Elm Partners Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Elm Partners Management LLC reported 97 stock positions worth $1.7 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 14.9% of the portfolio, followed by Vanguard Ftse Emerging Marke (VWO, 10.8%) and Elm Market Navigator ETF (ELM, 9.4%). Compared with Q1 2025, it opened 34 new positions, sold out of 3, added to 31 and reduced 31. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +108%) and the biggest sale Elm Market Navigator ETF (ELM, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- Philadelphia, PA
- CIK
- 0001743941
- Portfolio Value
- $1.7B (Q2 2025)
- SEC Filing
- 0001172661-25-002872 ↗ filed Aug 5, 2025
Holdings Value
Holdings 97 stocks · $1.7B
| VTI VG Morningstar TS MKT ETF-US | 14.89% | 844,068 | $256.5M | Add +108.2% |
| VWO Vanguard Ftse Emerging Marke | 10.81% | 3,764,989 | $186.2M | Add +17.5% |
| ELM Elm Market Navigator ETF | 9.39% | 6,247,791 | $161.8M | Reduce -42.5% |
| VGK Vanguard Ftse Europe ETF | 8.27% | 1,837,617 | $142.4M | Reduce -5.2% |
| SGOV iShares 0-3 Month Treasury B | 7.37% | 1,260,139 | $126.9M | Add +17.5% |
| SCHP Schwab U.S. Tips ETF | 6.95% | 4,487,523 | $119.7M | Reduce -43.9% |
| IEMG iShares Core MSCI Emerging | 5.23% | 1,499,500 | $90.0M | Add +6.9% |
| VPL Vanguard Ftse Pacific ETF | 4.96% | 1,040,600 | $85.5M | Add +47.4% |
| IEUR iShares Core MSCI Europe ETF | 3.84% | 997,863 | $66.1M | Add +83.6% |
| ITOT iShares Core S&P Total U.S. | 3.00% | 382,024 | $51.6M | Reduce -35.3% |
| VOO Vanguard S&P 500 ETF | 2.84% | 86,137 | $48.9M | Add +276.6% |
| STIP iShares 0-5 Year Tips Bond E | 2.68% | 447,837 | $46.1M | Reduce -19.6% |
| IPAC iShares Core MSCI Pacific Et | 1.90% | 476,862 | $32.8M | Add +24.9% |
| BND Vanguard Total Bond Market | 1.85% | 433,443 | $31.9M | Reduce -30.4% |
| SPEM State Street SP PTF Em ETF | 1.69% | 680,445 | $29.1M | Add +134.3% |
| BBEU JPMorgan Betabuilders Europe | 1.41% | 361,113 | $24.4M | Add +290.9% |
| VGSH Vanguard Short-Term Treasury | 1.26% | 370,468 | $21.8M | Add +28.6% |
| BBCA JPMorgan Betabuilders Canada | 1.23% | 261,996 | $21.1M | Reduce -4.7% |
| NVDA Nvidia Corp. | 1.11% | 120,475 | $19.0M | New |
| AGG iShares Core U.S. Aggregate | 1.09% | 189,411 | $18.8M | Reduce -21.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.65% | 63,779 | $11.3M | Reduce -33.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.57% | 199,552 | $9.8M | Reduce -2.3% |
| IVV iShares Core S&P 500 ETF | 0.51% | 14,189 | $8.8M | Reduce -46.7% |
| SCHH Schwab US REIT ETF | 0.42% | 345,732 | $7.3M | Reduce -28.1% |
| MUB iShares National Muni Bond E | 0.38% | 62,781 | $6.6M | Reduce -3.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.35% | 25,656 | $6.1M | Reduce -35.4% |
| VNQ Vanguard Real Estate ETF | 0.32% | 62,123 | $5.5M | Reduce -28.2% |
| EWC iShares MSCI Canada ETF | 0.31% | 117,172 | $5.4M | Reduce -2.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.27% | 9,000 | $4.6M | New |
| IUSV iShares Core S&P U.S. Value | 0.25% | 45,739 | $4.3M | Reduce -10.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.21% | 5 | $3.6M | New |
| SCHF Schwab Intl Equity ETF | 0.20% | 152,095 | $3.4M | Add +6.8% |
| VGT Vanguard Info Tech ETF | 0.17% | 4,435 | $2.9M | Add +89.2% |
| BN Brookfield Corp. | 0.17% | 46,545 | $2.9M | New |
| LLY Eli Lilly & Co. | 0.16% | 3,611 | $2.8M | New |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.16% | 9,460 | $2.8M | New |
| XLK SS Technology Select Sector | 0.15% | 10,176 | $2.6M | Add +552.7% |
| NFLX Netflix Inc. | 0.14% | 1,841 | $2.5M | New |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.14% | 33,731 | $2.5M | Reduce -73.8% |
| VRT Vertiv Holdings Co. Class A | 0.14% | 19,053 | $2.4M | New |
| VCR Vanguard Consumer Discre ETF | 0.13% | 6,410 | $2.3M | Add +444.1% |
| IJR iShares Core S&P Small-Cap E | 0.13% | 20,093 | $2.2M | Reduce -1.1% |
| SCHB Schwab US Broad Market ETF | 0.12% | 89,525 | $2.1M | Reduce -0.1% |
| COHR Coherent Corp. | 0.10% | 19,998 | $1.8M | New |
| VOX Vanguard Communication Servi | 0.10% | 9,831 | $1.7M | Add +386.2% |
| AAPL Apple Inc. | 0.09% | 7,354 | $1.5M | Add +482.7% |
| XLF SS Financial Select Sector | 0.08% | 24,820 | $1.3M | Add +86.9% |
| FLCA Franklin Ftse Canada ETF | 0.07% | 30,758 | $1.3M | Add +174.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 2,062 | $1.3M | Reduce -25.4% |
| VIS Vanguard Industrials ETF | 0.07% | 4,543 | $1.3M | Add +110.6% |
| RTX RTX Corp. | 0.07% | 8,667 | $1.3M | New |
| VFH Vanguard Financials ETF | 0.07% | 9,231 | $1.2M | Add +28.9% |
| VHT Vanguard Health Care ETF | 0.07% | 4,619 | $1.1M | Add +146.7% |
| VEA Vanguard Ftse Developed ETF | 0.07% | 20,012 | $1.1M | Add +15.1% |
| DUK Duke Energy Corp. | 0.06% | 9,132 | $1.1M | New |
| IVE iShares S&P 500 Value ETF | 0.06% | 5,378 | $1.1M | Add +8.3% |
| XLI SS Industrial Select Sector | 0.06% | 6,748 | $995K | Add +289.4% |
| KMI Kinder Morgan Inc. | 0.06% | 33,722 | $991K | New |
| AMD Advanced Micro Devices | 0.06% | 6,701 | $951K | New |
| COST Costco Wholesale Corp. | 0.05% | 893 | $884K | New |
| IEFA iShares Core MSCI Eafe ETF | 0.05% | 10,239 | $855K | Add +7.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.05% | 9,160 | $840K | Reduce -65.9% |
| SCHA Schwab US Small-Cap ETF | 0.05% | 30,957 | $783K | Reduce -64.7% |
| D Dominion Energy Inc. | 0.04% | 13,069 | $739K | New |
| VST Vistra Corp. | 0.04% | 3,736 | $724K | New |
| XLC SS Comm Select Sector SPDR | 0.04% | 6,607 | $717K | Reduce -8.0% |
| MSFT Microsoft Corp. | 0.04% | 1,406 | $699K | Add +76.0% |
| CTRA Coterra Energy Inc. | 0.04% | 27,540 | $699K | New |
| OEF iShares S&P 100 ETF | 0.04% | 1,989 | $605K | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.03% | 1,238 | $602K | New |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.03% | 3,034 | $592K | Reduce -17.8% |
| XLV SS Health Care Select Sector | 0.03% | 4,338 | $585K | New |
| TIP iShares Tips Bond ETF | 0.03% | 5,310 | $584K | Add +136.0% |
| XLP SS Consumer Staples Sel Sect | 0.03% | 5,784 | $468K | New |
| SRE Sempra | 0.03% | 6,048 | $458K | New |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.03% | 2,758 | $454K | Add +6.0% |
| MKL Markel Group Inc. | 0.02% | 202 | $403K | New |
| VCSH Vanguard S/T Corp. Bond ETF | 0.02% | 4,707 | $374K | Reduce -56.0% |
| ABBV Abbvie Inc. | 0.02% | 1,937 | $360K | Add +66.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.02% | 1,511 | $342K | New |
| SCHV Schwab US Large-Cap Value | 0.02% | 12,099 | $335K | No change |
| XLY SS Consumer Disc Select Sect | 0.02% | 1,506 | $327K | Reduce -22.3% |
| VXUS Vanguard Total Intl Stock | 0.02% | 4,562 | $315K | Reduce -34.2% |
| VDE Vanguard Energy ETF | 0.02% | 2,378 | $283K | New |
| VAW Vanguard Materials ETF | 0.02% | 1,444 | $281K | New |
| IAU iShares Gold Trust | 0.02% | 4,314 | $269K | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.02% | 3,273 | $267K | New |
| LIN Linde PLC | 0.01% | 551 | $259K | New |
| VWOB Vanguard Emerg MKTS Gov BND | 0.01% | 3,944 | $258K | New |
| IWS iShares Russell Mid-Cap Valu | 0.01% | 1,903 | $251K | Reduce -41.1% |
| GILD Gilead Sciences Inc. | 0.01% | 2,128 | $236K | New |
| GS Goldman Sachs Group Inc. | 0.01% | 326 | $231K | Reduce -29.6% |
| META Meta Platforms Inc. Class A | 0.01% | 311 | $230K | New |
| ETN Eaton Corp. PLC | 0.01% | 623 | $222K | New |
| APH Amphenol Corp. Class A | 0.01% | 2,252 | $222K | New |
| AVGO Broadcom Inc. | 0.01% | 806 | $222K | New |
| IWD iShares Russell 1000 Value E | 0.01% | 1,130 | $219K | Reduce -28.6% |
Portfolio Sells Q1 2025 → Q2 2025
| ELM Elm Market Navigator ETF | Reduce -42.5% | 9.39% | −7.84 |
| SCHP Schwab U.S. Tips ETF | Reduce -43.9% | 6.95% | −6.91 |
| ITOT iShares Core S&P Total U.S. | Reduce -35.3% | 3.00% | −1.65 |
| BND Vanguard Total Bond Market | Reduce -30.4% | 1.85% | −1.09 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -19.6% | 2.68% | −1.03 |
| VGK Vanguard Ftse Europe ETF | Reduce -5.2% | 8.27% | −0.49 |
| AGG iShares Core U.S. Aggregate | Reduce -21.9% | 1.09% | −0.45 |
| IVV iShares Core S&P 500 ETF | Reduce -46.7% | 0.51% | −0.45 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -33.2% | 0.65% | −0.41 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -73.8% | 0.14% | −0.40 |
| SCHH Schwab US REIT ETF | Reduce -28.1% | 0.42% | −0.24 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -35.4% | 0.35% | −0.21 |
| VNQ Vanguard Real Estate ETF | Reduce -28.2% | 0.32% | −0.18 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -65.9% | 0.05% | −0.11 |
| SCHA Schwab US Small-Cap ETF | Reduce -64.7% | 0.05% | −0.09 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -2.3% | 0.57% | −0.08 |
| MUB iShares National Muni Bond E | Reduce -3.0% | 0.38% | −0.06 |
| IUSV iShares Core S&P U.S. Value | Reduce -10.3% | 0.25% | −0.05 |
| BBCA JPMorgan Betabuilders Canada | Reduce -4.7% | 1.23% | −0.04 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -56.0% | 0.02% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -25.4% | 0.07% | −0.03 |
| STNE Stoneco Ltd. Class A | Sold out | 0.00% | −0.02 |
| IWN iShares Russell 2000 Value E | Sold out | 0.00% | −0.01 |
| DXJ Wisdomtree Japan Hedged Eq | Sold out | 0.00% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -41.1% | 0.01% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -17.8% | 0.03% | −0.01 |
| VXUS Vanguard Total Intl Stock | Reduce -34.2% | 0.02% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.1% | 0.13% | −0.01 |
| IWD iShares Russell 1000 Value E | Reduce -28.6% | 0.01% | −0.01 |
| XLY SS Consumer Disc Select Sect | Reduce -22.3% | 0.02% | −0.01 |
| XLC SS Comm Select Sector SPDR | Reduce -8.0% | 0.04% | −0.00 |
| GS Goldman Sachs Group Inc. | Reduce -29.6% | 0.01% | −0.00 |
| EWC iShares MSCI Canada ETF | Reduce -2.5% | 0.31% | −0.00 |
| SCHB Schwab US Broad Market ETF | Reduce -0.1% | 0.12% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| VTI VG Morningstar TS MKT ETF-US | Add +108.2% | 14.89% | +7.72 |
| VOO Vanguard S&P 500 ETF | Add +276.6% | 2.84% | +2.08 |
| IEUR iShares Core MSCI Europe ETF | Add +83.6% | 3.84% | +1.73 |
| VPL Vanguard Ftse Pacific ETF | Add +47.4% | 4.96% | +1.67 |
| VWO Vanguard Ftse Emerging Marke | Add +17.5% | 10.81% | +1.47 |
| NVDA Nvidia Corp. | New | 1.11% | +1.11 |
| BBEU JPMorgan Betabuilders Europe | Add +290.9% | 1.41% | +1.05 |
| SPEM State Street SP PTF Em ETF | Add +134.3% | 1.69% | +0.95 |
| SGOV iShares 0-3 Month Treasury B | Add +17.5% | 7.37% | +0.41 |
| IPAC iShares Core MSCI Pacific Et | Add +24.9% | 1.90% | +0.37 |
| IEMG iShares Core MSCI Emerging | Add +6.9% | 5.23% | +0.35 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.27% | +0.27 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.21% | +0.21 |
| VGSH Vanguard Short-Term Treasury | Add +28.6% | 1.26% | +0.18 |
| BN Brookfield Corp. | New | 0.17% | +0.17 |
| LLY Eli Lilly & Co. | New | 0.16% | +0.16 |
| IBM Intl Business Machines Corp. | New | 0.16% | +0.16 |
| NFLX Netflix Inc. | New | 0.14% | +0.14 |
| VRT Vertiv Holdings Co. Class A | New | 0.14% | +0.14 |
| XLK SS Technology Select Sector | Add +552.7% | 0.15% | +0.13 |
| VCR Vanguard Consumer Discre ETF | Add +444.1% | 0.13% | +0.11 |
| COHR Coherent Corp. | New | 0.10% | +0.10 |
| VGT Vanguard Info Tech ETF | Add +89.2% | 0.17% | +0.09 |
| VOX Vanguard Communication Servi | Add +386.2% | 0.10% | +0.08 |
| RTX RTX Corp. | New | 0.07% | +0.07 |
| AAPL Apple Inc. | Add +482.7% | 0.09% | +0.07 |
| DUK Duke Energy Corp. | New | 0.06% | +0.06 |
| KMI Kinder Morgan Inc. | New | 0.06% | +0.06 |
| AMD Advanced Micro Devices | New | 0.06% | +0.06 |
| COST Costco Wholesale Corp. | New | 0.05% | +0.05 |
| FLCA Franklin Ftse Canada ETF | Add +174.4% | 0.07% | +0.05 |
| XLI SS Industrial Select Sector | Add +289.4% | 0.06% | +0.04 |
| D Dominion Energy Inc. | New | 0.04% | +0.04 |
| VST Vistra Corp. | New | 0.04% | +0.04 |
| CTRA Coterra Energy Inc. | New | 0.04% | +0.04 |
| VIS Vanguard Industrials ETF | Add +110.6% | 0.07% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.03% | +0.03 |
| VHT Vanguard Health Care ETF | Add +146.7% | 0.07% | +0.03 |
| XLV SS Health Care Select Sector | New | 0.03% | +0.03 |
| XLF SS Financial Select Sector | Add +86.9% | 0.08% | +0.03 |
| XLP SS Consumer Staples Sel Sect | New | 0.03% | +0.03 |
| SRE Sempra | New | 0.03% | +0.03 |
| MKL Markel Group Inc. | New | 0.02% | +0.02 |
| MSFT Microsoft Corp. | Add +76.0% | 0.04% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.02% | +0.02 |
| TIP iShares Tips Bond ETF | Add +136.0% | 0.03% | +0.02 |
| VDE Vanguard Energy ETF | New | 0.02% | +0.02 |
| VAW Vanguard Materials ETF | New | 0.02% | +0.02 |
| IAU iShares Gold Trust | New | 0.02% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.02% | +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 |