Background

Intelligent investment portfolios for sophisticated investors

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The Starting Point

A Diversified Portfolio of Cost-efficient, Liquid Investments

Our typical “Baseline” portfolio has exposure to more than 15,000 stocks and bonds with a typical risk level equivalent to a portfolio invested 65% in global equities and 35% in fixed income. Our Baseline portfolio tries to improve upon market cap weighting by taking into account other considerations such as corporate earnings and regional economic activity.

The table on the right shows an example Baseline portfolio for a US-taxable investor invested through our seperately managed account offering at Fidelity. The Baseline portfolio is slightly different for IRA accounts, which you can read more about here, and for our Funds, which you can read more about in our monthly reports.

  • 27.2% - US Equities
    US Broad Equity 20.4%
    US Value 3.4%
    US Small Cap 3.4%
  • 37.8% - Non-US Equities
    Europe Broad 12.8%
    Asia Pac Broad 5.2%
    Canada Broad 1.6%
    Emerging Markets Broad 11.8%
    x-US Value 3.3%
    x-US Small Cap 3.3%
  • 5% - Real Estate
    US Reits 5%
  • 5% - US High Yield
    US High Yield 5%
  • 15% - Fixed Income
    US 10yr TIP 5%
    US Aggregate Bonds 5%
    US Munis 5%
  • 10% - Short Term Fixed Income & Cash Equivalents
    Short Term Fixed Income & Cash Equivalent 10%
Background

0.12% 

Annual Fee

Dynamic Asset Allocation Strategy

Approximately once a month, we dynamically adjust the portfolio’s exposure to each asset class based on simple measures of value and momentum. We translate our desired asset allocation into a portfolio comprised largely of ETFs and index funds (we also use futures in some of the funds we manage, but not in SMAs). We use a variety of factors to decide which underlying vehicles to invest in at any given time, including, but not limited to, the expense ratio, bid-offer spread and liquidity of the vehicles, other transactions costs, the construction of the indexes used by those vehicles and taxes.

We don't use leverage and we don't pick stocks.

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Elm Partners' Funds are available only to accredited investors. The content of this website and related materials are not intended to solicit investment, but rather to elicit discussion and exploration of better ways to invest. The contents of this website do not comprise an offering document. Neither historical simulations nor past return performance are necessarily indicative of future returns. Elm Partners Management LLC is an investment advisor registered with the SEC. Here are the most recent copies of our Form ADV Part 1 and ADV Part 2A2B (including our Privacy Policy).