Elm Partners Management LLC

CIK 0001743941 · Q2 2026

13F Equity AUM

$2.8B

+20.8% QoQ

Positions

161

+3 QoQ

AUM Rank

#1,991

Top 16%

Skill Alpha (FF)

-3.1%/yr^ns

No Clear Edge

Rank #6,939 · Top 84%

vs S&P -7.5%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 49.4%Top 10: 71.0%Top 20: 87.6%

VTI15.5%

VBIL10.4%

VWO9.7%

VGK7.4%

ELM6.5%

VPL5.2%

IEMG5.0%

SCHP4.5%

VOO3.5%

VGSH3.3%

Others (151)29.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services96.7%

Technology2.0%

Other1.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 161Median: 0.03%Avg: 0.62%

0–0.5%

136(8.5%)

0.5–1%

5(3.9%)

1–3%

10(16.6%)

3–5%

3(11.3%)

5%+

7(59.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 161vs 20 funds

0%Low

161

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New14Increased94Decreased37Exited11

New Positions

IWV0.0%

+2K

VDE0.0%

+3K

VPU0.0%

+3K

IJT0.0%

+1K

VV0.0%

+1K

AMAT0.0%

+396

EBA0.0%

+2K

CSCO0.0%

+2K

NVO0.0%

+5K

CSL0.0%

+603

Increased

VBIL10.4%

+2.0M(+107%)

SCHH1.5%

+806K(+80%)

VGSH3.3%

+405K(+35%)

VGK7.4%

+213K(+10%)

VTI15.5%

+206K(+21%)

ELM6.5%

+162K(+3%)

SPEM1.8%

+147K(+18%)

VNQ0.7%

+97K(+104%)

VGT0.3%

+57K(+894%)

SPYM0.8%

+50K(+24%)

Decreased

SCHP4.5%

-3,277,511(-41%)

BND1.3%

-256,617(-34%)

VWO9.7%

-114,393(-2%)

VTEB0.5%

-107,832(-29%)

IEUR2.8%

-101,905(-9%)

IEMG5.0%

-98,193(-5%)

SGOV0.8%

-71,754(-25%)

STIP0.4%

-63,793(-36%)

AGG0.8%

-39,620(-14%)

MUB0.4%

-36,963(-26%)

Exited

-4,389

-2,043

-224

-4,030

-32,000

-4,755

-3,712

-293

SLV

-3,427

BSV

-3,341

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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