Elm Partners Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Elm Partners Management LLC reported 154 stock positions worth $2.2 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 15.2% of the portfolio, followed by Vanguard Ftse Emerging Marke (VWO, 11.3%) and Schwab U.S. Tips ETF (SCHP, 8.5%). Compared with Q3 2025, it opened 13 new positions, sold out of 5, added to 79 and reduced 33. The biggest buy was Vanguard Total Bond Market (BND, shares +74%) and the biggest sale Elm Market Navigator ETF (ELM, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- Philadelphia, PA
- CIK
- 0001743941
- Portfolio Value
- $2.2B (Q4 2025)
- SEC Filing
- 0001172661-26-000562 ↗ filed Feb 10, 2026
Holdings Value
Holdings 154 stocks · $2.2B
| VTI VG Morningstar TS MKT ETF-US | 15.15% | 996,018 | $333.9M | Add +5.8% |
| VWO Vanguard Ftse Emerging Marke | 11.28% | 4,625,697 | $248.7M | Add +12.8% |
| SCHP Schwab U.S. Tips ETF | 8.50% | 7,072,390 | $187.3M | Add +28.4% |
| VGK Vanguard Ftse Europe ETF | 8.33% | 2,196,125 | $183.6M | Add +16.2% |
| ELM Elm Market Navigator ETF | 5.56% | 4,496,630 | $122.5M | Reduce -25.7% |
| VPL Vanguard Ftse Pacific ETF | 4.95% | 1,207,832 | $109.2M | Add +7.3% |
| IEMG iShares Core MSCI Emerging | 4.53% | 1,484,000 | $99.8M | Reduce -1.1% |
| VGSH Vanguard Short-Term Treasury | 3.54% | 1,328,709 | $78.0M | Add +58.2% |
| VOO Vanguard S&P 500 ETF | 3.43% | 120,434 | $75.5M | Add +32.9% |
| BND Vanguard Total Bond Market | 3.33% | 991,972 | $73.5M | Add +73.9% |
| IEUR iShares Core MSCI Europe ETF | 3.10% | 961,294 | $68.2M | Reduce -7.9% |
| ITOT iShares Core S&P Total U.S. | 2.73% | 404,268 | $60.1M | Reduce -1.5% |
| SGOV iShares 0-3 Month Treasury B | 2.18% | 479,084 | $48.1M | Reduce -40.5% |
| STIP iShares 0-5 Year Tips Bond E | 1.99% | 428,603 | $43.9M | Reduce -3.4% |
| SPEM State Street SP PTF Em ETF | 1.86% | 876,410 | $41.0M | Add +23.5% |
| BBEU JPMorgan Betabuilders Europe | 1.85% | 556,073 | $40.8M | Add +11.0% |
| IPAC iShares Core MSCI Pacific Et | 1.63% | 489,530 | $35.8M | Add +3.4% |
| AGG iShares Core U.S. Aggregate | 1.32% | 291,724 | $29.1M | Add +60.4% |
| BBCA JPMorgan Betabuilders Canada | 1.25% | 295,147 | $27.4M | Add +7.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.09% | 125,961 | $24.1M | Add +9.6% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.03% | 452,643 | $22.8M | Add +235.7% |
| NVDA Nvidia Corp. | 0.93% | 110,132 | $20.5M | Reduce -16.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.88% | 74,845 | $19.3M | Reduce -2.8% |
| MUB iShares National Muni Bond E | 0.63% | 130,108 | $13.9M | Add +159.4% |
| SCHH Schwab US REIT ETF | 0.59% | 627,312 | $13.1M | Add +11.2% |
| IVV iShares Core S&P 500 ETF | 0.45% | 14,610 | $10.0M | Reduce -0.6% |
| VNQ Vanguard Real Estate ETF | 0.39% | 96,023 | $8.5M | Add +45.0% |
| VBIL Vanguard 0-3M T-Bill ETF | 0.37% | 108,898 | $8.2M | New |
| EWC iShares MSCI Canada ETF | 0.28% | 112,477 | $6.1M | Reduce -2.9% |
| AAPL Apple Inc. | 0.24% | 19,832 | $5.4M | Reduce -20.0% |
| DFUS Dimensional US Eq MKT ETF | 0.24% | 70,637 | $5.2M | No change |
| VFH Vanguard Financials ETF | 0.23% | 37,784 | $5.0M | Add +81.4% |
| IUSV iShares Core S&P U.S. Value | 0.21% | 45,133 | $4.6M | Reduce -0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.21% | 6 | $4.5M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 6,364 | $4.3M | Reduce -9.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 9,094 | $4.3M | No change |
| LLY Eli Lilly & Co. | 0.19% | 3,837 | $4.1M | Reduce -1.6% |
| XLK SS Technology Select Sector | 0.18% | 27,373 | $3.9M | Add +19.9% |
| SCHF Schwab Intl Equity ETF | 0.18% | 163,644 | $3.9M | Add +5.7% |
| VGT Vanguard Info Tech ETF | 0.18% | 5,170 | $3.9M | Add +9.5% |
| COHR Coherent Corp. | 0.17% | 19,998 | $3.7M | No change |
| VEA Vanguard Ftse Developed ETF | 0.17% | 59,046 | $3.7M | Add +12.8% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.16% | 42,976 | $3.4M | Add +9.9% |
| BN Brookfield Corp. | 0.15% | 69,811 | $3.2M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.14% | 10,778 | $3.2M | Add +3.9% |
| XLF SS Financial Select Sector | 0.14% | 57,384 | $3.1M | Add +99.7% |
| VRT Vertiv Holdings Co. Class A | 0.14% | 19,053 | $3.1M | No change |
| VCR Vanguard Consumer Discre ETF | 0.13% | 7,496 | $3.0M | Add +12.3% |
| VHT Vanguard Health Care ETF | 0.13% | 10,005 | $2.9M | Add +91.8% |
| SCHB Schwab US Broad Market ETF | 0.13% | 106,827 | $2.8M | Add +13.2% |
| MSFT Microsoft Corp. | 0.12% | 5,331 | $2.6M | Add +0.7% |
| IJR iShares Core S&P Small-Cap E | 0.11% | 21,045 | $2.5M | Add +3.7% |
| VOX Vanguard Communication Servi | 0.11% | 12,864 | $2.5M | Add +19.6% |
| GOOGL Alphabet Inc. Class A | 0.10% | 7,361 | $2.3M | Reduce -1.7% |
| VIS Vanguard Industrials ETF | 0.09% | 6,882 | $2.1M | Add +40.2% |
| RTX RTX Corp. | 0.08% | 9,347 | $1.7M | Add +0.5% |
| AMD Advanced Micro Devices | 0.08% | 7,998 | $1.7M | Add +3.8% |
| IVE iShares S&P 500 Value ETF | 0.07% | 7,791 | $1.7M | Add +1.2% |
| GOOG Alphabet Inc. Class C | 0.07% | 4,977 | $1.6M | New |
| FLCA Franklin Ftse Canada ETF | 0.07% | 30,762 | $1.5M | Add +0.0% |
| VXUS Vanguard Total Intl Stock | 0.06% | 18,391 | $1.4M | Add +0.2% |
| JPM JPMorgan Chase & Co. | 0.06% | 4,114 | $1.3M | Add +5.2% |
| AVGO Broadcom Inc. | 0.06% | 3,600 | $1.2M | Reduce -0.8% |
| LRCX Lam Research Corp. | 0.06% | 7,250 | $1.2M | Add +44.7% |
| XLI SS Industrial Select Sector | 0.05% | 7,789 | $1.2M | Add +14.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.05% | 2,414 | $1.2M | Add +41.8% |
| IEFA iShares Core MSCI Eafe ETF | 0.05% | 12,848 | $1.1M | Add +0.4% |
| DUK Duke Energy Corp. | 0.05% | 9,254 | $1.1M | Add +0.9% |
| BTC Grayscale Bitcoin Mini ETF | 0.05% | 27,600 | $1.1M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.05% | 2,110 | $1.1M | Add +16.6% |
| ABBV Abbvie Inc. | 0.05% | 4,585 | $1.0M | Add +0.9% |
| SCHA Schwab US Small-Cap ETF | 0.05% | 35,815 | $1.0M | Add +10.5% |
| AMZN Amazon.com Inc. | 0.05% | 4,399 | $1.0M | Reduce -39.3% |
| COST Costco Wholesale Corp. | 0.05% | 1,154 | $995K | Add +11.1% |
| VIG Vanguard Dividend Apprec ETF | 0.05% | 4,521 | $994K | Add +26.0% |
| NFLX Netflix Inc. | 0.04% | 9,763 | $915K | Reduce -45.2% |
| META Meta Platforms Inc. Class A | 0.04% | 1,319 | $870K | Reduce -0.7% |
| IWF iShares Russell 1000 Growth | 0.04% | 1,689 | $800K | Reduce -78.5% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.04% | 2,008 | $798K | New |
| D Dominion Energy Inc. | 0.03% | 13,078 | $766K | No change |
| MKL Markel Group Inc. | 0.03% | 349 | $750K | Add +16.7% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.03% | 3,471 | $735K | Reduce -24.9% |
| IUSG iShares Core S&P U.S. Growth | 0.03% | 4,148 | $697K | Reduce -0.7% |
| IWM iShares Russell 2000 ETF | 0.03% | 2,772 | $682K | Add +22.8% |
| OEF iShares S&P 100 ETF | 0.03% | 1,989 | $682K | No change |
| XOM Exxon Mobil Corp. | 0.03% | 5,644 | $679K | Add +2.8% |
| VEU Vanguard Ftse All-World Ex-U | 0.03% | 9,162 | $674K | Add +65.8% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.03% | 3,584 | $636K | Add +0.0% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.03% | 6,683 | $611K | Reduce -4.4% |
| ORCL Oracle Corp. | 0.03% | 2,892 | $564K | No change |
| TIP iShares Tips Bond ETF | 0.03% | 5,116 | $562K | Add +61.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.03% | 10,162 | $559K | Add +13.7% |
| SRE Sempra | 0.02% | 6,153 | $543K | Reduce -3.0% |
| IVW iShares S&P 500 Growth ETF | 0.02% | 4,406 | $543K | Add +0.1% |
| SCHV Schwab US Large-Cap Value | 0.02% | 17,881 | $529K | Add +46.4% |
| PLD Prologis Inc. | 0.02% | 4,028 | $514K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.02% | 1,614 | $490K | Add +5.8% |
| IAU iShares Gold Trust | 0.02% | 5,914 | $480K | Add +37.1% |
| V Visa Inc. Class A | 0.02% | 1,307 | $458K | No change |
| DLO Dlocal Ltd. | 0.02% | 32,000 | $452K | New |
Portfolio Sells Q3 2025 → Q4 2025
| ELM Elm Market Navigator ETF | Reduce -25.7% | 5.56% | −2.74 |
| SGOV iShares 0-3 Month Treasury B | Reduce -40.5% | 2.18% | −1.89 |
| IEUR iShares Core MSCI Europe ETF | Reduce -7.9% | 3.10% | −0.48 |
| IEMG iShares Core MSCI Emerging | Reduce -1.1% | 4.53% | −0.44 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -3.4% | 1.99% | −0.31 |
| NVDA Nvidia Corp. | Reduce -16.9% | 0.93% | −0.31 |
| ITOT iShares Core S&P Total U.S. | Reduce -1.5% | 2.73% | −0.27 |
| IWF iShares Russell 1000 Growth | Reduce -78.5% | 0.04% | −0.15 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -2.8% | 0.88% | −0.11 |
| AAPL Apple Inc. | Reduce -20.0% | 0.24% | −0.07 |
| NFLX Netflix Inc. | Reduce -45.2% | 0.04% | −0.07 |
| IVV iShares Core S&P 500 ETF | Reduce -0.6% | 0.45% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -9.9% | 0.20% | −0.04 |
| AMZN Amazon.com Inc. | Reduce -39.3% | 0.05% | −0.03 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.03 |
| TSLA Tesla Inc. | Reduce -72.4% | 0.01% | −0.03 |
| XLC SS Comm Select Sector SPDR | Reduce -66.4% | 0.01% | −0.03 |
| EWC iShares MSCI Canada ETF | Reduce -2.9% | 0.28% | −0.02 |
| BNDX Vanguard Total Intl Bond ETF | Sold out | 0.00% | −0.02 |
| IWO iShares Russell 2000 Growth | Reduce -55.8% | 0.01% | −0.02 |
| IUSV iShares Core S&P U.S. Value | Reduce -0.1% | 0.21% | −0.02 |
| VDE Vanguard Energy ETF | Sold out | 0.00% | −0.02 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -24.9% | 0.03% | −0.02 |
| SUSB iShares ESG Aware 1-5 Year U | Sold out | 0.00% | −0.01 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -0.7% | 0.04% | −0.01 |
| VAW Vanguard Materials ETF | Reduce -29.0% | 0.01% | −0.01 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -4.4% | 0.03% | −0.00 |
| VDC Vanguard Consumer Staple ETF | Reduce -13.0% | 0.02% | −0.00 |
| SRE Sempra | Reduce -3.0% | 0.02% | −0.00 |
| PG The Procter & Gamble Co. | Reduce -1.6% | 0.02% | −0.00 |
| AVGO Broadcom Inc. | Reduce -0.8% | 0.06% | −0.00 |
| IUSG iShares Core S&P U.S. Growth | Reduce -0.7% | 0.03% | −0.00 |
| LOW Lowe's Cos Inc. | Reduce -1.9% | 0.01% | −0.00 |
| LMT Lockheed Martin Corp. | Reduce -1.8% | 0.01% | −0.00 |
| SCHX Schwab US Large-Cap ETF | Reduce -5.4% | 0.01% | −0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -1.7% | 0.10% | +0.01 |
| LLY Eli Lilly & Co. | Reduce -1.6% | 0.19% | +0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| BND Vanguard Total Bond Market | Add +73.9% | 3.33% | +1.20 |
| VGSH Vanguard Short-Term Treasury | Add +58.2% | 3.54% | +1.06 |
| SCHP Schwab U.S. Tips ETF | Add +28.4% | 8.50% | +1.05 |
| VGK Vanguard Ftse Europe ETF | Add +16.2% | 8.33% | +0.75 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +235.7% | 1.03% | +0.69 |
| VOO Vanguard S&P 500 ETF | Add +32.9% | 3.43% | +0.64 |
| AGG iShares Core U.S. Aggregate | Add +60.4% | 1.32% | +0.41 |
| VBIL Vanguard 0-3M T-Bill ETF | New | 0.37% | +0.37 |
| MUB iShares National Muni Bond E | Add +159.4% | 0.63% | +0.36 |
| SPEM State Street SP PTF Em ETF | Add +23.5% | 1.86% | +0.19 |
| VWO Vanguard Ftse Emerging Marke | Add +12.8% | 11.28% | +0.12 |
| BBEU JPMorgan Betabuilders Europe | Add +11.0% | 1.85% | +0.10 |
| VFH Vanguard Financials ETF | Add +81.4% | 0.23% | +0.09 |
| VNQ Vanguard Real Estate ETF | Add +45.0% | 0.39% | +0.08 |
| GOOG Alphabet Inc. Class C | New | 0.07% | +0.07 |
| XLF SS Financial Select Sector | Add +99.7% | 0.14% | +0.06 |
| VHT Vanguard Health Care ETF | Add +91.8% | 0.13% | +0.06 |
| BTC Grayscale Bitcoin Mini ETF | New | 0.05% | +0.05 |
| BBCA JPMorgan Betabuilders Canada | Add +7.0% | 1.25% | +0.04 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.04% | +0.04 |
| PLD Prologis Inc. | New | 0.02% | +0.02 |
| LRCX Lam Research Corp. | Add +44.7% | 0.06% | +0.02 |
| MELI MercadoLibre Inc. | New | 0.02% | +0.02 |
| DLO Dlocal Ltd. | New | 0.02% | +0.02 |
| VIS Vanguard Industrials ETF | Add +40.2% | 0.09% | +0.02 |
| XLK SS Technology Select Sector | Add +19.9% | 0.18% | +0.02 |
| AMD Advanced Micro Devices | Add +3.8% | 0.08% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +9.6% | 1.09% | +0.01 |
| MRK Merck & Co. Inc. | New | 0.01% | +0.01 |
| XLP SS Consumer Staples Sel Sect | New | 0.01% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +41.8% | 0.05% | +0.01 |
| VOX Vanguard Communication Servi | Add +19.6% | 0.11% | +0.01 |
| MU Micron Technology Inc. | New | 0.01% | +0.01 |
| JNJ Johnson & Johnson | New | 0.01% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | Add +65.8% | 0.03% | +0.01 |
| STX Seagate Technology Holdings | New | 0.01% | +0.01 |
| SLV iShares Silver Trust | New | 0.01% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +12.8% | 0.17% | +0.01 |
| TIP iShares Tips Bond ETF | Add +61.6% | 0.03% | +0.01 |
| OTF Blue Owl Technology Finance | Add +111.1% | 0.01% | +0.01 |
| SCHV Schwab US Large-Cap Value | Add +46.4% | 0.02% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +26.0% | 0.05% | +0.01 |
| IAU iShares Gold Trust | Add +37.1% | 0.02% | +0.01 |
| MKL Markel Group Inc. | Add +16.7% | 0.03% | +0.01 |
| SCHB Schwab US Broad Market ETF | Add +13.2% | 0.13% | +0.01 |
| GLD SPDR Gold Shares | Add +39.0% | 0.02% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +22.8% | 0.03% | +0.00 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +9.9% | 0.16% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +16.6% | 0.05% | +0.00 |
| BAC Bank of America Corp. | Add +13.7% | 0.03% | +0.00 |
Options Activity Q3 2025 → Q4 2025
| MU Micron Technology Inc. | call | Sold out | 33,000 | $5.5Mbefore exit |
| AMD Advanced Micro Devices | call | Sold out | 17,500 | $2.8Mbefore exit |
| COHR Coherent Corp. | call | Sold out | 20,000 | $2.2Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |