# Elm Partners Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1743941. Source: https://holderbook.com/funds/1743941-elm-partners-management-llc/

- Reported value: $6.1B
- Positions: 161
- Weight of the ten largest: 71.6%
- Filed: 2026-07-28

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 INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $995.9M | 2,691,421 | 16.2% | 31 |
| VANGUARD INSTL INDEX FD | [VBIL](https://holderbook.com/stocks/VBIL/) | $720.4M | 9,519,655 | 11.7% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $614.9M | 10,301,857 | 10.0% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $424.3M | 4,792,745 | 6.9% | 31 |
| SERIES PORTFOLIOS TR | [ELM](https://holderbook.com/stocks/ELM/) | $361.4M | 12,337,298 | 5.9% | 6 |
| VANGUARD INTL EQUITY INDEX F | [VPL](https://holderbook.com/stocks/VPL/) | $321.6M | 2,780,184 | 5.2% | 31 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $294.9M | 11,129,419 | 4.8% | 16 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $288.9M | 3,488,040 | 4.7% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $194.4M | 283,120 | 3.2% | 31 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $182.9M | 3,142,670 | 3.0% | 26 |
| ISHARES TR | [IEUR](https://holderbook.com/stocks/IEUR/) | $179.1M | 2,382,848 | 2.9% | 31 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $133.7M | 813,728 | 2.2% | 31 |
| J P MORGAN EXCHANGE TRADED F | [BBEU](https://holderbook.com/stocks/BBEU/) | $132.7M | 1,706,699 | 2.2% | 6 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $100.9M | 1,947,828 | 1.6% | 7 |
| SCHWAB STRATEGIC TR | [SCHH](https://holderbook.com/stocks/SCHH/) | $89.1M | 3,763,158 | 1.5% | 25 |
| ISHARES TR | [IPAC](https://holderbook.com/stocks/IPAC/) | $89.0M | 1,086,041 | 1.4% | 31 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $80.8M | 370,932 | 1.3% | 31 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $79.9M | 1,088,317 | 1.3% | 29 |
| J P MORGAN EXCHANGE TRADED F | [BBCA](https://holderbook.com/stocks/BBCA/) | $73.2M | 735,954 | 1.2% | 17 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $66.4M | 219,214 | 1.1% | 31 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $59.9M | 605,278 | 1.0% | 16 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $49.7M | 515,422 | 0.8% | 31 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $45.9M | 522,790 | 0.7% | 6 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $42.8M | 425,216 | 0.7% | 13 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $42.8M | 213,810 | 0.7% | 5 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $27.1M | 535,082 | 0.4% | 14 |
| ISHARES TR | [STIP](https://holderbook.com/stocks/STIP/) | $23.6M | 230,928 | 0.4% | 14 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $22.7M | 30,372 | 0.4% | 31 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $22.3M | 206,866 | 0.4% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $15.2M | 52,364 | 0.2% | 6 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $15.1M | 126,420 | 0.2% | 11 |
| DIMENSIONAL ETF TRUST | [DFUS](https://holderbook.com/stocks/DFUS/) | $13.9M | 170,092 | 0.2% | 4 |
| ISHARES INC | [EWC](https://holderbook.com/stocks/EWC/) | $12.6M | 218,980 | 0.2% | 31 |
| ISHARES TR | [IUSV](https://holderbook.com/stocks/IUSV/) | $12.2M | 111,142 | 0.2% | 31 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $11.7M | 61,260 | 0.2% | 12 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $11.6M | 15,192 | 0.2% | 5 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $11.3M | 391,117 | 0.2% | 25 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $11.1M | 400,310 | 0.2% | 10 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $9.4M | 131,598 | 0.2% | 10 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $9.2M | 12,364 | 0.2% | 13 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $9.2M | 7,686 | 0.2% | 5 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $9.1M | 15,714 | 0.1% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $9.0M | 12 | 0.1% | 5 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $8.9M | 59,826 | 0.1% | 31 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $7.7M | 58,704 | 0.1% | 12 |
| VANGUARD WORLD FD | [VIS](https://holderbook.com/stocks/VIS/) | $6.8M | 18,894 | 0.1% | 11 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $6.4M | 120,166 | 0.1% | 10 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $6.3M | 14,528 | 0.1% | 4 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $5.9M | 139,624 | 0.1% | 5 |
| COHERENT CORP | [COHR](https://holderbook.com/stocks/COHR/) | $5.7M | 14,416 | 0.1% | 5 |
| VANGUARD WORLD FD | [VOX](https://holderbook.com/stocks/VOX/) | $5.5M | 30,068 | 0.1% | 11 |
| VANGUARD WORLD FD | [VCR](https://holderbook.com/stocks/VCR/) | $5.4M | 13,584 | 0.1% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.3M | 14,856 | 0.1% | 4 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $5.2M | 18,606 | 0.1% | 5 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $5.2M | 143,714 | 0.1% | 14 |
| VANGUARD WORLD FD | [VHT](https://holderbook.com/stocks/VHT/) | $5.2M | 17,242 | 0.1% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.9M | 13,016 | 0.1% | 8 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.6M | 13,126 | 0.1% | 3 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $4.1M | 21,916 | 0.1% | 8 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $3.9M | 45,394 | 0.1% | 4 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $3.6M | 18,880 | 0.1% | 5 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $3.5M | 14,878 | 0.1% | 4 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $3.5M | 15,490 | 0.1% | 10 |
| FRANKLIN TEMPLETON ETF TR | [FLCA](https://holderbook.com/stocks/FLCA/) | $3.4M | 65,790 | 0.1% | 6 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $3.3M | 39,736 | 0.1% | 15 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $3.2M | 37,856 | 0.1% | 6 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $3.2M | 8,434 | 0.1% | 5 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $3.2M | 27,118 | 0.1% | 8 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $3.0M | 30,994 | 0.0% | 6 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.9M | 12,158 | 0.0% | 4 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.7M | 8,276 | 0.0% | 4 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.5M | 2,702 | 0.0% | 5 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $2.5M | 2,150 | 0.0% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.5M | 4,924 | 0.0% | 5 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $2.4M | 9,630 | 0.0% | 7 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $2.4M | 18,926 | 0.0% | 5 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $2.1M | 17,242 | 0.0% | 4 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $2.1M | 18,820 | 0.0% | 7 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $2.0M | 6,780 | 0.0% | 4 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $1.8M | 16,758 | 0.0% | 12 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $1.8M | 26,156 | 0.0% | 5 |
| VANGUARD WORLD FD | [VDC](https://holderbook.com/stocks/VDC/) | $1.8M | 7,800 | 0.0% | 4 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $1.7M | 6,900 | 0.0% | 10 |
| ISHARES TR | [IWV](https://holderbook.com/stocks/IWV/) | $1.7M | 3,902 | 0.0% | 1 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $1.6M | 4,816 | 0.0% | 5 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $1.6M | 1,512 | 0.0% | 4 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $1.6M | 1,664 | 0.0% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.6M | 2,840 | 0.0% | 5 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.5M | 3,242 | 0.0% | 5 |
| ISHARES TR | [IUSG](https://holderbook.com/stocks/IUSG/) | $1.5M | 8,200 | 0.0% | 4 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $1.5M | 4,166 | 0.0% | 8 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $1.4M | 728 | 0.0% | 5 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $1.4M | 7,148 | 0.0% | 10 |
| BLUE OWL TECHNOLOGY FIN CORP | [OTF](https://holderbook.com/stocks/OTF/) | $1.4M | 131,916 | 0.0% | 4 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $1.4M | 682 | 0.0% | 4 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $1.3M | 9,296 | 0.0% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $1.3M | 22,270 | 0.0% | 4 |
| SCHWAB STRATEGIC TR | [SCHV](https://holderbook.com/stocks/SCHV/) | $1.2M | 35,800 | 0.0% | 7 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $1.2M | 12,688 | 0.0% | 5 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $1.1M | 2,674 | 0.0% | 5 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +9.5% | +14.8% | -5.3% | 103% |
| Q1 2026 | -0.5% | -4.6% | +4.1% | 100% |
| Q4 2025 | +1.4% | +2.4% | -1.0% | 100% |
| Q3 2025 | +5.6% | +7.8% | -2.3% | 92% |
| Q2 2025 | +6.2% | +10.5% | -4.3% | 85% |
| Q1 2025 | +0.6% | -4.6% | +5.2% | 100% |
| Q4 2024 | -4.4% | +2.1% | -6.5% | 103% |
| Q3 2024 | +6.2% | +5.4% | +0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $6.1B | 161 |
| Q1 2026 | $2.3B | 158 |
| Q4 2025 | $4.9B | 154 |
| Q3 2025 | $4.5B | 147 |
| Q2 2025 | $3.9B | 101 |
| Q1 2025 | $3.5B | 70 |
| Q4 2024 | $1.5B | 68 |
| Q3 2024 | $1.4B | 60 |
| Q2 2024 | $1.3B | 60 |
| Q1 2024 | $1.3B | 61 |
| Q4 2023 | $1.1B | 52 |
| Q3 2023 | $966.9M | 47 |