISHER SCIENTIFIC INCSOLE	COM	41.74K	SH	$20.93M 1.16%	443.00	41.30K
NEW YORK LIFE INVESTMENTS ETSOLE	MERGE ARBIT ETF	571.65K	SH	$20.85M 1.16%	6.20K	565.45K
ISHARES TRSOLE	20 YR TR BD ETF	225.39K	SH	$19.48M 1.08%	3.46K	221.93K
PALO ALTO NETWORKS INCSOLE	COM	56.98K	SH	$19.43M 1.08%	517.00	56.46K

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