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GEM

Global Endowment Management Portfolio holdings

AUM $896M
1-Year Est. Return 13.86%
This Fund
S&P 500
This Quarter Est. Return
-7.38%
1 Year Est. Return
+13.86%
3 Year Est. Return
+35.84%
5 Year Est. Return
+30.88%
10 Year Est. Return
+166.37%
AUM
$674M
AUM Growth
-$45.8M
Cap. Flow
+$21.8M
Cap. Flow %
3.23%
Top 10 Hldgs %
38.62%
Holding
276
New
35
Increased
59
Reduced
45
Closed
58

Top Buys

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$41.3M
2
Z icon
Zillow
Z
+$15.2M
3
WES
Western Gas Partners Lp
WES
+$3.19M
4
FR icon
First Industrial Realty Trust
FR
+$3.08M
5
VTR icon
Ventas
VTR
+$3.04M

Top Sells

Rank Stock Value
1
YDKN
Yadkin Financial Corporation
YDKN
+$15.2M
2
ZG icon
Zillow
ZG
+$14.6M
3
VMEM
VIOLIN MEMORY, INC.
VMEM
+$5.75M
4
WPZ
Williams Partners L.P.
WPZ
+$3.88M
5
INFA
INFORMATICA CORP
INFA
+$3.24M

Sector Composition

Rank Sector Weight
1 Financials 20.61%
2 Consumer Discretionary 13.29%
3 Real Estate 11.92%
4 Communication Services 8.73%
5 Energy 7.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NIE
126
Virtus Equity & Convertible Income Fund
NIE
$718M
$1.03M 0.15%
60,000
– –
DKL icon
127
Delek Logistics
DKL
$3.04B
$1.02M 0.15%
+33,700
New +$1.33M
TGE
128
DELISTED
Tallgrass Energy, LP Class A Shares
TGE
$1M 0.15%
+50,500
New +$1.4M
DFE icon
129
WisdomTree Europe SmallCap Dividend Fund
DFE
$163M
$969K 0.14%
18,000
– –
EWL icon
130
iShares MSCI Switzerland ETF
EWL
$2.12B
$766K 0.11%
25,050
– –
GRUB
131
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$764K 0.11%
15,700
+2,100
+15% +$122K
JMT
132
DELISTED
Nuveen Mortgage Opportunity Term Fund 2
JMT
$759K 0.11%
35,000
– –
JPC icon
133
Nuveen Preferred & Income Opportunities Fund
JPC
$2.89B
$681K 0.1%
75,800
– –
XLF icon
134
State Street Financial Select Sector SPDR ETF
XLF
$55.6B
$680K 0.1%
34,174
-9,114
-21% -$193K
NZF icon
135
Nuveen Municipal Credit Income Fund
NZF
$2.4B
$678K 0.1%
50,000
-150,000
-75% -$2.03M
NMA
136
DELISTED
NUVEEN MUNI ADVANTAGE FUND
NMA
$673K 0.1%
50,580
-128,746
-72% -$1.7M
XLV icon
137
State Street Health Care Select Sector SPDR ETF
XLV
$42.1B
$662K 0.1%
10,000
– –
BEE
138
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
$648K 0.1%
46,980
– –
NMO
139
DELISTED
NUVEEN MUNI MARKET OPPORT FUND
NMO
$641K 0.1%
48,900
-160,388
-77% -$2.09M
VCLT icon
140
Vanguard Long-Term Corporate Bond ETF
VCLT
$8.83B
$628K 0.09%
7,300
– –
NEA icon
141
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.36B
$606K 0.09%
46,490
-86,200
-65% -$1.11M
HTS
142
DELISTED
HATTERAS FINANCIAL CORP
HTS
$606K 0.09%
40,000
+20,000
+100% +$326K
NPI
143
DELISTED
NUVEEN PREMIUN INC MUN FUND
NPI
$603K 0.09%
45,000
-100,000
-69% -$1.32M
XLY icon
144
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$21.4B
$594K 0.09%
16,000
-800
-5% -$30.7K
PPT
145
Franklin Premier Income Trust
PPT
$323M
$587K 0.09%
120,000
– –
SHO icon
146
Sunstone Hotel Investors
SHO
$2.19B
$581K 0.09%
43,897
-130,603
-75% -$1.88M
NQS
147
DELISTED
NUVEEN SELECT QUALITY MUNI FD
NQS
$581K 0.09%
43,420
-150,000
-78% -$2M
EWC icon
148
iShares MSCI Canada ETF
EWC
$6.04B
$572K 0.08%
24,890
– –
EWQ icon
149
iShares MSCI France ETF
EWQ
$324M
$543K 0.08%
22,570
– –
NPM
150
DELISTED
NUVEEN PREMIUM INCM MUNI FD II
NPM
$541K 0.08%
39,630
-130,000
-77% -$1.75M
4 5
6
7 8

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WIC
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FTM
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WealthShield Partners Cary, North Carolina $898M AUM 19.35% 1-Year Est. Return
SI
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BFFIM
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BWP
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Global Endowment Management's Q3 2015 Portfolio in Review

As of Q3 2015, Global Endowment Management held 276 positions worth $674M, down 6.4% from $720M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Global Endowment Management deployed $21.8M of net new capital in Q3 2015, opening 35 new positions and adding to 59 existing holdings. Its largest new stake was Zillow: 584,213 shares worth $15.8M.

By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 18% a quarter earlier, followed by Consumer Discretionary and Real Estate.

On the sell side, the largest reduction was Zillow, an estimated $14.6M trimmed.

  • Global Endowment Management's largest Q3 2015 buy was Zillow: 584,213 shares worth $15.8M.
  • Global Endowment Management added most to Berkshire Hathaway Class B in Q3 2015, an estimated $41.3M increase.
  • Global Endowment Management's biggest Q3 2015 reduction was Zillow, cutting an estimated $14.6M.
  • Global Endowment Management fully exited Yadkin Financial Corporation in Q3 2015, selling an estimated $15.2M.
  • Global Endowment Management's ten largest holdings make up 39% of its $674M portfolio in Q3 2015.
  • Global Endowment Management opened 35 new positions and closed 58 in Q3 2015.
  • Global Endowment Management's portfolio value fell 6.4% quarter-over-quarter to $674M.

Based on Global Endowment Management's 13F filing for Q3 2015, filed 9 Nov 2015.