Elm Partners Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Elm Partners Management LLC reported 66 stock positions worth $1.6 billion. Its top holding was Elm Market Navigator ETF (ELM) at 17.2% of the portfolio, followed by Schwab U.S. Tips ETF (SCHP, 13.9%) and Vanguard Ftse Emerging Marke (VWO, 9.3%). Compared with Q4 2024, it opened 10 new positions, sold out of 12, added to 20 and reduced 35. The biggest buy was a new position in Elm Market Navigator ETF (ELM) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- Philadelphia, PA
- CIK
- 0001743941
- Portfolio Value
- $1.6B (Q1 2025)
- SEC Filing
- 0001172661-25-001759 ↗ filed May 13, 2025
Holdings Value
Holdings 66 stocks · $1.6B
| ELM Elm Market Navigator ETF | 17.23% | 10,868,814 | $267.6M | New |
| SCHP Schwab U.S. Tips ETF | 13.86% | 8,004,702 | $215.2M | Add +113.3% |
| VWO Vanguard Ftse Emerging Marke | 9.34% | 3,204,757 | $145.0M | Reduce -7.9% |
| VGK Vanguard Ftse Europe ETF | 8.76% | 1,937,888 | $136.1M | Add +25.7% |
| VTI VG Morningstar TS MKT ETF-US | 7.17% | 405,360 | $111.4M | Reduce -54.8% |
| SGOV iShares 0-3 Month Treasury B | 6.95% | 1,072,775 | $108.0M | Reduce -7.9% |
| IEMG iShares Core MSCI Emerging | 4.88% | 1,403,275 | $75.7M | Reduce -40.6% |
| ITOT iShares Core S&P Total U.S. | 4.64% | 590,786 | $72.1M | Reduce -49.0% |
| STIP iShares 0-5 Year Tips Bond E | 3.71% | 556,718 | $57.6M | Add +209.7% |
| VPL Vanguard Ftse Pacific ETF | 3.29% | 706,053 | $51.2M | Reduce -5.4% |
| BND Vanguard Total Bond Market | 2.94% | 622,341 | $45.7M | Add +650.8% |
| IEUR iShares Core MSCI Europe ETF | 2.11% | 543,591 | $32.7M | Reduce -48.3% |
| AGG iShares Core U.S. Aggregate | 1.55% | 242,619 | $24.0M | Reduce -45.3% |
| IPAC iShares Core MSCI Pacific Et | 1.53% | 381,821 | $23.8M | Reduce -44.1% |
| BBCA JPMorgan Betabuilders Canada | 1.27% | 274,790 | $19.7M | Reduce -32.7% |
| VGSH Vanguard Short-Term Treasury | 1.09% | 288,053 | $16.9M | Add +8.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.06% | 95,435 | $16.5M | Add +4.7% |
| IVV iShares Core S&P 500 ETF | 0.96% | 26,609 | $15.0M | Reduce -30.2% |
| VOO Vanguard S&P 500 ETF | 0.76% | 22,872 | $11.8M | Reduce -39.9% |
| SPEM State Street SP PTF Em ETF | 0.74% | 290,454 | $11.4M | Add +8.4% |
| SCHH Schwab US REIT ETF | 0.67% | 480,551 | $10.3M | Reduce -42.3% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.65% | 204,295 | $10.1M | Reduce -11.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.57% | 39,685 | $8.8M | Reduce -62.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.55% | 128,766 | $8.5M | New |
| VNQ Vanguard Real Estate ETF | 0.50% | 86,477 | $7.8M | Reduce -39.7% |
| MUB iShares National Muni Bond E | 0.44% | 64,736 | $6.8M | Reduce -53.7% |
| BBEU JPMorgan Betabuilders Europe | 0.37% | 92,369 | $5.7M | New |
| EWC iShares MSCI Canada ETF | 0.32% | 120,165 | $4.9M | Reduce -4.5% |
| IUSV iShares Core S&P U.S. Value | 0.30% | 51,014 | $4.7M | Reduce -13.7% |
| SCHF Schwab Intl Equity ETF | 0.18% | 142,453 | $2.8M | Add +0.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.16% | 26,882 | $2.5M | Reduce -3.3% |
| IJR iShares Core S&P Small-Cap E | 0.14% | 20,321 | $2.1M | Add +3.2% |
| SCHA Schwab US Small-Cap ETF | 0.13% | 87,723 | $2.1M | Reduce -31.7% |
| SCHB Schwab US Broad Market ETF | 0.12% | 89,586 | $1.9M | Add +3.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 2,765 | $1.5M | Add +52.3% |
| VGT Vanguard Info Tech ETF | 0.08% | 2,344 | $1.3M | Add +17.7% |
| IVE iShares S&P 500 Value ETF | 0.06% | 4,966 | $946K | Reduce -5.1% |
| VEA Vanguard Ftse Developed ETF | 0.06% | 17,392 | $884K | Add +40.2% |
| VFH Vanguard Financials ETF | 0.06% | 7,159 | $855K | Reduce -2.9% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.05% | 10,710 | $845K | New |
| IEFA iShares Core MSCI Eafe ETF | 0.05% | 9,514 | $720K | New |
| XLC SS Comm Select Sector SPDR | 0.04% | 7,185 | $693K | Reduce -26.6% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.04% | 3,693 | $688K | Add +32.3% |
| XLF SS Financial Select Sector | 0.04% | 13,277 | $661K | Reduce -41.5% |
| VIS Vanguard Industrials ETF | 0.03% | 2,157 | $534K | Add +1.3% |
| OEF iShares S&P 100 ETF | 0.03% | 1,960 | $531K | No change |
| VHT Vanguard Health Care ETF | 0.03% | 1,872 | $496K | Add +8.2% |
| VXUS Vanguard Total Intl Stock | 0.03% | 6,932 | $430K | New |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.03% | 2,602 | $418K | Add +2.4% |
| FLCA Franklin Ftse Canada ETF | 0.03% | 11,210 | $417K | New |
| IWS iShares Russell Mid-Cap Valu | 0.03% | 3,229 | $407K | Add +26.8% |
| VCR Vanguard Consumer Discre ETF | 0.02% | 1,178 | $383K | Reduce -19.5% |
| XLY SS Consumer Disc Select Sect | 0.02% | 1,937 | $382K | Reduce -60.5% |
| STNE Stoneco Ltd. Class A | 0.02% | 31,436 | $329K | New |
| XLK SS Technology Select Sector | 0.02% | 1,559 | $322K | Reduce -86.9% |
| SCHV Schwab US Large-Cap Value | 0.02% | 12,099 | $322K | Reduce -1.9% |
| VOX Vanguard Communication Servi | 0.02% | 2,022 | $300K | Reduce -3.5% |
| MSFT Microsoft Corp. | 0.02% | 799 | $300K | Add +17.0% |
| IWD iShares Russell 1000 Value E | 0.02% | 1,583 | $298K | Reduce -0.1% |
| AAPL Apple Inc. | 0.02% | 1,262 | $280K | New |
| GS Goldman Sachs Group Inc. | 0.02% | 463 | $253K | Reduce -13.6% |
| TIP iShares Tips Bond ETF | 0.02% | 2,250 | $250K | Reduce -23.0% |
| ABBV Abbvie Inc. | 0.02% | 1,166 | $244K | Add +1.5% |
| IWN iShares Russell 2000 Value E | 0.01% | 1,508 | $228K | Reduce -12.1% |
| XLI SS Industrial Select Sector | 0.01% | 1,733 | $227K | Reduce -50.5% |
| DXJ Wisdomtree Japan Hedged Eq | 0.01% | 2,000 | $220K | New |
Portfolio Sells Q4 2024 → Q1 2025
| VTI VG Morningstar TS MKT ETF-US | Reduce -54.8% | 7.17% | −10.57 |
| ITOT iShares Core S&P Total U.S. | Reduce -49.0% | 4.64% | −5.53 |
| IEMG iShares Core MSCI Emerging | Reduce -40.6% | 4.88% | −3.55 |
| IEUR iShares Core MSCI Europe ETF | Reduce -48.3% | 2.11% | −1.77 |
| AGG iShares Core U.S. Aggregate | Reduce -45.3% | 1.55% | −1.39 |
| IPAC iShares Core MSCI Pacific Et | Reduce -44.1% | 1.53% | −1.32 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -62.3% | 0.57% | −1.16 |
| VWO Vanguard Ftse Emerging Marke | Reduce -7.9% | 9.34% | −1.13 |
| SGOV iShares 0-3 Month Treasury B | Reduce -7.9% | 6.95% | −1.03 |
| BBCA JPMorgan Betabuilders Canada | Reduce -32.7% | 1.27% | −0.70 |
| VOO Vanguard S&P 500 ETF | Reduce -39.9% | 0.76% | −0.64 |
| MUB iShares National Muni Bond E | Reduce -53.7% | 0.44% | −0.58 |
| IVV iShares Core S&P 500 ETF | Reduce -30.2% | 0.96% | −0.57 |
| SCHH Schwab US REIT ETF | Reduce -42.3% | 0.67% | −0.53 |
| VNQ Vanguard Real Estate ETF | Reduce -39.7% | 0.50% | −0.37 |
| VPL Vanguard Ftse Pacific ETF | Reduce -5.4% | 3.29% | −0.33 |
| VEU Vanguard Ftse All-World Ex-U | Sold out | 0.00% | −0.22 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −0.20 |
| XLK SS Technology Select Sector | Reduce -86.9% | 0.02% | −0.17 |
| SCZ iShares MSCI Eafe Small-Cap | Sold out | 0.00% | −0.16 |
| SCHC Schwab Intl Small-Cap Equity | Sold out | 0.00% | −0.14 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -11.0% | 0.65% | −0.13 |
| SCHA Schwab US Small-Cap ETF | Reduce -31.7% | 0.13% | −0.09 |
| IUSV iShares Core S&P U.S. Value | Reduce -13.7% | 0.30% | −0.07 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.07 |
| XLY SS Consumer Disc Select Sect | Reduce -60.5% | 0.02% | −0.05 |
| XLF SS Financial Select Sector | Reduce -41.5% | 0.04% | −0.03 |
| EWC iShares MSCI Canada ETF | Reduce -4.5% | 0.32% | −0.03 |
| VDC Vanguard Consumer Staple ETF | Sold out | 0.00% | −0.03 |
| VDE Vanguard Energy ETF | Sold out | 0.00% | −0.02 |
| VAW Vanguard Materials ETF | Sold out | 0.00% | −0.02 |
| XLC SS Comm Select Sector SPDR | Reduce -26.6% | 0.04% | −0.02 |
| SCHX Schwab US Large-Cap ETF | Sold out | 0.00% | −0.02 |
| XLI SS Industrial Select Sector | Reduce -50.5% | 0.01% | −0.02 |
| XLRE SS Real Estate Select Sector | Sold out | 0.00% | −0.02 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −0.01 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -3.3% | 0.16% | −0.01 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.01 |
| VCR Vanguard Consumer Discre ETF | Reduce -19.5% | 0.02% | −0.01 |
| IVE iShares S&P 500 Value ETF | Reduce -5.1% | 0.06% | −0.01 |
| TIP iShares Tips Bond ETF | Reduce -23.0% | 0.02% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -13.6% | 0.02% | −0.00 |
| IWN iShares Russell 2000 Value E | Reduce -12.1% | 0.01% | −0.00 |
| VFH Vanguard Financials ETF | Reduce -2.9% | 0.06% | −0.00 |
| VOX Vanguard Communication Servi | Reduce -3.5% | 0.02% | −0.00 |
| SCHV Schwab US Large-Cap Value | Reduce -1.9% | 0.02% | −0.00 |
| IWD iShares Russell 1000 Value E | Reduce -0.1% | 0.02% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| ELM Elm Market Navigator ETF | New | 17.23% | +17.23 |
| SCHP Schwab U.S. Tips ETF | Add +113.3% | 13.86% | +7.24 |
| BND Vanguard Total Bond Market | Add +650.8% | 2.94% | +2.54 |
| STIP iShares 0-5 Year Tips Bond E | Add +209.7% | 3.71% | +2.47 |
| VGK Vanguard Ftse Europe ETF | Add +25.7% | 8.76% | +2.08 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.55% | +0.55 |
| BBEU JPMorgan Betabuilders Europe | New | 0.37% | +0.37 |
| VCSH Vanguard S/T Corp. Bond ETF | New | 0.05% | +0.05 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.05% | +0.05 |
| SPEM State Street SP PTF Em ETF | Add +8.4% | 0.74% | +0.03 |
| VGSH Vanguard Short-Term Treasury | Add +8.3% | 1.09% | +0.03 |
| VXUS Vanguard Total Intl Stock | New | 0.03% | +0.03 |
| FLCA Franklin Ftse Canada ETF | New | 0.03% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +52.3% | 0.10% | +0.03 |
| STNE Stoneco Ltd. Class A | New | 0.02% | +0.02 |
| AAPL Apple Inc. | New | 0.02% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +40.2% | 0.06% | +0.02 |
| DXJ Wisdomtree Japan Hedged Eq | New | 0.01% | +0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +4.7% | 1.06% | +0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +32.3% | 0.04% | +0.01 |
| IWS iShares Russell Mid-Cap Valu | Add +26.8% | 0.03% | +0.00 |
| SCHF Schwab Intl Equity ETF | Add +0.4% | 0.18% | +0.00 |
| VHT Vanguard Health Care ETF | Add +8.2% | 0.03% | +0.00 |
| ABBV Abbvie Inc. | Add +1.5% | 0.02% | +0.00 |
| MSFT Microsoft Corp. | Add +17.0% | 0.02% | −0.00 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +2.4% | 0.03% | −0.00 |
| VIS Vanguard Industrials ETF | Add +1.3% | 0.03% | −0.00 |
| VGT Vanguard Info Tech ETF | Add +17.7% | 0.08% | −0.00 |
| SCHB Schwab US Broad Market ETF | Add +3.1% | 0.12% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Add +3.2% | 0.14% | −0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 161 | $2.8B | VTI, VBIL, VWO, VGK, ELM |
| Q1 2026 | 158 | $2.3B | VTI, VWO, SCHP, VGK, ELM |
| Q4 2025 | 154 | $2.2B | VTI, VWO, SCHP, VGK, ELM |
| Q3 2025 | 146 | $2.0B | VTI, VWO, ELM, VGK, SCHP |
| Q2 2025 | 97 | $1.7B | VTI, VWO, ELM, VGK, SGOV |
| Q1 2025 | 66 | $1.6B | ELM, SCHP, VWO, VGK, VTI |
| Q4 2024 | 68 | $1.5B | VTI, VWO, ITOT, IEMG, SGOV |
| Q3 2024 | 60 | $1.4B | VTI, VWO, ITOT, IEMG, VGK |
| Q2 2024 | 60 | $1.3B | VTI, ITOT, VWO, VGK, IEMG |
| Q1 2024 | 61 | $1.3B | VTI, ITOT, VWO, VGK, IEMG |