10Elms LLP
Long book
$146.8M
Q1 2026
Positions
206
Top-10 weight
42%
concentration
Last quarter
+10.7%
SPY +14.8%
Turnover
15%
of book per quarter
Strategy in plain words
auto-generated from filings10Elms LLP is a wealth-management firm allocating client money, running a $146.8M US long book across 206 positions.
The portfolio is moderately concentrated (top 10 ≈ 42% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: ISHARES CORE MSCI EAFE ETF, ISHARES CORE MSCI EMERGING, SS TECHNOLOGY SELECT SECTOR, ISHARES MSCI USA MIN VOL FAC, SS HEALTH CARE SELECT SECTOR.
Over the last 6 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 3 of 6 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
+0.3%
Q1 2025
+6.9%
Q2 2025
+5.7%
Q3 2025
+2.8%
Q4 2025
+0.1%
Q1 2026
+10.7%
Sector allocation
Technology 22%
Financials 20%
Industrials 18%
Utilities 16%
Consumer discretionary 8%
Healthcare 4%
Energy 4%
Other 4%
Long book by quarter
What does 10Elms LLP own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CAT CATERPILLAR INC | Industrials | 2.4K | $1.7M | 1.1% | +238.2% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 26.7K | $1.0M | 0.7% | +34.6% |
| GOOGL ALPHABET INC-CL A | Technology | 2.6K | $753K | 0.5% | +23.6% |
| BX BLACKSTONE INC | Financials | 6.5K | $668K | 0.5% | +40.2% |
| GOOG ALPHABET INC-CL C | Technology | 2.2K | $643K | 0.4% | +40.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.8K | $593K | 0.4% | +8.4% |
| AB ALLIANCEBERNSTEIN HOLDING LP | Financials | 15.5K | $579K | 0.4% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 1.9K | $548K | 0.4% | +1764.0% |
| QCOM QUALCOMM INC | Technology | 4.1K | $526K | 0.4% | +576.9% |
| BAC 7.25 PERP L BANK OF AMERICA CORP | — | 411 | $490K | 0.3% | +6750.0% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 729 | $349K | 0.2% | +10.5% |
| NVDA NVIDIA CORP | Technology | 1.9K | $334K | 0.2% | +7.9% |
| PEP PEPSICO INC | Consumer staples | 2.2K | $332K | 0.2% | +36.3% |
| WFC WELLS FARGO & CO | Financials | 4.0K | $316K | 0.2% | Held |
| BWXT BWX TECHNOLOGIES INC | Industrials | 1.5K | $308K | 0.2% | Held |
| MSFT MICROSOFT CORP | Technology | 818 | $303K | 0.2% | +27.8% |
| AMGN AMGEN INC | Healthcare | 806 | $284K | 0.2% | New |
| KKR KKR & CO INC | Financials | 2.9K | $268K | 0.2% | -28.8% |
| KMI KINDER MORGAN INC | Utilities | 7.5K | $251K | 0.2% | Held |
| PSX PHILLIPS 66 | Energy | 1.4K | $247K | 0.2% | Held |
| AVGO BROADCOM INC | Technology | 780 | $241K | 0.2% | +20.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 985 | $241K | 0.2% | +44.2% |
| WMB WILLIAMS COS INC | Utilities | 3.3K | $240K | 0.2% | -9.4% |
| SU SUNCOR ENERGY INC | Energy | 2.6K | $175K | 0.1% | Held |
| LNT ALLIANT ENERGY CORP | Utilities | 2.4K | $171K | 0.1% | Held |
| LNG CHENIERE ENERGY INC | Utilities | 541 | $154K | 0.1% | Held |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 152 | $151K | 0.1% | -20.8% |
| UNP UNION PACIFIC CORP | Industrials | 600 | $146K | 0.1% | New |
| MCD MCDONALD'S CORP | Consumer discretionary | 462 | $144K | 0.1% | +0.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 536 | $158.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 468 | $109.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 498 | $111.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 504 | $105.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 526 | $99.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 18, 2025 | 521 | $96.8M | canonical | SEC ↗ |