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Elm Advisors Portfolio holdings

AUM $74.1M
1-Year Est. Return 7.85%
This Fund
S&P 500
This Quarter Est. Return
-12.85%
1 Year Est. Return
+7.85%
3 Year Est. Return
+50.49%
5 Year Est. Return
+77.47%
10 Year Est. Return
–
AUM
$124M
AUM Growth
-$25.5M
Cap. Flow
-$6.65M
Cap. Flow %
-5.36%
Top 10 Hldgs %
58.17%
Holding
298
New
2
Increased
26
Reduced
17
Closed
219

Top Buys

Rank Stock Value
1
VTEB icon
Vanguard Tax-Exempt Bond Index Fund
VTEB
+$2.4M
2
CMF icon
iShares California Muni Bond ETF
CMF
+$1.02M
3
VEU icon
Vanguard FTSE All-World ex-US ETF
VEU
+$906K
4
ITOT icon
iShares Core S&P Total US Stock Market ETF
ITOT
+$598K
5
VOO icon
Vanguard S&P 500 ETF
VOO
+$447K

Top Sells

Rank Stock Value
1
WFC icon
Wells Fargo
WFC
+$730K
2
VTI icon
Vanguard Total Stock Market ETF
VTI
+$317K
3
NVDA icon
NVIDIA
NVDA
+$311K
4
IWC icon
iShares Micro-Cap ETF
IWC
+$256K
5
VBR icon
Vanguard Small-Cap Value ETF
VBR
+$219K

Sector Composition

Rank Sector Weight
1 Financials 6.12%
2 Technology 4.04%
3 Industrials 3.32%
4 Consumer Discretionary 2.33%
5 Consumer Staples 2.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XLF icon
276
State Street Financial Select Sector SPDR ETF
XLF
$54.8B
– –
-2,995
Closed -$83K
XLRE icon
277
State Street Real Estate Select Sector SPDR ETF
XLRE
$8.56B
– –
-189
Closed -$6K
XLV icon
278
State Street Health Care Select Sector SPDR ETF
XLV
$41.4B
– –
-1,550
Closed -$147K
XRX icon
279
Xerox
XRX
$362M
– –
-2,325
Closed -$63K
ZBH icon
280
Zimmer Biomet
ZBH
$17.6B
– –
-597
Closed -$76K
ATSG
281
DELISTED
Air Transport Services Group
ATSG
– –
-1,200
Closed -$26K
Y
282
DELISTED
Alleghany Corp
Y
– –
-110
Closed -$72K
CDK
283
DELISTED
CDK Global, Inc.
CDK
– –
-472
Closed -$30K
PRSP
284
DELISTED
Perspecta Inc. Common Stock
PRSP
– –
-559
Closed -$14K
NBL
285
DELISTED
Noble Energy, Inc.
NBL
– –
-200
Closed -$6K
TIVO
286
DELISTED
Tivo Inc
TIVO
– –
-1,541
Closed -$19K
GHDX
287
DELISTED
Genomic Health, Inc.
GHDX
– –
-1,000
Closed -$70K
AABA
288
DELISTED
Altaba Inc
AABA
– –
-1,000
Closed -$68K
BMS
289
DELISTED
Bemis
BMS
– –
-210
Closed -$10K
MFGP
290
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
– –
-445
Closed -$10K
NXTM
291
DELISTED
NxStage Medical Inc.
NXTM
– –
-650
Closed -$18K
ESRX
292
DELISTED
Express Scripts Holding Company
ESRX
– –
-125
Closed -$12K
SODA
293
DELISTED
SodaStream International Ltd
SODA
– –
-100
Closed -$14K
PX
294
DELISTED
Praxair Inc
PX
– –
-60
Closed -$10K
SIVB
295
DELISTED
SVB Financial Group
SIVB
– –
-43
Closed -$13K
UN
296
DELISTED
Unilever NV New York Registry Shares
UN
– –
-500
Closed -$28K
CELG
297
DELISTED
Celgene Corp
CELG
– –
-600
Closed -$54K
EFII
298
DELISTED
Electronics for Imaging
EFII
– –
-361
Closed -$12K
8 9 10 11
12

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LSC
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EM
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TLCM
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Elm Advisors's Q4 2018 Portfolio in Review

As of Q4 2018, Elm Advisors held 298 positions worth $124M, down 17% from $149M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Elm Advisors withdrew a net $6.65M in Q4 2018, closing 219 positions and reducing 17 holdings. Its most notable exit was Wells Fargo, an estimated $730K position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.1% of assets, down from 6.7% a quarter earlier, followed by Technology and Industrials.

Against the trend, Elm Advisors opened a new position in Vanguard Tax-Exempt Bond Index Fund worth $2.43M.

  • Elm Advisors's largest Q4 2018 buy was Vanguard Tax-Exempt Bond Index Fund: 47,640 shares worth $2.43M.
  • Elm Advisors added most to iShares California Muni Bond ETF in Q4 2018, an estimated $1.02M increase.
  • Elm Advisors's biggest Q4 2018 reduction was Vanguard Total Stock Market ETF, cutting an estimated $317K.
  • Elm Advisors fully exited Wells Fargo in Q4 2018, selling an estimated $730K.
  • Elm Advisors's ten largest holdings make up 58% of its $124M portfolio in Q4 2018.
  • Elm Advisors opened 2 new positions and closed 219 in Q4 2018.
  • Elm Advisors's portfolio value fell 17% quarter-over-quarter to $124M.

Based on Elm Advisors's 13F filing for Q4 2018, filed 8 Jan 2019.