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
51	NIE 51 Virtus Equity & Convertible Income Fund NIE $672M	$1.33M	0.17%	60,000	–	–
52	52 Vanguard FTSE Europe ETF VGK $26.6B	$1.26M	0.16%	+18,000	New	+$1.26M
53	53 Golub Capital BDC GBDC $4.09B	$1.21M	0.16%	80,000 -20,000	-20%	-$303K
54	54 iShares MSCI Spain ETF EWP $1.34B	$1.14M	0.15%	30,000 -10,000	-25%	-$381K
55	55 Global X Uranium ETF URA $4.25B	$992K	0.13%	43,262	–	–
56	56 Global X MSCI Argentina ETF ARGT $923M	$969K	0.13%	12,000 -6,660	-36%	-$538K
57	57 The Communication Services Select Sector SPDR Fund XLC $23.8B	$965K	0.13%	10,000	–	–
58	58 iShares MSCI Singapore ETF EWS $815M	$950K	0.12%	40,000 -40,000	-50%	-$950K
59	59 Financial Select Sector SPDR Fund XLF $52.5B	$948K	0.12%	19,030	–	–
60	60 iShares MSCI Australia ETF EWA $1.61B	$938K	0.12%	40,000 -29,997	-43%	-$703K
61	61 iShares MSCI Ireland ETF EIRL $64.9M	$887K	0.12%	15,000 -25,000	-63%	-$1.48M
62	62 Vanguard Total International Bond ETF BNDX $67.3B	$872K	0.11%	+17,861	New	+$872K
63	63 Technology Select Sector SPDR Fund XLK $83.2B	$826K	0.11%	4,000	–	–
64	64 WIX.com WIX $8.49B	$792K	0.1%	4,846 -7,218	-60%	-$1.18M
65	65 Louisiana-Pacific LPX $6.25B	$733K	0.1%	7,967 -9,757	-55%	-$897K
66	66 Visa V $697B	$678K	0.09%	1,934 +464	+32%	+$163K
67	67 Moody's MCO $92B	$651K	0.08%	1,397 -1,762	-56%	-$821K
68	68 SPDR S&P Software & Services ETF XSW $508M	$639K	0.08%	4,000	–	–
69	69 GE Aerospace GE $288B	$629K	0.08%	3,142 -5,081	-62%	-$1.02M
70	70 Credit Acceptance CACC $6.04B	$609K	0.08%	1,179 -2,231	-65%	-$1.15M
71	71 Carvana CVNA $44.8B	$572K	0.07%	2,736 -3,683	-57%	-$770K
72	72 Vanguard Materials ETF VAW $2.8B	$566K	0.07%	3,000 -1,920	-39%	-$363K
73	73 Xtrackers Harvest CSI 300 China A-Shares ETF ASHR $2.03B	$531K	0.07%	20,000	–	–
74	74 SPDR S&P Oil & Gas Exploration & Production ETF XOP $1.8B	$527K	0.07%	4,000 -3,000	-43%	-$395K
75	75 iShares Intermediate Government/Credit Bond ETF GVI $3.5B	$517K	0.07%	4,879 +52	+1%	+$5.51K