Global Endowment Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Global Endowment Management, LP reported 128 stock positions worth $798.6 million. Its top holding was Vanguard Total Bond Market (BND) at 18.0% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 12.6%) and Vanguard Total Intl Stock (VXUS, 10.9%). Compared with Q2 2025, it opened 15 new positions, sold out of 15, added to 49 and reduced 24. The biggest buy was Alphabet Class A (GOOGL, shares +719%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −74%).

Most Recent 13F
Q2 2026
Location
CHARLOTTE, NC
CIK
0001512237
Portfolio Value
$798.6M (Q3 2025)
SEC Filing
0001512237-25-000007 ↗ filed Nov 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 Q1 2025 Q2 2025: $751.2M Q2 2025 Q3 2025: $798.6M $798.6M Q3 2025 Q4 2025: $801.1M Q4 2025 Q1 2026: $896.1M Q1 2026 Q2 2026: $986.5M Q2 2026

Holdings 128 stocks · $798.6M
BND Vanguard Total Bond Market 18.04% 1,936,795 $144.0M Reduce -4.7%
VTI VG Morningstar TS MKT ETF-US 12.62% 307,139 $100.8M Reduce -9.9%
VXUS Vanguard Total Intl Stock 10.87% 1,181,872 $86.8M Reduce -5.6%
VT Vanguard Tot World STK ETF 5.43% 314,751 $43.4M Add +4.2%
TXO Txo Partners LP 4.73% 2,686,017 $37.7M Add +54.9%
BBRE JPM Betabldrs MSCI US REIT filed as J P MORGAN EXCHANGE TRADED F 4.52% 378,027 $36.1M Reduce -2.9%
MSFT Microsoft Corp. 3.15% 48,638 $25.2M Add +499.4%
GOOGL Alphabet Inc. Class A 3.10% 101,959 $24.8M Add +719.2%
NVDA Nvidia Corp. 2.83% 120,938 $22.6M No change
AAPL Apple Inc. 2.46% 77,012 $19.6M No change
VWO Vanguard Ftse Emerging Marke 2.02% 298,000 $16.1M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.95% 23,327 $15.5M Reduce -73.9%
VOO Vanguard S&P 500 ETF 1.89% 24,684 $15.1M Add +0.3%
AAXJ iShares MSCI All Country Asi 1.89% 165,578 $15.1M Reduce -2.2%
AGG iShares Core U.S. Aggregate 1.77% 140,915 $14.1M Add +3.3%
IYR iShares US Real Estate ETF 1.65% 136,080 $13.2M Add +45.0%
PHYS Sprott Physical Gold Trust 1.47% 396,000 $11.7M No change
SCHX Schwab US Large-Cap ETF 1.24% 375,122 $9.9M Add +0.4%
XLV SS Health Care Select Sector 1.10% 63,294 $8.8M Reduce -2.8%
TIP iShares Tips Bond ETF 1.04% 74,381 $8.3M Add +14.1%
EWJ iShares MSCI Japan ETF 0.86% 85,674 $6.9M Reduce -0.1%
META Meta Platforms Inc. Class A 0.71% 7,697 $5.7M Reduce -4.0%
DJP Ipath Bloomberg Commodity Inc. filed as BARCLAYS BANK PLC 0.62% 139,332 $4.9M Add +28.4%
AMZN Amazon.com Inc. 0.61% 22,362 $4.9M Add +5.7%
GDX Vaneck Gold Miners ETF 0.53% 55,000 $4.2M No change
BRK.B Berkshire Hathaway Inc. Class B 0.52% 8,279 $4.2M Add +0.9%
GLD SPDR Gold Shares 0.49% 11,000 $3.9M No change
SPDW Ste STR SPDR PT DW Eu ETF 0.46% 85,266 $3.6M Add +1.6%
CVLC Calvert US L-C CR Resp Index 0.44% 42,446 $3.5M New
VNQ Vanguard Real Estate ETF 0.43% 38,000 $3.5M No change
SHY iShares 1-3 Year Treasury Bo 0.42% 40,000 $3.3M No change
SPAB SS SPDR P Agg Bond ETF 0.39% 119,444 $3.1M Add +5.0%
VEA Vanguard Ftse Developed ETF 0.36% 48,000 $2.9M No change
DBC Invesco DB Commodity Index T 0.35% 124,252 $2.8M Add +20.5%
BNDX Vanguard Total Intl Bond ETF 0.35% 56,568 $2.8M Add +8.1%
VGIT Vanguard Intermediate-Term T 0.34% 44,700 $2.7M No change
VGLT Vanguard Long-Term Treasury 0.33% 46,770 $2.7M No change
IEI iShares 3-7 Year Treasury Bo 0.30% 20,000 $2.4M No change
EAGG iShares ESG Aware US Aggrega 0.29% 47,994 $2.3M New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.27% 26,715 $2.2M Add +7.5%
KWEB Kranesh Csi China Internet 0.26% 50,000 $2.1M No change
EWU iShares MSCI United Kingdom 0.26% 50,000 $2.1M No change
SPEM State Street SP PTF Em ETF 0.25% 42,104 $2.0M Add +1.1%
LTPZ PIMCO 15+ YR US Tips Indx 0.20% 30,000 $1.6M No change
ANGL Vaneck Fallen Angel High YLD 0.19% 50,000 $1.5M No change
EWP iShares MSCI Spain ETF 0.19% 30,000 $1.5M No change
JNK SS SPDR BB High Yield Bond 0.18% 15,000 $1.5M Add +200.0%
EWG iShares MSCI Germany ETF 0.17% 33,500 $1.4M No change
EWS iShares MSCI Singapore ETF 0.14% 40,000 $1.1M No change
PDD PDD Holdings Inc. 0.14% 8,457 $1.1M Reduce -31.4%
EWA iShares MSCI Australia ETF 0.14% 40,000 $1.1M No change
FEZ State Street SPDR Euro Stoxx 0.13% 17,160 $1.1M New
RSP Invesco S&P 500 Equal Weight 0.12% 5,000 $949K New
XLC SS Comm Select Sector SPDR 0.12% 8,000 $947K No change
CVNA Carvana Co. 0.11% 2,389 $901K Reduce -12.7%
CACC Credit Acceptance Corp. 0.11% 1,921 $897K Add +62.9%
GE General Electric filed as GE AEROSPACE 0.11% 2,976 $895K Reduce -17.7%
SCHG Schwab US Large-Cap Growth 0.11% 27,218 $869K Reduce -0.1%
XLK SS Technology Select Sector 0.11% 3,000 $846K No change
ARGT Global X MSCI Argentina ETF 0.10% 12,000 $837K No change
GBDC Golub Capital BDC Inc. 0.10% 60,000 $821K Reduce -33.3%
V Visa Inc. Class A 0.10% 2,400 $819K Add +10.8%
CPNG Coupang Inc. 0.10% 25,168 $810K Add +16.5%
INDA iShares MSCI India ETF 0.10% 15,500 $807K Reduce -55.7%
CROX Crocs Inc. 0.10% 9,436 $788K New
FLKR Franklin Ftse South Korea 0.10% 29,000 $783K No change
VEEV Veeva Systems Inc. Class A 0.10% 2,607 $777K Add +24.1%
MCO Moody's Corp. 0.09% 1,585 $755K Reduce -2.5%
ENSG The Ensign Group Inc. 0.09% 4,341 $750K New
WBD Warner Bros Discovery Inc. 0.09% 37,228 $727K Reduce -27.8%
MELI MercadoLibre Inc. 0.09% 310 $724K Add +34.2%
LPX Louisiana-Pacific Corp. 0.08% 7,224 $642K Reduce -9.3%
APPF Appfolio Inc. Class A 0.08% 2,277 $628K Add +3.8%
GVI iShares Intermediate Governm 0.08% 5,723 $615K Add +7.3%
RGLD Royal Gold Inc. 0.07% 2,915 $585K Add +29.9%
QLTY GMO U.S. Quality ETF 0.07% 16,000 $579K No change
CRH CRH PLC 0.07% 4,657 $558K Add +13.8%
SPIB SS SPDR P Int C Corp. ETF 0.07% 16,216 $550K Add +4.9%
EWI iShares MSCI Italy ETF 0.07% 10,000 $520K No change
XSW SS SPDR S&P Soft & Serv ETF 0.06% 2,600 $514K No change
PML PIMCO Municipal Income FD II 0.06% 64,352 $509K New
EWT iShares MSCI Taiwan ETF 0.06% 8,000 $509K No change
HUM Humana Inc. 0.06% 1,922 $500K New
NWSA News Corp. Class A 0.06% 16,126 $495K Add +44.4%
EWY iShares MSCI South Korea ETF 0.06% 6,110 $489K No change
COF Capital One Financial Corp. 0.06% 2,254 $479K Reduce -2.5%
IBIT iShares Bitcoin Trust ETF 0.06% 7,363 $479K No change
PCG P G & E Corp. 0.06% 31,650 $477K Add +24.1%
DAR Darling Ingredients Inc. 0.06% 14,983 $463K New
ILMN Illumina Inc. 0.06% 4,866 $462K New
ECH iShares MSCI Chile ETF 0.06% 14,000 $461K No change
FERG Ferguson Enterprises Inc. 0.06% 2,027 $455K Reduce -13.1%
MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI 0.06% 30,000 $454K No change
APD Air Products & Chemicals Inc. 0.06% 1,664 $454K New
EWL iShares MSCI Switzerland ETF 0.06% 8,000 $442K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.06% 10,150 $439K Add +5.3%
SHOC Shoc US Semicon Equity ETF 0.05% 7,000 $437K Reduce -22.2%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.05% 5,330 $435K Add +40.6%
PPLI People Inc. filed as IAC INC 0.05% 12,062 $411K Add +37.7%
QRVO Qorvo Inc. 0.05% 4,474 $407K Reduce -0.8%
HR Healthcare Realty Trust Inc. 0.05% 22,498 $406K Add +6.2%
CCOI Cogent Communications Holdin 0.05% 10,465 $401K Add +89.5%
ADSK Autodesk Inc. 0.05% 1,259 $400K Add +10.5%
VGK Vanguard Ftse Europe ETF 0.05% 5,000 $399K Reduce -72.2%
BDX Becton Dickinson and Co. 0.05% 2,123 $397K Add +11.2%
MTCH Match Group Inc. 0.05% 11,224 $396K Add +6.6%
PFIX Simplify Interest Rate Hedge 0.05% 8,000 $385K Add +100.0%
URA Global X Uranium ETF 0.05% 7,920 $378K No change
GEN Gen Digital Inc. 0.05% 13,068 $371K Add +5.6%
XOP SS SPDR S&P Og Exp & Prod 0.04% 2,700 $357K No change
CRM Salesforce Inc. 0.04% 1,504 $356K New
FICO Fair Isaac Corp. 0.04% 232 $347K Add +95.0%
SPLB SS SPDR P Long Term C ETF 0.04% 14,555 $337K Add +4.7%
WAT Waters Corp. 0.04% 1,105 $331K Add +55.2%
ASHR Xtrackers Harvest Csi 300 CH 0.04% 10,000 $330K No change
CQQQ Invesco China Technology ETF 0.04% 5,500 $325K New
MRSH Marsh & McLennan Cos 0.04% 1,592 $321K Add +45.4%
APGE Apogee Therapeutics Inc. 0.04% 7,797 $310K No change
SYRE Spyre Therapeutics Inc. 0.04% 18,184 $305K No change
ICE Intercontinental Exchange Inc. 0.04% 1,692 $285K Add +18.6%
HTGC Hercules Capital Inc. 0.04% 15,000 $284K Reduce -25.0%
KVUE Kenvue Inc. 0.03% 17,149 $278K Add +27.1%
INTU Intuit Inc. 0.03% 401 $274K Add +2.0%
FLUT Flutter Entertainment PLC-Di 0.03% 1,043 $265K New
EWC iShares MSCI Canada ETF 0.03% 5,000 $253K No change
ALIT Alight Inc. Class A 0.03% 74,034 $241K Add +21.9%
KCCA Kraneshares California Carbo 0.03% 13,389 $229K No change
EWW iShares MSCI Mexico ETF 0.03% 3,000 $205K New

Portfolio Sells Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -73.9% 1.95% −5.40
BND Vanguard Total Bond Market Reduce -4.7% 18.04% −1.88
VTI VG Morningstar TS MKT ETF-US Reduce -9.9% 12.62% −1.17
VXUS Vanguard Total Intl Stock Reduce -5.6% 10.87% −0.65
BBRE JPM Betabldrs MSCI US REIT Reduce -2.9% 4.52% −0.25
INDA iShares MSCI India ETF Reduce -55.7% 0.10% −0.16
VGK Vanguard Ftse Europe ETF Reduce -72.2% 0.05% −0.14
META Meta Platforms Inc. Class A Reduce -4.0% 0.71% −0.08
WIX LTD (WIX 0 08/15/25) Sold out 0.00% −0.07
GBDC Golub Capital BDC Inc. Reduce -33.3% 0.10% −0.07
XLV SS Health Care Select Sector Reduce -2.8% 1.10% −0.07
XPMFX PIMCO Municipal Income Fund Sold out 0.00% −0.06
CCK Crown Holdings Inc. Sold out 0.00% −0.06
FOUR SHIFT4 Payments Inc. Class A Sold out 0.00% −0.05
FA First Advantage Corp. Sold out 0.00% −0.05
ENVA Enova International Inc. Sold out 0.00% −0.05
OSCR Oscar Health Inc. Class A Sold out 0.00% −0.05
ESGR Enstar Group Ltd. Sold out 0.00% −0.04
LRN Stride Inc. Sold out 0.00% −0.04
ALLY Ally Financial Inc. Sold out 0.00% −0.03
PDD PDD Holdings Inc. Reduce -31.4% 0.14% −0.03
IBKR Interactive Brokers Gro Class A Sold out 0.00% −0.03
STLA Stellantis NV Sold out 0.00% −0.03
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.03
ULCC Frontier Group Holdings Inc. Sold out 0.00% −0.03
UPWK Upwork Inc. Sold out 0.00% −0.03
MCO Moody's Corp. Reduce -2.5% 0.09% −0.01
HTGC Hercules Capital Inc. Reduce -25.0% 0.04% −0.01
GE General Electric Reduce -17.7% 0.11% −0.01
LPX Louisiana-Pacific Corp. Reduce -9.3% 0.08% −0.01
FERG Ferguson Enterprises Inc. Reduce -13.1% 0.06% −0.01
CVNA Carvana Co. Reduce -12.7% 0.11% −0.01
SHOC Shoc US Semicon Equity ETF Reduce -22.2% 0.05% −0.01
COF Capital One Financial Corp. Reduce -2.5% 0.06% −0.01
QRVO Qorvo Inc. Reduce -0.8% 0.05% +0.00
SCHG Schwab US Large-Cap Growth Reduce -0.1% 0.11% +0.00
EWJ iShares MSCI Japan ETF Reduce -0.1% 0.86% +0.00
WBD Warner Bros Discovery Inc. Reduce -27.8% 0.09% +0.01
AAXJ iShares MSCI All Country Asi Reduce -2.2% 1.89% +0.03

Portfolio Buys Q2 2025 → Q3 2025
GOOGL Alphabet Inc. Class A Add +719.2% 3.10% +2.81
MSFT Microsoft Corp. Add +499.4% 3.15% +2.62
TXO Txo Partners LP Add +54.9% 4.73% +1.25
IYR iShares US Real Estate ETF Add +45.0% 1.65% +0.47
CVLC Calvert US L-C CR Resp Index New 0.44% +0.44
EAGG iShares ESG Aware US Aggrega New 0.29% +0.29
VT Vanguard Tot World STK ETF Add +4.2% 5.43% +0.26
FEZ State Street SPDR Euro Stoxx New 0.13% +0.13
DJP Ipath Bloomberg Commodity Inc. Add +28.4% 0.62% +0.13
JNK SS SPDR BB High Yield Bond Add +200.0% 0.18% +0.12
RSP Invesco S&P 500 Equal Weight New 0.12% +0.12
CROX Crocs Inc. New 0.10% +0.10
ENSG The Ensign Group Inc. New 0.09% +0.09
TIP iShares Tips Bond ETF Add +14.1% 1.04% +0.08
PML PIMCO Municipal Income FD II New 0.06% +0.06
HUM Humana Inc. New 0.06% +0.06
DAR Darling Ingredients Inc. New 0.06% +0.06
ILMN Illumina Inc. New 0.06% +0.06
APD Air Products & Chemicals Inc. New 0.06% +0.06
DBC Invesco DB Commodity Index T Add +20.5% 0.35% +0.05
CRM Salesforce Inc. New 0.04% +0.04
CQQQ Invesco China Technology ETF New 0.04% +0.04
FLUT Flutter Entertainment PLC-Di New 0.03% +0.03
CACC Credit Acceptance Corp. Add +62.9% 0.11% +0.03
VOO Vanguard S&P 500 ETF Add +0.3% 1.89% +0.03
EWW iShares MSCI Mexico ETF New 0.03% +0.03
SCHX Schwab US Large-Cap ETF Add +0.4% 1.24% +0.02
RGLD Royal Gold Inc. Add +29.9% 0.07% +0.02
PFIX Simplify Interest Rate Hedge Add +100.0% 0.05% +0.02
CRH CRH PLC Add +13.8% 0.07% +0.02
NWSA News Corp. Class A Add +44.4% 0.06% +0.02
VEEV Veeva Systems Inc. Class A Add +24.1% 0.10% +0.02
CPNG Coupang Inc. Add +16.5% 0.10% +0.02
CCOI Cogent Communications Holdin Add +89.5% 0.05% +0.01
FICO Fair Isaac Corp. Add +95.0% 0.04% +0.01
PCG P G & E Corp. Add +24.1% 0.06% +0.01
KSPI JSC Kaspi.kz ADR Add +40.6% 0.05% +0.01
APPF Appfolio Inc. Class A Add +3.8% 0.08% +0.01
MELI MercadoLibre Inc. Add +34.2% 0.09% +0.01
SPEM State Street SP PTF Em ETF Add +1.1% 0.25% +0.01
WAT Waters Corp. Add +55.2% 0.04% +0.01
MRSH Marsh & McLennan Cos Add +45.4% 0.04% +0.01
PPLI People Inc. Add +37.7% 0.05% +0.01
MTCH Match Group Inc. Add +6.6% 0.05% +0.01
HR Healthcare Realty Trust Inc. Add +6.2% 0.05% +0.01
BDX Becton Dickinson and Co. Add +11.2% 0.05% +0.01
BNDX Vanguard Total Intl Bond ETF Add +8.1% 0.35% +0.01
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +7.5% 0.27% +0.00
SPDW Ste STR SPDR PT DW Eu ETF Add +1.6% 0.46% +0.00
ADSK Autodesk Inc. Add +10.5% 0.05% +0.00

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