Elm Partners Management LLC Q4 2025 Filing

Filed February 10, 2026

Portfolio Value

$2.2B

Holdings

154

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (154 positions)

#	Stock	Shares	Value	% Portfolio
1	VTIVANGUARD INDEX FDS	996,018	$333.9M	15.15%
2	VWOVANGUARD INTL EQUITY INDEX F	4,625,697	$248.7M	11.28%
3	SCHPSCHWAB STRATEGIC TR	7,072,390	$187.3M	8.50%
4	VGKVANGUARD INTL EQUITY INDEX F	2,196,125	$183.6M	8.33%
5	ELMSERIES PORTFOLIOS TR	4,496,630	$122.5M	5.56%
6	VPLVANGUARD INTL EQUITY INDEX F	1,207,832	$109.2M	4.95%
7	IEMGISHARES INC	1,484,000	$99.8M	4.53%
8	VGSHVANGUARD SCOTTSDALE FDS	1,328,709	$78.0M	3.54%
9	VOOVANGUARD INDEX FDS	120,434	$75.5M	3.43%
10	BNDVANGUARD BD INDEX FDS	991,972	$73.5M	3.33%
11	IEURISHARES TR	961,294	$68.2M	3.10%
12	ITOTISHARES TR	404,268	$60.1M	2.73%
13	SGOVISHARES TR	479,084	$48.1M	2.18%
14	STIPISHARES TR	428,603	$43.9M	1.99%
15	SPEMSPDR INDEX SHS FDS	876,410	$41.0M	1.86%
16	BBEUJ P MORGAN EXCHANGE TRADED F	556,073	$40.8M	1.85%
17	IPACISHARES TR	489,530	$35.8M	1.63%
18	AGGISHARES TR	291,724	$29.1M	1.32%
19	BBCAJ P MORGAN EXCHANGE TRADED F	295,147	$27.4M	1.25%
20	VTVVANGUARD INDEX FDS	125,961	$24.1M	1.09%
21	VTEBVANGUARD MUN BD FDS	452,643	$22.8M	1.03%
22	NVDANVIDIA CORPORATION	110,132	$20.5M	0.93%
23	VBVANGUARD INDEX FDS	74,845	$19.3M	0.88%
24	MUBISHARES TR	130,108	$13.9M	0.63%
25	SCHHSCHWAB STRATEGIC TR	627,312	$13.1M	0.59%
26	IVVISHARES TR	14,610	$10.0M	0.45%
27	VNQVANGUARD INDEX FDS	96,023	$8.5M	0.39%
28	VBILVANGUARD INSTL INDEX FD	108,898	$8.2M	0.37%
29	EWCISHARES INC	112,477	$6.1M	0.28%
30	AAPLAPPLE INC	19,832	$5.4M	0.24%
31	DFUSDIMENSIONAL ETF TRUST	70,637	$5.2M	0.24%
32	VFHVANGUARD WORLD FD	37,784	$5.0M	0.23%
33	IUSVISHARES TR	45,133	$4.6M	0.21%
34	BRK-BBERKSHIRE HATHAWAY INC DEL	6	$4.5M	0.21%
35	SPYSPDR S&P 500 ETF TR	6,364	$4.3M	0.20%
36	CRWDCROWDSTRIKE HLDGS INC	9,094	$4.3M	0.19%
37	LLYELI LILLY & CO	3,837	$4.1M	0.19%
38	XLKSELECT SECTOR SPDR TR	27,373	$3.9M	0.18%
39	SCHFSCHWAB STRATEGIC TR	163,644	$3.9M	0.18%
40	VGTVANGUARD WORLD FD	5,170	$3.9M	0.18%
41	COHRCOHERENT CORP	19,998	$3.7M	0.17%
42	VEAVANGUARD TAX-MANAGED FDS	59,046	$3.7M	0.17%
43	SPYMSPDR SERIES TRUST	42,976	$3.4M	0.16%
44	BNBROOKFIELD CORP	69,811	$3.2M	0.15%
45	IBMINTERNATIONAL BUSINESS MACHS	10,778	$3.2M	0.14%
46	XLFSELECT SECTOR SPDR TR	57,384	$3.1M	0.14%
47	VRTVERTIV HOLDINGS CO	19,053	$3.1M	0.14%
48	VCRVANGUARD WORLD FD	7,496	$3.0M	0.13%
49	VHTVANGUARD WORLD FD	10,005	$2.9M	0.13%
50	SCHBSCHWAB STRATEGIC TR	106,827	$2.8M	0.13%
51	MSFTMICROSOFT CORP	5,331	$2.6M	0.12%
52	IJRISHARES TR	21,045	$2.5M	0.11%
53	VOXVANGUARD WORLD FD	12,864	$2.5M	0.11%
54	GOOGLALPHABET INC	7,361	$2.3M	0.10%
55	VISVANGUARD WORLD FD	6,882	$2.1M	0.09%
56	RTXRTX CORPORATION	9,347	$1.7M	0.08%
57	AMDADVANCED MICRO DEVICES INC	7,998	$1.7M	0.08%
58	IVEISHARES TR	7,791	$1.7M	0.07%
59	GOOGALPHABET INC	4,977	$1.6M	0.07%
60	FLCAFRANKLIN TEMPLETON ETF TR	30,762	$1.5M	0.07%
61	VXUSVANGUARD STAR FDS	18,391	$1.4M	0.06%
62	JPMJPMORGAN CHASE & CO.	4,114	$1.3M	0.06%
63	AVGOBROADCOM INC	3,600	$1.2M	0.06%
64	LRCXLAM RESEARCH CORP	7,250	$1.2M	0.06%
65	XLISELECT SECTOR SPDR TR	7,789	$1.2M	0.05%
66	VUGVANGUARD INDEX FDS	2,414	$1.2M	0.05%
67	AQLTISHARES TR	12,848	$1.1M	0.05%
68	DUKDUKE ENERGY CORP NEW	9,254	$1.1M	0.05%
69	BTCGRAYSCALE BITCOIN MINI TR ET	27,600	$1.1M	0.05%
70	BRK/BBERKSHIRE HATHAWAY INC DEL	2,110	$1.1M	0.05%
71	ABBVABBVIE INC	4,585	$1.0M	0.05%
72	SCHASCHWAB STRATEGIC TR	35,815	$1.0M	0.05%
73	AMZNAMAZON COM INC	4,399	$1.0M	0.05%
74	COSTCOSTCO WHSL CORP NEW	1,154	$995K	0.05%
75	VIGVANGUARD SPECIALIZED FUNDS	4,521	$993K	0.05%
76	NFLXNETFLIX INC	9,763	$915K	0.04%
77	METAMETA PLATFORMS INC	1,319	$870K	0.04%
78	IWFISHARES TR	1,689	$799K	0.04%
79	ALNYALNYLAM PHARMACEUTICALS INC	2,008	$798K	0.04%
80	DDOMINION ENERGY INC	13,078	$766K	0.03%
81	MKLMARKEL GROUP INC	349	$750K	0.03%
82	VBRVANGUARD INDEX FDS	3,471	$735K	0.03%
83	IUSGISHARES TR	4,148	$696K	0.03%
84	IWMISHARES TR	2,772	$682K	0.03%
85	OEFISHARES TR	1,989	$682K	0.03%
86	XOMEXXON MOBIL CORP	5,644	$679K	0.03%
87	VEUVANGUARD INTL EQUITY INDEX F	9,162	$673K	0.03%
88	VOEVANGUARD INDEX FDS	3,584	$635K	0.03%
89	BILSPDR SERIES TRUST	6,683	$610K	0.03%
90	ORCLORACLE CORP	2,892	$563K	0.03%
91	TIPISHARES TR	5,116	$562K	0.03%
92	BACBANK AMERICA CORP	10,162	$558K	0.03%
93	IVWISHARES TR	4,406	$543K	0.02%
94	SRESEMPRA	6,153	$543K	0.02%
95	SCHVSCHWAB STRATEGIC TR	17,881	$529K	0.02%
96	PLDPROLOGIS INC.	4,028	$514K	0.02%
97	TSMTAIWAN SEMICONDUCTOR MFG LTD	1,614	$490K	0.02%
98	IAU*ISHARES GOLD TR	5,914	$480K	0.02%
99	VVISA INC	1,307	$458K	0.02%
100	DLODLOCAL LTD	32,000	$452K	0.02%

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