GEM

Global Endowment Management Portfolio holdings

AUM $769M

This Quarter Return

+0.72%

1 Year Return

+7.17%

3 Year Return

+4.03%

5 Year Return

+74.04%

10 Year Return

+132.83%

AUM

$769M

AUM Growth

-$12.5M (-2%)

Cap. Flow

-$16.2M

Cap. Flow % of AUM

-2.1%

Top 10 Holdings %Top 10 Hldgs %

70.41%

Holding

155

New

Increased

Reduced

Closed

Top Buys

1	SPDR S&P 500 ETF Trust SPY	$42M
2	Vanguard Total Stock Market ETF VTI	$14.7M
3	iShares Core US Aggregate Bond ETF AGG	$6.63M
4	iShares TIPS Bond ETF TIP	$4.72M
5	SPDR Portfolio S&P 500 ETF SPLG	$4.21M

Top Sells

1	Vanguard Total Bond Market BND	$22.5M
2	Vanguard Total International Stock ETF VXUS	$10.7M
3	JPMorgan BetaBuilders MSCI US REIT ETF BBRE	$5.93M
4	iShares 1-3 Year Treasury Bond ETF SHY	$5.89M
5	iShares 3-7 Year Treasury Bond ETF IEI	$4.61M

Sector Composition

1	Technology	4.84%
2	Financials	1.53%
3	Communication Services	1.15%
4	Consumer Discretionary	0.97%
5	Healthcare	0.37%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	26 Amazon AMZN $2.46T	$4.02M	0.52%	21,149 -14,570	-41%	-$2.77M
27	27 SPDR Gold Trust GLD $102B	$3.8M	0.49%	13,182	–	–
28	28 Vanguard Real Estate ETF VNQ $34.4B	$3.8M	0.49%	41,930	–	–
29	29 iShares 1-3 Year Treasury Bond ETF SHY $23.7B	$3.31M	0.43%	40,000 -71,250	-64%	-$5.89M
30	30 Microsoft MSFT $3.82T	$3.21M	0.42%	8,563 -6,568	-43%	-$2.47M
31	31 SPDR Portfolio Developed World ex-US ETF SPDW $27.6B	$3.2M	0.42%	87,808 +42,781	+95%	+$1.56M
32	32 SPDR Portfolio Aggregate Bond ETF SPAB $8.54B	$2.8M	0.36%	109,679 +941	+0.9%	+$24K
33	33 Vanguard Long-Term Treasury ETF VGLT $9.67B	$2.69M	0.35%	46,770	–	–
34	34 Vanguard Intermediate-Term Treasury ETF VGIT $31.7B	$2.66M	0.35%	44,700	–	–
35	35 VanEck Gold Miners ETF GDX $16B	$2.53M	0.33%	55,000	–	–
36	36 Global X MLP & Energy Infrastructure ETF MLPX $2.56B	$2.49M	0.32%	39,000 -6,000	-13%	-$383K
37	37 Vanguard FTSE Developed Markets ETF VEA $167B	$2.44M	0.32%	48,000	–	–
38	38 iShares 3-7 Year Treasury Bond ETF IEI $15.8B	$2.36M	0.31%	20,000 -39,000	-66%	-$4.61M
39	39 Alphabet (Google) Class A GOOGL $2.34T	$1.98M	0.26%	12,784 +2,223	+21%	+$344K
40	40 iPath Bloomberg Commodity Index Total Return ETN due 12 June 2036 DJP $584M	$1.91M	0.25%	+54,000	New	+$1.91M
41	41 iShares MSCI United Kingdom ETF EWU $3.04B	$1.87M	0.24%	50,000 -50,000	-50%	-$1.87M
42	42 iShares MSCI India ETF INDA $10B	$1.8M	0.23%	35,000 +5,000	+17%	+$257K
43	43 iShares iBoxx $ High Yield Corporate Bond ETF HYG $16.9B	$1.79M	0.23%	22,753 +11,909	+110%	+$940K
44	44 KraneShares CSI China Internet ETF KWEB $6.78B	$1.75M	0.23%	50,000 +30,000	+150%	+$1.05M
45	45 SPDR Portfolio Emerging Markets ETF SPEM $12.6B	$1.72M	0.22%	43,580 +24,351	+127%	+$959K
46	46 Invesco QQQ Trust QQQ $359B	$1.63M	0.21%	3,481 +2,721	+358%	+$1.28M
47	47 Adams Diversified Equity Fund ADX $2.61B	$1.47M	0.19%	77,652 +1,709	+2%	+$32.5K
48	BTC 48 Grayscale Bitcoin Mini Trust ETF BTC $5.11B	$1.44M	0.19%	39,593	–	–
49	49 VanEck Fallen Angel High Yield Bond ETF ANGL $2.95B	$1.44M	0.19%	50,000	–	–
50	50 SPDR Bloomberg High Yield Bond ETF JNK $8.12B	$1.44M	0.19%	15,096	–	–