Elm Partners Q3 2018 Report - Separately Managed Accounts

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Includes: AGG, BIL, BND, BSV, DFISX, DFIVX, EFV, EWC, HYG, HYLB, IEMG, IEUR, IJR, IPAC, ITOT, IUSV, IVV, IWD, MUB, SCZ, SHY, TIP, VB, VEMAX, VEUSX, VGK, VGSLX, VNQ, VOO, VPADX, VPL, VSS, VTEB, VTI, VTSAX, VTV, VUSFX, VWEAX, VWIUX, VWO
by: Victor Haghani
Summary

Elm Partners offers diversified portfolios of ETFs and index funds using an algorithmic value- and momentum-based asset allocation system.

Elm's clients keep their funds in separately managed accounts with Fidelity, or an offshore fund for non-US investors, and pay among the lowest fees in the industry.

This letter to clients discusses recent performance and allocation to non-US equities. "We expect non-US markets to deliver long term real returns materially in excess of US equities."