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Elm Partners Management LLC — 13F Holdings & Portfolio

CIK 1743941 · latest 13F-HR filed 2026-07-28

Backtest portfolio

Elm Partners Management LLC manages $2.79B in 13F-reported U.S. long-equity assets across 161 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VTI (15.49%), VBIL (10.38%), VWO (9.68%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 14 new positions and exited 11; 104 existing positions rose in reported value and 20 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$2.79B

Long-equity book

Holdings
161

Distinct positions

Period
2026-06-30

Filed 2026-07-28

Q/Q Activity
+14 / −11 / ↑104 / ↓20

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VTI15.5% · +22%VBIL10.4% · +107%VWO9.7% · -2%VGK7.4% · +10%ELM6.5% · +3%VPL5.2% · +2%IEMG5.0% · -6%SCHP4.6% · -41%VOO3.5% · +33%VGSH3.3% · +35%IEUR2.7% · -9%ITOT2.4% · -6%BBEU1.8% · +4%SPEM1.8% · +18%IPAC1.6% · +5%SCHH1.5% · +80%BND1.3% · -34%VTV1.3% · +18%BBCA1.1% · -1%VB1.0% · +10%AGG0.8% · -14%SPYM0.8% · +24%SGOV0.8% · -25%NVDA0.8% · -3%VNQ0.7% · +104%VTEB0.5% · -29%STIP0.4% · -36%IVV0.4% · +3%MUB0.4% · -26%AAPL0.3% · +2%VGT0.3% · +894%DFUS0.2% · 0%EWC0.2% · -2%IUSV0.2% · +12%XLK0.2% · +14%CRWD0.2% · 0%SCHF0.2% · +2%VEA0.2% · +10%SPY0.2% · -0%LLY0.2% · -1%AMD0.2% · +0%BRK.A0.2% · 0%IJR0.2% · +33%VFH0.1% · +25%VIS0.1% · +35%XLF0.1% · +16%LRCX0.1% · +0%SCHB0.1% · -0%BN0.1% · 0%COHR0.1% · -55%VOX0.1% · +26%VCR0.1% · -0%GOOGL0.1% · +1%IBM0.1% · -10%SCHA0.1% · +2%VHT0.1% · +18%MSFT0.1% · +21%GOOG0.1% · +9%XLI0.1% · +11%VUG0.1% · +575%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 71%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Sep 3, 2026.

Assets Under Management
$3.02B
Discretionary
$3.02B
Employees
9
Accounts
905
Address
50 S 16TH ST.
FL 18 STE C
PHILADELPHIA, PA 19102
Phone
(888) 676-3148
Website
This firm reports 1 disclosure item on its registration.
Name Title / Status Ownership Type
BELL, JERRY, ARCH ControlCHIEF REVENUE OFFICER
since Apr 2024
Less than 5%Individual
CYGNET CAPITAL LLC ControlHOLDING COMPANY PARENT
since Mar 2012
75% or moreDomestic Entity
HAGHANI, VICTOR, JOHN ControlCHIEF INVESTMENT OFFICER
since Mar 2012
Less than 5%Individual
WHITE, JAMES, WOODSON ControlCHIEF EXECUTIVE OFFICER AND CHIEF COMPLIANCE OFFICER
since Nov 2017
Less than 5%Individual
HAGHANI, CELESTE, LEE Control
Indirect owner via WILLOW VIEW TRUST
GRANTOR
since Mar 2012
General partner, trustee or managerIndividual
PAUL, ANDREA, JANE Control
Indirect owner via WILLOW VIEW TRUST
TRUSTEE
since Dec 2013
General partner, trustee or managerIndividual
WILLOW VIEW TRUST Control
Indirect owner via CYGNET CAPITAL LLC
MEMBER
since Dec 2013
50–75%Domestic Entity
Ownership & leadership changes · 6 filings with changes since Apr 26, 2013

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 28, 2025 filing
  • No longer listedHAGHANI, CELESTE, LEE · MEMBER · 75% or more · indirect via CYGNET CAPITAL LLC · control person · listed since Mar 2012
  • AddedHAGHANI, CELESTE, LEE · GRANTOR · General partner, trustee or manager · indirect via WILLOW VIEW TRUST · control person
  • AddedPAUL, ANDREA, JANE · TRUSTEE · General partner, trustee or manager · indirect via WILLOW VIEW TRUST · control person
  • AddedWILLOW VIEW TRUST · MEMBER · 50–75% · indirect via CYGNET CAPITAL LLC · control person
Jun 26, 2024 filing
  • AddedBELL, JERRY, ARCH · CHIEF REVENUE OFFICER · Less than 5% · control person
Feb 26, 2020 filing
  • ChangedHAGHANI, VICTOR, JOHN · title CHIEF INVESTMENT OFFICER AND CHIEF COMPLIANCE OFFICER → CHIEF INVESTMENT OFFICER
  • ChangedWHITE, JAMES, WOODSON · title CHIEF EXECUTIVE OFFICER → CHIEF EXECUTIVE OFFICER AND CHIEF COMPLIANCE OFFICER
Nov 5, 2018 filing
  • No longer listedHAGHANI, VICTOR, JOHN · MANAGING MEMBER · 75% or more · indirect via CYGNET CAPITAL LLC · control person · listed since Mar 2012
  • AddedWHITE, JAMES, WOODSON · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
  • ChangedHAGHANI, CELESTE, LEE · indirect via CYGNET CAPITAL LLC: ownership General partner, trustee or manager → 75% or more; now a control person
  • ChangedHAGHANI, VICTOR, JOHN · title MANAGING MEMBER, FOUNDER AND CHIEF COMPLIANCE OFFICER → CHIEF INVESTMENT OFFICER AND CHIEF COMPLIANCE OFFICER
Mar 15, 2017 filing
  • No longer listedMcBride, Samantha, Joanne · PORTFOLIO MANAGER & CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Oct 2014
  • ChangedHAGHANI, VICTOR, JOHN · title MANAGING MEMBER, FOUNDER → MANAGING MEMBER, FOUNDER AND CHIEF COMPLIANCE OFFICER
Mar 8, 2017 filing
  • AddedMcBride, Samantha, Joanne · PORTFOLIO MANAGER & CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedHAGHANI, VICTOR, JOHN · title MANAGING MEMBER AND CHIEF COMPLIANCE OFFICER → MANAGING MEMBER, FOUNDER
Apr 26, 2013 filing (earliest on record)
  • ListedCYGNET CAPITAL LLC · HOLDING COMPANY PARENT · 75% or more · control person
  • ListedHAGHANI, CELESTE, LEE · MEMBER · General partner, trustee or manager · indirect via CYGNET CAPITAL LLC
  • ListedHAGHANI, VICTOR, JOHN · MANAGING MEMBER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedHAGHANI, VICTOR, JOHN · MANAGING MEMBER · 75% or more · indirect via CYGNET CAPITAL LLC · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 104 →

Top Trims

Show all 20 →

New Positions

Show all 14 →

Exited Positions

Show all 11 →

Elm Partners Management LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VANGUARD INDEX FDS VTI 922908769 $431.6M 15.49% 1,166,423 SH
2 VANGUARD INSTL INDEX FD VBIL 922040845 $289.2M 10.38% 3,821,836 SH
3 VANGUARD INTL EQUITY INDEX F VWO 922042858 $269.7M 9.68% 4,517,800 SH
4 VANGUARD INTL EQUITY INDEX F VGK 922042874 $206.3M 7.40% 2,330,086 SH
5 SERIES PORTFOLIOS TR ELM 81752T429 $180.7M 6.49% 6,168,649 SH
6 VANGUARD INTL EQUITY INDEX F VPL 922042866 $144.7M 5.19% 1,250,547 SH
7 ISHARES INC IEMG 46434G103 $140.2M 5.03% 1,692,950 SH
8 SCHWAB STRATEGIC TR SCHP 808524870 $126.9M 4.55% 4,788,290 SH
9 VANGUARD INDEX FDS VOO 922908363 $97.2M 3.49% 141,560 SH
10 VANGUARD SCOTTSDALE FDS VGSH 92206C102 $91.5M 3.28% 1,571,335 SH
11 ISHARES TR IEUR 46434V738 $76.5M 2.75% 1,017,711 SH
12 ISHARES TR ITOT 464287150 $66.8M 2.40% 406,864 SH
13 J P MORGAN EXCHANGE TRADED F BBEU 46641Q191 $51.1M 1.83% 656,570 SH
14 SPDR INDEX SHS FDS SPEM 78463X509 $50.4M 1.81% 973,914 SH
15 ISHARES TR IPAC 46434V696 $43.7M 1.57% 533,830 SH
16 SCHWAB STRATEGIC TR SCHH 808524847 $43.0M 1.54% 1,816,239 SH
17 VANGUARD BD INDEX FDS BND 921937835 $35.9M 1.29% 488,939 SH
18 VANGUARD INDEX FDS VTV 922908744 $35.8M 1.29% 164,329 SH
19 J P MORGAN EXCHANGE TRADED F BBCA 46641Q225 $31.5M 1.13% 317,028 SH
20 VANGUARD INDEX FDS VB 922908751 $28.6M 1.02% 94,216 SH
21 ISHARES TR AGG 464287226 $23.4M 0.84% 236,071 SH
22 SPDR SERIES TRUST SPYM 78464A854 $23.0M 0.82% 261,395 SH
23 ISHARES TR SGOV 46436E718 $21.4M 0.77% 212,608 SH
24 NVIDIA CORPORATION NVDA 67066G104 $21.4M 0.77% 106,905 SH
25 VANGUARD INDEX FDS VNQ 922908553 $18.5M 0.66% 191,483 SH
26 VANGUARD MUN BD FDS VTEB 922907746 $13.5M 0.49% 267,541 SH
27 ISHARES TR STIP 46429B747 $11.8M 0.42% 115,464 SH
28 ISHARES TR IVV 464287200 $11.4M 0.41% 15,186 SH
29 ISHARES TR MUB 464288414 $11.1M 0.40% 103,433 SH
30 APPLE INC AAPL 037833100 $7.6M 0.27% 26,182 SH
31 VANGUARD WORLD FD VGT 92204A702 $7.6M 0.27% 63,210 SH
32 DIMENSIONAL ETF TRUST DFUS 25434V401 $7.0M 0.25% 85,046 SH
33 ISHARES INC EWC 464286509 $6.3M 0.23% 109,490 SH
34 ISHARES TR IUSV 464287663 $6.1M 0.22% 55,571 SH
35 SELECT SECTOR SPDR TR XLK 81369Y803 $5.8M 0.21% 30,630 SH
36 CROWDSTRIKE HLDGS INC CRWD 22788C105 $5.8M 0.21% 7,596 SH
37 SCHWAB STRATEGIC TR SCHF 808524805 $5.5M 0.20% 200,155 SH
38 VANGUARD TAX-MANAGED FDS VEA 921943858 $4.7M 0.17% 65,799 SH
39 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $4.6M 0.17% 6,182 SH
40 ELI LILLY & CO LLY 532457108 $4.6M 0.17% 3,843 SH
41 ADVANCED MICRO DEVICES INC AMD 007903107 $4.6M 0.16% 7,857 SH
42 BERKSHIRE HATHAWAY INC DEL BRK.A 084670108 $4.5M 0.16% 6 SH
43 ISHARES TR IJR 464287804 $4.4M 0.16% 29,913 SH
44 VANGUARD WORLD FD VFH 92204A405 $3.9M 0.14% 29,352 SH
45 VANGUARD WORLD FD VIS 92204A603 $3.4M 0.12% 9,447 SH
46 SELECT SECTOR SPDR TR XLF 81369Y605 $3.2M 0.12% 60,083 SH
47 LAM RESEARCH CORP LRCX 512807306 $3.1M 0.11% 7,264 SH
48 SCHWAB STRATEGIC TR SCHB 808524102 $3.0M 0.11% 102,915 SH
49 BROOKFIELD CORP BN 11271J107 $3.0M 0.11% 69,812 SH
50 COHERENT CORP COHR 19247G107 $2.8M 0.10% 7,208 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-07-28 $2.79B 161 0001172661-26-002875
2026-03-31 2026-05-13 $2.31B 158 0001172661-26-001760
2025-12-31 2026-02-10 $2.20B 154 0001172661-26-000562
2025-09-30 2025-11-04 $2.00B 149 0001172661-25-004578
Filer Information
Address
50 S 16TH ST.
FL 18 STE C
PHILADELPHIA, PA 19102
Phone
(800) 459-7591
Filing Manager
Elm Partners Management LLC
Philadelphia, PA
Signatory
James White
Chief Compliance Officer