Elm Partners Management portfolio

What changed this quarter

112 positions with a change (12 new, 59 added to, 29 trimmed, 12 sold). 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Vanguard Instl Index Fund+126%more sharesIncreased
  6.6% → 12.8%
• Schwab U.s. Tips ETF−47%fewer sharesReduced
  10.9% → 5.0%
• Vanguard Index Funds+20%more sharesIncreased
  14.0% → 16.8%
• Vanguard International Equity Index F−7.4%fewer sharesReduced
  11.6% → 10.3%
• Vanguard S&P 500 ETF+32%more sharesIncreased
  2.2% → 2.9%
• Vanguard Short-term Treasury ETF+35%more sharesIncreased
  2.4% → 2.7%
• Vanguard Total Bond Market ETF−34%fewer sharesReduced
  2.3% → 1.3%
• Vanguard Real Estate ETF+245%more sharesIncreased
  0.3% → 0.9%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Vanguard Index FundsVTI16.8%
• Vanguard Instl Index FundVBIL12.8%
• Vanguard International Equity Index FVWO10.3%
• Vanguard International Equity Index FVGK6.5%
• Series Portfolios TrELM5.4%
• Vanguard International Equity Index FVPL5.3%
• Schwab U.s. Tips ETFSCHP5.0%
• IsharesIEMG4.4%
• iShares Core Msci Europe ETFIEUR3.1%
• Vanguard S&P 500 ETFVOO2.9%
• Vanguard Short-term Treasury ETFVGSH2.7%
• J P Morgan Exchange Traded FundBBEU2.4%
• iShares Core S&P Total U.s ETFITOT2.0%
• Spdr Index SHS FundsSPEM1.5%
• Schwab US Reit ETFSCHH1.4%
• iShares Core Msci Pacific ET ETFIPAC1.3%
• Vanguard Mrngstr Val ETF-aui ETFVTV1.3%
• Vanguard Total Bond Market ETFBND1.3%
• J P Morgan Exchange Traded FundBBCA1.2%
• Vanguard Most Sm-cap ETF-usd ETFVB1.1%
• iShares Core U.s. Aggregate ETFAGG1.1%
• Vanguard Real Estate ETFVNQ0.9%
• STE Str SPDR PT S&P 500 ETFSPYM0.7%
• iShares 0-3 Month Treasury B ETFSGOV0.6%
• NVIDIANVDA0.6%
• Vanguard Tax-exempt Bond ETFVTEB0.4%
• iShares 0-5 Year Tips Bond E ETFSTIP0.4%
• iShares Core S&P 500 ETFIVV0.3%
• iShares National Muni Bond E ETFMUB0.3%
• Schwab US Broad Market ETFSCHB0.2%
• AppleAAPL0.2%
• Vanguard Info Tech ETFVGT0.2%
• Dimensional ETF TrustDFUS0.2%
• IsharesEWC0.2%
• iShares Core S&P U.s. Value ETFIUSV0.2%
• State Street Technology Select Sector ETFXLK0.2%
• CrowdStrike HoldingsCRWD0.2%
• Berkshire HathawayBRK/A · BRK/B0.2%
• Schwab International Equity ETFSCHF0.2%
• AlphabetGOOGL · GOOG0.1%
• Vanguard Ftse Developed ETFVEA0.1%
• State Str Spdr S&P 500 ETF TSPY0.1%
• Eli LillyLLY0.1%
• Advanced Micro DevicesAMD0.1%
• iShares Core S&P Small-cap E ETFIJR0.1%
• Vanguard Financials ETFVFH0.1%
• Vanguard Industrials ETFVIS0.1%
• State Street Financial Select Sector ETFXLF0.1%
• Lam ResearchLRCX0.1%
• BrookfieldBN0.1%
• CoherentCOHR0.1%
• Vanguard Communication Servi ETFVOX0.1%
• Vanguard Consumer Discre ETFVCR0.1%
• International Business MachinesIBM0.1%
• Schwab US Small-cap ETFSCHA0.1%
• Vanguard Health Care ETFVHT0.1%
• MicrosoftMSFT0.1%
• State Street Industrial Select Sector ETFXLI0.1%
• Vanguard Mrngstar GR ETF-sui ETFVUG0.1%
• RTXRTX0.1%
• Vanguard Dividend Apprec ETFVIG0.1%
• iShares S&P 500 Value ETFIVE0.1%
• Franklin Ftse Canada ETFFLCA0.1%
• Vanguard International Equity Index FVEUunder 0.1%
• Vanguard Total International Stock ETFVXUSunder 0.1%
• BroadcomAVGOunder 0.1%
• State Street Consumer Disc Select Sect ETFXLYunder 0.1%
• iShares Core Msci Eafe ETFIEFAunder 0.1%
• Amazon.comAMZNunder 0.1%
• JPMorgan ChaseJPMunder 0.1%
• Costco WholesaleCOSTunder 0.1%
• Micron TechnologyMUunder 0.1%
• AbbVieABBVunder 0.1%
• Duke EnergyDUKunder 0.1%
• iShares Russell 1000 Growth ETFIWFunder 0.1%
• iShares Tips Bond ETFTIPunder 0.1%
• iShares Russell 2000 ETFIWMunder 0.1%
• State Street Comm Select Sector SPDR ETFXLCunder 0.1%
• Dominion EnergyDunder 0.1%
• Vanguard Consumer Staple ETFVDCunder 0.1%
• Vanguard Index FundsVBRunder 0.1%
• iShares Russell 3000 ETFIWVunder 0.1%
• Vertiv HoldingsVRTunder 0.1%
• CaterpillarCATunder 0.1%
• Seagate Technology HoldingsSTXunder 0.1%
• Meta PlatformsMETAunder 0.1%
• Taiwan Semiconductor ManufacturingTSMunder 0.1%
• iShares Core S&P U.s. Growth ETFIUSGunder 0.1%
• iShares S&P 100 ETFOEFunder 0.1%
• Markel GroupMKLunder 0.1%
• Vanguard Index FundsVOEunder 0.1%
• Blue OWL Technology FinanceOTFunder 0.1%
• ASML HoldingASMLunder 0.1%
• iShares S&P 500 Growth ETFIVWunder 0.1%
• Bank of AmericaBACunder 0.1%
• Schwab US Large-cap Value ETFSCHVunder 0.1%
• SempraSREunder 0.1%
• EatonETNunder 0.1%