Elm Partners Management LLC

CIK 0001743941 · Q1 2026

13F Equity AUM

$2.3B

+4.7% QoQ

Positions

158

+4 QoQ

AUM Rank

#1,650

Top 13%

Skill Alpha (FF)

-3.6%/yr

Underperformer

Rank #6,780 · Top 82%

vs S&P -10.8%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 47.0%Top 10: 69.6%Top 20: 87.3%

VTI13.0%

VWO10.5%

SCHP9.3%

VGK7.3%

ELM6.9%

VBIL6.0%

IEMG5.2%

VPL5.0%

IEUR3.3%

VGSH3.0%

Others (148)30.4%

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

Sector Allocation

Financial Services96.6%

Other3.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 158Median: 0.03%Avg: 0.63%

0–0.5%

131(7.1%)

0.5–1%

7(5.6%)

1–3%

11(20.7%)

3–5%

1(3.3%)

5%+

8(63.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 157Unique: 1vs 20 funds

2.2%Low

158

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

3.3%

3.2%

5.1%

3.4%

2.7%

VANGUARD CAPITAL MANAGEMENT LLC

GEODE CAPITAL MANAGEMENT, LLC

1.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New11Increased84Decreased36Exited7

New Positions

XLV0.0%

+4K

SCHD0.0%

+8K

EEM0.0%

+4K

KO0.0%

+3K

VGIT0.0%

+4K

VSS0.0%

+2K

KMI0.0%

+6K

CHV0.0%

+1K

BSV0.0%

+3K

WFC0.0%

+3K

Increased

VBIL6.0%

+1.7M(+1592%)

ELM6.9%

+1.5M(+34%)

SCHP9.3%

+993K(+14%)

SCHH0.9%

+383K(+61%)

IEMG5.2%

+307K(+21%)

SPYM0.7%

+168K(+392%)

IEUR3.3%

+158K(+16%)

BBEU1.9%

+76K(+14%)

SCHA0.1%

+34K(+96%)

SCHF0.2%

+34K(+21%)

Decreased

STIP0.8%

-249,346(-58%)

BND2.4%

-246,416(-25%)

SGOV1.2%

-194,722(-41%)

VGSH3.0%

-162,784(-12%)

VGK7.3%

-79,108(-4%)

VTEB0.8%

-77,270(-17%)

SPEM1.6%

-49,415(-6%)

VTI13.0%

-35,856(-4%)

AGG1.2%

-16,033(-6%)

VFH0.1%

-14,310(-38%)

Exited

-27,600

-7,932

-1,716

-3,800

-5,330

-637

-461

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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