Elm Partners Management LLC — Q4 2025 13F Holdings

Name: Elm Partners Management LLC — 13F Holdings, Q4 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001743941

Total reported value

$2.3B

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	15.15%	-2.18%	+5.82%
2	VWO	Vanguard Ftse Emerging Marke	ETF-Emerging Markets	11.28%	-0.76%	+12.81%
3	SCHP	Schwab U.s. Tips ETF	ETF-Other	8.50%	+0.79%	+28.43%
4	VGK	Vanguard Ftse Europe ETF	ETF-Other	8.33%	-1.00%	+16.16%
5	ELM	Elm Market Navigator ETF	ETF-Other	5.56%	+1.36%	-25.66%
6	VPL	Vanguard Ftse Pacific ETF	ETF-Other	4.95%	+0.06%	+7.35%
7	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	4.53%	+0.70%	-1.14%
8	VGSH	Vanguard Short-term Treasury	ETF-Gov Bonds	3.54%	-0.58%	+58.17%
9	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	3.43%	-0.74%	+32.90%
10	BND	Vanguard Total Bond Market	ETF-Other	3.33%	-0.96%	+73.93%
11	IEUR	Ishares Core Msci Europe ETF	ETF-Other	3.10%	+0.21%	-7.94%
12	ITOT	Ishares Core S&p Total U.s.	ETF-Other	2.73%	—	-1.49%
13	SGOV	Ishares 0-3 Month Treasury B	ETF-Gov Bonds	2.18%	-0.94%	-40.50%
14	STIP	Ishares 0-5 Year Tips Bond E	ETF-Other	1.99%	-1.19%	-3.43%
15	SPEM	State Street Sp Ptf Em ETF	ETF-Other	1.86%	-0.23%	+23.52%
16	BBEU	Jpmorgan Betabuilders Europe	ETF-Other	1.85%	+0.07%	+11.04%
17	IPAC	Ishares Core Msci Pacific Et	ETF-Other	1.63%	—	+3.42%
18	AGG	Ishares Core U.s. Aggregate	ETF-Other	1.32%	-0.14%	+60.37%
19	BBCA	Jpmorgan Betabuilders Canada	ETF-Other	1.25%	+0.02%	+6.98%
20	VTV	Vanguard Value ETF	ETF-Other	1.09%	+0.07%	+9.59%
21	VTEB	Vanguard Tax-exempt Bond ETF	ETF-Other	1.03%	-0.22%	+235.73%
22	NVDA	Nvidia CORP	Stock-Tech	0.93%	-0.14%	-16.88%
23	VB	Vanguard Small-cap ETF	ETF-Other	0.88%	+0.06%	-2.81%
24	MUB	Ishares National Muni Bond E	ETF-Other	0.63%	+0.01%	+159.43%
25	SCHH	Schwab US Reit ETF	ETF-Other	0.59%	+0.34%	+11.22%
26	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	0.45%	-0.04%	-0.61%
27	VNQ	Vanguard Real Estate ETF	ETF-Other	0.39%	—	+44.96%
28	VBIL	Vanguard 0-3m T-bill ETF	ETF-Other	0.37%	+5.67%	—
29	EWC	Ishares Msci Canada ETF	ETF-Other	0.28%	—	-2.90%
30	AAPL	Apple INC	Stock-Tech	0.24%	+0.04%	-19.98%
31	DFUS	Dimensional US Eq Mkt ETF	ETF-Other	0.24%	+0.01%	—
32	VFH	Vanguard Financials ETF	ETF-Other	0.23%	-0.11%	+81.44%
33	IUSV	Ishares Core S&p U.s. Value	ETF-Other	0.21%	—	-0.06%
34	BRK-A	Berkshire Hathaway Inc-cl A	Stock-Other	0.21%	—	—
35	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.20%	—	-9.90%
36	CRWD	Crowdstrike Holdings INC - A	Stock-Tech	0.19%	-0.06%	—
37	LLY	Eli Lilly & Co	Stock-Healthcare	0.19%	-0.04%	-1.64%
38	XLK	Ss Technology Select Sector	ETF-Tech	0.18%	-0.03%	+139.76%
39	SCHF	Schwab Intl Equity ETF	ETF-Other	0.18%	+0.02%	+5.66%
40	VGT	Vanguard Info Tech ETF	ETF-Tech	0.18%	-0.16%	+9.53%
41	COHR	Coherent CORP	Stock-Tech	0.17%	—	-50.00%
42	VEA	Vanguard Ftse Developed ETF	ETF-Other	0.17%	—	+12.76%
43	SPYM	Ste Str Spdr Pt S&p 500 ETF	ETF-Large Cap & Growth	0.16%	+0.52%	+9.92%
44	BN	Brookfield CORP	Stock-Financials	0.15%	-0.03%	+50.00%
45	IBM	Intl Business Machines CORP	Stock-Tech	0.14%	-0.03%	+3.88%
46	XLF	Ss Financial Select Sector	ETF-Other	0.14%	-0.03%	+99.67%
47	VRT	Vertiv Holdings Co-a	Stock-Industrials	0.14%	+0.05%	—
48	VCR	Vanguard Consumer Discre ETF	ETF-Other	0.13%	-0.03%	+12.25%
49	VHT	Vanguard Health Care ETF	ETF-Other	0.13%	-0.05%	+91.78%
50	SCHB	Schwab US Broad Market ETF	ETF-Other	0.13%	—	+13.15%

1–50 of 154

Holding changes this quarter

Position changes disclosed by Elm Partners Management LLC for the quarter ending Q4 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	BND	Vanguard Total Bond Market	+1.2%	+73.93%	Add
2	SCHP	Schwab U.s. Tips ETF	+1.1%	+28.43%	Add
3	VGSH	Vanguard Short-term Treasury	+1.1%	+58.17%	Add
4	VGK	Vanguard Ftse Europe ETF	+0.8%	+16.16%	Add
5	VTEB	Vanguard Tax-exempt Bond ETF	+0.7%	+235.73%	Add
6	VOO	Vanguard S&p 500 ETF	+0.7%	+32.90%	Add
7	AGG	Ishares Core U.s. Aggregate	+0.4%	+60.37%	Add
8	MUB	Ishares National Muni Bond E	+0.4%	+159.43%	Add
9	SPEM	State Street Sp Ptf Em ETF	+0.2%	+23.52%	Add
10	VWO	Vanguard Ftse Emerging Marke	+0.2%	+12.81%	Add
11	BBEU	Jpmorgan Betabuilders Europe	+0.1%	+11.04%	Add
12	VNQ	Vanguard Real Estate ETF	+0.1%	+44.96%	Add
13	VFH	Vanguard Financials ETF	+0.1%	+81.44%	Add
14	XLF	Ss Financial Select Sector	+0.1%	+99.67%	Add
15	VHT	Vanguard Health Care ETF	+0.1%	+91.78%	Add
16	BBCA	Jpmorgan Betabuilders Canada	+0.1%	+6.98%	Add
17	LLY	Eli Lilly & Co	0%	-1.64%	Trim
18	BN	Brookfield CORP	0%	+50.00%	Add
19	LRCX	Lam Research CORP	0%	+44.71%	Add
20	VTV	Vanguard Value ETF	0%	+9.59%	Add
21	XLK	Ss Technology Select Sector	0%	+139.76%	Add
22	VIS	Vanguard Industrials ETF	0%	+40.19%	Add
23	VPL	Vanguard Ftse Pacific ETF	0%	+7.35%	Add
24	VEA	Vanguard Ftse Developed ETF	0%	+12.76%	Add
25	GOOGL	Alphabet Inc-cl A	0%	-1.68%	Trim
26	VOX	Vanguard Communication Servi	0%	+19.60%	Add
27	SCHH	Schwab US Reit ETF	0%	+11.22%	Add
28	AMZN	Amazon.com INC	0%	-39.29%	Trim
29	TSLA	Tesla INC	0%	-72.38%	Trim
30	XLC	Ss Comm Select Sector Spdr	0%	-66.40%	Trim
31	COHR	Coherent CORP	-0.1%	-50.00%	Trim
32	NFLX	Netflix INC	-0.1%	+447.56%	Add
33	AAPL	Apple INC	-0.1%	-19.98%	Trim
34	IPAC	Ishares Core Msci Pacific Et	-0.1%	+3.42%	Add
35	AMD	Advanced Micro Devices	-0.1%	-68.26%	Trim
36	IWF	Ishares Russell 1000 Growth	-0.1%	-78.48%	Trim
37	MU	Micron Technology INC	-0.3%	-97.45%	Trim
38	VTI	Vanguard Total Stock Mkt ETF	-0.3%	+5.82%	Add
39	STIP	Ishares 0-5 Year Tips Bond E	-0.3%	-3.43%	Trim
40	NVDA	Nvidia CORP	-0.3%	-16.88%	Trim
41	IEMG	Ishares Core Msci Emerging	-0.4%	-1.14%	Trim
42	IEUR	Ishares Core Msci Europe ETF	-0.5%	-7.94%	Trim
43	SGOV	Ishares 0-3 Month Treasury B	-1.9%	-40.50%	Trim
44	ELM	Elm Market Navigator ETF	-2.7%	-25.66%	Trim
45	VBIL	Vanguard 0-3m T-bill ETF	—	NEW	New buy
46	GOOG	Alphabet Inc-cl C	—	NEW	New buy
47	BTC	Grayscale Bitcoin Mini ETF	—	NEW	New buy
48	ALNY	Alnylam Pharmaceuticals INC	—	NEW	New buy
49	XLV	Ss Health Care Select Sector	—	EXIT	Sold out
50	PLD	Prologis INC	—	NEW	New buy