Institutional Manager · CIK 0001743941

Elm Partners Management LLC

Philadelphia, PA · File #028-18958

Latest AUM

$2.20B

Positions

154

Top-10 Concentration

70.8%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	SERIES PORTFOLIOS TR	81752T429	-1,552,255	-$42.3M	-$461,526
ADD	SCHWAB STRATEGIC TR	808524870	+1,565,715	+$41.5M	-$2.5M
REDUCE	ISHARES TR	46436E718	-326,134	-$32.7M	-$257,633
ADD	VANGUARD BD INDEX FDS	921937835	+421,657	+$31.2M	-$171,113
ADD	VANGUARD SCOTTSDALE FDS	92206C102	+488,675	+$28.7M	-$100,804
ADD	VANGUARD INTL EQUITY INDEX F	922042858	+525,150	+$28.2M	-$1.7M
ADD	VANGUARD INTL EQUITY INDEX F	922042874	+305,451	+$25.5M	+$7.2M
ADD	VANGUARD INDEX FDS	922908363	+29,814	+$18.7M	+$1.3M
ADD	VANGUARD INDEX FDS	922908769	+54,790	+$18.4M	+$6.7M
ADD	VANGUARD MUN BD FDS	922907746	+317,820	+$16.0M	+$29,644

Sector Allocation

1.9%$41.7M

0.3%$7.6M

0.3%$6.2M

0.3%$5.6M

Consumer Discretionary

0.1%$2.2M

Communication Services

0.1%$1.8M

0.1%$1.2M

0.0%$954,117

0.0%$449,230

0.0%$371,391

Filing History

Feb 10, 202613F HOLDINGS REPORTQ/E Dec 2025154 pos · $2.20B
Nov 4, 202513F HOLDINGS REPORTQ/E Sep 2025149 pos · $2.00B
Aug 5, 202513F HOLDINGS REPORTQ/E Jun 202597 pos · $1.72B
May 13, 202513F HOLDINGS REPORTQ/E Mar 202566 pos · $1.55B
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 202468 pos · $1.46B
Nov 7, 202413F HOLDINGS REPORTQ/E Sep 202460 pos · $1.40B
Jul 31, 202413F HOLDINGS REPORTQ/E Jun 202460 pos · $1.30B
Apr 30, 202413F HOLDINGS REPORTQ/E Mar 202461 pos · $1.26B
Oct 24, 202313F HOLDINGS REPORTQ/E Dec 202347 pos · $966.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908769	996,018	$333.9M	15.64%
2	VANGUARD INTL EQUITY INDEX F	922042858	4,625,697	$248.7M	11.65%
3	SCHWAB STRATEGIC TR	808524870	7,072,390	$187.3M	8.78%
4	VANGUARD INTL EQUITY INDEX F	922042874	2,196,125	$183.6M	8.60%
5	SERIES PORTFOLIOS TR	81752T429	4,496,630	$122.5M	5.74%
6	VANGUARD INTL EQUITY INDEX F	922042866	1,207,832	$109.2M	5.12%
7	ISHARES INC	46434G103	1,484,000	$99.8M	4.67%
8	VANGUARD SCOTTSDALE FDS	92206C102	1,328,709	$78.0M	3.66%
9	VANGUARD INDEX FDS	922908363	120,434	$75.5M	3.54%
10	VANGUARD BD INDEX FDS	921937835	991,972	$73.5M	3.44%
11	ISHARES TR	46434V738	961,294	$68.2M	3.20%
12	ISHARES TR	464287150	404,268	$60.1M	2.82%
13	ISHARES TR	46436E718	479,084	$48.1M	2.25%
14	ISHARES TR	46429B747	428,603	$43.9M	2.06%
15	SPDR INDEX SHS FDS	78463X509	876,410	$41.0M	1.92%
16	J P MORGAN EXCHANGE TRADED F	46641Q191	556,073	$40.8M	1.91%
17	ISHARES TR	46434V696	489,530	$35.8M	1.68%
18	ISHARES TR	464287226	291,724	$29.1M	1.37%
19	J P MORGAN EXCHANGE TRADED F	46641Q225	295,147	$27.4M	1.29%
20	VANGUARD INDEX FDS	922908744	125,961	$24.1M	1.13%