Permanent Capital Management Sheds $8.3 Million Worth of Self-Driving Tech Stock
Key Points
Reduced AUR stake by 1,154,317 shares.
Quarter-end position value fell by $8.3 million, reflecting both trading activity and stock price changes
Post-trade: 1,340,223 shares valued at $5.1 million remain
Position now accounts for 1.0% of fund AUM, which places it outside the fund's top five holdings
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On January 7, 2026, Permanent Capital Management, LP disclosed it sold 1,154,317 shares of Aurora Innovation (NASDAQ:AUR), an estimated $5.3 million trade based on quarterly average pricing.
What Happened
According to a SEC filing dated January 7, 2026, Permanent Capital Management, LP sold 1,154,317 shares of Aurora Innovation during the fourth quarter. The estimated transaction value is $5.3 million, based on the average price for the period. The value of the fund’s AUR holdings at quarter-end decreased by $8.3 million, a figure reflecting both share sales and price movement.
What Else to Know
This reduction brings the position to 1.0% of 13F reportable AUM, down from 2.5% in the prior quarter.
Top holdings after the filing:
- NYSEMKT: VOO: $154.0 million (30.0% of AUM)
- NYSEMKT: RSP: $41.8 million (8.1% of AUM)
- NYSEMKT: VEA: $41.7 million (8.1% of AUM)
- NASDAQ: VGIT: $35.4 million (6.9% of AUM)
- NASDAQ: MSFT: $34.9 million (6.8% of AUM)
As of January 7, 2026, shares of Aurora Innovation were priced at $4.59, down 45.3% over the past year; shares have underperformed the S&P 500 by 45.2 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close January 7, 2026) | $4.59 |
| Market capitalization | $8.9 billion |
| Revenue (TTM) | $2.0 million |
| Net income (TTM) | ($803.0 million) |
Company Snapshot
- Develops and licenses the Aurora Driver, a self-driving technology platform integrating hardware, software, and data services for autonomous vehicles and trucks.
- Targets automotive manufacturers, logistics companies, and fleet operators seeking scalable autonomous transportation solutions in the United States.
- Headquartered in Pittsburgh, Pennsylvania, with approximately 1,800 employees as of the latest report.
Aurora Innovation is a technology company specializing in self-driving solutions, with a focus on the development and deployment of the Aurora Driver platform for a range of vehicle types. The company leverages advanced hardware and software integration to enable scalable autonomous operations for commercial and passenger applications.
What This Transaction Means For Investors
This transaction by Permanent Capital Management could represent a shift in institutional support for Aurora Innovation stock. Here's what average investors need to know.
Permanent Capital Management, an Illinois-based Registered Investment Advisor, recently disclosed a sale of roughly 50% of its stake in Aurora Innovation. For context, Aurora stock has retreated over the last 12 months. At one point during the fourth quarter of 2025 (the three months ending on Dec. 31, 2025), the company's stock price had fallen by more than 40% year-to-date. Therefore, it's logical to assume that Permanent Capital's sale is due, at least in part, to this prolonged slump.
What's more, Aurora's business fundamentals also leave much to be desired. The company has generated only $2 million in revenue over the last 12 months and is not profitable. Indeed, Aurora has generated a net loss of $(803) million over the last 12 months.
In summary, at least one institutional investor is seriously scaling back its holdings of Aurora Innovation stock. Retail investors may be wise to take note and exercise caution with Aurora.
Glossary
13F reportable AUM: Assets under management reported by institutional investment managers on SEC Form 13F, covering U.S. equity holdings.
Quarter-end position: The number or value of shares held in a security at the end of a financial quarter.
Trading activity: The buying or selling of securities within a portfolio during a specific period.
Top holdings: The largest positions in a fund or portfolio, typically ranked by market value.
Self-driving technology platform: Integrated hardware and software systems enabling vehicles to operate autonomously without human intervention.
Autonomous vehicles: Vehicles equipped to navigate and operate without direct human control, using sensors and software.
Scalable autonomous operations: The ability to expand self-driving technology deployment efficiently across different vehicles or geographies.
Logistics companies: Businesses specializing in the management and transportation of goods from origin to destination.
Fleet operators: Organizations that manage groups of vehicles for commercial or service purposes.
Quarterly average pricing: The average price of a security over a specific quarter, used to estimate transaction values.
TTM: The 12-month period ending with the most recent quarterly report.
Fund AUM: The total market value of assets managed by an investment fund.
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Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Microsoft, Vanguard FTSE Developed Markets ETF, and Vanguard S&P 500 ETF. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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