Global Endowment Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Global Endowment Management, LP reported 142 stock positions worth $769.3 million. Its top holding was Vanguard Total Bond Market (BND) at 19.4% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 14.0%) and Vanguard Total Intl Stock (VXUS, 10.7%). Compared with Q4 2024, it opened 15 new positions, sold out of 13, added to 23 and reduced 74. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Vanguard Total Bond Market (BND, shares −13%).

Most Recent 13F
Q2 2026
Location
CHARLOTTE, NC
CIK
0001512237
Portfolio Value
$769.3M (Q1 2025)
SEC Filing
0001085146-25-003043 ↗ filed May 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 Q4 2024 Q1 2025: $769.3M $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 142 stocks · $769.3M
BND Vanguard Total Bond Market 19.36% 2,027,950 $149.0M Reduce -13.1%
VTI VG Morningstar TS MKT ETF-US 14.04% 393,124 $108.0M Add +15.8%
VXUS Vanguard Total Intl Stock 10.75% 1,331,290 $82.7M Reduce -11.5%
BBRE JPM Betabldrs MSCI US REIT filed as J P MORGAN EXCHANGE TRADED F 5.66% 463,443 $43.6M Reduce -12.0%
SPY SS SPDR S&P 500 ETF Trust-US 5.46% 75,083 $42.0M New
TXO Txo Partners LP 4.94% 1,985,130 $38.0M No change
VT Vanguard Tot World STK ETF 4.51% 299,101 $34.7M Add +5.7%
AAPL Apple Inc. 2.22% 77,012 $17.1M Reduce -7.9%
VWO Vanguard Ftse Emerging Marke 1.75% 298,000 $13.5M No change
NVDA Nvidia Corp. 1.70% 120,938 $13.1M Reduce -7.6%
VOO Vanguard S&P 500 ETF 1.66% 24,784 $12.7M Add +5.0%
AAXJ iShares MSCI All Country Asi 1.64% 170,667 $12.6M Add +5.7%
CVLC Calvert US L-C CR Resp Index 1.59% 177,349 $12.2M Add +4.3%
PHYS Sprott Physical Gold Trust 1.24% 396,000 $9.5M No change
XLV SS Health Care Select Sector 1.21% 63,644 $9.3M Reduce -7.1%
AGG iShares Core U.S. Aggregate 1.11% 86,579 $8.6M Add +341.7%
XLP SS Consumer Staples Sel Sect 1.10% 103,674 $8.5M Reduce -7.8%
SPYM Ste STR SPDR PT S&P 500 ETF 1.06% 123,634 $8.1M Add +107.2%
EAGG iShares ESG Aware US Aggrega 1.04% 169,079 $8.0M Reduce -6.0%
EWJ iShares MSCI Japan ETF 0.99% 110,993 $7.6M Reduce -30.2%
TIP iShares Tips Bond ETF 0.90% 62,519 $6.9M Add +212.2%
IYR iShares US Real Estate ETF 0.86% 68,880 $6.6M Add +64.5%
BRK.B Berkshire Hathaway Inc. Class B 0.70% 10,111 $5.4M Reduce -34.2%
META Meta Platforms Inc. Class A 0.62% 8,338 $4.8M Reduce -36.9%
DBC Invesco DB Commodity Index T 0.58% 196,736 $4.4M Reduce -24.6%
AMZN Amazon.com Inc. 0.52% 21,149 $4.0M Reduce -40.8%
GLD SPDR Gold Shares 0.49% 13,182 $3.8M No change
VNQ Vanguard Real Estate ETF 0.49% 41,930 $3.8M No change
SHY iShares 1-3 Year Treasury Bo 0.43% 40,000 $3.3M Reduce -64.0%
MSFT Microsoft Corp. 0.42% 8,563 $3.2M Reduce -43.4%
SPDW Ste STR SPDR PT DW Eu ETF 0.42% 87,808 $3.2M Add +95.0%
SPAB SS SPDR P Agg Bond ETF 0.36% 109,679 $2.8M Add +0.9%
VGLT Vanguard Long-Term Treasury 0.35% 46,770 $2.7M No change
VGIT Vanguard Intermediate-Term T 0.35% 44,700 $2.7M No change
GDX Vaneck Gold Miners ETF 0.33% 55,000 $2.5M No change
MLPX Global X MLP & Energy Infras 0.32% 39,000 $2.5M Reduce -13.3%
VEA Vanguard Ftse Developed ETF 0.32% 48,000 $2.4M No change
IEI iShares 3-7 Year Treasury Bo 0.31% 20,000 $2.4M Reduce -66.1%
GOOGL Alphabet Inc. Class A 0.26% 12,784 $2.0M Add +21.1%
DJP Ipath Bloomberg Commodity Inc. filed as BARCLAYS BANK PLC 0.25% 54,000 $1.9M New
EWU iShares MSCI United Kingdom 0.24% 50,000 $1.9M Reduce -50.0%
INDA iShares MSCI India ETF 0.23% 35,000 $1.8M Add +16.7%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.23% 22,753 $1.8M Add +109.8%
KWEB Kranesh Csi China Internet 0.23% 50,000 $1.7M Add +150.0%
SPEM State Street SP PTF Em ETF 0.22% 43,580 $1.7M Add +126.6%
QQQ Invesco QQQ Trust Series 1 0.21% 3,481 $1.6M Add +358.0%
ADX Adams Diversified Equity 0.19% 77,652 $1.5M Add +2.3%
BTC Grayscale Bitcoin Mini ETF 0.19% 39,593 $1.4M No change
ANGL Vaneck Fallen Angel High YLD 0.19% 50,000 $1.4M No change
JNK SS SPDR BB High Yield Bond 0.19% 15,096 $1.4M No change
XNIEX Virtus Equity & Convertible 0.17% 60,000 $1.3M No change
VGK Vanguard Ftse Europe ETF 0.16% 18,000 $1.3M New
GBDC Golub Capital BDC Inc. 0.16% 80,000 $1.2M Reduce -20.0%
EWP iShares MSCI Spain ETF 0.15% 30,000 $1.1M Reduce -25.0%
URA Global X Uranium ETF 0.13% 43,262 $992K No change
ARGT Global X MSCI Argentina ETF 0.13% 12,000 $969K Reduce -35.7%
XLC SS Comm Select Sector SPDR 0.13% 10,000 $965K No change
EWS iShares MSCI Singapore ETF 0.12% 40,000 $950K Reduce -50.0%
XLF SS Financial Select Sector 0.12% 19,030 $948K No change
EWA iShares MSCI Australia ETF 0.12% 40,000 $938K Reduce -42.9%
EIRL iShares MSCI Ireland ETF 0.12% 15,000 $887K Reduce -62.5%
BNDX Vanguard Total Intl Bond ETF 0.11% 17,861 $872K New
XLK SS Technology Select Sector 0.11% 4,000 $826K No change
WIX Wix.com Ltd. 0.10% 4,846 $792K Reduce -59.8%
LPX Louisiana-Pacific Corp. 0.10% 7,967 $733K Reduce -55.0%
V Visa Inc. Class A 0.09% 1,934 $678K Add +31.6%
MCO Moody's Corp. 0.08% 1,397 $651K Reduce -55.8%
XSW SS SPDR S&P Soft & Serv ETF 0.08% 4,000 $639K No change
GE General Electric filed as GE AEROSPACE 0.08% 3,142 $629K Reduce -61.8%
CACC Credit Acceptance Corp. 0.08% 1,179 $609K Reduce -65.4%
CVNA Carvana Co. 0.07% 2,736 $572K Reduce -57.4%
VAW Vanguard Materials ETF 0.07% 3,000 $566K Reduce -39.0%
ASHR Xtrackers Harvest Csi 300 CH 0.07% 20,000 $531K No change
XOP SS SPDR S&P Og Exp & Prod 0.07% 4,000 $527K Reduce -42.9%
GVI iShares Intermediate Governm 0.07% 4,879 $517K Add +1.1%
LRN Stride Inc. 0.07% 3,976 $503K New
SPIB SS SPDR P Int C Corp. ETF 0.07% 15,068 $501K Add +0.5%
QLTY GMO U.S. Quality ETF 0.07% 16,000 $500K No change
FTRE Fortrea Holdings Inc. 0.06% 65,245 $493K Reduce -10.0%
FERG Ferguson Enterprises Inc. 0.06% 3,063 $491K New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.06% 5,251 $488K Reduce -63.7%
VEEV Veeva Systems Inc. Class A 0.06% 2,101 $487K New
APPF Appfolio Inc. Class A 0.06% 2,194 $482K Reduce -66.5%
PDD PDD Holdings Inc. 0.06% 4,035 $478K Reduce -68.9%
FOUR SHIFT4 Payments Inc. Class A 0.06% 5,830 $476K New
CPNG Coupang Inc. 0.06% 21,600 $474K Reduce -81.0%
CRH CRH PLC 0.06% 5,126 $451K Reduce -42.9%
MELI MercadoLibre Inc. 0.06% 231 $451K Reduce -72.6%
SPGI S&P Global Inc. 0.06% 844 $429K Reduce -58.9%
EWI iShares MSCI Italy ETF 0.06% 10,000 $423K No change
EWL iShares MSCI Switzerland ETF 0.05% 8,000 $414K Reduce -50.0%
IBTF iShares Ibonds Dec 2025 Term 0.05% 17,270 $404K No change
SHOC Shoc US Semicon Equity ETF 0.05% 10,000 $397K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.05% 9,275 $394K Reduce -0.5%
HTGC Hercules Capital Inc. 0.05% 20,000 $384K No change
EWT iShares MSCI Taiwan ETF 0.05% 8,000 $380K No change
ESGR Enstar Group Ltd. 0.05% 1,142 $380K Reduce -66.4%
NWSA News Corp. Class A 0.05% 13,805 $376K New
CCOI Cogent Communications Holdin 0.05% 5,933 $364K Reduce -54.2%
BN Brookfield Corp. 0.05% 6,850 $359K Reduce -71.2%

Show all 142 holdings

Portfolio Sells Q4 2024 → Q1 2025
BND Vanguard Total Bond Market Reduce -13.1% 19.36% −2.11
SHY iShares 1-3 Year Treasury Bo Reduce -64.0% 0.43% −0.74
BBRE JPM Betabldrs MSCI US REIT Reduce -12.0% 5.66% −0.64
VXUS Vanguard Total Intl Stock Reduce -11.5% 10.75% −0.59
IEI iShares 3-7 Year Treasury Bo Reduce -66.1% 0.31% −0.56
NVDA Nvidia Corp. Reduce -7.6% 1.70% −0.54
AMZN Amazon.com Inc. Reduce -40.8% 0.52% −0.48
AAPL Apple Inc. Reduce -7.9% 2.22% −0.46
MSFT Microsoft Corp. Reduce -43.4% 0.42% −0.40
EWJ iShares MSCI Japan ETF Reduce -30.2% 0.99% −0.38
META Meta Platforms Inc. Class A Reduce -36.9% 0.62% −0.36
CPNG Coupang Inc. Reduce -81.0% 0.06% −0.26
WIX Wix.com Ltd. Reduce -59.8% 0.10% −0.23
WGO Winnebago Industries Sold out 0.00% −0.22
BRK.B Berkshire Hathaway Inc. Class B Reduce -34.2% 0.70% −0.19
EWU iShares MSCI United Kingdom Reduce -50.0% 0.24% −0.19
EIRL iShares MSCI Ireland ETF Reduce -62.5% 0.12% −0.19
APPF Appfolio Inc. Class A Reduce -66.5% 0.06% −0.14
LPX Louisiana-Pacific Corp. Reduce -55.0% 0.10% −0.14
DBC Invesco DB Commodity Index T Reduce -24.6% 0.58% −0.14
ALLY Ally Financial Inc. Reduce -80.2% 0.03% −0.14
BN Brookfield Corp. Reduce -71.2% 0.05% −0.13
CACC Credit Acceptance Corp. Reduce -65.4% 0.08% −0.13
MELI MercadoLibre Inc. Reduce -72.6% 0.06% −0.12
KSPI JSC Kaspi.kz ADR Reduce -63.7% 0.06% −0.11
FTRE Fortrea Holdings Inc. Reduce -10.0% 0.06% −0.11
MCO Moody's Corp. Reduce -55.8% 0.08% −0.11
RGLD Royal Gold Inc. Sold out 0.00% −0.10
SJNK SS SPDR BB St Hi Yield ETF Sold out 0.00% −0.10
USFD US Foods Holding Corp. Sold out 0.00% −0.10
EWS iShares MSCI Singapore ETF Reduce -50.0% 0.12% −0.10
PDD PDD Holdings Inc. Reduce -68.9% 0.06% −0.10
GE General Electric Reduce -61.8% 0.08% −0.09
CVNA Carvana Co. Reduce -57.4% 0.07% −0.09
EWA iShares MSCI Australia ETF Reduce -42.9% 0.12% −0.09
ESGR Enstar Group Ltd. Reduce -66.4% 0.05% −0.09
ENVA Enova International Inc. Reduce -66.6% 0.05% −0.09
CCOI Cogent Communications Holdin Reduce -54.2% 0.05% −0.08
VTLE Vital Energy Inc. Sold out 0.00% −0.08
XP XP Inc. Class A Sold out 0.00% −0.08
SPGI S&P Global Inc. Reduce -58.9% 0.06% −0.08
PPLI People Inc. Reduce -62.3% 0.04% −0.07
ULCC Frontier Group Holdings Inc. Reduce -54.2% 0.03% −0.07
ARGT Global X MSCI Argentina ETF Reduce -35.7% 0.13% −0.07
WBD Warner Bros Discovery Inc. Reduce -63.3% 0.04% −0.07
DFS Discover Financial Services Reduce -55.6% 0.04% −0.06
DESP Despegar.com Corp. Reduce -60.5% 0.04% −0.05
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.05
XOP SS SPDR S&P Og Exp & Prod Reduce -42.9% 0.07% −0.05
BLMN Bloomin' Brands Inc. Sold out 0.00% −0.05

Portfolio Buys Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US New 5.46% +5.46
VTI VG Morningstar TS MKT ETF-US Add +15.8% 14.04% +1.46
AGG iShares Core U.S. Aggregate Add +341.7% 1.11% +0.87
TIP iShares Tips Bond ETF Add +212.2% 0.90% +0.63
SPYM Ste STR SPDR PT S&P 500 ETF Add +107.2% 1.06% +0.53
IYR iShares US Real Estate ETF Add +64.5% 0.86% +0.36
VT Vanguard Tot World STK ETF Add +5.7% 4.51% +0.26
DJP Ipath Bloomberg Commodity Inc. New 0.25% +0.25
SPDW Ste STR SPDR PT DW Eu ETF Add +95.0% 0.42% +0.22
VGK Vanguard Ftse Europe ETF New 0.16% +0.16
QQQ Invesco QQQ Trust Series 1 Add +358.0% 0.21% +0.16
KWEB Kranesh Csi China Internet Add +150.0% 0.23% +0.15
AAXJ iShares MSCI All Country Asi Add +5.7% 1.64% +0.15
SPEM State Street SP PTF Em ETF Add +126.6% 0.22% +0.13
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +109.8% 0.23% +0.12
BNDX Vanguard Total Intl Bond ETF New 0.11% +0.11
LRN Stride Inc. New 0.07% +0.07
FERG Ferguson Enterprises Inc. New 0.06% +0.06
VEEV Veeva Systems Inc. Class A New 0.06% +0.06
FOUR SHIFT4 Payments Inc. Class A New 0.06% +0.06
NWSA News Corp. Class A New 0.05% +0.05
FLKR Franklin Ftse South Korea New 0.04% +0.04
EWY iShares MSCI South Korea ETF New 0.04% +0.04
GTX Garrett Motion Inc. New 0.04% +0.04
INDA iShares MSCI India ETF Add +16.7% 0.23% +0.03
KVUE Kenvue Inc. New 0.03% +0.03
HR Healthcare Realty Trust Inc. New 0.03% +0.03
PFE Pfizer Inc. New 0.03% +0.03
V Visa Inc. Class A Add +31.6% 0.09% +0.03
VOO Vanguard S&P 500 ETF Add +5.0% 1.66% +0.03
SPAB SS SPDR P Agg Bond ETF Add +0.9% 0.36% +0.02
IBIT iShares Bitcoin Trust ETF Add +27.3% 0.04% +0.01
GVI iShares Intermediate Governm Add +1.1% 0.07% +0.00
SPLB SS SPDR P Long Term C ETF Add +3.1% 0.04% +0.00
SPIB SS SPDR P Int C Corp. ETF Add +0.5% 0.07% +0.00
GOOGL Alphabet Inc. Class A Add +21.1% 0.26% +0.00
ADX Adams Diversified Equity Add +2.3% 0.19% −0.00
CVLC Calvert US L-C CR Resp Index Add +4.3% 1.59% −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