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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
+8.76%
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
$898M
AUM Growth
-$36.1M
Cap. Flow
-$102M
Cap. Flow %
-11.39%
Top 10 Hldgs %
71.5%
Holding
139
New
21
Increased
15
Reduced
47
Closed
12

Top Buys

Rank Stock Value
1
EWJ icon
iShares MSCI Japan ETF
EWJ
+$10.9M
2
SYRE icon
Spyre Therapeutics
SYRE
+$7.07M
3
AAPL icon
Apple
AAPL
+$6.68M
4
AAXJ icon
iShares MSCI All Country Asia ex Japan ETF
AAXJ
+$2.36M
5
USO icon
United States Oil Fund
USO
+$1.31M

Top Sells

Rank Stock Value
1
VTI icon
Vanguard Total Stock Market ETF
VTI
+$21M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$19.3M
3
TXO icon
TXO Partners LP
TXO
+$18.3M
4
VT icon
Vanguard Total World Stock ETF
VT
+$12.7M
5
DXJ icon
WisdomTree Japan Hedged Equity Fund
DXJ
+$11.5M

Sector Composition

Rank Sector Weight
1 Technology 3.42%
2 Financials 2.92%
3 Communication Services 1.58%
4 Healthcare 1.48%
5 Consumer Discretionary 1.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BND icon
1
Vanguard Total Bond Market
BND
$157B
$224M 24.95%
3,047,900
-106,000
-3% -$7.48M
VXUS icon
2
Vanguard Total International Stock ETF
VXUS
$153B
$124M 13.84%
2,144,826
-6,620
-0.3% -$361K
VTI icon
3
Vanguard Total Stock Market ETF
VTI
$654B
$80.6M 8.97%
339,574
-95,111
-22% -$21M
BBRE icon
4
JPMorgan BetaBuilders MSCI US REIT ETF
BBRE
$1.3B
$56.1M 6.25%
628,283
-40,363
-6% -$3.25M
SPY icon
5
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$49.3M 5.49%
103,760
-43,240
-29% -$19.3M
TXO icon
6
TXO Partners LP
TXO
$726M
$37.7M 4.2%
2,074,864
-968,368
-32% -$18.3M
XLV icon
7
State Street Health Care Select Sector SPDR ETF
XLV
$42.1B
$18.2M 2.03%
133,471
-56,517
-30% -$7.35M
AAPL icon
8
Apple
AAPL
$4.89T
$18M 2.01%
93,625
+36,160
+63% +$6.68M
EWJ icon
9
iShares MSCI Japan ETF
EWJ
$21.7B
$17.2M 1.92%
268,600
+178,600
+198% +$10.9M
XLP icon
10
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.2B
$16.7M 1.86%
231,509
-101,558
-30% -$7.04M
VNQ icon
11
Vanguard Real Estate ETF
VNQ
$39.9B
$14.5M 1.62%
164,413
+8,250
+5% +$654K
VWO icon
12
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$14.3M 1.59%
347,700
– –
VOO icon
13
Vanguard S&P 500 ETF
VOO
$968B
$11.7M 1.3%
26,815
-6,229
-19% -$2.55M
SYRE icon
14
Spyre Therapeutics
SYRE
$8.87B
$11M 1.23%
+513,436
New +$7.07M
IEI icon
15
iShares 3-7 Year Treasury Bond ETF
IEI
$18.1B
$10.2M 1.14%
87,160
– –
AAXJ icon
16
iShares MSCI All Country Asia ex Japan ETF
AAXJ
$3.65B
$9.53M 1.06%
143,213
+36,740
+35% +$2.36M
BRK.B icon
17
Berkshire Hathaway Class B
BRK.B
$1.07T
$9.4M 1.05%
26,347
-1,940
-7% -$681K
SHY icon
18
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
$9.13M 1.02%
111,250
– –
TIP icon
19
iShares TIPS Bond ETF
TIP
$14.5B
$8.04M 0.9%
74,800
– –
PHYS icon
20
Sprott Physical Gold
PHYS
$14.6B
$7.58M 0.84%
476,000
– –
META icon
21
Meta Platforms (Facebook)
META
$1.51T
$7.23M 0.8%
20,426
-1,166
-5% -$380K
AMZN icon
22
Amazon
AMZN
$2.5T
$6.45M 0.72%
42,425
-3,998
-9% -$560K
MSFT icon
23
Microsoft
MSFT
$2.84T
$4.92M 0.55%
13,094
-970
-7% -$345K
MLPX icon
24
Global X MLP & Energy Infrastructure ETF
MLPX
$3.68B
$4.91M 0.55%
110,000
-105,000
-49% -$4.56M
VWOB icon
25
Vanguard Emerging Markets Government Bond ETF
VWOB
$6.15B
$4.48M 0.5%
70,200
+18,200
+35% +$1.1M
1
2 3 4 5

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Global Endowment Management's Q4 2023 Portfolio in Review

As of Q4 2023, Global Endowment Management held 139 positions worth $898M, down 3.9% from $934M the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Global Endowment Management withdrew a net $102M in Q4 2023, closing 12 positions and reducing 47 holdings. Its most notable exit was Vanguard Total World Stock ETF, an estimated $12.7M position sold in full.

By sector, the portfolio is most concentrated in Technology at 3.4% of assets, up from 1.9% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Global Endowment Management opened a new position in Spyre Therapeutics worth $11M.

  • Global Endowment Management's largest Q4 2023 buy was Spyre Therapeutics: 513,436 shares worth $11M.
  • Global Endowment Management added most to iShares MSCI Japan ETF in Q4 2023, an estimated $10.9M increase.
  • Global Endowment Management's biggest Q4 2023 reduction was Vanguard Total Stock Market ETF, cutting an estimated $21M.
  • Global Endowment Management fully exited Vanguard Total World Stock ETF in Q4 2023, selling an estimated $12.7M.
  • Global Endowment Management's ten largest holdings make up 72% of its $898M portfolio in Q4 2023.
  • Global Endowment Management opened 21 new positions and closed 12 in Q4 2023.
  • Global Endowment Management's portfolio value fell 3.9% quarter-over-quarter to $898M.

Based on Global Endowment Management's 13F filing for Q4 2023, filed 12 Feb 2024.