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

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 Q3 2025 Q4 2025: $801.1M $801.1M Q4 2025 Q1 2026: $896.1M Q1 2026 Q2 2026: $986.5M Q2 2026

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%
APPF Appfolio Inc. Class A 0.05% 1,603 $373K Reduce -29.6%
PPLI People Inc. filed as IAC INC 0.04% 9,088 $355K Reduce -24.7%
USO United States Oil Fund LP 0.04% 5,000 $346K New
SHC Sotera Health Co. 0.04% 19,468 $343K New
URA Global X Uranium ETF 0.04% 8,000 $342K Add +1.0%
XOP SS SPDR S&P Og Exp & Prod 0.04% 2,700 $341K No change
CPNG Coupang Inc. 0.04% 14,240 $336K Reduce -43.4%
DAR Darling Ingredients Inc. 0.04% 9,222 $332K Reduce -38.5%
ASHR Xtrackers Harvest Csi 300 CH 0.04% 10,000 $329K No change
ILMN Illumina Inc. 0.04% 2,509 $329K Reduce -48.4%
HUM Humana Inc. 0.04% 1,218 $312K Reduce -36.6%
VEEV Veeva Systems Inc. Class A 0.04% 1,389 $310K Reduce -46.7%
PCG P G & E Corp. 0.04% 18,602 $299K Reduce -41.2%
NWSA News Corp. Class A 0.04% 11,280 $295K Reduce -30.1%
APD Air Products & Chemicals Inc. 0.04% 1,178 $291K Reduce -29.2%
HUMN Roundhill Humanoid Robotics 0.04% 9,760 $291K New
CIBR First Trust Nasdaq Cybersecu 0.04% 4,000 $286K New
EWC iShares MSCI Canada ETF 0.03% 5,000 $270K No change
CCOI Cogent Communications Holdin 0.03% 12,297 $265K Add +17.5%
ICE Intercontinental Exchange Inc. 0.03% 1,635 $265K Reduce -3.4%
BILL Bill Holdings Inc. 0.03% 4,720 $257K New
MCO Moody's Corp. 0.03% 499 $255K Reduce -68.5%
INTU Intuit Inc. 0.03% 379 $251K Reduce -5.5%
MRSH Marsh & McLennan Cos 0.03% 1,352 $251K Reduce -15.1%
WAT Waters Corp. 0.03% 655 $249K Reduce -40.7%
ITA iShares U.S. Aerospace & Def 0.03% 1,140 $245K New
CRM Salesforce Inc. 0.03% 899 $238K Reduce -40.2%
BDX Becton Dickinson and Co. 0.03% 1,218 $236K Reduce -42.6%
FLUT Flutter Entertainment PLC-Di 0.03% 1,094 $235K Add +4.9%
GEN Gen Digital Inc. 0.03% 8,420 $229K Reduce -35.6%
KCCA Kraneshares California Carbo 0.03% 13,389 $225K No change
KVUE Kenvue Inc. 0.03% 12,807 $221K Reduce -25.3%
ADSK Autodesk Inc. 0.03% 727 $215K Reduce -42.3%
QRVO Qorvo Inc. 0.03% 2,522 $213K Reduce -43.6%
MTCH Match Group Inc. 0.03% 6,514 $210K Reduce -42.0%
EWW iShares MSCI Mexico ETF 0.03% 3,000 $208K No change
HR Healthcare Realty Trust Inc. 0.03% 11,841 $201K Reduce -47.4%
ALIT Alight Inc. Class A 0.02% 93,980 $183K Add +26.9%

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

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