Global Endowment Management, LP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Global Endowment Management, LP disclosed 128 US equity positions worth $798.6m in its Q3 2025 13F filing. The largest position was BND at 18.0% of the reported book, followed by VTI and VXUS. Against the Q2 2025 filing, it opened 2 new positions, added to 17 and reduced 9 among the top 50 holdings.
What did Global Endowment Management, LP own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | BND VANGUARD BD INDEX FDS | 18.0% | $144.0m | 1,936,795 | -5% | reduced | |
| 2 | VTI VANGUARD INDEX FDS | 12.6% | $100.8m | 307,139 | -10% | reduced | |
| 3 | VXUS VANGUARD STAR FDS | 10.9% | $86.8m | 1,181,872 | -6% | reduced | |
| 4 | VT VANGUARD INTL EQUITY INDEX F | 5.4% | $43.4m | 314,751 | 4% | added | |
| 5 | TXO PARTNERS LP | 4.7% | $37.7m | 2,686,017 | 55% | added | |
| 6 | J P MORGAN EXCHANGE TRADED F | 4.5% | $36.1m | 378,027 | -3% | reduced | |
| 7 | MSFT MICROSOFT CORP | Technology | 3.2% | $25.2m | 48,638 | 499% | added |
| 8 | GOOGL ALPHABET INC | Communication Services | 3.1% | $24.8m | 101,959 | 719% | added |
| 9 | NVDA NVIDIA CORPORATION | Technology | 2.8% | $22.6m | 120,938 | 0% | held |
| 10 | AAPL APPLE INC | Technology | 2.5% | $19.6m | 77,012 | 0% | held |
| 11 | VWO VANGUARD INTL EQUITY INDEX F | 2.0% | $16.1m | 298,000 | 0% | held | |
| 12 | SPY SPDR S&P 500 ETF TR | 1.9% | $15.5m | 23,327 | -74% | reduced | |
| 13 | VOO VANGUARD INDEX FDS | 1.9% | $15.1m | 24,684 | 0% | held | |
| 14 | AAXJ ISHARES TR | 1.9% | $15.1m | 165,578 | -2% | reduced | |
| 15 | AGG ISHARES TR | 1.8% | $14.1m | 140,915 | 3% | added | |
| 16 | IYR ISHARES TR | 1.7% | $13.2m | 136,080 | 45% | added | |
| 17 | SPROTT ASSET MANAGEMENT LP | 1.5% | $11.7m | 396,000 | 0% | held | |
| 18 | SCHX SCHWAB STRATEGIC TR | 1.2% | $9.9m | 375,122 | 0% | held | |
| 19 | XLV SELECT SECTOR SPDR TR | 1.1% | $8.8m | 63,294 | -3% | reduced | |
| 20 | TIP ISHARES TR | 1.0% | $8.3m | 74,381 | 14% | added | |
| 21 | EWJ ISHARES INC | 0.9% | $6.9m | 85,674 | -0% | held | |
| 22 | META META PLATFORMS INC | Communication Services | 0.7% | $5.7m | 7,697 | -4% | reduced |
| 23 | DJP BARCLAYS BANK PLC | 0.6% | $4.9m | 139,332 | 28% | added | |
| 24 | AMZN AMAZON COM INC | Consumer Cyclical | 0.6% | $4.9m | 22,362 | 6% | added |
| 25 | GDX VANECK ETF TRUST | 0.5% | $4.2m | 55,000 | 0% | held | |
| 26 | BRK/B BERKSHIRE HATHAWAY INC DEL | 0.5% | $4.2m | 8,279 | 1% | added | |
| 27 | GLD SPDR GOLD TR | 0.5% | $3.9m | 11,000 | 0% | held | |
| 28 | SPDW SPDR INDEX SHS FDS | 0.5% | $3.6m | 85,266 | 2% | added | |
| 29 | MORGAN STANLEY ETF TRUST | 0.4% | $3.5m | 42,446 | – | new | |
| 30 | VNQ VANGUARD INDEX FDS | 0.4% | $3.5m | 38,000 | 0% | held | |
| 31 | SHY ISHARES TR | 0.4% | $3.3m | 40,000 | 0% | held | |
| 32 | SPAB SPDR SERIES TRUST | 0.4% | $3.1m | 119,444 | 5% | added | |
| 33 | VEA VANGUARD TAX-MANAGED FDS | 0.4% | $2.9m | 48,000 | 0% | held | |
| 34 | DBC INVESCO DB COMMDY INDX TRCK | 0.4% | $2.8m | 124,252 | 21% | added | |
| 35 | BNDX VANGUARD CHARLOTTE FDS | 0.4% | $2.8m | 56,568 | 8% | added | |
| 36 | VGIT VANGUARD SCOTTSDALE FDS | 0.3% | $2.7m | 44,700 | 0% | held | |
| 37 | VGLT VANGUARD SCOTTSDALE FDS | 0.3% | $2.7m | 46,770 | 0% | held | |
| 38 | IEI ISHARES TR | 0.3% | $2.4m | 20,000 | 0% | held | |
| 39 | EAGG ISHARES TR | 0.3% | $2.3m | 47,994 | – | new | |
| 40 | HYG ISHARES TR | 0.3% | $2.2m | 26,715 | 8% | added | |
| 41 | KWEB KRANESHARES TRUST | 0.3% | $2.1m | 50,000 | 0% | held | |
| 42 | EWU ISHARES TR | 0.3% | $2.1m | 50,000 | 0% | held | |
| 43 | SPEM SPDR INDEX SHS FDS | 0.2% | $2.0m | 42,104 | 1% | added | |
| 44 | LTPZ PIMCO ETF TR | 0.2% | $1.6m | 30,000 | 0% | held | |
| 45 | ANGL VANECK ETF TRUST | 0.2% | $1.5m | 50,000 | 0% | held | |
| 46 | EWP ISHARES INC | 0.2% | $1.5m | 30,000 | 0% | held | |
| 47 | JNK SPDR SERIES TRUST | 0.2% | $1.5m | 15,000 | 200% | added | |
| 48 | EWG ISHARES INC | 0.2% | $1.4m | 33,500 | 0% | held | |
| 49 | EWS ISHARES INC | 0.1% | $1.1m | 40,000 | 0% | held | |
| 50 | PDD PDD HOLDINGS INC | Consumer Cyclical | 0.1% | $1.1m | 8,457 | -31% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.