Global Endowment Management, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Global Endowment Management, LP reported 140 stock positions worth $781.8 million. Its top holding was Vanguard Total Bond Market (BND) at 21.5% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 12.6%) and Vanguard Total Intl Stock (VXUS, 11.3%). Compared with Q3 2024, it opened 25 new positions, sold out of 16, added to 17 and reduced 57. The biggest buy was a new position in Calvert US L-C CR Resp Index (CVLC) and the biggest sale Carvana (CVNA, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- CHARLOTTE, NC
- CIK
- 0001512237
- Portfolio Value
- $781.8M (Q4 2024)
- SEC Filing
- 0001085146-25-001331 ↗ filed Feb 13, 2025
Holdings Value
Holdings 140 stocks · $781.8M
| BND Vanguard Total Bond Market | 21.47% | 2,334,551 | $167.9M | Reduce -25.2% |
| VTI VG Morningstar TS MKT ETF-US | 12.59% | 339,574 | $98.4M | No change |
| VXUS Vanguard Total Intl Stock | 11.33% | 1,503,642 | $88.6M | Reduce -3.2% |
| BBRE JPM Betabldrs MSCI US REIT filed as J P MORGAN EXCHANGE TRADED F | 6.31% | 526,475 | $49.3M | Reduce -3.7% |
| TXO Txo Partners LP | 4.28% | 1,985,130 | $33.4M | No change |
| VT Vanguard Tot World STK ETF | 4.25% | 282,995 | $33.2M | Add +10.9% |
| AAPL Apple Inc. | 2.68% | 83,640 | $20.9M | Reduce -8.2% |
| NVDA Nvidia Corp. | 2.25% | 130,842 | $17.6M | Reduce -8.2% |
| VWO Vanguard Ftse Emerging Marke | 1.68% | 298,000 | $13.1M | No change |
| VOO Vanguard S&P 500 ETF | 1.63% | 23,610 | $12.7M | Reduce -2.4% |
| CVLC Calvert US L-C CR Resp Index | 1.59% | 169,980 | $12.5M | New |
| AAXJ iShares MSCI All Country Asi | 1.49% | 161,522 | $11.7M | No change |
| EWJ iShares MSCI Japan ETF | 1.36% | 158,941 | $10.7M | Reduce -3.4% |
| XLV SS Health Care Select Sector | 1.21% | 68,535 | $9.4M | Reduce -11.2% |
| SHY iShares 1-3 Year Treasury Bo | 1.17% | 111,250 | $9.1M | No change |
| XLP SS Consumer Staples Sel Sect | 1.13% | 112,425 | $8.8M | Reduce -10.1% |
| EAGG iShares ESG Aware US Aggrega | 1.07% | 179,779 | $8.3M | New |
| PHYS Sprott Physical Gold Trust | 1.02% | 396,000 | $8.0M | No change |
| AMZN Amazon.com Inc. | 1.00% | 35,719 | $7.8M | Reduce -4.6% |
| META Meta Platforms Inc. Class A | 0.99% | 13,206 | $7.7M | Reduce -71.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.89% | 15,357 | $7.0M | No change |
| IEI iShares 3-7 Year Treasury Bo | 0.87% | 59,000 | $6.8M | Reduce -4.8% |
| MSFT Microsoft Corp. | 0.82% | 15,131 | $6.4M | Reduce -0.1% |
| DBC Invesco DB Commodity Index T | 0.71% | 261,099 | $5.6M | Reduce -7.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.53% | 59,658 | $4.1M | New |
| IYR iShares US Real Estate ETF | 0.50% | 41,880 | $3.9M | No change |
| VNQ Vanguard Real Estate ETF | 0.48% | 41,930 | $3.7M | Reduce -73.8% |
| EWU iShares MSCI United Kingdom | 0.43% | 100,000 | $3.4M | No change |
| GLD SPDR Gold Shares | 0.41% | 13,182 | $3.2M | No change |
| MLPX Global X MLP & Energy Infras | 0.35% | 45,000 | $2.7M | Reduce -24.5% |
| SPAB SS SPDR P Agg Bond ETF | 0.35% | 108,738 | $2.7M | New |
| VGIT Vanguard Intermediate-Term T | 0.33% | 44,700 | $2.6M | New |
| VGLT Vanguard Long-Term Treasury | 0.33% | 46,770 | $2.6M | New |
| WIX Wix.com Ltd. | 0.33% | 12,064 | $2.6M | Reduce -85.7% |
| CPNG Coupang Inc. | 0.32% | 113,370 | $2.5M | Add +54.4% |
| EIRL iShares MSCI Ireland ETF | 0.30% | 40,000 | $2.3M | No change |
| VEA Vanguard Ftse Developed ETF | 0.29% | 48,000 | $2.3M | Reduce -4.0% |
| TIP iShares Tips Bond ETF | 0.27% | 20,023 | $2.1M | Reduce -74.6% |
| GOOGL Alphabet Inc. Class A | 0.26% | 10,561 | $2.0M | Reduce -41.5% |
| AGG iShares Core U.S. Aggregate | 0.24% | 19,600 | $1.9M | New |
| GDX Vaneck Gold Miners ETF | 0.24% | 55,000 | $1.9M | No change |
| LPX Louisiana-Pacific Corp. | 0.23% | 17,724 | $1.8M | New |
| EWS iShares MSCI Singapore ETF | 0.22% | 80,000 | $1.7M | No change |
| WGO Winnebago Industries | 0.22% | 35,309 | $1.7M | No change |
| EWA iShares MSCI Australia ETF | 0.21% | 69,997 | $1.7M | No change |
| BTC Grayscale Bitcoin Mini ETF | 0.21% | 39,593 | $1.7M | New |
| APPF Appfolio Inc. Class A | 0.21% | 6,549 | $1.6M | Reduce -14.8% |
| CACC Credit Acceptance Corp. | 0.20% | 3,410 | $1.6M | Reduce -89.4% |
| INDA iShares MSCI India ETF | 0.20% | 30,000 | $1.6M | No change |
| ARGT Global X MSCI Argentina ETF | 0.20% | 18,660 | $1.5M | No change |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.20% | 45,027 | $1.5M | New |
| ADX Adams Diversified Equity | 0.20% | 75,943 | $1.5M | Add +9.4% |
| GBDC Golub Capital BDC Inc. | 0.19% | 100,000 | $1.5M | No change |
| MCO Moody's Corp. | 0.19% | 3,159 | $1.5M | Add +0.3% |
| XNIEX Virtus Equity & Convertible | 0.19% | 60,000 | $1.5M | No change |
| JNK SS SPDR BB High Yield Bond | 0.18% | 15,096 | $1.4M | Reduce -58.7% |
| ANGL Vaneck Fallen Angel High YLD | 0.18% | 50,000 | $1.4M | No change |
| MELI MercadoLibre Inc. | 0.18% | 843 | $1.4M | Reduce -14.8% |
| GE General Electric filed as GE AEROSPACE | 0.18% | 8,223 | $1.4M | Reduce -7.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.18% | 14,466 | $1.4M | Reduce -15.0% |
| BN Brookfield Corp. | 0.17% | 23,797 | $1.4M | Add +8.9% |
| FTRE Fortrea Holdings Inc. | 0.17% | 72,483 | $1.4M | Add +39.4% |
| ALLY Ally Financial Inc. | 0.17% | 37,205 | $1.3M | Add +15.4% |
| CVNA Carvana Co. | 0.17% | 6,419 | $1.3M | Reduce -96.4% |
| PDD PDD Holdings Inc. | 0.16% | 12,976 | $1.3M | Reduce -81.9% |
| EWP iShares MSCI Spain ETF | 0.16% | 40,000 | $1.2M | No change |
| URA Global X Uranium ETF | 0.15% | 43,262 | $1.2M | New |
| ESGR Enstar Group Ltd. | 0.14% | 3,401 | $1.1M | Reduce -0.2% |
| ENVA Enova International Inc. | 0.14% | 11,126 | $1.1M | New |
| SPGI S&P Global Inc. | 0.13% | 2,054 | $1.0M | New |
| CCOI Cogent Communications Holdin | 0.13% | 12,962 | $999K | Reduce -20.9% |
| XLC SS Comm Select Sector SPDR | 0.12% | 10,000 | $968K | No change |
| XLK SS Technology Select Sector | 0.12% | 4,000 | $930K | No change |
| XOP SS SPDR S&P Og Exp & Prod | 0.12% | 7,000 | $927K | Reduce -53.3% |
| VAW Vanguard Materials ETF | 0.12% | 4,920 | $924K | No change |
| XLF SS Financial Select Sector | 0.12% | 19,030 | $920K | No change |
| WBD Warner Bros Discovery Inc. | 0.11% | 83,531 | $883K | New |
| PPLI People Inc. filed as IAC INC | 0.11% | 20,320 | $877K | Reduce -12.5% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.11% | 10,844 | $853K | Reduce -58.0% |
| CRH CRH PLC | 0.11% | 8,973 | $830K | Reduce -12.1% |
| RGLD Royal Gold Inc. | 0.10% | 6,132 | $809K | Add +5.0% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.10% | 32,000 | $808K | Reduce -36.0% |
| ULCC Frontier Group Holdings Inc. | 0.10% | 112,664 | $801K | Reduce -35.0% |
| USFD US Foods Holding Corp. | 0.10% | 11,759 | $793K | New |
| DFS Discover Financial Services | 0.10% | 4,472 | $775K | Reduce -22.0% |
| XSW SS SPDR S&P Soft & Serv ETF | 0.10% | 4,000 | $756K | No change |
| SPEM State Street SP PTF Em ETF | 0.09% | 19,229 | $738K | New |
| EWL iShares MSCI Switzerland ETF | 0.09% | 16,000 | $735K | No change |
| DESP Despegar.com Corp. | 0.09% | 36,476 | $702K | Reduce -26.0% |
| CCK Crown Holdings Inc. | 0.09% | 8,423 | $696K | Reduce -2.1% |
| BABA Alibaba Group Holding-SP ADR | 0.08% | 7,570 | $642K | Add +1.4% |
| UPWK Upwork Inc. | 0.08% | 38,791 | $634K | Reduce -39.1% |
| STLA Stellantis NV | 0.08% | 48,453 | $632K | Add +36.2% |
| VTLE Vital Energy Inc. | 0.08% | 20,007 | $619K | Add +22.2% |
| XP XP Inc. Class A | 0.08% | 51,263 | $607K | Add +4.3% |
| IBKR Interactive Brokers Gro Class A | 0.08% | 3,392 | $599K | Reduce -95.2% |
| GDDY GoDaddy Inc. Class A | 0.07% | 2,965 | $585K | Reduce -28.0% |
| KWEB Kranesh Csi China Internet | 0.07% | 20,000 | $585K | Reduce -30.1% |
| CRM Salesforce Inc. | 0.07% | 1,691 | $565K | Reduce -32.8% |
| MTCH Match Group Inc. | 0.07% | 16,896 | $553K | New |
Portfolio Sells Q3 2024 → Q4 2024
| CVNA Carvana Co. | Reduce -96.4% | 0.17% | −3.00 |
| BND Vanguard Total Bond Market | Reduce -25.2% | 21.47% | −2.20 |
| META Meta Platforms Inc. Class A | Reduce -71.3% | 0.99% | −1.67 |
| CACC Credit Acceptance Corp. | Reduce -89.4% | 0.20% | −1.23 |
| VNQ Vanguard Real Estate ETF | Reduce -73.8% | 0.48% | −1.10 |
| WIX Wix.com Ltd. | Reduce -85.7% | 0.33% | −1.09 |
| IBKR Interactive Brokers Gro Class A | Reduce -95.2% | 0.08% | −0.91 |
| KRBN KS Global Carbon Stratgy ETF | Sold out | 0.00% | −0.83 |
| PDD PDD Holdings Inc. | Reduce -81.9% | 0.16% | −0.82 |
| TIP iShares Tips Bond ETF | Reduce -74.6% | 0.27% | −0.61 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.56 |
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −0.51 |
| VWOB Vanguard Emerg MKTS Gov BND | Sold out | 0.00% | −0.42 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.28 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −0.23 |
| TLH iShares 10-20 Year Treasury | Sold out | 0.00% | −0.22 |
| EWQ iShares MSCI France ETF | Sold out | 0.00% | −0.21 |
| JNK SS SPDR BB High Yield Bond | Reduce -58.7% | 0.18% | −0.18 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.15 |
| USO United States Oil Fund LP | Reduce -86.8% | 0.03% | −0.15 |
| VTIP Vanguard Short-Term Tips | Sold out | 0.00% | −0.14 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.10 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -58.0% | 0.11% | −0.10 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.10 |
| K Kellanova | Sold out | 0.00% | −0.10 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.08 |
| XOP SS SPDR S&P Og Exp & Prod | Reduce -53.3% | 0.12% | −0.08 |
| EQH Equitable Holdings Inc. | Sold out | 0.00% | −0.08 |
| GTX Garrett Motion Inc. | Sold out | 0.00% | −0.07 |
| KCCA Kraneshares California Carbo | Reduce -56.3% | 0.06% | −0.06 |
| GOOGL Alphabet Inc. Class A | Reduce -41.5% | 0.26% | −0.05 |
| SJNK SS SPDR BB St Hi Yield ETF | Reduce -36.0% | 0.10% | −0.03 |
| KWEB Kranesh Csi China Internet | Reduce -30.1% | 0.07% | −0.02 |
| MELI MercadoLibre Inc. | Reduce -14.8% | 0.18% | −0.02 |
| PPLI People Inc. | Reduce -12.5% | 0.11% | −0.01 |
| ASHR Xtrackers Harvest Csi 300 CH | Reduce -27.0% | 0.07% | −0.01 |
| ADSK Autodesk Inc. | Reduce -34.1% | 0.07% | −0.01 |
| KSPI JSC Kaspi.kz ADR | Reduce -15.0% | 0.18% | −0.01 |
| GEN Gen Digital Inc. | Reduce -27.4% | 0.06% | −0.01 |
| FICO Fair Isaac Corp. | Reduce -30.1% | 0.05% | −0.01 |
| ALIT Alight Inc. Class A | Reduce -18.3% | 0.06% | −0.00 |
| CCOI Cogent Communications Holdin | Reduce -20.9% | 0.13% | +0.00 |
| CRM Salesforce Inc. | Reduce -32.8% | 0.07% | +0.00 |
| WAT Waters Corp. | Reduce -15.3% | 0.06% | +0.01 |
| ICE Intercontinental Exchange Inc. | Reduce -5.6% | 0.05% | +0.01 |
| XLV SS Health Care Select Sector | Reduce -11.2% | 1.21% | +0.01 |
| CCK Crown Holdings Inc. | Reduce -2.1% | 0.09% | +0.01 |
| GE General Electric | Reduce -7.1% | 0.18% | +0.01 |
| INTU Intuit Inc. | Reduce -10.2% | 0.05% | +0.01 |
| PFIX Simplify Interest Rate Hedge | Reduce -26.3% | 0.05% | +0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| CVLC Calvert US L-C CR Resp Index | New | 1.59% | +1.59 |
| VT Vanguard Tot World STK ETF | Add +10.9% | 4.25% | +1.17 |
| EAGG iShares ESG Aware US Aggrega | New | 1.07% | +1.07 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.53% | +0.53 |
| SPAB SS SPDR P Agg Bond ETF | New | 0.35% | +0.35 |
| VGIT Vanguard Intermediate-Term T | New | 0.33% | +0.33 |
| VGLT Vanguard Long-Term Treasury | New | 0.33% | +0.33 |
| AGG iShares Core U.S. Aggregate | New | 0.24% | +0.24 |
| LPX Louisiana-Pacific Corp. | New | 0.23% | +0.23 |
| BTC Grayscale Bitcoin Mini ETF | New | 0.21% | +0.21 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.20% | +0.20 |
| URA Global X Uranium ETF | New | 0.15% | +0.15 |
| CPNG Coupang Inc. | Add +54.4% | 0.32% | +0.14 |
| ENVA Enova International Inc. | New | 0.14% | +0.14 |
| SPGI S&P Global Inc. | New | 0.13% | +0.13 |
| WBD Warner Bros Discovery Inc. | New | 0.11% | +0.11 |
| USFD US Foods Holding Corp. | New | 0.10% | +0.10 |
| SPEM State Street SP PTF Em ETF | New | 0.09% | +0.09 |
| MTCH Match Group Inc. | New | 0.07% | +0.07 |
| FTRE Fortrea Holdings Inc. | Add +39.4% | 0.17% | +0.07 |
| NWS News Corp. Class B | New | 0.07% | +0.07 |
| SPIB SS SPDR P Int C Corp. ETF | New | 0.06% | +0.06 |
| BN Brookfield Corp. | Add +8.9% | 0.17% | +0.06 |
| ALLY Ally Financial Inc. | Add +15.4% | 0.17% | +0.06 |
| IBTF iShares Ibonds Dec 2025 Term | New | 0.05% | +0.05 |
| SHYG iShares 0-5 YR HY Corp. Bond | New | 0.05% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.05% | +0.05 |
| ADX Adams Diversified Equity | Add +9.4% | 0.20% | +0.05 |
| MCO Moody's Corp. | Add +0.3% | 0.19% | +0.04 |
| IBIT iShares Bitcoin Trust ETF | New | 0.04% | +0.04 |
| SPLB SS SPDR P Long Term C ETF | New | 0.04% | +0.04 |
| VTLE Vital Energy Inc. | Add +22.2% | 0.08% | +0.03 |
| STLA Stellantis NV | Add +36.2% | 0.08% | +0.03 |
| IBDR iShares Ibonds Dec 2026 Term | New | 0.03% | +0.03 |
| RGLD Royal Gold Inc. | Add +5.0% | 0.10% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | Add +8.0% | 0.05% | +0.01 |
| HUM Humana Inc. | Add +7.7% | 0.06% | +0.01 |
| ZTS Zoetis Inc. | Add +1.2% | 0.05% | +0.00 |
| BABA Alibaba Group Holding-SP ADR | Add +1.4% | 0.08% | +0.00 |
| BLMN Bloomin' Brands Inc. | Add +0.5% | 0.05% | −0.00 |
| OSCR Oscar Health Inc. Class A | Add +11.8% | 0.07% | −0.01 |
| XP XP Inc. Class A | Add +4.3% | 0.08% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 72 | $986.5M | VT, VTI, BND, VXUS, BBRE |
| Q1 2026 | 126 | $896.1M | VT, VXUS, BND, VTI, BBRE |
| Q4 2025 | 138 | $801.1M | BND, VTI, VXUS, BBRE, VT |
| Q3 2025 | 128 | $798.6M | BND, VTI, VXUS, VT, TXO |
| Q2 2025 | 128 | $751.2M | BND, VTI, VXUS, SPY, VT |
| Q1 2025 | 142 | $769.3M | BND, VTI, VXUS, BBRE, SPY |
| Q4 2024 | 140 | $781.8M | BND, VTI, VXUS, BBRE, TXO |
| Q3 2024 | 131 | $990.2M | BND, VXUS, VTI, BBRE, TXO |
| Q2 2024 | 122 | $944.9M | BND, VXUS, VTI, BBRE, SPY |
| Q1 2024 | 128 | $959.8M | BND, VXUS, VTI, BBRE, SPY |