# EDGAR Filing Document

**Accession Number:** 0001512237
**File Stem:** 0001085146-23-001150
**Filing Date:** 2023-2
**Character Count:** 15691
**Document Hash:** f7e4dcabb18582b65a02bd7af8dc7fb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-001150.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001085146-23-001150

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global Endowment Management, LP
- **CENTRAL INDEX KEY:** 0001512237
- **IRS NUMBER:** 651297607

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14333
- **FILM NUMBER:** 23619611

**BUSINESS ADDRESS:**
- **STREET 1:** 224 W TREMONT AVE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 704-333-8282

**MAIL ADDRESS:**
- **STREET 1:** 224 W TREMONT AVE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Global Endowment Management LP<br>**Address:** 224 W TREMONT AVE<br>CHARLOTTE, NC 28203

**Form 13F File Number:** 028-14333

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Michael D. Smith<br>**Title:** Chief Investment Officer<br>**Phone:** 704-333-8282

**Signature, Place, and Date of Signing:**

/s/ Michael D. Smith  Charlotte, NC  02-13-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 107

**Form 13F Information Table Value Total:** $902759941

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABRDN JAPAN EQUITY FUND INC | COM | 00306J109 | BBG001S73FJ4 | 105600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 | BBG001S5NDV7 | 925864 | 63677 | SH |  | SOLE |  | 63677 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG001S5NCQ5 | 1499914 | 4457 | SH |  | SOLE |  | 4457 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 3095550 | 35085 | SH |  | SOLE |  | 35085 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 49548912 | 589868 | SH |  | SOLE |  | 589868 | 0 | 0 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 | BBG003NXJNJ4 | 355140 | 11783 | SH |  | SOLE |  | 11783 | 0 | 0 |
| APARTMENT INCOME REIT CORP | COM | 03750L109 | BBG00XK3WWB0 | 328621 | 9578 | SH |  | SOLE |  | 9578 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 1320738 | 10165 | SH |  | SOLE |  | 10165 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 | BBG006HFPX86 | 914952 | 86890 | SH |  | SOLE |  | 86890 | 0 | 0 |
| ARCO PLATFORM LTD | COM CL A | G04553106 | BBG00LV0Z4B9 | 2147257 | 159056 | SH |  | SOLE |  | 159056 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 | BBG001S7J2H8 | 289928 | 1795 | SH |  | SOLE |  | 1795 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 | BBG001S5N9P3 | 187606 | 10920 | SH |  | SOLE |  | 10920 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 5869100 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | BBG019Z17GF9 | 725781 | 25315 | SH |  | SOLE |  | 25315 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 3185608 | 101259 | SH |  | SOLE |  | 101259 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 | BBG001S5Q6V9 | 348171 | 3112 | SH |  | SOLE |  | 3112 | 0 | 0 |
| CARVANA CO | CL A | 146869102 | BBG00GCTWF71 | 190633 | 40218 | SH |  | SOLE |  | 40218 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 6041634 | 33660 | SH |  | SOLE |  | 33660 | 0 | 0 |
| CREDIT ACCEP CORP MICH | COM | 225310101 | BBG001S71KS5 | 6487894 | 13676 | SH |  | SOLE |  | 13676 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 | BBG005HJL932 | 1143216 | 40800 | SH |  | SOLE |  | 40800 | 0 | 0 |
| DYNATRACE INC | COM NEW | 268150109 | BBG00PNN7CW9 | 2571271 | 67135 | SH |  | SOLE |  | 67135 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 | BBG001S723L9 | 284026 | 4814 | SH |  | SOLE |  | 4814 | 0 | 0 |
| GLOBAL X FDS | GB MSCI AR ETF | 37950E259 | BBG001V0LJT6 | 633880 | 18660 | SH |  | SOLE |  | 18660 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 | BBG004Y67XK8 | 12297292 | 301700 | SH |  | SOLE |  | 301700 | 0 | 0 |
| GODADDY INC | CL A | 380237107 | BBG006MDLXZ9 | 2386683 | 31899 | SH |  | SOLE |  | 31899 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 | BBG001T63BY7 | 658000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| INVESCO DB COMMDY INDX TRCK | UNIT | 46138B103 | BBG001SNZTS4 | 2958000 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S PUR VAL | 46137V258 | BBG00KJR2X19 | 11697000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| INVITATION HOMES INC | COM | 46187W107 | BBG00FQH6CJ7 | 280157 | 9452 | SH |  | SOLE |  | 9452 | 0 | 0 |
| ISHARES INC | MSCI AUST ETF | 464286103 | BBG001S6ZW40 | 4748328 | 213600 | SH |  | SOLE |  | 213600 | 0 | 0 |
| ISHARES INC | MSCI CDA ETF | 464286509 | BBG001S8R7V0 | 1958563 | 59840 | SH |  | SOLE |  | 59840 | 0 | 0 |
| ISHARES INC | MSCI CHILE ETF | 464286640 | BBG001T0LL05 | 379260 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 | BBG00H5VLN77 | 3033333 | 63900 | SH |  | SOLE |  | 63900 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 | BBG001S8SJC4 | 1563431 | 63220 | SH |  | SOLE |  | 63220 | 0 | 0 |
| ISHARES INC | MSCI HONG KG ETF | 464286871 | BBG001S5VWX4 | 420200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ISHARES INC | MSCI ITALY ETF | 46434G830 | BBG001S8SYM0 | 610191 | 22650 | SH |  | SOLE |  | 22650 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 | BBG001S8SYN9 | 4679662 | 85960 | SH |  | SOLE |  | 85960 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 | BBG001S8SYQ6 | 1236250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ISHARES INC | MSCI SPAIN ETF | 464286764 | BBG001S8SYT3 | 894660 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG001SF9FC7 | 1327280 | 23500 | SH |  | SOLE |  | 23500 | 0 | 0 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 | BBG001S8SYW9 | 670880 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ISHARES INC | MSCI TAIWAN ETF | 46434G772 | BBG001SFGL81 | 281120 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 | BBG005DW06B7 | 3409408 | 83380 | SH |  | SOLE |  | 83380 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 | BBG001S8MLN3 | 7467000 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 | BBG001SSD812 | 3297343 | 28700 | SH |  | SOLE |  | 28700 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 | BBG001S80936 | 7171049 | 74870 | SH |  | SOLE |  | 74870 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 3313350 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| ISHARES TR | INTRM GOV CR ETF | 464288612 | BBG001SSD885 | 230228 | 2247 | SH |  | SOLE |  | 2247 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 | BBG001SSD8B1 | 1233575 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 | BBG001T2V2D8 | 5111996 | 78901 | SH |  | SOLE |  | 78901 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 2678873 | 64180 | SH |  | SOLE |  | 64180 | 0 | 0 |
| ISHARES TR | MSCI INDONIA ETF | 46429B309 | BBG001S56QM7 | 232856 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| ISHARES TR | MSCI IRELAND ETF | 46429B507 | BBG001S56P85 | 2487712 | 54400 | SH |  | SOLE |  | 54400 | 0 | 0 |
| ISHARES TR | MSCI LW CRB TG | 46434V464 | BBG007PGJH85 | 258469 | 1871 | SH |  | SOLE |  | 1871 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 | BBG001S8SYX8 | 4292400 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 | BBG001SD9RM5 | 10596102 | 99550 | SH |  | SOLE |  | 99550 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETBULD MSCI | 46641Q738 | BBG00L53HC42 | 46619712 | 571320 | SH |  | SOLE |  | 571320 | 0 | 0 |
| JAMF HLDG CORP | COM | 47074L105 | BBG00VSYYVC7 | 2029358 | 95275 | SH |  | SOLE |  | 95275 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG001S6PW05 | 3682777 | 79336 | SH |  | SOLE |  | 79336 | 0 | 0 |
| KRANESHARES TR | BLOOMBERG CHIINA | 500767702 | BBG007NHPBK7 | 330025 | 10658 | SH |  | SOLE |  | 10658 | 0 | 0 |
| KRANESHARES TR | CALIFORNIA CARB | 500767553 | BBG012TH9ZK6 | 2439108 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| KRANESHARES TR | GLOBAL CARB STRA | 500767678 | BBG00WC70964 | 1823500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 2713667 | 22550 | SH |  | SOLE |  | 22550 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 3450051 | 14386 | SH |  | SOLE |  | 14386 | 0 | 0 |
| MISTER CAR WASH INC | COM | 60646V105 | BBG011FS2K56 | 766903 | 83088 | SH |  | SOLE |  | 83088 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG001S5TKX3 | 229298 | 4858 | SH |  | SOLE |  | 4858 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 | BBG001SLL7N6 | 101800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| NUVEEN S 500 BUY-WRITE INC | COM | 6706ER101 | BBG001S7ZM04 | 126500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 | BBG001S5TZG9 | 5272893 | 83710 | SH |  | SOLE |  | 83710 | 0 | 0 |
| PHYSICIANS RLTY TR | COM | 71943U104 | BBG004MF5B76 | 282339 | 19512 | SH |  | SOLE |  | 19512 | 0 | 0 |
| PIMCO ETF TR | 25YR+ ZERO U S | 72201R882 | BBG001T5RZK5 | 1047840 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 2577815 | 19442 | SH |  | SOLE |  | 19442 | 0 | 0 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 | BBG00L5F9FV7 | 479900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG001S7T223 | 650826 | 19030 | SH |  | SOLE |  | 19030 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 | BBG001S7SCQ6 | 543400 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | SIMPLIFY INTERST | 82889N855 | BBG010Z8GX02 | 429660 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SMARTSHEET INC | COM CL A | 83200N103 | BBG00GQK3WC4 | 2759096 | 70099 | SH |  | SOLE |  | 70099 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 3392800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 56217210 | 147000 | SH |  | SOLE |  | 147000 | 0 | 0 |
| SPDR SER TR | COMP SOFTWARE | 78464A599 | BBG0024LG5C2 | 434880 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| SPDR SER TR | HLTH CR EQUIP | 78464A581 | BBG001V08KL6 | 516868 | 5750 | SH |  | SOLE |  | 5750 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 | BBG001SQDKG3 | 1411000 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| SPDR SER TR | S OILGAS EXP | 78468R556 | BBG001SB12P9 | 1241943 | 9140 | SH |  | SOLE |  | 9140 | 0 | 0 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 | BBG001T66XM9 | 6711600 | 476000 | SH |  | SOLE |  | 476000 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 | BBG001STPPK8 | 1643169 | 31563 | SH |  | SOLE |  | 31563 | 0 | 0 |
| SUSTAINABLE DEVELP ACQU I CO | UNIT 02/04/2026 | 86934L202 | BBG00YYCW5Q6 | 1005500 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 | BBG001SPV1C1 | 1285116 | 2041 | SH |  | SOLE |  | 2041 | 0 | 0 |
| UNITED STS OIL FD LP | UNITS | 91232N207 | BBG001SQNKR0 | 490770 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 | BBG002VZY7Y3 | 1351000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 573200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| VANECK ETF TRUST | VANECK VIETNAM | 92189F817 | BBG001T5CFW2 | 311629 | 26320 | SH |  | SOLE |  | 26320 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | BBG001SK7DK4 | 231461296 | 3221900 | SH |  | SOLE |  | 3221900 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 8462448 | 102600 | SH |  | SOLE |  | 102600 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 8594128 | 24461 | SH |  | SOLE |  | 24461 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 95548158 | 499755 | SH |  | SOLE |  | 499755 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 13163546 | 337700 | SH |  | SOLE |  | 337700 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG001T2YZG9 | 11713221 | 135900 | SH |  | SOLE |  | 135900 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 | BBG003H12XS7 | 2335500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001TJR1D8 | 116831446 | 2258922 | SH |  | SOLE |  | 2258922 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 7063551 | 168300 | SH |  | SOLE |  | 168300 | 0 | 0 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 | BBG004N1LYJ5 | 3170960 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| VANGUARD WORLD FD | MEGA CAP INDEX | 921910873 | BBG001T0Y6Y7 | 41114966 | 310536 | SH |  | SOLE |  | 310536 | 0 | 0 |
| VANGUARD WORLD FDS | MATERIALS ETF | 92204A801 | BBG001SHTTP7 | 2913824 | 17120 | SH |  | SOLE |  | 17120 | 0 | 0 |
| VIRTUS EQUITY  CONV INCM FD | COM | 92841M101 | BBG001SHZGR6 | 1093800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 | BBG001SHL470 | 6429000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 | BBG004336Q89 | 2226764 | 28983 | SH |  | SOLE |  | 28983 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 | BBG001T21KQ7 | 3632233 | 21707 | SH |  | SOLE |  | 21707 | 0 | 0 |

---