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Livermore
Livermore
ZHEN

Global Endowment Management, LP

SEC CIK
0001512237
Latest filing
Aug 14, 2026

The latest 13F from Global Endowment Management, LP covers Q2 2026 (filed Aug 14, 2026): 72 long positions worth $986.5M. The top 10 holdings make up 73.3% of the portfolio, and the largest is Vanguard Total World Stock ETF at 21.2%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$25.2M
Added
23
Est. +$91.9M
Reduced
24
Est. −$59.9M
Sold out
60
Est. −$48.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Total World Stock ETF922042742
    21.2%$209.0M
  2. Vanguard Morningstar Total Stock Market ETF922908769
    11.9%$117.4M
  3. Vanguard Total Bond Market ETF921937835
    10.9%$107.4M
  4. Vanguard Star FDS921909768
    10.5%$104.1M
  5. J P Morgan Exchange-Traded F46641Q738
    4.6%$45.8M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Total World Stock ETF922042742
    +$49.1MAdded
  2. DARDarling Ingredients Inc.
    +$13.8MAddedHistory
  3. TPBTurning Point Brands, Inc.
    +$10.8MNewHistory
  4. Vanguard Malvern FDS922020680
    +$10.0MNew
  5. iShares Inc464286772
    +$9.47MAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Vanguard Total World Stock ETF922042742
    +5.46 pp15.7% → 21.2%
  2. DARDarling Ingredients Inc.
    +1.38 pp0.1% → 1.4%History
  3. TPBTurning Point Brands, Inc.
    +1.09 pp0.0% → 1.1%History
  4. Vanguard Malvern FDS922020680
    +1.02 pp0.0% → 1.0%
  5. iShares Inc464286772
    +0.99 pp0.1% → 1.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Star FDS921909768
    −$19.0MReduced
  2. SPYSPDR S&P 500 ETF Trust
    −$16.7MReducedHistory
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    −$9.03MSold out
  4. Vanguard Morningstar Total Stock Market ETF922908769
    −$6.34MReduced
  5. TXOTXO Partners, L.P.
    −$4.20MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Vanguard Star FDS921909768
    −1.84 pp12.4% → 10.5%
  2. SPYSPDR S&P 500 ETF Trust
    −1.60 pp2.2% → 0.6%History
  3. Vanguard Total Bond Market ETF921937835
    −1.37 pp12.3% → 10.9%
  4. State Street Health Care Select Sector SPDR ETF81369Y209
    −1.01 pp1.0% → 0.0%
  5. TXOTXO Partners, L.P.
    −0.47 pp0.5% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$986.5M
+$90.4M (+10.1%) vs. prior quarter
Positions
72
−54 vs. prior quarter
Top 10 concentration
73.3%
Top 10 as share of value
Turnover
11.5%
Q2 2026, one quarter
Average holding period
15.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.78B (Q2 2021)

Q1 2021: $1.59BQ2 2021: $1.78BQ3 2021: $1.52BQ4 2021: $1.37BQ1 2022: $1.40BQ2 2022: $1.14BQ3 2022: $991.0MQ4 2022: $902.8MQ1 2023: $939.3MQ2 2023: $842.0MQ3 2023: $934.4MQ4 2023: $898.4MQ1 2024: $959.8MQ2 2024: $944.9MQ3 2024: $990.2MQ4 2024: $781.8MQ1 2025: $769.3MQ2 2025: $751.2MQ3 2025: $798.6MQ4 2025: $801.1MQ1 2026: $896.1MQ2 2026: $986.5M
Q1 2021Q2 2026
13F filings of Global Endowment Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202672$986.5MVanguard Total World Stock ETFVanguard Morningstar Total Stock Market ETFVanguard Total Bond Market ETFvs. Q1 2026SEC
Q1 2026May 14, 2026126$896.1MVanguard Total World Stock ETFVanguard Star FDSVanguard Total Bond Market ETFvs. Q4 2025SEC
Q4 2025Feb 13, 2026138$801.1MVanguard Total Bond Market ETFVanguard Morningstar Total Stock Market ETFVanguard Star FDSvs. Q3 2025SEC
Q3 2025Nov 13, 2025128$798.6MVanguard Total Bond Market ETFVanguard Morningstar Total Stock Market ETFVanguard Star FDSvs. Q2 2025SEC
Q2 2025Aug 13, 2025128$751.2MVanguard Total Bond Market ETFVanguard Morningstar Total Stock Market ETFVanguard Star FDSvs. Q1 2025SEC
Q1 2025May 13, 2025142$769.3MVanguard Total Bond Market ETFVanguard Morningstar Total Stock Market ETFVanguard Star FDSvs. Q4 2024SEC
Q4 2024Feb 13, 2025140$781.8MVanguard Total Bond Market ETFVanguard Morningstar Total Stock Market ETFVanguard Star FDSvs. Q3 2024SEC
Q3 2024Nov 13, 2024131$990.2MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q2 2024SEC
Q2 2024Aug 13, 2024122$944.9MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q1 2024SEC
Q1 2024May 13, 2024128$959.8MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q4 2023SEC
Q4 2023Feb 12, 2024127$898.4MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q3 2023SEC
Q3 2023Nov 13, 2023118$934.4MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q2 2023SEC
Q2 2023Aug 11, 202385$842.0MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q1 2023SEC
Q1 2023May 12, 2023103$939.3MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q4 2022SEC
Q4 2022Feb 13, 2023107$902.8MVanguard Total Bond Market ETFVanguard Star FDSVanguard Morningstar Total Stock Market ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022111$991.0MVanguard Total Bond Market ETFAMZNVanguard Morningstar Total Stock Market ETFvs. Q2 2022SEC
Q2 2022Aug 12, 2022123$1.14BVanguard Total Bond Market ETFAMZNVanguard Morningstar Total Stock Market ETFvs. Q1 2022SEC
Q1 2022May 13, 2022118$1.40BVanguard Total Bond Market ETFAMZNVanguard Morningstar Total Stock Market ETFvs. Q4 2021SEC
Q4 2021Feb 10, 2022116$1.37BVanguard Total Bond Market ETFVanguard Morningstar Total Stock Market ETFVanguard World FDvs. Q3 2021SEC
Q3 2021Nov 15, 2021111$1.52BBRK.BVanguard Total Bond Market ETFVanguard Morningstar Total Stock Market ETFvs. Q2 2021SEC
Q2 2021Aug 10, 2021113$1.78BBRK.BVanguard World FDVanguard Morningstar Total Stock Market ETFvs. Q1 2021SEC
Q1 2021May 17, 2021106$1.59BBRK.BVanguard World FDVanguard Morningstar Total Stock Market ETF–SEC

13D and 13G filings

Companies where Global Endowment Management, LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Global Endowment Management, LP does not currently report owning 5% or more of any company.

Latest filings

3 filings on file made by Global Endowment Management, LP or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Global Endowment Management, LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
TXOTXO Partners, L.P.Aug 14, 20255:18 PM ET13G/A4.90%2.69M shares–Below 5%Jun 30, 2025SEC
TXOTXO Partners, L.P.Nov 13, 202413G/AOld format–––SEC
TXOTXO Partners, L.P.Feb 13, 202413GOld format–New–SEC