Global Endowment Management, LP

Name: Global Endowment Management, LP 13F holdings, Q2 2025
Creator: Global Endowment Management, LP
Published: 2025-08-13

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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
HR Healthcare Realty Trust Inc.	0.04%	21,178	$336K	Add +50.4%
NWSA News Corp. Class A	0.04%	11,167	$332K	Reduce -19.1%
BDX Becton Dickinson and Co.	0.04%	1,910	$329K	New
PPLI People Inc. filed as IAC INC	0.04%	8,757	$327K	Add +14.2%
MTCH Match Group Inc.	0.04%	10,526	$325K	Add +41.1%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.04%	3,792	$322K	Reduce -27.8%
SPLB SS SPDR P Long Term C ETF	0.04%	13,903	$314K	Add +6.3%
ESGR Enstar Group Ltd.	0.04%	928	$312K	Reduce -18.7%
LRN Stride Inc.	0.04%	2,132	$310K	Reduce -46.4%
INTU Intuit Inc.	0.04%	393	$310K	Add +4.2%
URA Global X Uranium ETF	0.04%	7,920	$307K	Reduce -81.7%
KVUE Kenvue Inc.	0.04%	13,491	$282K	Add +33.6%
ASHR Xtrackers Harvest Csi 300 CH	0.04%	10,000	$275K	Reduce -50.0%
SYRE Spyre Therapeutics Inc.	0.04%	18,184	$272K	No change
CCOI Cogent Communications Holdin	0.04%	5,523	$266K	Reduce -6.9%
ICE Intercontinental Exchange Inc.	0.03%	1,426	$262K	Add +7.4%
WAT Waters Corp.	0.03%	712	$249K	Add +12.5%
ALLY Ally Financial Inc.	0.03%	6,342	$247K	Reduce -13.9%
MRSH Marsh & McLennan Cos	0.03%	1,095	$239K	Add +11.1%
IBKR Interactive Brokers Gro Class A	0.03%	4,276	$237K	Reduce -30.4%
EWC iShares MSCI Canada ETF	0.03%	5,000	$231K	No change
STLA Stellantis NV	0.03%	21,702	$218K	Reduce -2.4%
FICO Fair Isaac Corp.	0.03%	119	$218K	Reduce -2.5%
BABA Alibaba Group Holding-SP ADR	0.03%	1,909	$217K	Reduce -8.1%
PFIX Simplify Interest Rate Hedge	0.03%	4,000	$211K	Reduce -33.3%
KCCA Kraneshares California Carbo	0.03%	13,389	$208K	Reduce -10.7%
ULCC Frontier Group Holdings Inc.	0.03%	54,707	$199K	Add +6.0%
UPWK Upwork Inc.	0.03%	14,334	$193K	Reduce -27.7%

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