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
76	76 Stride LRN $5.66B	$503K	0.07%	+3,976	New	+$503K
77	77 SPDR Portfolio Intermediate Term Corporate Bond ETF SPIB $10.3B	$501K	0.07%	15,068 +75	+0.5%	+$2.49K
78	78 GMO US Quality ETF QLTY $2.25B	$500K	0.07%	16,000	–	–
79	79 Fortrea Holdings FTRE $616M	$493K	0.06%	65,245 -7,238	-10%	-$54.6K
80	80 Ferguson FERG $45B	$491K	0.06%	+3,063	New	+$491K
81	81 Kaspi.kz JSC KSPI $16.2B	$488K	0.06%	5,251 -9,215	-64%	-$856K
82	82 Veeva Systems VEEV $47.5B	$487K	0.06%	+2,101	New	+$487K
83	83 AppFolio APPF $9.53B	$482K	0.06%	2,194 -4,355	-67%	-$958K
84	84 Pinduoduo PDD $168B	$478K	0.06%	4,035 -8,941	-69%	-$1.06M
85	85 Shift4 FOUR $7.23B	$476K	0.06%	+5,830	New	+$476K
86	86 Coupang CPNG $54.9B	$474K	0.06%	21,600 -91,770	-81%	-$2.01M
87	87 CRH CRH $67.3B	$451K	0.06%	5,126 -3,847	-43%	-$338K
88	88 Mercado Libre MELI $120B	$451K	0.06%	231 -612	-73%	-$1.19M
89	89 S&P Global SPGI $164B	$429K	0.06%	844 -1,210	-59%	-$615K
90	90 iShares MSCI Italy ETF EWI $729M	$423K	0.06%	10,000	–	–
91	91 iShares MSCI Switzerland ETF EWL $1.34B	$414K	0.05%	8,000 -8,000	-50%	-$414K
92	92 iShares iBonds Dec 2025 Term Treasury ETF IBTF $1.97B	$404K	0.05%	17,270	–	–
93	93 Strive US Semiconductor ETF SHOC $107M	$397K	0.05%	10,000	–	–
94	94 iShares 0-5 Year High Yield Corporate Bond ETF SHYG $6.89B	$394K	0.05%	9,275 -42	-0.5%	-$1.79K
95	95 Hercules Capital HTGC $3.41B	$384K	0.05%	20,000	–	–
96	96 iShares MSCI Taiwan ETF EWT $6.34B	$380K	0.05%	8,000	–	–
97	ESGR 97 DELISTED Enstar Group ESGR	$380K	0.05%	1,142 -2,259	-66%	-$751K
98	98 News Corp Class A NWSA $16.7B	$376K	0.05%	+13,805	New	+$376K
99	99 Cogent Communications CCOI $2.41B	$364K	0.05%	5,933 -7,029	-54%	-$431K
100	100 Brookfield BN $104B	$359K	0.05%	6,850 -16,947	-71%	-$888K