GEM

Global Endowment Management’s Vanguard Materials ETF VAW Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2025 Q2	–	Sell	-3,000	Closed	-$566K	–	151
2025 Q1	$566K	Sell	3,000 -1,920	-39%	-$363K	0.07%	72
2024 Q4	$924K	Hold	4,920	–	–	0.12%	75
2024 Q3	$1.04M	Sell	4,920 -1,980	-29%	-$419K	0.11%	75
2024 Q2	$1.33M	Hold	6,900	–	–	0.14%	62
2024 Q1	$1.41M	Sell	6,900 -8,400	-55%	-$1.72M	0.15%	62
2023 Q4	$2.91M	Sell	15,300 -4,000	-21%	-$760K	0.32%	34
2023 Q3	$3.33M	Buy	19,300 +2,180	+13%	+$376K	0.36%	32
2023 Q2	$3.12M	Hold	17,120	–	–	0.37%	29
2023 Q1	$3.04M	Hold	17,120	–	–	0.32%	38
2022 Q4	$2.91M	Sell	17,120 -1,280	-7%	-$218K	0.32%	40
2022 Q3	$2.73M	Buy	18,400 +2,720	+17%	+$404K	0.28%	45
2022 Q2	$2.51M	Hold	15,680	–	–	0.22%	56
2022 Q1	$3.04M	Hold	15,680	–	–	0.22%	49
2021 Q4	$3.09M	Buy	15,680 +1,280	+9%	+$252K	0.23%	45
2021 Q3	$2.49M	Sell	14,400 -6,000	-29%	-$1.04M	0.16%	51
2021 Q2	$3.69M	Hold	20,400	–	–	0.21%	49
2021 Q1	$3.53M	Buy	20,400 +5,200	+34%	+$899K	0.22%	49
2020 Q4	$2.39M	Buy	15,200 +8,400	+124%	+$1.32M	0.16%	52
2020 Q3	$915K	Buy	+6,800	New	+$915K	0.07%	71
2020 Q1	–	Sell	-4,210	Closed	-$565K	–	107
2019 Q4	$565K	Hold	4,210	–	–	0.04%	66
2019 Q3	$532K	Hold	4,210	–	–	0.05%	58
2019 Q2	$540K	Sell	4,210 -10,290	-71%	-$1.32M	0.05%	92
2019 Q1	$1.79M	Buy	+14,500	New	+$1.79M	0.25%	60
2018 Q4	–	Sell	-10,900	Closed	-$1.43M	–	228
2018 Q3	$1.43M	Hold	10,900	–	–	0.19%	82
2018 Q2	$1.43M	Buy	10,900 +3,400	+45%	+$447K	0.19%	88
2018 Q1	$967K	Buy	+7,500	New	+$967K	0.14%	108