Elm Partners Management LLC

2. Key Holdings

The portfolio is dominated by a few large positions that account for the majority of its value. The top holding, SERIES PORTFOLIOS TR, represents 25.25% of the portfolio at $165.29 million. This large allocation to a specific series portfolio (often a customized separate account or proprietary fund structure) suggests a significant managed mandate distinct from public ETFs.

Following this, the portfolio utilizes a hierarchy of iShares and Vanguard ETFs to gain market exposure:

• IEMG (iShares Core MSCI Emerging Markets): At $98.96 million (15.12%), this is the second-largest holding, indicating a strong strategic overweight to emerging market equities.
• IEUR (iShares Core MSCI Europe): At $71.13 million (10.87%), this provides significant exposure to developed European markets.
• Fixed Income: VGSH (Short-Term Treasury) and STIP (0-5 Year TIPS) combine for roughly 14.5% of the portfolio, suggesting a defensive allocation to high-quality, short-duration fixed income.