Global Endowment Management, LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Global Endowment Management, LP disclosed 138 US equity positions worth $801.1m in its Q4 2025 13F filing. The largest position was BND at 17.4% of the reported book, followed by VTI and VXUS. Against the Q3 2025 filing, it opened 2 new positions, added to 15 and reduced 14 among the top 50 holdings.
What did Global Endowment Management, LP own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | BND VANGUARD BD INDEX FDS | 17.4% | $139.2m | 1,879,532 | -3% | reduced | |
| 2 | VTI VANGUARD INDEX FDS | 11.8% | $94.4m | 281,603 | -8% | reduced | |
| 3 | VXUS VANGUARD STAR FDS | 11.2% | $89.9m | 1,191,840 | 1% | added | |
| 4 | J P MORGAN EXCHANGE TRADED F | 5.8% | $46.5m | 502,455 | 33% | added | |
| 5 | VT VANGUARD INTL EQUITY INDEX F | 5.8% | $46.4m | 329,171 | 5% | added | |
| 6 | GOOGL ALPHABET INC | Communication Services | 3.9% | $31.3m | 100,042 | -2% | reduced |
| 7 | MSFT MICROSOFT CORP | Technology | 3.1% | $24.5m | 50,677 | 4% | added |
| 8 | NVDA NVIDIA CORPORATION | Technology | 2.9% | $23.2m | 124,579 | 3% | added |
| 9 | AAPL APPLE INC | Technology | 2.7% | $21.5m | 79,258 | 3% | added |
| 10 | TXO PARTNERS LP | 2.5% | $19.9m | 1,868,298 | -30% | reduced | |
| 11 | SPY SPDR S&P 500 ETF TR | 2.5% | $19.7m | 28,852 | 24% | added | |
| 12 | VWO VANGUARD INTL EQUITY INDEX F | 2.0% | $16.0m | 298,000 | 0% | held | |
| 13 | AAXJ ISHARES TR | 1.9% | $15.4m | 165,409 | -0% | held | |
| 14 | VOO VANGUARD INDEX FDS | 1.9% | $15.3m | 24,463 | -1% | reduced | |
| 15 | IYR ISHARES TR | 1.9% | $14.9m | 158,940 | 17% | added | |
| 16 | AGG ISHARES TR | 1.8% | $14.1m | 141,206 | 0% | held | |
| 17 | SPROTT ASSET MANAGEMENT LP | 1.6% | $13.1m | 396,000 | 0% | held | |
| 18 | SCHX SCHWAB STRATEGIC TR | 1.2% | $9.8m | 363,887 | -3% | reduced | |
| 19 | XLV SELECT SECTOR SPDR TR | 1.2% | $9.5m | 61,592 | -3% | reduced | |
| 20 | EWJ ISHARES INC | 1.1% | $9.1m | 112,581 | 31% | added | |
| 21 | TIP ISHARES TR | 1.0% | $8.2m | 74,381 | 0% | held | |
| 22 | DJP BARCLAYS BANK PLC | 0.7% | $5.7m | 151,240 | 9% | added | |
| 23 | GDX VANECK ETF TRUST | 0.5% | $4.3m | 50,000 | -9% | reduced | |
| 24 | SPDW SPDR INDEX SHS FDS | 0.5% | $4.0m | 89,674 | 5% | added | |
| 25 | BRK/B BERKSHIRE HATHAWAY INC DEL | 0.5% | $4.0m | 7,925 | -4% | reduced | |
| 26 | SPAB SPDR SERIES TRUST | 0.5% | $3.8m | 148,581 | 24% | added | |
| 27 | MORGAN STANLEY ETF TRUST | 0.4% | $3.5m | 42,101 | -1% | reduced | |
| 28 | JNK SPDR SERIES TRUST | 0.4% | $3.5m | 35,550 | 137% | added | |
| 29 | VNQ VANGUARD INDEX FDS | 0.4% | $3.4m | 38,000 | 0% | held | |
| 30 | SHY ISHARES TR | 0.4% | $3.3m | 40,000 | 0% | held | |
| 31 | VEA VANGUARD TAX-MANAGED FDS | 0.4% | $3.0m | 48,000 | 0% | held | |
| 32 | AMZN AMAZON COM INC | Consumer Cyclical | 0.4% | $2.9m | 12,478 | -44% | reduced |
| 33 | BNDX VANGUARD CHARLOTTE FDS | 0.3% | $2.7m | 56,764 | 0% | held | |
| 34 | VGIT VANGUARD SCOTTSDALE FDS | 0.3% | $2.7m | 44,700 | 0% | held | |
| 35 | KWEB KRANESHARES TRUST | 0.3% | $2.6m | 77,000 | 54% | added | |
| 36 | VGLT VANGUARD SCOTTSDALE FDS | 0.3% | $2.6m | 46,770 | 0% | held | |
| 37 | IEI ISHARES TR | 0.3% | $2.4m | 20,000 | 0% | held | |
| 38 | EAGG ISHARES TR | 0.3% | $2.4m | 49,674 | 4% | added | |
| 39 | EWU ISHARES TR | 0.3% | $2.2m | 50,000 | 0% | held | |
| 40 | HYG ISHARES TR | 0.3% | $2.2m | 26,715 | 0% | held | |
| 41 | META META PLATFORMS INC | Communication Services | 0.3% | $2.1m | 3,177 | -59% | reduced |
| 42 | DBC INVESCO DB COMMDY INDX TRCK | 0.2% | $2.0m | 87,862 | -29% | reduced | |
| 43 | SPEM SPDR INDEX SHS FDS | 0.2% | $1.9m | 41,231 | -2% | reduced | |
| 44 | EWP ISHARES INC | 0.2% | $1.6m | 30,000 | 0% | held | |
| 45 | LTPZ PIMCO ETF TR | 0.2% | $1.6m | 30,000 | 0% | held | |
| 46 | ANGL VANECK ETF TRUST | 0.2% | $1.5m | 50,000 | 0% | held | |
| 47 | EWG ISHARES INC | 0.2% | $1.4m | 33,500 | 0% | held | |
| 48 | AVGO BROADCOM INC | Technology | 0.2% | $1.3m | 3,646 | – | new |
| 49 | FEZ SPDR INDEX SHS FDS | 0.1% | $1.1m | 17,160 | 0% | held | |
| 50 | ISHARES TR | 0.1% | $1.1m | 15,000 | – | new |
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.