OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

PrivateCIK: 1005607

Location

SAN FRANCISCO, CA

197

Positions

$1.89B

Total AUM (reported)

23.31M

Total Shares

Allocation by class

COM$757.59M40.1%

ALLWRLD EX US$138.30M7.3%

STATE STREET SPD$71.82M3.8%

FTSE EMR MKT ETF$64.47M3.4%

CL A$57.82M3.1%

MSCI JAPAN ETF$44.58M2.4%

0-3 MNTH TREASRY$43.74M2.3%

Portfolio Concentration

Top 3$274.62M14.5%

4–10$301.17M15.9%

11–25$398.51M21.1%

Rest$917.00M48.5%

Top 3 weight

14.5%

Top 10 weight

30.4%

Voting Authority Distribution

Total shares with voting rights: 23.31M

Sole

Full voting authority

295.50K

% of voting shares1.3%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

23.01M

% of voting shares98.7%

Investment Discretion (by position count)

Sole197

Shared0

Other0

Dominant voting typeNone · 98.7% of voting shares

Institutional Holdings197

Rows:

VANGUARD INTL EQUITY INDEX F

SOLE

ALLWRLD EX US

Shares1.84M

TypeSH

Market value$138.30M

7.31%

Sole

22.20K

Shared

0.00

None

1.82M

APPLE INC

SOLE

COM

Shares283.12K

TypeSH

Market value$71.85M

3.80%

Sole

31.72K

Shared

0.00

None

251.40K

VANGUARD INTL EQUITY INDEX F

SOLE

FTSE EMR MKT ETF

Shares1.19M

TypeSH

Market value$64.47M

3.41%

Sole

13.03K

Shared

0.00

None

1.18M

MICROSOFT CORP

SOLE

COM

Shares155.92K

TypeSH

Market value$57.72M

3.05%

Sole

1.02K

Shared

0.00

None

154.91K

ISHARES INC

SOLE

MSCI JAPAN ETF

Shares528K

TypeSH

Market value$44.58M

2.36%

Sole

5.73K

Shared

0.00

None

522.27K

ISHARES TR

SOLE

0-3 MNTH TREASRY

Shares434.57K

TypeSH

Market value$43.74M

2.31%

Sole

0.00

Shared

0.00

None

434.57K

VANGUARD INDEX FDS

SOLE

REAL ESTATE ETF

Shares485.47K

TypeSH

Market value$43.06M

2.28%

Sole

5.24K

Shared

0.00

None

480.23K

VANGUARD INTL EQUITY INDEX F

SOLE

FTSE EUROPE ETF

Shares489.14K

TypeSH

Market value$40.32M

2.13%

Sole

5.70K

Shared

0.00

None

483.44K

AMAZON COM INC

SOLE

COM

Shares178.99K

TypeSH

Market value$37.28M

1.97%

Sole

1.77K

Shared

0.00

None

177.22K

BARCLAYS BANK PLC

SOLE

DJUBS CMDT ETN36

Shares715.80K

TypeSH

Market value$34.46M

1.82%

Sole

7.85K

Shared

0.00

None

707.95K

ALPHABET INC

SOLE

CAP STK CL C

Shares119.66K

TypeSH

Market value$34.33M

1.81%

Sole

195.00

Shared

0.00

None

119.46K

NVIDIA CORPORATION

SOLE

COM

Shares186.77K

TypeSH

Market value$32.57M

1.72%

Sole

225.00

Shared

0.00

None

186.54K

JPMORGAN CHASE & CO

SOLE

COM

Shares110.72K

TypeSH

Market value$32.57M

1.72%

Sole

1.03K

Shared

0.00

None

109.69K

SSGA ACTIVE ETF TR

SOLE

STATE STREET BLA

Shares767.78K

TypeSH

Market value$30.82M

1.63%

Sole

11.33K

Shared

0.00

None

756.45K

SPDR INDEX SHS FDS

SOLE

STATE STREET SPD

Shares1.15M

TypeSH

Market value$30.71M

1.62%

Sole

15.35K

Shared

0.00

None

1.14M

ISHARES TR

SOLE

ULTRA SHORT DUR

Shares604.73K

TypeSH

Market value$30.61M

1.62%

Sole

36.72K

Shared

0.00

None

568K

ALPHABET INC

SOLE

CAP STK CL A

Shares94.18K

TypeSH

Market value$27.08M

1.43%

Sole

1.28K

Shared

0.00

None

92.90K

GLOBAL X FDS

SOLE

DAX GERMANY ETF

Shares618.61K

TypeSH

Market value$26.08M

1.38%

Sole

6.63K

Shared

0.00

None

611.98K

ISHARES TR

SOLE

LATN AMER 40 ETF

Shares650.93K

TypeSH

Market value$23.12M

1.22%

Sole

7.31K

Shared

0.00

None

643.62K

ISHARES INC

SOLE

MSCI NETHERL ETF

Shares393.52K

TypeSH

Market value$22.63M

1.20%

Sole

4.23K

Shared

0.00

None

389.30K

PALO ALTO NETWORKS INC

SOLE

COM

Shares140.72K

TypeSH

Market value$22.56M

1.19%

Sole

1.31K

Shared

0.00

None

139.42K

ADVANCED MICRO DEVICES INC

SOLE

COM

Shares107.39K

TypeSH

Market value$21.85M

1.16%

Sole

1.22K

Shared

0.00

None

106.17K

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares170.84K

TypeSH

Market value$21.82M

1.15%

Sole

2.02K

Shared

0.00

None

168.82K

THERMO FISHER SCIENTIFIC INC

SOLE

COM

Shares43.97K

TypeSH

Market value$21.61M

1.14%

Sole

435.00

Shared

0.00

None

43.53K

NEW YORK LIFE INVESTMENTS ET

SOLE

NYLI MERGER ARBI

Shares554.30K

TypeSH

Market value$20.15M

1.07%

Sole

6.20K

Shared

0.00

None

548.10K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
VANGUARD INTL EQUITY INDEX FSOLE	ALLWRLD EX US	1.84M	SH	$138.30M 7.31%	22.20K	1.82M
APPLE INCSOLE	COM	283.12K	SH	$71.85M 3.80%	31.72K	251.40K
VANGUARD INTL EQUITY INDEX FSOLE	FTSE EMR MKT ETF	1.19M	SH	$64.47M 3.41%	13.03K	1.18M
MICROSOFT CORPSOLE	COM	155.92K	SH	$57.72M 3.05%	1.02K	154.91K
ISHARES INCSOLE	MSCI JAPAN ETF	528K	SH	$44.58M 2.36%	5.73K	522.27K
ISHARES TRSOLE	0-3 MNTH TREASRY	434.57K	SH	$43.74M 2.31%	0.00	434.57K
VANGUARD INDEX FDSSOLE	REAL ESTATE ETF	485.47K	SH	$43.06M 2.28%	5.24K	480.23K
VANGUARD INTL EQUITY INDEX FSOLE	FTSE EUROPE ETF	489.14K	SH	$40.32M 2.13%	5.70K	483.44K
AMAZON COM INCSOLE	COM	178.99K	SH	$37.28M 1.97%	1.77K	177.22K
BARCLAYS BANK PLCSOLE	DJUBS CMDT ETN36	715.80K	SH	$34.46M 1.82%	7.85K	707.95K
ALPHABET INCSOLE	CAP STK CL C	119.66K	SH	$34.33M 1.81%	195.00	119.46K
NVIDIA CORPORATIONSOLE	COM	186.77K	SH	$32.57M 1.72%	225.00	186.54K
JPMORGAN CHASE & COSOLE	COM	110.72K	SH	$32.57M 1.72%	1.03K	109.69K
SSGA ACTIVE ETF TRSOLE	STATE STREET BLA	767.78K	SH	$30.82M 1.63%	11.33K	756.45K
SPDR INDEX SHS FDSSOLE	STATE STREET SPD	1.15M	SH	$30.71M 1.62%	15.35K	1.14M
ISHARES TRSOLE	ULTRA SHORT DUR	604.73K	SH	$30.61M 1.62%	36.72K	568K
ALPHABET INCSOLE	CAP STK CL A	94.18K	SH	$27.08M 1.43%	1.28K	92.90K
GLOBAL X FDSSOLE	DAX GERMANY ETF	618.61K	SH	$26.08M 1.38%	6.63K	611.98K
ISHARES TRSOLE	LATN AMER 40 ETF	650.93K	SH	$23.12M 1.22%	7.31K	643.62K
ISHARES INCSOLE	MSCI NETHERL ETF	393.52K	SH	$22.63M 1.20%	4.23K	389.30K
PALO ALTO NETWORKS INCSOLE	COM	140.72K	SH	$22.56M 1.19%	1.31K	139.42K
ADVANCED MICRO DEVICES INCSOLE	COM	107.39K	SH	$21.85M 1.16%	1.22K	106.17K
SPDR SERIES TRUSTSOLE	STATE STREET SPD	170.84K	SH	$21.82M 1.15%	2.02K	168.82K
THERMO FISHER SCIENTIFIC INCSOLE	COM	43.97K	SH	$21.61M 1.14%	435.00	43.53K
NEW YORK LIFE INVESTMENTS ETSOLE	NYLI MERGER ARBI	554.30K	SH	$20.15M 1.07%	6.20K	548.10K

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