Global Endowment Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Global Endowment Management, LP reported 138 stock positions worth $801.1 million. Its top holding was Vanguard Total Bond Market (BND) at 17.4% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 11.8%) and Vanguard Total Intl Stock (VXUS, 11.2%). Compared with Q3 2025, it opened 14 new positions, sold out of 4, added to 32 and reduced 51. The biggest buy was JPM Betabldrs MSCI US REIT (BBRE, shares +33%) and the biggest sale Txo Partners (TXO, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- CHARLOTTE, NC
- CIK
- 0001512237
- Portfolio Value
- $801.1M (Q4 2025)
- SEC Filing
- 0001512237-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 138 stocks · $801.1M
| BND Vanguard Total Bond Market | 17.38% | 1,879,532 | $139.2M | Reduce -3.0% |
| VTI VG Morningstar TS MKT ETF-US | 11.79% | 281,603 | $94.4M | Reduce -8.3% |
| VXUS Vanguard Total Intl Stock | 11.22% | 1,191,840 | $89.9M | Add +0.8% |
| BBRE JPM Betabldrs MSCI US REIT filed as J P MORGAN EXCHANGE TRADED F | 5.81% | 502,455 | $46.5M | Add +32.9% |
| VT Vanguard Tot World STK ETF | 5.80% | 329,171 | $46.4M | Add +4.6% |
| GOOGL Alphabet Inc. Class A | 3.91% | 100,042 | $31.3M | Reduce -1.9% |
| MSFT Microsoft Corp. | 3.06% | 50,677 | $24.5M | Add +4.2% |
| NVDA Nvidia Corp. | 2.90% | 124,579 | $23.2M | Add +3.0% |
| AAPL Apple Inc. | 2.69% | 79,258 | $21.5M | Add +2.9% |
| TXO Txo Partners LP | 2.49% | 1,868,298 | $19.9M | Reduce -30.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.46% | 28,852 | $19.7M | Add +23.7% |
| VWO Vanguard Ftse Emerging Marke | 2.00% | 298,000 | $16.0M | No change |
| AAXJ iShares MSCI All Country Asi | 1.92% | 165,409 | $15.4M | Reduce -0.1% |
| VOO Vanguard S&P 500 ETF | 1.92% | 24,463 | $15.3M | Reduce -0.9% |
| IYR iShares US Real Estate ETF | 1.86% | 158,940 | $14.9M | Add +16.8% |
| AGG iShares Core U.S. Aggregate | 1.76% | 141,206 | $14.1M | Add +0.2% |
| PHYS Sprott Physical Gold Trust | 1.63% | 396,000 | $13.1M | No change |
| SCHX Schwab US Large-Cap ETF | 1.22% | 363,887 | $9.8M | Reduce -3.0% |
| XLV SS Health Care Select Sector | 1.19% | 61,592 | $9.5M | Reduce -2.7% |
| EWJ iShares MSCI Japan ETF | 1.13% | 112,581 | $9.1M | Add +31.4% |
| TIP iShares Tips Bond ETF | 1.02% | 74,381 | $8.2M | No change |
| DJP Ipath Bloomberg Commodity Inc. filed as BARCLAYS BANK PLC | 0.71% | 151,240 | $5.7M | Add +8.6% |
| GDX Vaneck Gold Miners ETF | 0.54% | 50,000 | $4.3M | Reduce -9.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.50% | 7,925 | $4.0M | Reduce -4.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.50% | 89,674 | $4.0M | Add +5.2% |
| SPAB SS SPDR P Agg Bond ETF | 0.48% | 148,581 | $3.8M | Add +24.4% |
| CVLC Calvert US L-C CR Resp Index | 0.44% | 42,101 | $3.5M | Reduce -0.8% |
| JNK SS SPDR BB High Yield Bond | 0.43% | 35,550 | $3.5M | Add +137.0% |
| VNQ Vanguard Real Estate ETF | 0.42% | 38,000 | $3.4M | No change |
| SHY iShares 1-3 Year Treasury Bo | 0.41% | 40,000 | $3.3M | No change |
| VEA Vanguard Ftse Developed ETF | 0.37% | 48,000 | $3.0M | No change |
| AMZN Amazon.com Inc. | 0.36% | 12,478 | $2.9M | Reduce -44.2% |
| BNDX Vanguard Total Intl Bond ETF | 0.34% | 56,764 | $2.7M | Add +0.3% |
| VGIT Vanguard Intermediate-Term T | 0.33% | 44,700 | $2.7M | No change |
| KWEB Kranesh Csi China Internet | 0.33% | 77,000 | $2.6M | Add +54.0% |
| VGLT Vanguard Long-Term Treasury | 0.33% | 46,770 | $2.6M | No change |
| IEI iShares 3-7 Year Treasury Bo | 0.30% | 20,000 | $2.4M | No change |
| EAGG iShares ESG Aware US Aggrega | 0.30% | 49,674 | $2.4M | Add +3.5% |
| EWU iShares MSCI United Kingdom | 0.27% | 50,000 | $2.2M | No change |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.27% | 26,715 | $2.2M | No change |
| META Meta Platforms Inc. Class A | 0.26% | 3,177 | $2.1M | Reduce -58.7% |
| DBC Invesco DB Commodity Index T | 0.25% | 87,862 | $2.0M | Reduce -29.3% |
| SPEM State Street SP PTF Em ETF | 0.24% | 41,231 | $1.9M | Reduce -2.1% |
| EWP iShares MSCI Spain ETF | 0.20% | 30,000 | $1.6M | No change |
| LTPZ PIMCO 15+ YR US Tips Indx | 0.19% | 30,000 | $1.6M | No change |
| ANGL Vaneck Fallen Angel High YLD | 0.18% | 50,000 | $1.5M | No change |
| EWG iShares MSCI Germany ETF | 0.18% | 33,500 | $1.4M | No change |
| AVGO Broadcom Inc. | 0.16% | 3,646 | $1.3M | New |
| FEZ State Street SPDR Euro Stoxx | 0.14% | 17,160 | $1.1M | No change |
| EIRL iShares MSCI Ireland ETF | 0.14% | 15,000 | $1.1M | New |
| EWS iShares MSCI Singapore ETF | 0.14% | 40,000 | $1.1M | No change |
| EWA iShares MSCI Australia ETF | 0.13% | 40,000 | $1.0M | No change |
| XLI SS Industrial Select Sector | 0.13% | 6,500 | $1.0M | New |
| RSP Invesco S&P 500 Equal Weight | 0.12% | 5,000 | $958K | No change |
| GBDC Golub Capital BDC Inc. | 0.12% | 70,000 | $950K | Add +16.7% |
| XLC SS Comm Select Sector SPDR | 0.12% | 8,000 | $942K | No change |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.12% | 11,731 | $941K | New |
| CROX Crocs Inc. | 0.12% | 10,915 | $933K | Add +15.7% |
| FLKR Franklin Ftse South Korea | 0.12% | 29,000 | $929K | No change |
| ARGT Global X MSCI Argentina ETF | 0.11% | 10,000 | $914K | Reduce -16.7% |
| EWY iShares MSCI South Korea ETF | 0.11% | 9,000 | $875K | Add +47.3% |
| XLK SS Technology Select Sector | 0.11% | 6,000 | $864K | No change |
| SCHG Schwab US Large-Cap Growth | 0.11% | 26,100 | $851K | Reduce -4.1% |
| INDA iShares MSCI India ETF | 0.10% | 15,500 | $838K | No change |
| CVNA Carvana Co. | 0.10% | 1,848 | $780K | Reduce -22.6% |
| PDD PDD Holdings Inc. | 0.09% | 6,358 | $721K | Reduce -24.8% |
| SPIB SS SPDR P Int C Corp. ETF | 0.09% | 20,230 | $684K | Add +24.8% |
| V Visa Inc. Class A | 0.09% | 1,949 | $684K | Reduce -18.8% |
| GE General Electric filed as GE AEROSPACE | 0.08% | 2,142 | $660K | Reduce -28.0% |
| GVI iShares Intermediate Governm | 0.08% | 5,868 | $630K | Add +2.5% |
| QLTY GMO U.S. Quality ETF | 0.08% | 16,000 | $615K | No change |
| SYRE Spyre Therapeutics Inc. | 0.07% | 18,184 | $596K | No change |
| APGE Apogee Therapeutics Inc. | 0.07% | 7,797 | $589K | No change |
| CACC Credit Acceptance Corp. | 0.07% | 1,312 | $582K | Reduce -31.7% |
| IBIT iShares Bitcoin Trust ETF | 0.07% | 11,541 | $573K | Add +56.7% |
| ECH iShares MSCI Chile ETF | 0.07% | 14,000 | $566K | No change |
| RGLD Royal Gold Inc. | 0.07% | 2,475 | $550K | Reduce -15.1% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.07% | 12,773 | $547K | Add +25.8% |
| EWI iShares MSCI Italy ETF | 0.07% | 10,000 | $543K | No change |
| FXI iShares China Large-Cap ETF | 0.07% | 14,000 | $536K | New |
| CQQQ Invesco China Technology ETF | 0.06% | 10,000 | $520K | Add +81.8% |
| KRE SS SPDR S&P Regional Bank | 0.06% | 8,000 | $518K | New |
| EWT iShares MSCI Taiwan ETF | 0.06% | 8,000 | $508K | No change |
| XSW SS SPDR S&P Soft & Serv ETF | 0.06% | 2,600 | $487K | No change |
| PML PIMCO Municipal Income FD II | 0.06% | 64,352 | $485K | No change |
| SHOC Shoc US Semicon Equity ETF | 0.06% | 7,000 | $480K | No change |
| EWL iShares MSCI Switzerland ETF | 0.06% | 8,000 | $480K | No change |
| CRH CRH PLC | 0.06% | 3,846 | $480K | Reduce -17.4% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.06% | 6,091 | $476K | Add +14.3% |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 0.06% | 30,000 | $446K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.05% | 1,429 | $434K | New |
| LPX Louisiana-Pacific Corp. | 0.05% | 5,201 | $420K | Reduce -28.0% |
| VGK Vanguard Ftse Europe ETF | 0.05% | 5,000 | $418K | No change |
| SPLB SS SPDR P Long Term C ETF | 0.05% | 18,080 | $409K | Add +24.2% |
| ENSG The Ensign Group Inc. | 0.05% | 2,258 | $393K | Reduce -48.0% |
| WBD Warner Bros Discovery Inc. | 0.05% | 13,556 | $391K | Reduce -63.6% |
| MELI MercadoLibre Inc. | 0.05% | 192 | $387K | Reduce -38.1% |
| PFIX Simplify Interest Rate Hedge | 0.05% | 8,000 | $383K | No change |
| ENVA Enova International Inc. | 0.05% | 2,412 | $379K | New |
| HTGC Hercules Capital Inc. | 0.05% | 20,000 | $376K | Add +33.3% |
Portfolio Sells Q3 2025 → Q4 2025
| TXO Txo Partners LP | Reduce -30.4% | 2.49% | −2.24 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -8.3% | 11.79% | −0.84 |
| BND Vanguard Total Bond Market | Reduce -3.0% | 17.38% | −0.66 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −0.49 |
| META Meta Platforms Inc. Class A | Reduce -58.7% | 0.26% | −0.45 |
| AMZN Amazon.com Inc. | Reduce -44.2% | 0.36% | −0.26 |
| DBC Invesco DB Commodity Index T | Reduce -29.3% | 0.25% | −0.11 |
| MCO Moody's Corp. | Reduce -68.5% | 0.03% | −0.06 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.06 |
| CPNG Coupang Inc. | Reduce -43.4% | 0.04% | −0.06 |
| VEEV Veeva Systems Inc. Class A | Reduce -46.7% | 0.04% | −0.06 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.06 |
| PDD PDD Holdings Inc. | Reduce -24.8% | 0.09% | −0.05 |
| ENSG The Ensign Group Inc. | Reduce -48.0% | 0.05% | −0.04 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −0.04 |
| MELI MercadoLibre Inc. | Reduce -38.1% | 0.05% | −0.04 |
| WBD Warner Bros Discovery Inc. | Reduce -63.6% | 0.05% | −0.04 |
| CACC Credit Acceptance Corp. | Reduce -31.7% | 0.07% | −0.04 |
| APPF Appfolio Inc. Class A | Reduce -29.6% | 0.05% | −0.03 |
| GE General Electric | Reduce -28.0% | 0.08% | −0.03 |
| LPX Louisiana-Pacific Corp. | Reduce -28.0% | 0.05% | −0.03 |
| HR Healthcare Realty Trust Inc. | Reduce -47.4% | 0.03% | −0.03 |
| NWSA News Corp. Class A | Reduce -30.1% | 0.04% | −0.03 |
| QRVO Qorvo Inc. | Reduce -43.6% | 0.03% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.3% | 0.50% | −0.02 |
| HUM Humana Inc. | Reduce -36.6% | 0.04% | −0.02 |
| MTCH Match Group Inc. | Reduce -42.0% | 0.03% | −0.02 |
| ADSK Autodesk Inc. | Reduce -42.3% | 0.03% | −0.02 |
| PCG P G & E Corp. | Reduce -41.2% | 0.04% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -29.2% | 0.04% | −0.02 |
| BDX Becton Dickinson and Co. | Reduce -42.6% | 0.03% | −0.02 |
| GEN Gen Digital Inc. | Reduce -35.6% | 0.03% | −0.02 |
| V Visa Inc. Class A | Reduce -18.8% | 0.09% | −0.02 |
| ILMN Illumina Inc. | Reduce -48.4% | 0.04% | −0.02 |
| DAR Darling Ingredients Inc. | Reduce -38.5% | 0.04% | −0.02 |
| CVNA Carvana Co. | Reduce -22.6% | 0.10% | −0.02 |
| CRM Salesforce Inc. | Reduce -40.2% | 0.03% | −0.01 |
| SCHX Schwab US Large-Cap ETF | Reduce -3.0% | 1.22% | −0.01 |
| WAT Waters Corp. | Reduce -40.7% | 0.03% | −0.01 |
| CRH CRH PLC | Reduce -17.4% | 0.06% | −0.01 |
| MRSH Marsh & McLennan Cos | Reduce -15.1% | 0.03% | −0.01 |
| KVUE Kenvue Inc. | Reduce -25.3% | 0.03% | −0.01 |
| PPLI People Inc. | Reduce -24.7% | 0.04% | −0.01 |
| SPEM State Street SP PTF Em ETF | Reduce -2.1% | 0.24% | −0.01 |
| RGLD Royal Gold Inc. | Reduce -15.1% | 0.07% | −0.00 |
| INTU Intuit Inc. | Reduce -5.5% | 0.03% | −0.00 |
| ICE Intercontinental Exchange Inc. | Reduce -3.4% | 0.03% | −0.00 |
| SCHG Schwab US Large-Cap Growth | Reduce -4.1% | 0.11% | −0.00 |
| CVLC Calvert US L-C CR Resp Index | Reduce -0.8% | 0.44% | +0.01 |
| GDX Vaneck Gold Miners ETF | Reduce -9.1% | 0.54% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| BBRE JPM Betabldrs MSCI US REIT | Add +32.9% | 5.81% | +1.29 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +23.7% | 2.46% | +0.51 |
| VT Vanguard Tot World STK ETF | Add +4.6% | 5.80% | +0.36 |
| VXUS Vanguard Total Intl Stock | Add +0.8% | 11.22% | +0.35 |
| EWJ iShares MSCI Japan ETF | Add +31.4% | 1.13% | +0.27 |
| JNK SS SPDR BB High Yield Bond | Add +137.0% | 0.43% | +0.25 |
| AAPL Apple Inc. | Add +2.9% | 2.69% | +0.23 |
| IYR iShares US Real Estate ETF | Add +16.8% | 1.86% | +0.21 |
| AVGO Broadcom Inc. | New | 0.16% | +0.16 |
| EIRL iShares MSCI Ireland ETF | New | 0.14% | +0.14 |
| XLI SS Industrial Select Sector | New | 0.13% | +0.13 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.12% | +0.12 |
| DJP Ipath Bloomberg Commodity Inc. | Add +8.6% | 0.71% | +0.09 |
| SPAB SS SPDR P Agg Bond ETF | Add +24.4% | 0.48% | +0.09 |
| NVDA Nvidia Corp. | Add +3.0% | 2.90% | +0.07 |
| FXI iShares China Large-Cap ETF | New | 0.07% | +0.07 |
| KRE SS SPDR S&P Regional Bank | New | 0.06% | +0.06 |
| KWEB Kranesh Csi China Internet | Add +54.0% | 0.33% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.05% | +0.05 |
| EWY iShares MSCI South Korea ETF | Add +47.3% | 0.11% | +0.05 |
| ENVA Enova International Inc. | New | 0.05% | +0.05 |
| USO United States Oil Fund LP | New | 0.04% | +0.04 |
| SHC Sotera Health Co. | New | 0.04% | +0.04 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +5.2% | 0.50% | +0.04 |
| HUMN Roundhill Humanoid Robotics | New | 0.04% | +0.04 |
| CIBR First Trust Nasdaq Cybersecu | New | 0.04% | +0.04 |
| BILL Bill Holdings Inc. | New | 0.03% | +0.03 |
| ITA iShares U.S. Aerospace & Def | New | 0.03% | +0.03 |
| CQQQ Invesco China Technology ETF | Add +81.8% | 0.06% | +0.02 |
| CROX Crocs Inc. | Add +15.7% | 0.12% | +0.02 |
| SPIB SS SPDR P Int C Corp. ETF | Add +24.8% | 0.09% | +0.02 |
| GBDC Golub Capital BDC Inc. | Add +16.7% | 0.12% | +0.02 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +25.8% | 0.07% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | Add +56.7% | 0.07% | +0.01 |
| HTGC Hercules Capital Inc. | Add +33.3% | 0.05% | +0.01 |
| SPLB SS SPDR P Long Term C ETF | Add +24.2% | 0.05% | +0.01 |
| EAGG iShares ESG Aware US Aggrega | Add +3.5% | 0.30% | +0.01 |
| KSPI JSC Kaspi.kz ADR | Add +14.3% | 0.06% | +0.00 |
| GVI iShares Intermediate Governm | Add +2.5% | 0.08% | +0.00 |
| FLUT Flutter Entertainment PLC-Di | Add +4.9% | 0.03% | −0.00 |
| URA Global X Uranium ETF | Add +1.0% | 0.04% | −0.00 |
| ALIT Alight Inc. Class A | Add +26.9% | 0.02% | −0.01 |
| BNDX Vanguard Total Intl Bond ETF | Add +0.3% | 0.34% | −0.01 |
| AGG iShares Core U.S. Aggregate | Add +0.2% | 1.76% | −0.01 |
| CCOI Cogent Communications Holdin | Add +17.5% | 0.03% | −0.02 |
| MSFT Microsoft Corp. | Add +4.2% | 3.06% | −0.10 |
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 |