# ELM ADVISORS, LLC

> Institutional holdings reported to the SEC as of Q1 2022 on Form 13F. CIK 1362987. Source: https://holderbook.com/funds/1362987-elm-advisors-llc/

- Reported value: $74.1M
- Positions: 45
- Weight of the ten largest: 63.5%
- Filed: 2022-04-01

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $8.8M | 152,327 | 11.8% | 14 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $8.4M | 36,863 | 11.3% | 14 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $5.2M | 12,466 | 7.0% | 14 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $5.0M | 11,048 | 6.8% | 14 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $4.9M | 10,867 | 6.6% | 14 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $3.8M | 18,050 | 5.1% | 14 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $3.3M | 15,412 | 4.4% | 14 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $2.7M | 5,582 | 3.7% | 14 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $2.6M | 23,786 | 3.5% | 14 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $2.4M | 16,500 | 3.3% | 14 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $2.2M | 20,383 | 3.0% | 14 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $1.7M | 27,961 | 2.3% | 14 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $1.7M | 6,951 | 2.2% | 14 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $1.6M | 31,905 | 2.2% | 14 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $1.6M | 20,136 | 2.2% | 14 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $1.4M | 17,590 | 1.9% | 14 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $1.3M | 27,351 | 1.8% | 14 |
| ISHARES TR | [SCZ](https://holderbook.com/stocks/SCZ/) | $1.2M | 18,809 | 1.7% | 14 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.2M | 3,369 | 1.6% | 14 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.1M | 6,265 | 1.5% | 14 |
| VANGUARD WORLD FD | [ESGV](https://holderbook.com/stocks/ESGV/) | $1.0M | 12,683 | 1.4% | 13 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $1.0M | 11,106 | 1.4% | 7 |
| ISHARES TR | [CMF](https://holderbook.com/stocks/CMF/) | $976.0K | 16,775 | 1.3% | 14 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $776.0K | 7,691 | 1.0% | 14 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $762.0K | 2,160 | 1.0% | 14 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $696.0K | 15,095 | 0.9% | 14 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $574.0K | 7,805 | 0.8% | 14 |
| ISHARES TR | [IJS](https://holderbook.com/stocks/IJS/) | $533.0K | 5,201 | 0.7% | 14 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $509.0K | 3,200 | 0.7% | 14 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $502.0K | 9,795 | 0.7% | 13 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $498.0K | 2,425 | 0.7% | 14 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $494.0K | 1,189 | 0.7% | 14 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $453.0K | 5,820 | 0.6% | 6 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $390.0K | 2,217 | 0.5% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $384.0K | 1,551 | 0.5% | 14 |
| VANGUARD INTL EQUITY INDEX F | [VSS](https://holderbook.com/stocks/VSS/) | $311.0K | 2,512 | 0.4% | 14 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $281.0K | 2,058 | 0.4% | 14 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $249.0K | 1,485 | 0.3% | 14 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $241.0K | 1,480 | 0.3% | 14 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $236.0K | 4,390 | 0.3% | 6 |
| SPDR INDEX SHS FDS | [GWX](https://holderbook.com/stocks/GWX/) | $228.0K | 6,485 | 0.3% | 14 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $225.0K | 1,710 | 0.3% | 8 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $220.0K | 1,401 | 0.3% | 14 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $217.0K | 106 | 0.3% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $203.0K | 657 | 0.3% | 14 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2022 | -4.2% | -4.9% | +0.7% | 100% |
| Q4 2021 | +7.5% | +10.7% | -3.2% | 100% |
| Q3 2021 | -1.4% | +0.3% | -1.6% | 100% |
| Q2 2021 | +6.2% | +8.0% | -1.8% | 100% |
| Q1 2021 | +6.4% | +6.0% | +0.4% | 100% |
| Q4 2020 | +13.9% | +11.6% | +2.3% | 100% |
| Q3 2020 | +8.2% | +8.6% | -0.4% | 100% |
| Q2 2020 | +18.1% | +19.6% | -1.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2022 | $74.1M | 45 |
| Q4 2021 | $179.9M | 90 |
| Q3 2021 | $167.1M | 86 |
| Q2 2021 | $170.8M | 87 |
| Q1 2021 | $160.7M | 87 |
| Q4 2020 | $163.8M | 271 |
| Q3 2020 | $145.3M | 79 |
| Q2 2020 | $141.8M | 84 |
| Q1 2020 | $122.1M | 79 |
| Q4 2019 | $158.8M | 90 |
| Q3 2019 | $147.1M | 86 |
| Q2 2019 | $146.5M | 85 |