Global Endowment Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Global Endowment Management, LP reported 128 stock positions worth $751.2 million. Its top holding was Vanguard Total Bond Market (BND) at 19.9% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 13.8%) and Vanguard Total Intl Stock (VXUS, 11.5%). Compared with Q1 2025, it opened 14 new positions, sold out of 28, added to 37 and reduced 42. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +19%) and the biggest sale an exit from Calvert US L-C CR Resp Index (CVLC).
- Most Recent 13F
- Q2 2026
- Location
- CHARLOTTE, NC
- CIK
- 0001512237
- Portfolio Value
- $751.2M (Q2 2025)
- SEC Filing
- 0001085146-25-004969 ↗ filed Aug 13, 2025
Holdings Value
Holdings 128 stocks · $751.2M
| BND Vanguard Total Bond Market | 19.91% | 2,031,788 | $149.6M | Add +0.2% |
| VTI VG Morningstar TS MKT ETF-US | 13.80% | 340,983 | $103.6M | Reduce -13.3% |
| VXUS Vanguard Total Intl Stock | 11.52% | 1,252,430 | $86.5M | Reduce -5.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 7.35% | 89,363 | $55.2M | Add +19.0% |
| VT Vanguard Tot World STK ETF | 5.17% | 302,086 | $38.8M | Add +1.0% |
| BBRE JPM Betabldrs MSCI US REIT filed as J P MORGAN EXCHANGE TRADED F | 4.77% | 389,210 | $35.9M | Reduce -16.0% |
| TXO Txo Partners LP | 3.47% | 1,733,760 | $26.1M | Reduce -12.7% |
| NVDA Nvidia Corp. | 2.54% | 120,938 | $19.1M | No change |
| AAPL Apple Inc. | 2.10% | 77,012 | $15.8M | No change |
| VWO Vanguard Ftse Emerging Marke | 1.96% | 298,000 | $14.7M | No change |
| AAXJ iShares MSCI All Country Asi | 1.86% | 169,272 | $14.0M | Reduce -0.8% |
| VOO Vanguard S&P 500 ETF | 1.86% | 24,605 | $14.0M | Reduce -0.7% |
| AGG iShares Core U.S. Aggregate | 1.80% | 136,465 | $13.5M | Add +57.6% |
| PHYS Sprott Physical Gold Trust | 1.34% | 396,000 | $10.0M | No change |
| SCHX Schwab US Large-Cap ETF | 1.22% | 373,488 | $9.1M | New |
| IYR iShares US Real Estate ETF | 1.18% | 93,880 | $8.9M | Add +36.3% |
| XLV SS Health Care Select Sector | 1.17% | 65,144 | $8.8M | Add +2.4% |
| TIP iShares Tips Bond ETF | 0.95% | 65,197 | $7.2M | Add +4.3% |
| EWJ iShares MSCI Japan ETF | 0.86% | 85,801 | $6.4M | Reduce -22.7% |
| META Meta Platforms Inc. Class A | 0.79% | 8,015 | $5.9M | Reduce -3.9% |
| AMZN Amazon.com Inc. | 0.62% | 21,165 | $4.6M | Add +0.1% |
| MSFT Microsoft Corp. | 0.54% | 8,115 | $4.0M | Reduce -5.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.53% | 8,201 | $4.0M | Reduce -18.9% |
| DJP Ipath Bloomberg Commodity Inc. filed as BARCLAYS BANK PLC | 0.49% | 108,550 | $3.7M | Add +101.0% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.45% | 83,912 | $3.4M | Reduce -4.4% |
| VNQ Vanguard Real Estate ETF | 0.45% | 38,000 | $3.4M | Reduce -9.4% |
| GLD SPDR Gold Shares | 0.45% | 11,000 | $3.4M | Reduce -16.6% |
| SHY iShares 1-3 Year Treasury Bo | 0.44% | 40,000 | $3.3M | No change |
| SPAB SS SPDR P Agg Bond ETF | 0.39% | 113,772 | $2.9M | Add +3.7% |
| GDX Vaneck Gold Miners ETF | 0.38% | 55,000 | $2.9M | No change |
| VEA Vanguard Ftse Developed ETF | 0.36% | 48,000 | $2.7M | No change |
| VGIT Vanguard Intermediate-Term T | 0.36% | 44,700 | $2.7M | No change |
| VGLT Vanguard Long-Term Treasury | 0.35% | 46,770 | $2.6M | No change |
| BNDX Vanguard Total Intl Bond ETF | 0.34% | 52,331 | $2.6M | Add +193.0% |
| IEI iShares 3-7 Year Treasury Bo | 0.32% | 20,000 | $2.4M | No change |
| DBC Invesco DB Commodity Index T | 0.30% | 103,088 | $2.2M | Reduce -47.6% |
| GOOGL Alphabet Inc. Class A | 0.29% | 12,446 | $2.2M | Reduce -2.6% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.27% | 24,840 | $2.0M | Add +9.2% |
| EWU iShares MSCI United Kingdom | 0.26% | 50,000 | $2.0M | No change |
| INDA iShares MSCI India ETF | 0.26% | 35,000 | $1.9M | No change |
| SPEM State Street SP PTF Em ETF | 0.24% | 41,627 | $1.8M | Reduce -4.5% |
| KWEB Kranesh Csi China Internet | 0.23% | 50,000 | $1.7M | No change |
| LTPZ PIMCO 15+ YR US Tips Indx | 0.21% | 30,000 | $1.6M | New |
| ANGL Vaneck Fallen Angel High YLD | 0.19% | 50,000 | $1.5M | No change |
| EWG iShares MSCI Germany ETF | 0.19% | 33,500 | $1.4M | New |
| VGK Vanguard Ftse Europe ETF | 0.19% | 18,000 | $1.4M | No change |
| EWP iShares MSCI Spain ETF | 0.18% | 30,000 | $1.3M | No change |
| GBDC Golub Capital BDC Inc. | 0.18% | 90,000 | $1.3M | Add +12.5% |
| PDD PDD Holdings Inc. | 0.17% | 12,337 | $1.3M | Add +205.8% |
| EWA iShares MSCI Australia ETF | 0.14% | 40,000 | $1.1M | No change |
| EWS iShares MSCI Singapore ETF | 0.14% | 40,000 | $1.0M | No change |
| ARGT Global X MSCI Argentina ETF | 0.14% | 12,000 | $1.0M | No change |
| GE General Electric filed as GE AEROSPACE | 0.12% | 3,615 | $930K | Add +15.1% |
| CVNA Carvana Co. | 0.12% | 2,736 | $922K | No change |
| XLC SS Comm Select Sector SPDR | 0.12% | 8,000 | $868K | Reduce -20.0% |
| MCO Moody's Corp. | 0.11% | 1,625 | $815K | Add +16.3% |
| SCHG Schwab US Large-Cap Growth | 0.11% | 27,260 | $796K | New |
| V Visa Inc. Class A | 0.10% | 2,166 | $769K | Add +12.0% |
| XLK SS Technology Select Sector | 0.10% | 3,000 | $760K | Reduce -25.0% |
| FLKR Franklin Ftse South Korea | 0.09% | 29,000 | $709K | Add +58.5% |
| LPX Louisiana-Pacific Corp. | 0.09% | 7,967 | $685K | No change |
| CPNG Coupang Inc. | 0.09% | 21,600 | $647K | No change |
| VEEV Veeva Systems Inc. Class A | 0.08% | 2,101 | $605K | No change |
| MELI MercadoLibre Inc. | 0.08% | 231 | $604K | No change |
| CACC Credit Acceptance Corp. | 0.08% | 1,179 | $601K | No change |
| WBD Warner Bros Discovery Inc. | 0.08% | 51,561 | $591K | Add +68.0% |
| GVI iShares Intermediate Governm | 0.08% | 5,334 | $570K | Add +9.3% |
| WIX LTD (WIX 0 08/15/25) filed as WIX COM LTD | 0.07% | 3,500 | $555K | New |
| QLTY GMO U.S. Quality ETF | 0.07% | 16,000 | $548K | No change |
| SPIB SS SPDR P Int C Corp. ETF | 0.07% | 15,463 | $519K | Add +2.6% |
| FERG Ferguson Enterprises Inc. | 0.07% | 2,333 | $508K | Reduce -23.8% |
| APPF Appfolio Inc. Class A | 0.07% | 2,194 | $505K | No change |
| XSW SS SPDR S&P Soft & Serv ETF | 0.07% | 2,600 | $494K | Reduce -35.0% |
| COF Capital One Financial Corp. | 0.07% | 2,312 | $492K | New |
| JNK SS SPDR BB High Yield Bond | 0.06% | 5,000 | $486K | Reduce -66.9% |
| EWI iShares MSCI Italy ETF | 0.06% | 10,000 | $481K | No change |
| XPMFX PIMCO Municipal Income Fund | 0.06% | 60,000 | $479K | New |
| SHOC Shoc US Semicon Equity ETF | 0.06% | 9,000 | $478K | Reduce -10.0% |
| EWT iShares MSCI Taiwan ETF | 0.06% | 8,000 | $459K | No change |
| CCK Crown Holdings Inc. | 0.06% | 4,439 | $457K | Add +14.8% |
| IBIT iShares Bitcoin Trust ETF | 0.06% | 7,363 | $451K | Add +5.2% |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 0.06% | 30,000 | $444K | New |
| ECH iShares MSCI Chile ETF | 0.06% | 14,000 | $440K | New |
| EWY iShares MSCI South Korea ETF | 0.06% | 6,110 | $439K | No change |
| EWL iShares MSCI Switzerland ETF | 0.06% | 8,000 | $438K | No change |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.06% | 9,637 | $416K | Add +3.9% |
| FOUR SHIFT4 Payments Inc. Class A | 0.05% | 4,147 | $411K | Reduce -28.9% |
| RGLD Royal Gold Inc. | 0.05% | 2,244 | $399K | New |
| FA First Advantage Corp. | 0.05% | 23,107 | $384K | New |
| QRVO Qorvo Inc. | 0.05% | 4,510 | $383K | New |
| CRH CRH PLC | 0.05% | 4,094 | $376K | Reduce -20.1% |
| ENVA Enova International Inc. | 0.05% | 3,307 | $369K | Reduce -10.9% |
| HTGC Hercules Capital Inc. | 0.05% | 20,000 | $366K | No change |
| GEN Gen Digital Inc. | 0.05% | 12,376 | $364K | Add +46.7% |
| PCG P G & E Corp. | 0.05% | 25,506 | $356K | New |
| ADSK Autodesk Inc. | 0.05% | 1,139 | $353K | Add +33.4% |
| OSCR Oscar Health Inc. Class A | 0.05% | 16,214 | $348K | Reduce -16.6% |
| ALIT Alight Inc. Class A | 0.05% | 60,750 | $344K | Add +61.2% |
| XOP SS SPDR S&P Og Exp & Prod | 0.05% | 2,700 | $340K | Reduce -32.5% |
| APGE Apogee Therapeutics Inc. | 0.05% | 7,797 | $339K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| CVLC Calvert US L-C CR Resp Index | Sold out | 0.00% | −1.59 |
| TXO Txo Partners LP | Reduce -12.7% | 3.47% | −1.47 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −1.10 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Sold out | 0.00% | −1.06 |
| EAGG iShares ESG Aware US Aggrega | Sold out | 0.00% | −1.04 |
| BBRE JPM Betabldrs MSCI US REIT | Reduce -16.0% | 4.77% | −0.89 |
| MLPX Global X MLP & Energy Infras | Sold out | 0.00% | −0.32 |
| DBC Invesco DB Commodity Index T | Reduce -47.6% | 0.30% | −0.28 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -13.3% | 13.80% | −0.25 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.21 |
| ADX Adams Diversified Equity | Sold out | 0.00% | −0.19 |
| BTC Grayscale Bitcoin Mini ETF | Sold out | 0.00% | −0.19 |
| XNIEX Virtus Equity & Convertible | Sold out | 0.00% | −0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -18.9% | 0.53% | −0.17 |
| EWJ iShares MSCI Japan ETF | Reduce -22.7% | 0.86% | −0.13 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.12 |
| JNK SS SPDR BB High Yield Bond | Reduce -66.9% | 0.06% | −0.12 |
| EIRL iShares MSCI Ireland ETF | Sold out | 0.00% | −0.12 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −0.10 |
| URA Global X Uranium ETF | Reduce -81.7% | 0.04% | −0.09 |
| VAW Vanguard Materials ETF | Sold out | 0.00% | −0.07 |
| FTRE Fortrea Holdings Inc. | Sold out | 0.00% | −0.06 |
| SPGI S&P Global Inc. | Sold out | 0.00% | −0.06 |
| IBTF iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.05 |
| GLD SPDR Gold Shares | Reduce -16.6% | 0.45% | −0.05 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.05 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.04 |
| VNQ Vanguard Real Estate ETF | Reduce -9.4% | 0.45% | −0.04 |
| HUM Humana Inc. | Sold out | 0.00% | −0.04 |
| GTX Garrett Motion Inc. | Sold out | 0.00% | −0.04 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.04 |
| ASHR Xtrackers Harvest Csi 300 CH | Reduce -50.0% | 0.04% | −0.03 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.03 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.03 |
| NWS News Corp. Class B | Sold out | 0.00% | −0.03 |
| GDDY GoDaddy Inc. Class A | Sold out | 0.00% | −0.03 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.03 |
| IBDR iShares Ibonds Dec 2026 Term | Sold out | 0.00% | −0.03 |
| LRN Stride Inc. | Reduce -46.4% | 0.04% | −0.02 |
| XOP SS SPDR S&P Og Exp & Prod | Reduce -32.5% | 0.05% | −0.02 |
| KSPI JSC Kaspi.kz ADR | Reduce -27.8% | 0.04% | −0.02 |
| XSW SS SPDR S&P Soft & Serv ETF | Reduce -35.0% | 0.07% | −0.02 |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | Sold out | 0.00% | −0.02 |
| CCOI Cogent Communications Holdin | Reduce -6.9% | 0.04% | −0.01 |
| XLC SS Comm Select Sector SPDR | Reduce -20.0% | 0.12% | −0.01 |
| PFIX Simplify Interest Rate Hedge | Reduce -33.3% | 0.03% | −0.01 |
| CRH CRH PLC | Reduce -20.1% | 0.05% | −0.01 |
| UPWK Upwork Inc. | Reduce -27.7% | 0.03% | −0.01 |
| ESGR Enstar Group Ltd. | Reduce -18.7% | 0.04% | −0.01 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -28.9% | 0.05% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +19.0% | 7.35% | +1.89 |
| SCHX Schwab US Large-Cap ETF | New | 1.22% | +1.22 |
| AGG iShares Core U.S. Aggregate | Add +57.6% | 1.80% | +0.69 |
| VT Vanguard Tot World STK ETF | Add +1.0% | 5.17% | +0.66 |
| BND Vanguard Total Bond Market | Add +0.2% | 19.91% | +0.55 |
| IYR iShares US Real Estate ETF | Add +36.3% | 1.18% | +0.33 |
| DJP Ipath Bloomberg Commodity Inc. | Add +101.0% | 0.49% | +0.24 |
| BNDX Vanguard Total Intl Bond ETF | Add +193.0% | 0.34% | +0.23 |
| LTPZ PIMCO 15+ YR US Tips Indx | New | 0.21% | +0.21 |
| EWG iShares MSCI Germany ETF | New | 0.19% | +0.19 |
| PDD PDD Holdings Inc. | Add +205.8% | 0.17% | +0.11 |
| SCHG Schwab US Large-Cap Growth | New | 0.11% | +0.11 |
| AMZN Amazon.com Inc. | Add +0.1% | 0.62% | +0.10 |
| WIX LTD (WIX 0 08/15/25) | New | 0.07% | +0.07 |
| COF Capital One Financial Corp. | New | 0.07% | +0.07 |
| XPMFX PIMCO Municipal Income Fund | New | 0.06% | +0.06 |
| MMD Nylim Mackay Definedterm Mun | New | 0.06% | +0.06 |
| ECH iShares MSCI Chile ETF | New | 0.06% | +0.06 |
| RGLD Royal Gold Inc. | New | 0.05% | +0.05 |
| TIP iShares Tips Bond ETF | Add +4.3% | 0.95% | +0.05 |
| FA First Advantage Corp. | New | 0.05% | +0.05 |
| QRVO Qorvo Inc. | New | 0.05% | +0.05 |
| FLKR Franklin Ftse South Korea | Add +58.5% | 0.09% | +0.05 |
| PCG P G & E Corp. | New | 0.05% | +0.05 |
| BDX Becton Dickinson and Co. | New | 0.04% | +0.04 |
| GE General Electric | Add +15.1% | 0.12% | +0.04 |
| WBD Warner Bros Discovery Inc. | Add +68.0% | 0.08% | +0.04 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +9.2% | 0.27% | +0.03 |
| MCO Moody's Corp. | Add +16.3% | 0.11% | +0.02 |
| SPAB SS SPDR P Agg Bond ETF | Add +3.7% | 0.39% | +0.02 |
| GEN Gen Digital Inc. | Add +46.7% | 0.05% | +0.02 |
| GBDC Golub Capital BDC Inc. | Add +12.5% | 0.18% | +0.02 |
| ADSK Autodesk Inc. | Add +33.4% | 0.05% | +0.02 |
| IBIT iShares Bitcoin Trust ETF | Add +5.2% | 0.06% | +0.02 |
| ALIT Alight Inc. Class A | Add +61.2% | 0.05% | +0.02 |
| CCK Crown Holdings Inc. | Add +14.8% | 0.06% | +0.02 |
| V Visa Inc. Class A | Add +12.0% | 0.10% | +0.01 |
| HR Healthcare Realty Trust Inc. | Add +50.4% | 0.04% | +0.01 |
| MTCH Match Group Inc. | Add +41.1% | 0.04% | +0.01 |
| INTU Intuit Inc. | Add +4.2% | 0.04% | +0.01 |
| GVI iShares Intermediate Governm | Add +9.3% | 0.08% | +0.01 |
| KVUE Kenvue Inc. | Add +33.6% | 0.04% | +0.01 |
| PPLI People Inc. | Add +14.2% | 0.04% | +0.01 |
| ICE Intercontinental Exchange Inc. | Add +7.4% | 0.03% | +0.01 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +3.9% | 0.06% | +0.00 |
| SPIB SS SPDR P Int C Corp. ETF | Add +2.6% | 0.07% | +0.00 |
| SPLB SS SPDR P Long Term C ETF | Add +6.3% | 0.04% | +0.00 |
| WAT Waters Corp. | Add +12.5% | 0.03% | +0.00 |
| MRSH Marsh & McLennan Cos | Add +11.1% | 0.03% | +0.00 |
| ULCC Frontier Group Holdings Inc. | Add +6.0% | 0.03% | −0.00 |
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 |