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Livermore
Livermore
ZHEN

Elm Partners Management LLC

SEC CIK
0001743941
Latest filing
Jul 28, 2026

The latest 13F from Elm Partners Management LLC covers Q2 2026 (filed Jul 28, 2026): 161 long positions worth $2.79B. The top 10 holdings make up 71.0% of the portfolio, and the largest is Vanguard Morningstar Total Stock Market ETF at 15.5%. Livermore has 23 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
14
Est. +$4.57M
Added
93
Est. +$366.1M
Reduced
38
Est. −$170.9M
Sold out
11
Est. −$4.01M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Morningstar Total Stock Market ETF922908769
    15.5%$431.6M
  2. Vanguard Instl Index FD922040845
    10.4%$289.2M
  3. Vanguard Ftse Emerging Markets ETF922042858
    9.7%$269.7M
  4. Vanguard Intl Equity Index F922042874
    7.4%$206.3M
  5. Series Portfolios Tr81752T429
    6.5%$180.7M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Instl Index FD922040845
    +$149.8MAdded
  2. Vanguard Morningstar Total Stock Market ETF922908769
    +$76.3MAdded
  3. Vanguard S&P 500 ETF922908363
    +$23.9MAdded
  4. Vanguard Scottsdale FDS92206C102
    +$23.6MAdded
  5. Schwab U.S. REIT ETF808524847
    +$19.1MAdded

Largest weight increases

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

  1. Vanguard Instl Index FD922040845
    +4.34 pp6.0% → 10.4%
  2. Vanguard Morningstar Total Stock Market ETF922908769
    +2.52 pp13.0% → 15.5%
  3. Vanguard S&P 500 ETF922908363
    +0.80 pp2.7% → 3.5%
  4. Schwab U.S. REIT ETF808524847
    +0.62 pp0.9% → 1.5%
  5. Vanguard Scottsdale FDS92206C102
    +0.33 pp3.0% → 3.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Schwab US Tips ETF808524870
    −$86.9MReduced
  2. Vanguard Total Bond Market ETF921937835
    −$18.8MReduced
  3. iShares Core MSCI Emerging Markets ETF46434G103
    −$8.13MReduced
  4. iShares Core MSCI Europe ETF46434V738
    −$7.66MReduced
  5. iShares Tr46436E718
    −$7.22MReduced

Largest weight decreases

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

  1. Schwab US Tips ETF808524870
    −4.74 pp9.3% → 4.6%
  2. Vanguard Total Bond Market ETF921937835
    −1.09 pp2.4% → 1.3%
  3. Vanguard Ftse Emerging Markets ETF922042858
    −0.85 pp10.5% → 9.7%
  4. iShares Core MSCI Europe ETF46434V738
    −0.56 pp3.3% → 2.7%
  5. iShares Tr46436E718
    −0.47 pp1.2% → 0.8%

Metrics

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

Portfolio value
$2.79B
+$479.4M (+20.8%) vs. prior quarter
Positions
161
+3 vs. prior quarter
Top 10 concentration
71.0%
Top 10 as share of value
Turnover
6.9%
Q2 2026, one quarter
Average holding period
16.7 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 $2.79B (Q2 2026)

Q1 2021: $703.0MQ2 2021: $759.9MQ3 2021: $749.2MQ4 2021: $811.3MQ1 2022: $791.2MQ2 2022: $767.0MQ3 2022: $740.9MQ4 2022: $864.4MQ1 2023: $950.7MQ2 2023: $992.7MQ3 2023: $966.9MQ4 2023: $1.10BQ1 2024: $1.26BQ2 2024: $1.30BQ3 2024: $1.40BQ4 2024: $1.46BQ1 2025: $1.55BQ2 2025: $1.72BQ3 2025: $1.99BQ4 2025: $2.20BQ1 2026: $2.31BQ2 2026: $2.79B
Q1 2021Q2 2026
13F filings of Elm Partners Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 28, 2026161$2.79BVanguard Morningstar Total Stock Market ETFVanguard Instl Index FDVanguard Ftse Emerging Markets ETFvs. Q1 2026SEC
Q1 2026May 13, 2026158$2.31BVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFSchwab US Tips ETFvs. Q4 2025SEC
Q4 2025Feb 10, 2026154$2.20BVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFSchwab US Tips ETFvs. Q3 2025SEC
Q3 2025Nov 4, 2025146$1.99BVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFSeries Portfolios Trvs. Q2 2025SEC
Q2 2025Aug 5, 202597$1.72BVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFSeries Portfolios Trvs. Q1 2025SEC
Q1 2025May 13, 202566$1.55BSeries Portfolios TrSchwab US Tips ETFVanguard Ftse Emerging Markets ETFvs. Q4 2024SEC
Q4 2024Feb 13, 202568$1.46BVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFiShares Trvs. Q3 2024SEC
Q3 2024Nov 7, 202460$1.40BVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFiShares Trvs. Q2 2024SEC
Q2 2024Jul 31, 202460$1.30BVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Emerging Markets ETFvs. Q1 2024SEC
Q1 2024Apr 30, 202461$1.26BVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Emerging Markets ETFvs. Q4 2023SEC
Q4 2023Jan 29, 202452$1.10BVanguard Morningstar Total Stock Market ETFiShares TrVanguard Intl Equity Index Fvs. Q3 2023SEC
Q3 2023Oct 24, 202347$966.9MiShares TrVanguard Morningstar Total Stock Market ETFVanguard Intl Equity Index Fvs. Q2 2023SEC
Q2 2023Jul 19, 202341$992.7MVanguard Morningstar Total Stock Market ETFVanguard Intl Equity Index FVanguard Ftse Emerging Markets ETFvs. Q1 2023SEC
Q1 2023Apr 18, 202339$950.7MState Street SPDR Bloomberg 1-3 Month T-Bill ETFVanguard Intl Equity Index FVanguard Ftse Emerging Markets ETFvs. Q4 2022SEC
Q4 2022Jan 26, 202334$864.4MState Street SPDR Bloomberg 1-3 Month T-Bill ETFVanguard Scottsdale FDSVanguard Ftse Emerging Markets ETFvs. Q3 2022SEC
Q3 2022Oct 18, 202235$740.9MState Street SPDR Bloomberg 1-3 Month T-Bill ETFVanguard Scottsdale FDSVanguard Morningstar Total Stock Market ETFvs. Q2 2022SEC
Q2 2022Jul 18, 202232$767.0MState Street SPDR Bloomberg 1-3 Month T-Bill ETFVanguard Morningstar Total Stock Market ETFVanguard Scottsdale FDSvs. Q1 2022SEC
Q1 2022Apr 21, 202251$791.2MState Street SPDR Bloomberg 1-3 Month T-Bill ETFVanguard Morningstar Total Stock Market ETFiShares Trvs. Q4 2021SEC
Q4 2021Jan 21, 202233$811.3MVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFiShares Trvs. Q3 2021SEC
Q3 2021Oct 26, 2021Amended35$749.2MVanguard Morningstar Total Stock Market ETFVanguard Intl Equity Index FVanguard Ftse Emerging Markets ETFvs. Q2 2021SEC
Q2 2021Jul 19, 202142$759.9MVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFVanguard Intl Equity Index Fvs. Q1 2021SEC
Q1 2021Apr 26, 202142$703.0MVanguard Morningstar Total Stock Market ETFVanguard Ftse Emerging Markets ETFVanguard Intl Equity Index F–SEC