Elm Partners Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Elm Partners Management LLC reported 146 stock positions worth $2.0 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 15.5% of the portfolio, followed by Vanguard Ftse Emerging Marke (VWO, 11.2%) and Elm Market Navigator ETF (ELM, 8.3%). Compared with Q2 2025, it opened 52 new positions, sold out of 3, added to 73 and reduced 15. The biggest buy was Vanguard Short-Term Treasury (VGSH, shares +127%) and the biggest sale iShares 0-3 Month Treasury B (SGOV, shares −36%).

Most Recent 13F
Q2 2026
Location
Philadelphia, PA
CIK
0001743941
Portfolio Value
$2.0B (Q3 2025)
SEC Filing
0001172661-25-004578 ↗ filed Nov 4, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.3B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.5B Q4 2024 Q1 2025: $1.6B Q1 2025 Q2 2025: $1.7B Q2 2025 Q3 2025: $2.0B $2.0B Q3 2025 Q4 2025: $2.2B Q4 2025 Q1 2026: $2.3B Q1 2026 Q2 2026: $2.8B Q2 2026

Holdings 146 stocks · $2.0B
VTI VG Morningstar TS MKT ETF-US 15.51% 941,228 $308.9M Add +11.5%
VWO Vanguard Ftse Emerging Marke 11.16% 4,100,547 $222.2M Add +8.9%
ELM Elm Market Navigator ETF 8.30% 6,048,885 $165.3M Reduce -3.2%
VGK Vanguard Ftse Europe ETF 7.58% 1,890,674 $150.9M Add +2.9%
SCHP Schwab U.S. Tips ETF 7.45% 5,506,675 $148.4M Add +22.7%
IEMG iShares Core MSCI Emerging 4.97% 1,501,164 $99.0M Add +0.1%
VPL Vanguard Ftse Pacific ETF 4.96% 1,125,155 $98.8M Add +8.1%
SGOV iShares 0-3 Month Treasury B 4.07% 805,218 $81.1M Reduce -36.1%
IEUR iShares Core MSCI Europe ETF 3.57% 1,044,161 $71.1M Add +4.6%
ITOT iShares Core S&P Total U.S. 3.00% 410,381 $59.8M Add +7.4%
VOO Vanguard S&P 500 ETF 2.79% 90,620 $55.5M Add +5.2%
VGSH Vanguard Short-Term Treasury 2.48% 840,034 $49.4M Add +126.8%
STIP iShares 0-5 Year Tips Bond E 2.30% 443,839 $45.9M Reduce -0.9%
BND Vanguard Total Bond Market 2.13% 570,315 $42.4M Add +31.6%
BBEU JPMorgan Betabuilders Europe 1.75% 500,790 $34.9M Add +38.7%
IPAC iShares Core MSCI Pacific Et 1.75% 473,347 $34.8M Reduce -0.7%
SPEM State Street SP PTF Em ETF 1.67% 709,547 $33.2M Add +4.3%
NVDA Nvidia Corp. 1.24% 132,503 $24.7M Add +10.0%
BBCA JPMorgan Betabuilders Canada 1.21% 275,880 $24.1M Add +5.3%
VTV Vanguard Mrngstr Val ETF-Aui 1.08% 114,943 $21.4M Add +80.2%
VB Vanguard Most SM-Cap ETF-Usd 0.98% 77,009 $19.6M Add +200.2%
AGG iShares Core U.S. Aggregate 0.92% 181,911 $18.2M Reduce -4.0%
SCHH Schwab US REIT ETF 0.61% 564,041 $12.2M Add +63.1%
IVV iShares Core S&P 500 ETF 0.49% 14,700 $9.8M Add +3.6%
VTEB Vanguard Tax-Exempt Bond ETF 0.34% 134,823 $6.8M Reduce -32.4%
AAPL Apple Inc. 0.32% 24,783 $6.3M Add +237.0%
VNQ Vanguard Real Estate ETF 0.30% 66,243 $6.1M Add +6.6%
EWC iShares MSCI Canada ETF 0.29% 115,833 $5.9M Reduce -1.1%
MUB iShares National Muni Bond E 0.27% 50,152 $5.3M Reduce -20.1%
DFUS Dimensional US Eq MKT ETF 0.26% 70,637 $5.1M New
SPY SS SPDR S&P 500 ETF Trust-US 0.24% 7,063 $4.7M Add +242.5%
BRK.A Berkshire Hathaway Inc. Class A 0.23% 6 $4.5M Add +20.0%
IUSV iShares Core S&P U.S. Value 0.23% 45,162 $4.5M Reduce -1.3%
CRWD CrowdStrike Holdings Inc. Class A 0.22% 9,094 $4.5M Add +1.0%
IWF iShares Russell 1000 Growth 0.18% 7,849 $3.7M New
SCHF Schwab Intl Equity ETF 0.18% 154,882 $3.6M Add +1.8%
VGT Vanguard Info Tech ETF 0.18% 4,720 $3.5M Add +6.4%
XLK SS Technology Select Sector 0.16% 11,417 $3.2M Add +12.2%
VEA Vanguard Ftse Developed ETF 0.16% 52,366 $3.1M Add +161.7%
SPYM Ste STR SPDR PT S&P 500 ETF 0.15% 39,098 $3.1M Add +15.9%
LLY Eli Lilly & Co. 0.15% 3,901 $3.0M Add +8.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.15% 10,375 $2.9M Add +9.7%
VRT Vertiv Holdings Co. Class A 0.14% 19,053 $2.9M No change
MSFT Microsoft Corp. 0.14% 5,295 $2.7M Add +276.6%
VFH Vanguard Financials ETF 0.14% 20,825 $2.7M Add +125.6%
VCR Vanguard Consumer Discre ETF 0.13% 6,678 $2.6M Add +4.2%
SCHB Schwab US Broad Market ETF 0.12% 94,412 $2.4M Add +5.5%
IJR iShares Core S&P Small-Cap E 0.12% 20,289 $2.4M Add +1.0%
COHR Coherent Corp. 0.11% 19,998 $2.2M No change
NFLX Netflix Inc. 0.11% 1,783 $2.1M Reduce -3.1%
BN Brookfield Corp. 0.11% 46,541 $2.1M Reduce -0.0%
VOX Vanguard Communication Servi 0.10% 10,756 $2.0M Add +9.4%
GOOGL Alphabet Inc. Class A 0.09% 7,487 $1.8M New
AMZN Amazon.com Inc. 0.08% 7,246 $1.6M New
IVE iShares S&P 500 Value ETF 0.08% 7,697 $1.6M Add +43.1%
RTX RTX Corp. 0.08% 9,299 $1.6M Add +7.3%
XLF SS Financial Select Sector 0.08% 28,739 $1.5M Add +15.8%
VIS Vanguard Industrials ETF 0.07% 4,909 $1.5M Add +8.1%
FLCA Franklin Ftse Canada ETF 0.07% 30,759 $1.4M Add +0.0%
VHT Vanguard Health Care ETF 0.07% 5,217 $1.4M Add +12.9%
VXUS Vanguard Total Intl Stock 0.07% 18,348 $1.3M Add +302.2%
AMD Advanced Micro Devices 0.06% 7,702 $1.2M Add +14.9%
JPM JPMorgan Chase & Co. 0.06% 3,910 $1.2M New
AVGO Broadcom Inc. 0.06% 3,631 $1.2M Add +350.5%
DUK Duke Energy Corp. 0.06% 9,171 $1.1M Add +0.4%
IEFA iShares Core MSCI Eafe ETF 0.06% 12,794 $1.1M Add +24.9%
ABBV Abbvie Inc. 0.05% 4,546 $1.1M Add +134.7%
XLI SS Industrial Select Sector 0.05% 6,823 $1.1M Add +1.1%
META Meta Platforms Inc. Class A 0.05% 1,328 $975K Add +327.0%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.05% 4,622 $965K Add +52.3%
COST Costco Wholesale Corp. 0.05% 1,039 $962K Add +16.4%
BRK.B Berkshire Hathaway Inc. Class B 0.05% 1,809 $910K Add +46.1%
SCHA Schwab US Small-Cap ETF 0.05% 32,403 $904K Add +4.7%
VUG Vanguard Mrngstar GR ETF-Sui 0.04% 1,703 $817K New
ORCL Oracle Corp. 0.04% 2,892 $813K New
D Dominion Energy Inc. 0.04% 13,078 $800K Add +0.1%
XLC SS Comm Select Sector SPDR 0.04% 6,607 $782K No change
VIG Vanguard Dividend Apprec ETF 0.04% 3,589 $774K New
TSLA Tesla Inc. 0.04% 1,669 $742K New
IUSG iShares Core S&P U.S. Growth 0.03% 4,175 $687K New
LRCX Lam Research Corp. 0.03% 5,010 $671K New
OEF iShares S&P 100 ETF 0.03% 1,989 $662K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.03% 6,992 $641K Reduce -23.7%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.03% 3,583 $625K Add +29.9%
XLV SS Health Care Select Sector 0.03% 4,446 $619K Add +2.5%
XOM Exxon Mobil Corp. 0.03% 5,488 $619K New
MKL Markel Group Inc. 0.03% 299 $571K Add +48.0%
SRE Sempra 0.03% 6,342 $571K Add +4.9%
IWO iShares Russell 2000 Growth 0.03% 1,738 $556K New
VST Vistra Corp. 0.03% 2,801 $549K Reduce -25.0%
IWM iShares Russell 2000 ETF 0.03% 2,258 $546K New
IVW iShares S&P 500 Growth ETF 0.03% 4,401 $531K New
ETN Eaton Corp. PLC 0.03% 1,332 $499K Add +113.8%
ORLY O'reilly Automotive Inc. 0.02% 4,605 $496K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 8,935 $461K New
PG The Procter & Gamble Co. 0.02% 2,956 $454K New
V Visa Inc. Class A 0.02% 1,307 $446K New
TSM Taiwan Semiconductor-SP ADR 0.02% 1,525 $426K Add +0.9%
LIN Linde PLC 0.02% 871 $414K Add +58.1%
IWN iShares Russell 2000 Value E 0.02% 2,276 $402K New
VDC Vanguard Consumer Staple ETF 0.02% 1,855 $396K New
VEU Vanguard Ftse All-World Ex-U 0.02% 5,526 $394K New
WMT Walmart Inc. 0.02% 3,782 $390K New
XLY SS Consumer Disc Select Sect 0.02% 1,539 $369K Add +2.2%
IWD iShares Russell 1000 Value E 0.02% 1,779 $362K Add +57.4%
SCHV Schwab US Large-Cap Value 0.02% 12,215 $356K Add +1.0%
BNDX Vanguard Total Intl Bond ETF 0.02% 7,187 $355K New
TIP iShares Tips Bond ETF 0.02% 3,166 $352K Reduce -40.4%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.02% 3,966 $346K Add +21.2%
LOW Lowe's Cos Inc. 0.02% 1,329 $334K New
ASML ASML Holding NV-NY Reg SHS 0.02% 341 $331K New
CAT Caterpillar Inc. 0.02% 693 $331K New
VAW Vanguard Materials ETF 0.02% 1,578 $323K Add +9.3%
VDE Vanguard Energy ETF 0.02% 2,535 $319K Add +6.6%
VWOB Vanguard Emerg MKTS Gov BND 0.02% 4,754 $318K Add +20.5%
IAU iShares Gold Trust 0.02% 4,314 $314K No change
MA Mastercard Inc. Class A 0.02% 550 $313K New
IJK iShares S&P Mid-Cap 400 Grow 0.02% 3,209 $308K New
LMT Lockheed Martin Corp. 0.02% 610 $305K New
NVO Novo-Nordisk A/S-Spons ADR 0.01% 5,330 $294K New
GILD Gilead Sciences Inc. 0.01% 2,573 $286K Add +20.9%
APH Amphenol Corp. Class A 0.01% 2,252 $279K No change
VLO Valero Energy Corp. 0.01% 1,620 $276K New
GS Goldman Sachs Group Inc. 0.01% 344 $274K Add +5.5%
SUSB iShares ESG Aware 1-5 Year U 0.01% 10,819 $274K New
IWS iShares Russell Mid-Cap Valu 0.01% 1,946 $272K Add +2.3%
SCHX Schwab US Large-Cap ETF 0.01% 10,257 $270K New
MCD McDonald's Corp. 0.01% 885 $269K New
QQQ Invesco QQQ Trust Series 1 0.01% 441 $265K New
VCSH Vanguard S/T Corp. Bond ETF 0.01% 3,255 $260K Reduce -30.9%
SPYV SS SPDR P S&P 500 Value ETF 0.01% 4,674 $259K New
PLTR Palantir Technologies Inc. Class A 0.01% 1,341 $245K New
PM Philip Morris International 0.01% 1,501 $243K New
TMO Thermo Fisher Scientific Inc. 0.01% 500 $243K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 2,103 $241K New
URA Global X Uranium ETF 0.01% 4,687 $223K New
GLD SPDR Gold Shares 0.01% 603 $215K New
IJJ iShares S&P Mid-Cap 400 Valu 0.01% 1,635 $212K New
NEE Nextera Energy Inc. 0.01% 2,754 $208K New
VRTX Vertex Pharmaceuticals Inc. 0.01% 530 $208K New
ELV Elevance Health Inc. 0.01% 637 $206K New
DE Deere & Co. 0.01% 448 $205K New
EBAY eBay Inc. 0.01% 2,246 $204K New
LMND Lemonade Inc. 0.01% 3,800 $203K New
SAN Banco Santander SA-Spon ADR 0.01% 16,760 $176K New
OTF Blue Owl Technology Finance 0.01% 10,415 $144K New

Options reported separately and not counted above: MU calls ($5.5M), AMD calls ($2.8M), COHR calls ($2.2M).

Portfolio Sells Q2 2025 → Q3 2025
SGOV iShares 0-3 Month Treasury B Reduce -36.1% 4.07% −3.29
ELM Elm Market Navigator ETF Reduce -3.2% 8.30% −1.09
STIP iShares 0-5 Year Tips Bond E Reduce -0.9% 2.30% −0.37
VTEB Vanguard Tax-Exempt Bond ETF Reduce -32.4% 0.34% −0.23
AGG iShares Core U.S. Aggregate Reduce -4.0% 0.92% −0.17
IPAC iShares Core MSCI Pacific Et Reduce -0.7% 1.75% −0.16
MUB iShares National Muni Bond E Reduce -20.1% 0.27% −0.11
BN Brookfield Corp. Reduce -0.0% 0.11% −0.06
KMI Kinder Morgan Inc. Sold out 0.00% −0.06
CTRA Coterra Energy Inc. Sold out 0.00% −0.04
NFLX Netflix Inc. Reduce -3.1% 0.11% −0.04
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.03
IUSV iShares Core S&P U.S. Value Reduce -1.3% 0.23% −0.02
EWC iShares MSCI Canada ETF Reduce -1.1% 0.29% −0.02
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -23.7% 0.03% −0.02
TIP iShares Tips Bond ETF Reduce -40.4% 0.02% −0.02
VST Vistra Corp. Reduce -25.0% 0.03% −0.01
VCSH Vanguard S/T Corp. Bond ETF Reduce -30.9% 0.01% −0.01

Portfolio Buys Q2 2025 → Q3 2025
VGSH Vanguard Short-Term Treasury Add +126.8% 2.48% +1.22
VB Vanguard Most SM-Cap ETF-Usd Add +200.2% 0.98% +0.63
VTI VG Morningstar TS MKT ETF-US Add +11.5% 15.51% +0.62
SCHP Schwab U.S. Tips ETF Add +22.7% 7.45% +0.50
VTV Vanguard Mrngstr Val ETF-Aui Add +80.2% 1.08% +0.42
VWO Vanguard Ftse Emerging Marke Add +8.9% 11.16% +0.35
BBEU JPMorgan Betabuilders Europe Add +38.7% 1.75% +0.34
BND Vanguard Total Bond Market Add +31.6% 2.13% +0.28
DFUS Dimensional US Eq MKT ETF New 0.26% +0.26
AAPL Apple Inc. Add +237.0% 0.32% +0.23
SCHH Schwab US REIT ETF Add +63.1% 0.61% +0.19
IWF iShares Russell 1000 Growth New 0.18% +0.18
SPY SS SPDR S&P 500 ETF Trust-US Add +242.5% 0.24% +0.16
NVDA Nvidia Corp. Add +10.0% 1.24% +0.14
MSFT Microsoft Corp. Add +276.6% 0.14% +0.10
GOOGL Alphabet Inc. Class A New 0.09% +0.09
VEA Vanguard Ftse Developed ETF Add +161.7% 0.16% +0.09
AMZN Amazon.com Inc. New 0.08% +0.08
VFH Vanguard Financials ETF Add +125.6% 0.14% +0.07
JPM JPMorgan Chase & Co. New 0.06% +0.06
VXUS Vanguard Total Intl Stock Add +302.2% 0.07% +0.05
AVGO Broadcom Inc. Add +350.5% 0.06% +0.05
VUG Vanguard Mrngstar GR ETF-Sui New 0.04% +0.04
ORCL Oracle Corp. New 0.04% +0.04
VIG Vanguard Dividend Apprec ETF New 0.04% +0.04
TSLA Tesla Inc. New 0.04% +0.04
META Meta Platforms Inc. Class A Add +327.0% 0.05% +0.04
IUSG iShares Core S&P U.S. Growth New 0.03% +0.03
LRCX Lam Research Corp. New 0.03% +0.03
ABBV Abbvie Inc. Add +134.7% 0.05% +0.03
XOM Exxon Mobil Corp. New 0.03% +0.03
IWO iShares Russell 2000 Growth New 0.03% +0.03
IWM iShares Russell 2000 ETF New 0.03% +0.03
IVW iShares S&P 500 Growth ETF New 0.03% +0.03
ORLY O'reilly Automotive Inc. New 0.02% +0.02
BAC Bank of America Corp. New 0.02% +0.02
PG The Procter & Gamble Co. New 0.02% +0.02
V Visa Inc. Class A New 0.02% +0.02
IWN iShares Russell 2000 Value E New 0.02% +0.02
VDC Vanguard Consumer Staple ETF New 0.02% +0.02
VEU Vanguard Ftse All-World Ex-U New 0.02% +0.02
WMT Walmart Inc. New 0.02% +0.02
IVE iShares S&P 500 Value ETF Add +43.1% 0.08% +0.02
BNDX Vanguard Total Intl Bond ETF New 0.02% +0.02
LOW Lowe's Cos Inc. New 0.02% +0.02
CAT Caterpillar Inc. New 0.02% +0.02
ASML ASML Holding NV-NY Reg SHS New 0.02% +0.02
BRK.A Berkshire Hathaway Inc. Class A Add +20.0% 0.23% +0.02
MA Mastercard Inc. Class A New 0.02% +0.02
IJK iShares S&P Mid-Cap 400 Grow New 0.02% +0.02

Options Activity Q2 2025 → Q3 2025
MU Micron Technology Inc. call New 33,000 $5.5M
AMD Advanced Micro Devices call New 17,500 $2.8M
COHR Coherent Corp. call New 20,000 $2.2M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 161$2.8BVTI, VBIL, VWO, VGK, ELM
Q1 2026 158$2.3BVTI, VWO, SCHP, VGK, ELM
Q4 2025 154$2.2BVTI, VWO, SCHP, VGK, ELM
Q3 2025 146$2.0BVTI, VWO, ELM, VGK, SCHP
Q2 2025 97$1.7BVTI, VWO, ELM, VGK, SGOV
Q1 2025 66$1.6BELM, SCHP, VWO, VGK, VTI
Q4 2024 68$1.5BVTI, VWO, ITOT, IEMG, SGOV
Q3 2024 60$1.4BVTI, VWO, ITOT, IEMG, VGK
Q2 2024 60$1.3BVTI, ITOT, VWO, VGK, IEMG
Q1 2024 61$1.3BVTI, ITOT, VWO, VGK, IEMG