Elm Partners Management LLC
Long book
$2.90B
Q1 2026
Positions
160
Top-10 weight
71%
concentration
Last quarter
+16.5%
SPY +16.5%
Turnover
12%
of book per quarter
Strategy in plain words
auto-generated from filingsElm Partners Management LLC is a wealth-management firm allocating client money, running a $2.90B US long book across 160 positions.
The portfolio is concentrated: the top 10 names carry 71% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD TOTAL STOCK MKT ETF, VANGUARD FTSE EMERGING MARKE, SCHWAB U.S. TIPS ETF, VANGUARD FTSE EUROPE ETF, VANGUARD 0-3M T-BILL ETF.
Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 3 of 9 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
Q1 2024
+1.8%
Q2 2024
+6.8%
Q3 2024
-3.3%
Q4 2024
+0.9%
Q1 2025
+6.9%
Q2 2025
+6.0%
Q3 2025
+2.7%
Q4 2025
-0.3%
Q1 2026
+16.5%
Sector allocation
Technology 53%
Financials 10%
Healthcare 7%
Other 6%
Industrials 6%
Consumer discretionary 5%
Utilities 4%
Real estate 3%
Long book by quarter
What does Elm Partners own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 110.7K | $19.3M | 0.7% | +0.5% |
| AAPL APPLE INC | Technology | 25.8K | $6.5M | 0.2% | +30.0% |
| VRT VERTIV HOLDINGS CO-A | Technology | 19.1K | $4.8M | 0.2% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 6 | $4.3M | 0.1% | Held |
| COHR COHERENT CORP | Other | 16.0K | $3.8M | 0.1% | -20.0% |
| LLY ELI LILLY & CO | Healthcare | 3.9K | $3.6M | 0.1% | +1.0% |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 7.6K | $3.0M | 0.1% | -16.5% |
| BN BROOKFIELD CORP | Real estate | 69.8K | $2.8M | 0.1% | Held |
| IBM INTL BUSINESS MACHINES CORP | Technology | 10.4K | $2.5M | 0.1% | -3.7% |
| GOOGL ALPHABET INC-CL A | Technology | 7.4K | $2.1M | 0.1% | +0.3% |
| MSFT MICROSOFT CORP | Technology | 5.4K | $2.0M | 0.1% | +0.6% |
| RTX RTX CORP | Industrials | 9.4K | $1.8M | 0.1% | +1.0% |
| GOOG ALPHABET INC-CL C | Technology | 6.0K | $1.7M | 0.1% | +20.9% |
| AMD ADVANCED MICRO DEVICES | Technology | 7.9K | $1.6M | 0.1% | -1.8% |
| LRCX LAM RESEARCH CORP | Industrials | 7.3K | $1.5M | 0.1% | Held |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 1.3K | $1.3M | 0.0% | +16.8% |
| DUK DUKE ENERGY CORP | Utilities | 9.5K | $1.2M | 0.0% | +2.2% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 2.6K | $1.2M | 0.0% | +22.4% |
| JPM JPMORGAN CHASE & CO | Financials | 4.1K | $1.2M | 0.0% | +0.6% |
| AVGO BROADCOM INC | Technology | 3.8K | $1.2M | 0.0% | +4.9% |
| XOM EXXON MOBIL CORP | Energy | 6.0K | $1.0M | 0.0% | +6.1% |
| ABBV ABBVIE INC | Healthcare | 4.7K | $1.0M | 0.0% | +1.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 4.8K | $1.0M | 0.0% | +9.4% |
| META META PLATFORMS INC-CLASS A | Technology | 1.4K | $820K | 0.0% | +8.6% |
| D DOMINION ENERGY INC | Utilities | 13.1K | $808K | 0.0% | Held |
| MKL MARKEL GROUP INC | Financials | 364 | $697K | 0.0% | +4.3% |
| ALNY ALNYLAM PHARMACEUTICALS INC | Healthcare | 2.0K | $676K | 0.0% | +1.7% |
| SRE SEMPRA | Utilities | 6.3K | $616K | 0.0% | +3.0% |
| WMT WALMART INC | Consumer discretionary | 4.5K | $563K | 0.0% | +12.3% |
| OTF BLUE OWL TECHNOLOGY FINANCE | — | 44.0K | $545K | 0.0% | +100.0% |
| CAT CATERPILLAR INC | Industrials | 754 | $534K | 0.0% | +4.3% |
| LIN LINDE PLC | Materials | 1.0K | $515K | 0.0% | +19.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ARESTATEMENT | Oct 30, 2026 | 160 | $2.90B | canonical | SEC ↗ |
| Q1 2026 | 13F-HR | May 13, 2026 | 158 | $2.31B | SEC ↗ | |
| Q4 2025 | 13F-HR/ARESTATEMENT | Oct 7, 2026 | 154 | $2.70B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 154 | $2.20B | SEC ↗ | |
| Q3 2025 | 13F-HR/ARESTATEMENT | Oct 7, 2026 | 149 | $2.47B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 149 | $2.00B | SEC ↗ | |
| Q2 2025 | 13F-HR/ARESTATEMENT | Oct 7, 2026 | 101 | $2.14B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 97 | $1.72B | SEC ↗ | |
| Q1 2025 | 13F-HR/ARESTATEMENT | Oct 7, 2026 | 70 | $1.94B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 66 | $1.55B | SEC ↗ | |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 68 | $1.46B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 60 | $1.40B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 31, 2024 | 60 | $1.30B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 30, 2024 | 61 | $1.26B | canonical | SEC ↗ |