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

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 Q3 2025 Q4 2025: $2.2B $2.2B Q4 2025 Q1 2026: $2.3B Q1 2026 Q2 2026: $2.8B Q2 2026

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
VST Vistra Corp. 0.02% 2,801 $452K No change
MELI MercadoLibre Inc. 0.02% 224 $451K New
WMT Walmart Inc. 0.02% 4,032 $449K Add +6.6%
ETN Eaton Corp. PLC 0.02% 1,333 $425K Add +0.1%
ORLY O'reilly Automotive Inc. 0.02% 4,605 $420K No change
PG The Procter & Gamble Co. 0.02% 2,910 $417K Reduce -1.6%
CAT Caterpillar Inc. 0.02% 723 $414K Add +4.3%
IWN iShares Russell 2000 Value E 0.02% 2,276 $412K No change
IWD iShares Russell 1000 Value E 0.02% 1,782 $375K Add +0.2%
LIN Linde PLC 0.02% 871 $371K No change
XLY SS Consumer Disc Select Sect 0.02% 3,078 $368K No change
ASML ASML Holding NV-NY Reg SHS 0.02% 341 $363K No change
MA Mastercard Inc. Class A 0.02% 620 $354K Add +12.7%
VDC Vanguard Consumer Staple ETF 0.02% 1,614 $341K Reduce -13.0%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.02% 7,932 $339K No change
GLD SPDR Gold Shares 0.02% 838 $333K Add +39.0%
MRK Merck & Co. Inc. 0.01% 3,108 $327K New
VWOB Vanguard Emerg MKTS Gov BND 0.01% 4,754 $321K No change
OTF Blue Owl Technology Finance 0.01% 21,985 $320K Add +111.1%
GILD Gilead Sciences Inc. 0.01% 2,576 $316K Add +0.1%
LOW Lowe's Cos Inc. 0.01% 1,304 $314K Reduce -1.9%
GS Goldman Sachs Group Inc. 0.01% 356 $313K Add +3.5%
IJK iShares S&P Mid-Cap 400 Grow 0.01% 3,215 $312K Add +0.2%
PLTR Palantir Technologies Inc. Class A 0.01% 1,716 $305K Add +28.0%
APH Amphenol Corp. Class A 0.01% 2,252 $304K No change
QQQ Invesco QQQ Trust Series 1 0.01% 490 $301K Add +11.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 2,567 $292K Add +22.1%
TMO Thermo Fisher Scientific Inc. 0.01% 500 $290K No change
LMT Lockheed Martin Corp. 0.01% 599 $290K Reduce -1.8%
XLP SS Consumer Staples Sel Sect 0.01% 3,698 $287K New
VLO Valero Energy Corp. 0.01% 1,689 $275K Add +4.3%
IWS iShares Russell Mid-Cap Valu 0.01% 1,946 $275K No change
NVO Novo-Nordisk A/S-Spons ADR 0.01% 5,330 $272K No change
MCD McDonald's Corp. 0.01% 885 $270K No change
LMND Lemonade Inc. 0.01% 3,800 $270K No change
SPYV SS SPDR P S&P 500 Value ETF 0.01% 4,710 $268K Add +0.8%
XLC SS Comm Select Sector SPDR 0.01% 2,220 $261K Reduce -66.4%
SCHX Schwab US Large-Cap ETF 0.01% 9,706 $261K Reduce -5.4%
VCSH Vanguard S/T Corp. Bond ETF 0.01% 3,255 $260K No change
IWO iShares Russell 2000 Growth 0.01% 768 $248K Reduce -55.8%
PM Philip Morris International 0.01% 1,501 $241K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 531 $241K Add +0.2%
DE Deere & Co. 0.01% 515 $240K Add +15.0%
MU Micron Technology Inc. 0.01% 840 $240K New
JNJ Johnson & Johnson 0.01% 1,147 $238K New
NEE Nextera Energy Inc. 0.01% 2,933 $235K Add +6.5%
VAW Vanguard Materials ETF 0.01% 1,120 $232K Reduce -29.0%
STX Seagate Technology Holdings 0.01% 828 $228K New
ELV Elevance Health Inc. 0.01% 637 $223K No change
SLV iShares Silver Trust 0.01% 3,427 $221K New
IJJ iShares S&P Mid-Cap 400 Valu 0.01% 1,645 $217K Add +0.6%
TSLA Tesla Inc. 0.01% 461 $207K Reduce -72.4%
URA Global X Uranium ETF 0.01% 4,687 $200K No change
SAN Banco Santander SA-Spon ADR 0.01% 16,760 $197K No change

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

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