Q4 2025 · 13F-HR
Elm Partners Management LLCholdings as filed
Filed 2026-02-10 · accession 0001172661-26-000562
$2.20B
Reported value
154
Positions
2025-12-31
Period end
The Brief · Elm Partners Management LLC · Q4 2025
AI · grounded in 13F
Elm Partners Management LLC trimmed its position in MU by 97.45%. The fund also reduced holdings in IWF by 78.48% and SGOV by 40.50%. On the buy side, the fund increased its stake in BND by 73.93% and VGSH by 58.17%. Total assets under management stood at $2.2B across 154 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 922908769 | VTI | VANGUARD INDEX FDS | $333.9M | 15.2% | 996,018 | Common | NONE |
| 922042858 | VWO | VANGUARD INTL EQUITY INDEX F | $248.7M | 11.3% | 4,625,697 | Common | NONE |
| 808524870 | SCHP | SCHWAB STRATEGIC TR | $187.3M | 8.50% | 7,072,390 | Common | NONE |
| 922042874 | VGK | VANGUARD INTL EQUITY INDEX F | $183.6M | 8.33% | 2,196,125 | Common | NONE |
| 81752T429 | ELM | SERIES PORTFOLIOS TR | $122.5M | 5.56% | 4,496,630 | Common | NONE |
| 922042866 | VPL | VANGUARD INTL EQUITY INDEX F | $109.2M | 4.95% | 1,207,832 | Common | NONE |
| 46434G103 | IEMG | ISHARES INC | $99.8M | 4.53% | 1,484,000 | Common | NONE |
| 92206C102 | VGSH | VANGUARD SCOTTSDALE FDS | $78.0M | 3.54% | 1,328,709 | Common | NONE |
| 922908363 | VOO | VANGUARD INDEX FDS | $75.5M | 3.43% | 120,434 | Common | NONE |
| 921937835 | BND | VANGUARD BD INDEX FDS | $73.5M | 3.33% | 991,972 | Common | NONE |
| 46434V738 | IEUR | ISHARES TR | $68.2M | 3.10% | 961,294 | Common | NONE |
| 464287150 | ITOT | ISHARES TR | $60.1M | 2.73% | 404,268 | Common | NONE |
| 46436E718 | SGOV | ISHARES TR | $48.1M | 2.18% | 479,084 | Common | NONE |
| 46429B747 | STIP | ISHARES TR | $43.9M | 1.99% | 428,603 | Common | NONE |
| 78463X509 | SPEM | SPDR INDEX SHS FDS | $41.0M | 1.86% | 876,410 | Common | NONE |
| 46641Q191 | BBEU | J P MORGAN EXCHANGE TRADED F | $40.8M | 1.85% | 556,073 | Common | NONE |
| 46434V696 | IPAC | ISHARES TR | $35.8M | 1.63% | 489,530 | Common | NONE |
| 464287226 | AGG | ISHARES TR | $29.1M | 1.32% | 291,724 | Common | NONE |
| 46641Q225 | BBCA | J P MORGAN EXCHANGE TRADED F | $27.4M | 1.25% | 295,147 | Common | NONE |
| 922908744 | VTV | VANGUARD INDEX FDS | $24.1M | 1.09% | 125,961 | Common | NONE |
| 922907746 | VTEB | VANGUARD MUN BD FDS | $22.8M | 1.03% | 452,643 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $20.5M | 0.93% | 110,132 | Common | NONE |
| 922908751 | VB | VANGUARD INDEX FDS | $19.3M | 0.88% | 74,845 | Common | NONE |
| 464288414 | MUB | ISHARES TR | $13.9M | 0.63% | 130,108 | Common | NONE |
| 808524847 | SCHH | SCHWAB STRATEGIC TR | $13.1M | 0.59% | 627,312 | Common | NONE |
| 464287200 | IVV | ISHARES TR | $10.0M | 0.45% | 14,610 | Common | NONE |
| 922908553 | VNQ | VANGUARD INDEX FDS | $8.5M | 0.39% | 96,023 | Common | NONE |
| 922040845 | VBIL | VANGUARD INSTL INDEX FD | $8.2M | 0.37% | 108,898 | Common | NONE |
| 464286509 | EWC | ISHARES INC | $6.1M | 0.28% | 112,477 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $5.4M | 0.24% | 19,832 | Common | NONE |
| 25434V401 | DFUS | DIMENSIONAL ETF TRUST | $5.2M | 0.24% | 70,637 | Common | NONE |
| 92204A405 | VFH | VANGUARD WORLD FD | $5.0M | 0.23% | 37,784 | Common | NONE |
| 464287663 | IUSV | ISHARES TR | $4.6M | 0.21% | 45,133 | Common | NONE |
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DEL | $4.5M | 0.21% | 6 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $4.3M | 0.20% | 6,364 | Common | NONE |
| 22788C105 | CRWD | CROWDSTRIKE HLDGS INC | $4.3M | 0.19% | 9,094 | Common | NONE |
| 532457108 | LLY | ELI LILLY & CO | $4.1M | 0.19% | 3,837 | Common | NONE |
| 81369Y803 | XLK | SELECT SECTOR SPDR TR | $3.9M | 0.18% | 27,373 | Common | NONE |
| 808524805 | SCHF | SCHWAB STRATEGIC TR | $3.9M | 0.18% | 163,644 | Common | NONE |
| 92204A702 | VGT | VANGUARD WORLD FD | $3.9M | 0.18% | 5,170 | Common | NONE |
| 19247G107 | COHR | COHERENT CORP | $3.7M | 0.17% | 19,998 | Common | NONE |
| 921943858 | VEA | VANGUARD TAX-MANAGED FDS | $3.7M | 0.17% | 59,046 | Common | NONE |
| 78464A854 | SPYM | SPDR SERIES TRUST | $3.4M | 0.16% | 42,976 | Common | NONE |
| 11271J107 | BN | BROOKFIELD CORP | $3.2M | 0.15% | 69,811 | Common | NONE |
| 459200101 | IBM | INTERNATIONAL BUSINESS MACHS | $3.2M | 0.14% | 10,778 | Common | NONE |
| 81369Y605 | XLF | SELECT SECTOR SPDR TR | $3.1M | 0.14% | 57,384 | Common | NONE |
| 92537N108 | VRT | VERTIV HOLDINGS CO | $3.1M | 0.14% | 19,053 | Common | NONE |
| 92204A108 | VCR | VANGUARD WORLD FD | $3.0M | 0.13% | 7,496 | Common | NONE |
| 92204A504 | VHT | VANGUARD WORLD FD | $2.9M | 0.13% | 10,005 | Common | NONE |
| 808524102 | SCHB | SCHWAB STRATEGIC TR | $2.8M | 0.13% | 106,827 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $2.6M | 0.12% | 5,331 | Common | NONE |
| 464287804 | IJR | ISHARES TR | $2.5M | 0.11% | 21,045 | Common | NONE |
| 92204A884 | VOX | VANGUARD WORLD FD | $2.5M | 0.11% | 12,864 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC | $2.3M | 0.10% | 7,361 | Common | NONE |
| 92204A603 | VIS | VANGUARD WORLD FD | $2.1M | 0.09% | 6,882 | Common | NONE |
| 75513E101 | RTX | RTX CORPORATION | $1.7M | 0.08% | 9,347 | Common | NONE |
| 007903107 | AMD | ADVANCED MICRO DEVICES INC | $1.7M | 0.08% | 7,998 | Common | NONE |
| 464287408 | IVE | ISHARES TR | $1.7M | 0.07% | 7,791 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC | $1.6M | 0.07% | 4,977 | Common | NONE |
| 35473P827 | FLCA | FRANKLIN TEMPLETON ETF TR | $1.5M | 0.07% | 30,762 | Common | NONE |
| 921909768 | VXUS | VANGUARD STAR FDS | $1.4M | 0.06% | 18,391 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $1.3M | 0.06% | 4,114 | Common | NONE |
| 11135F101 | AVGO | BROADCOM INC | $1.2M | 0.06% | 3,600 | Common | NONE |
| 512807306 | LRCX | LAM RESEARCH CORP | $1.2M | 0.06% | 7,250 | Common | NONE |
| 81369Y704 | XLI | SELECT SECTOR SPDR TR | $1.2M | 0.05% | 7,789 | Common | NONE |
| 922908736 | VUG | VANGUARD INDEX FDS | $1.2M | 0.05% | 2,414 | Common | NONE |
| 46432F842 | IEFA | ISHARES TR | $1.1M | 0.05% | 12,848 | Common | NONE |
| 26441C204 | DUK | DUKE ENERGY CORP NEW | $1.1M | 0.05% | 9,254 | Common | NONE |
| 389930207 | BTC | GRAYSCALE BITCOIN MINI TR ET | $1.1M | 0.05% | 27,600 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $1.1M | 0.05% | 2,110 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $1.0M | 0.05% | 4,585 | Common | NONE |
| 808524607 | SCHA | SCHWAB STRATEGIC TR | $1.0M | 0.05% | 35,815 | Common | NONE |
| 023135106 | AMZN | AMAZON COM INC | $1.0M | 0.05% | 4,399 | Common | NONE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $995,143 | 0.05% | 1,154 | Common | NONE |
| 921908844 | VIG | VANGUARD SPECIALIZED FUNDS | $993,595 | 0.05% | 4,521 | Common | NONE |
| 64110L106 | NFLX | NETFLIX INC | $915,425 | 0.04% | 9,763 | Common | NONE |
| 30303M102 | META | META PLATFORMS INC | $870,385 | 0.04% | 1,319 | Common | NONE |
| 464287614 | IWF | ISHARES TR | $799,508 | 0.04% | 1,689 | Common | NONE |
| 02043Q107 | ALNY | ALNYLAM PHARMACEUTICALS INC | $798,481 | 0.04% | 2,008 | Common | NONE |
| 25746U109 | D | DOMINION ENERGY INC | $766,240 | 0.03% | 13,078 | Common | NONE |
| 570535104 | MKL | MARKEL GROUP INC | $750,228 | 0.03% | 349 | Common | NONE |
| 922908611 | VBR | VANGUARD INDEX FDS | $735,206 | 0.03% | 3,471 | Common | NONE |
| 464287671 | IUSG | ISHARES TR | $696,582 | 0.03% | 4,148 | Common | NONE |
| 464287655 | IWM | ISHARES TR | $682,356 | 0.03% | 2,772 | Common | NONE |
| 464287101 | OEF | ISHARES TR | $682,167 | 0.03% | 1,989 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $679,165 | 0.03% | 5,644 | Common | NONE |
| 922042775 | VEU | VANGUARD INTL EQUITY INDEX F | $673,987 | 0.03% | 9,162 | Common | NONE |
| 922908512 | VOE | VANGUARD INDEX FDS | $635,736 | 0.03% | 3,584 | Common | NONE |
| 78468R663 | BIL | SPDR SERIES TRUST | $610,672 | 0.03% | 6,683 | Common | NONE |
| 68389X105 | ORCL | ORACLE CORP | $563,742 | 0.03% | 2,892 | Common | NONE |
| 464287176 | TIP | ISHARES TR | $562,294 | 0.03% | 5,116 | Common | NONE |
| 060505104 | BAC | BANK AMERICA CORP | $558,910 | 0.03% | 10,162 | Common | NONE |
| 816851109 | SRE | SEMPRA | $543,248 | 0.02% | 6,153 | Common | NONE |
| 464287309 | IVW | ISHARES TR | $543,074 | 0.02% | 4,406 | Common | NONE |
| 808524409 | SCHV | SCHWAB STRATEGIC TR | $529,462 | 0.02% | 17,881 | Common | NONE |
| 74340W103 | PLD | PROLOGIS INC. | $514,214 | 0.02% | 4,028 | Common | NONE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $490,478 | 0.02% | 1,614 | Common | NONE |
| 464285204 | IAU | ISHARES GOLD TR | $480,039 | 0.02% | 5,914 | Common | NONE |
| 92826C839 | V | VISA INC | $458,439 | 0.02% | 1,307 | Common | NONE |
| G29018101 | DLO | DLOCAL LTD | $452,480 | 0.02% | 32,000 | Common | NONE |
| 92840M102 | VST | VISTRA CORP | $451,952 | 0.02% | 2,801 | Common | NONE |
| 58733R102 | MELI | MERCADOLIBRE INC | $451,194 | 0.02% | 224 | Common | NONE |
| 931142103 | WMT | WALMART INC | $449,230 | 0.02% | 4,032 | Common | NONE |
| G29183103 | ETN | EATON CORP PLC | $424,574 | 0.02% | 1,333 | Common | NONE |
| 67103H107 | ORLY | OREILLY AUTOMOTIVE INC | $420,022 | 0.02% | 4,605 | Common | NONE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $417,039 | 0.02% | 2,910 | Common | NONE |
| 149123101 | CAT | CATERPILLAR INC | $414,238 | 0.02% | 723 | Common | NONE |
| 464287630 | IWN | ISHARES TR | $412,434 | 0.02% | 2,276 | Common | NONE |
| 464287598 | IWD | ISHARES TR | $375,008 | 0.02% | 1,782 | Common | NONE |
| G54950103 | LIN | LINDE PLC | $371,391 | 0.02% | 871 | Common | NONE |
| 81369Y407 | XLY | SELECT SECTOR SPDR TR | $367,544 | 0.02% | 3,078 | Common | NONE |
| N07059210 | ASML | ASML HOLDING N V | $363,165 | 0.02% | 341 | Common | NONE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $354,142 | 0.02% | 620 | Common | NONE |
| 92204A207 | VDC | VANGUARD WORLD FD | $340,941 | 0.02% | 1,614 | Common | NONE |
| 81369Y886 | XLU | SELECT SECTOR SPDR TR | $338,617 | 0.02% | 7,932 | Common | NONE |
| 78463V107 | GLD | SPDR GOLD TR | $332,504 | 0.02% | 838 | Common | NONE |
| 58933Y105 | MRK | MERCK & CO INC | $327,154 | 0.01% | 3,108 | Common | NONE |
| 921946885 | VWOB | VANGUARD WHITEHALL FDS | $320,630 | 0.01% | 4,754 | Common | NONE |
| 095924106 | OTF | BLUE OWL TECHNOLOGY FIN CORP | $319,662 | 0.01% | 21,985 | Common | NONE |
| 375558103 | GILD | GILEAD SCIENCES INC | $316,185 | 0.01% | 2,576 | Common | NONE |
| 548661107 | LOW | LOWES COS INC | $314,476 | 0.01% | 1,304 | Common | NONE |
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $312,936 | 0.01% | 356 | Common | NONE |
| 464287606 | IJK | ISHARES TR | $311,555 | 0.01% | 3,215 | Common | NONE |
| 69608A108 | PLTR | PALANTIR TECHNOLOGIES INC | $305,019 | 0.01% | 1,716 | Common | NONE |
| 032095101 | APH | AMPHENOL CORP NEW | $304,335 | 0.01% | 2,252 | Common | NONE |
| 46090E103 | QQQ | INVESCO QQQ TR | $301,084 | 0.01% | 490 | Common | NONE |
| 254687106 | DIS | DISNEY WALT CO | $292,161 | 0.01% | 2,567 | Common | NONE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $290,035 | 0.01% | 500 | Common | NONE |
| 539830109 | LMT | LOCKHEED MARTIN CORP | $289,718 | 0.01% | 599 | Common | NONE |
| 81369Y308 | XLP | SELECT SECTOR SPDR TR | $287,261 | 0.01% | 3,698 | Common | NONE |
| 91913Y100 | VLO | VALERO ENERGY CORP | $274,952 | 0.01% | 1,689 | Common | NONE |
| 464287473 | IWS | ISHARES TR | $274,502 | 0.01% | 1,946 | Common | NONE |
| 670100205 | NVO | NOVO-NORDISK A S | $272,097 | 0.01% | 5,330 | Common | NONE |
| 580135101 | MCD | MCDONALDS CORP | $270,488 | 0.01% | 885 | Common | NONE |
| 52567D107 | LMND | LEMONADE INC | $270,484 | 0.01% | 3,800 | Common | NONE |
| 78464A508 | SPYV | SPDR SERIES TRUST | $267,575 | 0.01% | 4,710 | Common | NONE |
| 81369Y852 | XLC | SELECT SECTOR SPDR TR | $261,338 | 0.01% | 2,220 | Common | NONE |
| 808524201 | SCHX | SCHWAB STRATEGIC TR | $261,191 | 0.01% | 9,706 | Common | NONE |
| 92206C409 | VCSH | VANGUARD SCOTTSDALE FDS | $259,521 | 0.01% | 3,255 | Common | NONE |
| 464287648 | IWO | ISHARES TR | $248,072 | 0.01% | 768 | Common | NONE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $240,760 | 0.01% | 1,501 | Common | NONE |
| 92532F100 | VRTX | VERTEX PHARMACEUTICALS INC | $240,734 | 0.01% | 531 | Common | NONE |
| 244199105 | DE | DEERE & CO | $239,773 | 0.01% | 515 | Common | NONE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $239,744 | 0.01% | 840 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $237,578 | 0.01% | 1,147 | Common | NONE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $235,461 | 0.01% | 2,933 | Common | NONE |
| 92204A801 | VAW | VANGUARD WORLD FD | $232,456 | 0.01% | 1,120 | Common | NONE |
| G7997R103 | STX | SEAGATE TECHNOLOGY HLDNGS PL | $228,023 | 0.01% | 828 | Common | NONE |
| 036752103 | ELV | ELEVANCE HEALTH INC FORMERLY | $223,300 | 0.01% | 637 | Common | NONE |
| 46428Q109 | SLV | ISHARES SILVER TR | $220,767 | 0.01% | 3,427 | Common | NONE |
| 464287705 | IJJ | ISHARES TR | $216,503 | 0.01% | 1,645 | Common | NONE |
| 88160R101 | TSLA | TESLA INC | $207,321 | 0.01% | 461 | Common | NONE |
| 37954Y871 | URA | GLOBAL X FDS | $200,276 | 0.01% | 4,687 | Common | NONE |
| 05964H105 | SAN | BANCO SANTANDER SA | $196,595 | 0.01% | 16,760 | Common | NONE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.