Elm Partners Management LLC

CIK 0001743941 · Q2 2026

13F Equity AUM

$2.8B

+20.8% QoQ

Positions

161

+3 QoQ

AUM Rank

#1,255

Top 14%

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: 51.8%Top 10: 72.4%Top 20: 88.8%

VTI16.8%

VBIL12.8%

VWO10.3%

VGK6.5%

ELM5.4%

VPL5.3%

SCHP5.0%

IEMG4.4%

IEUR3.0%

VOO2.9%

Others (151)27.6%

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

Sector Allocation

Financial Services97.3%

Other2.8%

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(7.2%)

0.5–1%

4(2.9%)

1–3%

12(20.4%)

3–5%

2(7.5%)

5%+

7(62.0%)

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

New14Increased100Decreased31Exited11

New Positions

VPU0.0%

+3K

IWV0.0%

+2K

CSCO0.0%

+2K

IJT0.0%

+1K

ELV0.0%

+638

CSL0.0%

+603

AFL0.0%

+2K

AMAT0.0%

+396

XLB0.0%

+4K

VV0.0%

+1K

Increased

VBIL12.8%

+3.9M(+209%)

VWO10.3%

+1.2M(+25%)

SCHH1.4%

+936K(+93%)

VTI16.8%

+565K(+59%)

BBEU2.4%

+418K(+66%)

VGSH2.7%

+405K(+35%)

VGK6.5%

+346K(+16%)

VPL5.3%

+304K(+25%)

IEUR3.0%

+246K(+22%)

VNQ0.9%

+230K(+245%)

Decreased

SCHP5.0%

-1,724,672(-21%)

BND1.3%

-146,178(-20%)

VTEB0.4%

-107,832(-29%)

SGOV0.6%

-71,754(-25%)

STIP0.3%

-63,793(-36%)

MUB0.3%

-36,963(-26%)

ITOT2.0%

-24,578(-6%)

VRT0.0%

-16,645(-87%)

COHR0.1%

-8,790(-55%)

NVDA0.6%

-3,753(-3%)

Exited

-4,389

-2,043

-224

-32,000

-4,030

-293

-3,341

-2,708

-3,427

-4,755

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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