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

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $959.8M Q1 2024 Q2 2024: $944.9M Q2 2024 Q3 2024: $990.2M Q3 2024 Q4 2024: $781.8M $781.8M Q4 2024 Q1 2025: $769.3M Q1 2025 Q2 2025: $751.2M Q2 2025 Q3 2025: $798.6M Q3 2025 Q4 2025: $801.1M Q4 2025 Q1 2026: $896.1M Q1 2026 Q2 2026: $986.5M Q2 2026

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
ASHR Xtrackers Harvest Csi 300 CH 0.07% 20,000 $529K Reduce -27.0%
OSCR Oscar Health Inc. Class A 0.07% 38,446 $517K Add +11.8%
QLTY GMO U.S. Quality ETF 0.07% 16,000 $512K No change
NWS News Corp. Class B 0.07% 16,783 $511K New
ADSK Autodesk Inc. 0.07% 1,721 $509K Reduce -34.1%
GVI iShares Intermediate Governm 0.06% 4,827 $503K No change
SPIB SS SPDR P Int C Corp. ETF 0.06% 14,993 $491K New
GEN Gen Digital Inc. 0.06% 17,788 $487K Reduce -27.4%
ALIT Alight Inc. Class A 0.06% 70,367 $487K Reduce -18.3%
V Visa Inc. Class A 0.06% 1,470 $465K Reduce -15.1%
HUM Humana Inc. 0.06% 1,827 $464K Add +7.7%
SHOC Shoc US Semicon Equity ETF 0.06% 10,000 $459K No change
KCCA Kraneshares California Carbo 0.06% 22,400 $439K Reduce -56.3%
WAT Waters Corp. 0.06% 1,164 $432K Reduce -15.3%
ICE Intercontinental Exchange Inc. 0.05% 2,880 $429K Reduce -5.6%
MRSH Marsh & McLennan Cos 0.05% 2,015 $428K Reduce -2.1%
SYRE Spyre Therapeutics Inc. 0.05% 18,184 $423K No change
TMO Thermo Fisher Scientific Inc. 0.05% 809 $421K Add +8.0%
ZTS Zoetis Inc. 0.05% 2,580 $420K Add +1.2%
INTU Intuit Inc. 0.05% 667 $419K Reduce -10.2%
EWT iShares MSCI Taiwan ETF 0.05% 8,000 $414K No change
FICO Fair Isaac Corp. 0.05% 207 $412K Reduce -30.1%
IBTF iShares Ibonds Dec 2025 Term 0.05% 17,270 $403K New
HTGC Hercules Capital Inc. 0.05% 20,000 $402K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.05% 9,317 $397K New
QQQ Invesco QQQ Trust Series 1 0.05% 760 $389K New
BLMN Bloomin' Brands Inc. 0.05% 31,325 $382K Add +0.5%
PFIX Simplify Interest Rate Hedge 0.05% 7,000 $366K Reduce -26.3%
EWI iShares MSCI Italy ETF 0.05% 10,000 $360K No change
APGE Apogee Therapeutics Inc. 0.05% 7,797 $353K No change
ECH iShares MSCI Chile ETF 0.04% 14,000 $351K No change
IBIT iShares Bitcoin Trust ETF 0.04% 5,500 $292K New
SPLB SS SPDR P Long Term C ETF 0.04% 12,685 $282K New
USO United States Oil Fund LP 0.03% 3,500 $264K Reduce -86.8%
ETHA iShares Ethereum Trust ETF 0.03% 10,090 $255K No change
BCSF Bain Capital Specialty Finan 0.03% 12,500 $219K No change
FSK FS KKR Capital Corp. 0.03% 10,000 $217K No change
EWC iShares MSCI Canada ETF 0.03% 5,000 $202K No change
IBDR iShares Ibonds Dec 2026 Term 0.03% 8,310 $200K New
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.02% 10,000 $140K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 72$986.5MVT, VTI, BND, VXUS, BBRE
Q1 2026 126$896.1MVT, VXUS, BND, VTI, BBRE
Q4 2025 138$801.1MBND, VTI, VXUS, BBRE, VT
Q3 2025 128$798.6MBND, VTI, VXUS, VT, TXO
Q2 2025 128$751.2MBND, VTI, VXUS, SPY, VT
Q1 2025 142$769.3MBND, VTI, VXUS, BBRE, SPY
Q4 2024 140$781.8MBND, VTI, VXUS, BBRE, TXO
Q3 2024 131$990.2MBND, VXUS, VTI, BBRE, TXO
Q2 2024 122$944.9MBND, VXUS, VTI, BBRE, SPY
Q1 2024 128$959.8MBND, VXUS, VTI, BBRE, SPY