Elm Partners Management LLC

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CIK 1743941

13F portfolio (2026-Q1)

$2.3B

Positions

158

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

158

Top 5

47.0%

Top 10

69.6%

Effective N

16.2

HHI

0.062

This quarter

11 new · 0 exit →

By sector

Unclassified96.5%

Information Technology1.9%

Health Care0.3%

Industrials0.3%

Communication Services0.2%

Financials0.2%

Consumer Discretionary0.2%

Utilities0.2%

Other0.3%

By market cap

Unknown96.7%

Mega (>$200B)2.4%

Large ($10–200B)0.9%

By region

Other96.5%

North America3.5%

Asia-Pacific0.0%

Europe0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	96.54%	92
Semiconductors & Semiconductor Equipment	1.15%	7
Technology Hardware & Equipment	0.56%	5
Pharmaceuticals & Biotechnology	0.28%	7
Software	0.23%	3
Software & IT Services	0.19%	3
Specialty Retail	0.17%	6
Utilities	0.16%	6
Machinery	0.14%	5
Real Estate Management & Development	0.12%	1
Aerospace & Defense	0.09%	2
Banks	0.09%	4
Oil, Gas & Consumable Fuels	0.08%	3
Commercial Services & Supplies	0.07%	4
Chemicals	0.04%	2
Insurance	0.03%	1
Equity Real Estate Investment Trusts (REITs)	0.02%	1
Media & Entertainment	0.02%	1
Hotels, Restaurants & Leisure	0.01%	1
Tobacco	0.01%	1
Capital Markets	0.01%	1
Entertainment	0.01%	1
Beverages	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VTI	VANGUARD INDEX FDS	Unclassified	12.97%
2	VWO	VANGUARD INTL EQUITY INDEX F	Unclassified	10.52%
3	SCHP	SCHWAB STRATEGIC TR	Unclassified	9.29%
4	VGK	VANGUARD INTL EQUITY INDEX F	Unclassified	7.33%
5	ELM	SERIES PORTFOLIOS TR	Unclassified	6.92%
6	VBIL	VANGUARD INSTL INDEX FD	Unclassified	6.04%
7	IEMG	ISHARES INC	Unclassified	5.23%
8	VPL	VANGUARD INTL EQUITY INDEX F	Unclassified	5.01%
9	IEUR	ISHARES TR	Unclassified	3.31%
10	VGSH	VANGUARD SHORT-TERM TREASURY ETF	Unclassified	2.96%

67/158 names classified · sector 3.5% of weight · industry 3.5% · mkt cap 3.3%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 30 quarters

Information TechnologyNVDA, AAPL, CRWD, VRT, COHR · other

Health CareLLY, ABBV, ALNY, GILD, MRK · other

Communication ServicesNFLX, GOOGL, GOOG, META, DIS

FinancialsBRK.B, JPM, MKL, BAC, V · other

IndustrialsRTX, LRCX, ETN, CAT, DLO · other

UtilitiesDUK, D, VST, SRE, KMI · other

Consumer DiscretionaryCOST, AMZN, WMT, ORLY, TSLA · other

Real EstateBN, PLD

EnergyXOM, VLO, CVX

MaterialsLIN, PG

Consumer StaplesPM, KO

UnclassifiedVTI, BIL, IVV, ELM, BSV · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 3.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 3% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (59 classified)Elm Partners Management LLC centroid (Large Growth)

Information TechnologyHealth CareIndustrialsCommunication ServicesConsumer DiscretionaryUtilitiesFinancialsEnergyMaterialsReal EstateConsumer Staples

Style box summary for Elm Partners Management LLC: centroid Large Growth. Heaviest cells: Large Growth 2.1%, Large Core 0.5%, Large Value 0.3%.

Classified: 3.0% of book weight (59/158 names) · unclassified 97.0%: VTI, VWO, SCHP, VGK, ELM, VBIL, IEMG, VPL, IEUR, VGSH +89 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 158 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VTIVANGUARD INDEX FDS	960,162	$299M	13.0%	TRIM −4%
2	VWOVANGUARD INTL EQUITY INDEX F	4,632,193	$243M	10.5%	HOLD
3	SCHPSCHWAB STRATEGIC TR	8,065,801	$214M	9.3%	ADD 14%
4	VGKVANGUARD INTL EQUITY INDEX F	2,117,017	$169M	7.3%	TRIM −4%
5	ELMSERIES PORTFOLIOS TR	6,006,305	$160M	6.9%	ADD 34%
6	VBILVANGUARD INSTL INDEX FD	1,842,620	$139M	6.0%	ADD 1592%
7	IEMGISHARES INC	1,791,143	$121M	5.2%	ADD 21%
8	VPLVANGUARD INTL EQUITY INDEX F	1,225,262	$116M	5.0%	HOLD
9	IEURISHARES TR	1,119,616	$76M	3.3%	ADD 16%
10	VGSHVANGUARD SHORT-TERM TREASURY ETF	1,165,925	$68M	3.0%	TRIM −12%
11	VOOVANGUARD INDEX FDS	106,752	$62M	2.7%	TRIM −11%
12	ITOTISHARES TR	431,442	$60M	2.6%	ADD 7%
13	BNDVANGUARD BD INDEX FDS	745,556	$55M	2.4%	TRIM −25%
14	BBEUJ P MORGAN EXCHANGE TRADED F BETABUILDERS EUR	632,274	$44M	1.9%	ADD 14%
15	IPACISHARES TR	507,836	$38M	1.6%	ADD 4%
16	SPEMSPDR INDEX SHS FDS	826,995	$38M	1.6%	TRIM −6%
17	BBCAJ P MORGAN EXCHANGE TRADED F	320,704	$29M	1.3%	ADD 9%
18	SGOVISHARES TR	284,362	$29M	1.2%	TRIM −41%
19	AGGISHARES TR	275,691	$27M	1.2%	TRIM −5%
20	VTVVANGUARD INDEX FDS	139,209	$27M	1.2%	ADD 11%
21	VBVANGUARD INDEX FDS	85,423	$22M	0.9%	ADD 14%
22	SCHHSCHWAB STRATEGIC TR	1,010,445	$21M	0.9%	ADD 61%
23	VTEBVANGUARD MUN BD FDS	375,373	$19M	0.8%	TRIM −17%
24	STIPISHARES TR	179,257	$19M	0.8%	TRIM −58%
25	NVDANVIDIA CORPORATION	110,658	$18M	0.8%	HOLD
26	SPYMSPDR SERIES TRUST	211,312	$16M	0.7%	ADD 392%
27	MUBISHARES TR	140,396	$15M	0.6%	ADD 8%
28	IVVISHARES TR	14,743	$9M	0.4%	HOLD
29	VNQVANGUARD INDEX FDS	93,988	$8M	0.4%	TRIM −2%
30	AAPLAPPLE INC	25,791	$6M	0.3%	ADD 30%
31	EWCISHARES INC	112,070	$6M	0.3%	HOLD
32	DFUSDIMENSIONAL ETF TRUST	85,046	$6M	0.3%	ADD 20%
33	IUSVISHARES TR	49,756	$5M	0.2%	ADD 10%
34	SCHFSCHWAB STRATEGIC TR	197,275	$5M	0.2%	ADD 21%
35	VRTVERTIV HOLDINGS CO	19,053	$4M	0.2%	HOLD
36	BRK.ABERKSHIRE HATHAWAY INC DEL	6	$4M	0.2%	HOLD
37	SPYSTATE STR SPDR S&P 500 ETF T	6,194	$4M	0.2%	TRIM −3%
38	VEAVANGUARD TAX-MANAGED FDS	60,019	$4M	0.2%	HOLD
39	COHRCOHERENT CORP	15,998	$4M	0.2%	TRIM −20%
40	LLYELI LILLY & CO	3,877	$3M	0.1%	HOLD
41	XLKSELECT SECTOR SPDR TR	26,891	$3M	0.1%	HOLD
42	CRWDCROWDSTRIKE HLDGS INC	7,594	$3M	0.1%	TRIM −16%
43	VFHVANGUARD WORLD FD	23,474	$3M	0.1%	TRIM −38%
44	IJRISHARES TR	22,514	$3M	0.1%	ADD 7%
45	BNBROOKFIELD CORP	69,811	$3M	0.1%	HOLD
46	XLFSELECT SECTOR SPDR TR	52,008	$3M	0.1%	TRIM −9%
47	SCHBSCHWAB STRATEGIC TR	103,002	$3M	0.1%	TRIM −4%
48	IBMINTERNATIONAL BUSINESS MACHS	10,377	$2M	0.1%	TRIM −4%
49	VCRVANGUARD WORLD FD	6,829	$2M	0.1%	TRIM −9%
50	VISVANGUARD WORLD FD	6,977	$2M	0.1%	HOLD
51	VOXVANGUARD WORLD FD	11,962	$2M	0.1%	TRIM −7%
52	GOOGLALPHABET INC	7,381	$2M	0.1%	HOLD
53	SCHASCHWAB STRATEGIC TR	70,129	$2M	0.1%	ADD 96%
54	VHTVANGUARD WORLD FD	7,314	$2M	0.1%	TRIM −27%
55	MSFTMICROSOFT CORP	5,364	$2M	0.1%	HOLD
56	RTXRTX CORPORATION	9,438	$2M	0.1%	HOLD
57	GOOGALPHABET INC	6,018	$2M	0.1%	ADD 21%
58	IVEISHARES TR	7,811	$2M	0.1%	HOLD
59	XLISELECT SECTOR SPDR TR	9,877	$2M	0.1%	ADD 27%
60	AMDADVANCED MICRO DEVICES INC	7,851	$2M	0.1%	HOLD
61	VIGVANGUARD SPECIALIZED FUNDS	7,223	$2M	0.1%	ADD 60%
62	LRCXLAM RESEARCH CORP	7,250	$1M	0.1%	HOLD
63	VEUVANGUARD INTL EQUITY INDEX F	19,868	$1M	0.1%	ADD 117%
64	VXUSVANGUARD STAR FDS	18,388	$1M	0.1%	HOLD
65	COSTCOSTCO WHSL CORP NEW	1,349	$1M	0.1%	ADD 17%
66	DUKDUKE ENERGY CORP NEW	9,463	$1M	0.1%	ADD 2%
67	BRK.BBERKSHIRE HATHAWAY INC DEL	2,582	$1M	0.1%	ADD 22%
68	JPMJPMORGAN CHASE & CO	4,138	$1M	0.1%	HOLD
69	IEFAISHARES TR	12,848	$1M	0.0%	HOLD
70	AVGOBROADCOM INC	3,778	$1M	0.0%	ADD 5%
71	FLCAFRANKLIN TEMPLETON ETF TR	22,616	$1M	0.0%	TRIM −26%
72	XOMEXXON MOBIL CORP	5,991	$1M	0.0%	ADD 6%
73	ABBVABBVIE INC	4,673	$995,910	0.0%	HOLD
74	IWMISHARES TR	4,150	$994,382	0.0%	ADD 50%
75	AMZNAMAZON COM INC	4,813	$967,204	0.0%	ADD 9%
76	DDOMINION ENERGY INC	13,078	$808,744	0.0%	HOLD
77	VDCVANGUARD WORLD FD	3,456	$774,390	0.0%	ADD 114%
78	METAMETA PLATFORMS INC	1,433	$768,412	0.0%	ADD 9%
79	VBRVANGUARD INDEX FDS	3,471	$736,861	0.0%	HOLD
80	XLCSELECT SECTOR SPDR TR	6,512	$703,036	0.0%	ADD 193%
81	MKLMARKEL GROUP INC	364	$686,679	0.0%	ADD 4%
82	ALNYALNYLAM PHARMACEUTICALS INC	2,043	$645,772	0.0%	HOLD
83	VOEVANGUARD INDEX FDS	3,556	$645,315	0.0%	HOLD
84	OEFISHARES TR	2,083	$642,001	0.0%	ADD 5%
85	XLVSELECT SECTOR SPDR TR	4,389	$631,226	0.0%	NEW
86	SRESEMPRA	6,339	$612,221	0.0%	ADD 3%
87	IUSGISHARES TR	4,100	$611,281	0.0%	HOLD
88	XLYSELECT SECTOR SPDR TR	5,541	$585,462	0.0%	ADD 80%
89	WMTWALMART INC	4,526	$558,988	0.0%	ADD 12%
90	OTFBLUE OWL TECHNOLOGY FINANCE	43,972	$551,409	0.0%	ADD 100%
91	SCHVSCHWAB STRATEGIC TR	17,882	$534,672	0.0%	HOLD
92	VGTVANGUARD WORLD FD	6,361	$531,712	0.0%	ADD 23%
93	TIPISHARES TR	4,787	$528,240	0.0%	TRIM −6%
94	IAUISHARES GOLD TR	6,210	$527,415	0.0%	ADD 5%
95	PLDPROLOGIS INC.	4,030	$518,983	0.0%	HOLD
96	LINLINDE PLC	1,038	$518,240	0.0%	ADD 19%
97	TSMTAIWAN SEMICONDUCTOR MFG LTD	1,614	$510,831	0.0%	HOLD
98	CATCATERPILLAR INC	754	$503,305	0.0%	ADD 4%
99	BACBANK AMERICA CORP	10,549	$498,229	0.0%	ADD 4%
100	IVWISHARES TR	4,410	$479,385	0.0%	HOLD
101	ETNEATON CORP PLC	1,333	$457,925	0.0%	HOLD
102	VLOVALERO ENERGY CORP	1,820	$455,491	0.0%	ADD 8%
103	PGPROCTER AND GAMBLE CO	3,065	$443,574	0.0%	ADD 5%
104	BILSPDR SERIES TRUST	4,709	$431,520	0.0%	TRIM −30%
105	VSTVISTRA CORP	2,895	$427,189	0.0%	ADD 3%
106	ASMLASML HOLDING N V	341	$426,591	0.0%	HOLD
107	ORLYOREILLY AUTOMOTIVE INC	4,605	$424,167	0.0%	HOLD
108	IWNISHARES TR	2,276	$420,650	0.0%	HOLD
109	ORCLORACLE CORP	2,890	$401,176	0.0%	HOLD
110	DLODLOCAL LTD	32,000	$396,800	0.0%	HOLD
111	MAMASTERCARD INCORPORATED	791	$390,925	0.0%	ADD 28%
112	VVISA INC	1,265	$378,970	0.0%	TRIM −3%
113	IWOISHARES TR	1,245	$374,770	0.0%	ADD 62%
114	IWDISHARES TR	1,785	$373,894	0.0%	HOLD
115	MRKMERCK & CO INC	3,108	$367,064	0.0%	HOLD
116	MELIMERCADOLIBRE INC	224	$362,701	0.0%	HOLD
117	LMTLOCKHEED MARTIN CORP	599	$358,543	0.0%	HOLD
118	NFLXNETFLIX INC	3,823	$355,470	0.0%	TRIM −61%
119	GILDGILEAD SCIENCES INC	2,579	$351,630	0.0%	HOLD
120	GLDSPDR GOLD TR	839	$347,833	0.0%	HOLD
121	DEDEERE & CO	616	$342,195	0.0%	ADD 20%
122	VAWVANGUARD WORLD FD	1,524	$335,554	0.0%	ADD 36%
123	NEENEXTERA ENERGY INC	3,418	$314,656	0.0%	ADD 17%
124	IJKISHARES TR	3,219	$312,965	0.0%	HOLD
125	JNJJOHNSON & JOHNSON	1,289	$312,571	0.0%	ADD 12%
126	VWOBVANGUARD WHITEHALL FDS	4,755	$309,693	0.0%	HOLD
127	XLPSELECT SECTOR SPDR TR	3,758	$307,713	0.0%	HOLD
128	LOWLOWES COS INC	1,305	$303,521	0.0%	HOLD
129	STXSEAGATE TECHNOLOGY HLDNGS PL	828	$300,092	0.0%	HOLD
130	CVXCHEVRON CORP NEW	1,354	$285,372	0.0%	NEW
131	VRTXVERTEX PHARMACEUTICALS INC	636	$281,850	0.0%	ADD 20%
132	IWSISHARES TR	1,946	$276,896	0.0%	HOLD
133	MCDMCDONALDS CORP	885	$273,056	0.0%	HOLD
134	MUMICRON TECHNOLOGY INC	840	$270,312	0.0%	HOLD
135	APHAMPHENOL CORP	2,252	$268,326	0.0%	HOLD
136	VSSVANGUARD INTL EQUITY INDEX F	1,896	$268,166	0.0%	NEW
137	SPYVSPDR SERIES TRUST	4,710	$262,064	0.0%	HOLD
138	BSVVANGUARD BD INDEX FDS	3,341	$261,600	0.0%	NEW
139	VCSHVANGUARD SCOTTSDALE FDS	3,255	$257,275	0.0%	HOLD
140	PMPHILIP MORRIS INTL INC	1,501	$247,450	0.0%	HOLD
141	SCHDSCHWAB STRATEGIC TR	8,008	$244,092	0.0%	NEW
142	SCHXSCHWAB U.S. LARGE-CAP ETF	9,708	$241,936	0.0%	HOLD
143	IWFISHARES TR	2,342	$240,612	0.0%	ADD 39%
144	TMOTHERMO FISHER SCIENTIFIC INC	501	$240,282	0.0%	HOLD
145	QQQINVESCO QQQ TR	427	$238,561	0.0%	TRIM −13%
146	GSGOLDMAN SACHS GROUP INC	293	$236,643	0.0%	TRIM −18%
147	VUGVANGUARD INDEX FDS	3,361	$235,296	0.0%	ADD 39%
148	DISDISNEY WALT CO	2,484	$234,319	0.0%	TRIM −3%
149	KOCOCA COLA CO	2,937	$224,027	0.0%	NEW
150	VGITVANGUARD SCOTTSDALE FDS	3,712	$220,604	0.0%	NEW
151	EEMISHARES TR	4,025	$220,361	0.0%	NEW
152	TJXTJX COS INC NEW	1,413	$220,080	0.0%	NEW
153	KMIKINDER MORGAN INC DEL	6,479	$218,027	0.0%	NEW
154	SLVISHARES SILVER TR	3,427	$217,683	0.0%	HOLD
155	IJJISHARES TR	1,651	$213,634	0.0%	HOLD
156	URAGLOBAL X FDS	4,687	$212,274	0.0%	HOLD
157	WFCWELLS FARGO CO NEW	2,708	$207,968	0.0%	NEW
158	SANBANCO SANTANDER S.A.	16,760	$179,332	0.0%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

VTIVANGUARD INDEX FDS

897K

405K

844K

941K

996K

960K

$299M

VWOVANGUARD INTL EQUITY INDEX F

3.5M

3.2M

3.8M

4.1M

4.6M

$243M

SCHPSCHWAB STRATEGIC TR

3.8M

8.0M

4.5M

5.5M

7.1M

8.1M

$214M

VGKVANGUARD INTL EQUITY INDEX F

1.5M

1.9M

1.8M

1.9M

2.2M

2.1M

$169M

ELMSERIES PORTFOLIOS TR

—

10.9M

6.2M

6.0M

4.5M

6.0M

$160M

VBILVANGUARD INSTL INDEX FD

—

109K

1.8M

$139M

IEMGISHARES INC

2.4M

1.4M

1.5M

1.8M

$121M

VPLVANGUARD INTL EQUITY INDEX F

746K

706K

1.0M

1.1M

1.2M

$116M

IEURISHARES TR

1.1M

544K

998K

1.0M

961K

1.1M

$76M

VGSHVANGUARD SHORT-TERM TREASURY ETF

266K

288K

370K

840K

1.3M

1.2M

$68M

VOOVANGUARD INDEX FDS

38K

23K

86K

91K

120K

107K

$62M

ITOTISHARES TR

1.2M

591K

382K

410K

404K

431K

$60M

BNDVANGUARD BD INDEX FDS

83K

622K

433K

570K

992K

746K

$55M

BBEUJ P MORGAN EXCHANGE TRADED F BETABUILDERS EUR

—

92K

361K

501K

556K

632K

$44M

IPACISHARES TR

683K

382K

477K

473K

490K

508K

$38M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Elm Partners Management LLC

Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 158 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

Elm Partners Management LLC