<SEC-DOCUMENT>0001894203-22-000015.txt : 20220908 <SEC-HEADER>0001894203-22-000015.hdr.sgml : 20220908 <ACCEPTANCE-DATETIME>20220908162028 ACCESSION NUMBER: 0001894203-22-000015 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20220908 DATE AS OF CHANGE: 20220908 EFFECTIVENESS DATE: 20220908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VPR Management LLC CENTRAL INDEX KEY: 0001894203 IRS NUMBER: 464528795 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-21435 FILM NUMBER: 221234051 BUSINESS ADDRESS: STREET 1: C/O GREENWAY CAPITAL ADVISORS LLC STREET 2: 3555 TIMMONS LANE, SUITE 650 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 713-221-3771 MAIL ADDRESS: STREET 1: C/O GREENWAY CAPITAL ADVISORS LLC STREET 2: 3555 TIMMONS LANE, SUITE 650 CITY: HOUSTON STATE: TX ZIP: 77027 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR <SEQUENCE>1 <FILENAME>primary_doc.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> <edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common"> <headerData> <submissionType>13F-HR</submissionType> <filerInfo> <liveTestFlag>LIVE</liveTestFlag> <flags> <confirmingCopyFlag>false</confirmingCopyFlag> <returnCopyFlag>false</returnCopyFlag> <overrideInternetFlag>false</overrideInternetFlag> </flags> <filer> <credentials> <cik>0001894203</cik> <ccc>XXXXXXXX</ccc> </credentials> </filer> <periodOfReport>09-30-2019</periodOfReport> </filerInfo> </headerData> <formData> <coverPage> <reportCalendarOrQuarter>09-30-2019</reportCalendarOrQuarter> <filingManager> <name>VPR Management LLC</name> <address> <com:street1>C/O GREENWAY CAPITAL ADVISORS LLC</com:street1> <com:street2>3555 TIMMONS LANE, SUITE 650</com:street2> <com:city>HOUSTON</com:city> <com:stateOrCountry>TX</com:stateOrCountry> <com:zipCode>77027</com:zipCode> </address> </filingManager> <reportType>13F HOLDINGS REPORT</reportType> <form13FFileNumber>028-21435</form13FFileNumber> <provideInfoForInstruction5>N</provideInfoForInstruction5> </coverPage> <signatureBlock> <name>Thomas Herbert</name> <title>Vice President</title> <phone>713-221-3771</phone> <signature>Thomas Herbert</signature> <city>Houston</city> <stateOrCountry>TX</stateOrCountry> <signatureDate>09-08-2022</signatureDate> </signatureBlock> <summaryPage> <otherIncludedManagersCount>0</otherIncludedManagersCount> <tableEntryTotal>21</tableEntryTotal> <tableValueTotal>296161</tableValueTotal> <isConfidentialOmitted>false</isConfidentialOmitted> </summaryPage> </formData> </edgarSubmission> </XML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>INFORMATION TABLE <SEQUENCE>2 <FILENAME>q3201913fholdingsreport.xml <DESCRIPTION>Q3201913FHOLDINGSREPORT <TEXT> <XML> <?xml version="1.0" encoding="UTF-8" standalone="yes"?> <ns1:informationTable xmlns:ns1="http://www.sec.gov/edgar/document/thirteenf/informationtable"> <ns1:infoTable> <ns1:nameOfIssuer>BARCLAYS BANK PLC</ns1:nameOfIssuer> <ns1:titleOfClass>DJUBS CMDT ETN36</ns1:titleOfClass> <ns1:cusip>06738C778</ns1:cusip> <ns1:value>1478</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>67800</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>67800</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>VANGUARD TAX-MANAGED INTL FD</ns1:nameOfIssuer> <ns1:titleOfClass>FTSE DEV MKT ETF</ns1:titleOfClass> <ns1:cusip>921943858</ns1:cusip> <ns1:value>44850</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>1091762</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>766562</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>325200</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>VANGUARD SPECIALIZED FUNDS</ns1:nameOfIssuer> <ns1:titleOfClass>DIV APP ETF</ns1:titleOfClass> <ns1:cusip>921908844</ns1:cusip> <ns1:value>40679</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>340185</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>340185</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>VANGUARD INDEX FDS</ns1:nameOfIssuer> <ns1:titleOfClass>REAL ESTATE ETF</ns1:titleOfClass> <ns1:cusip>922908553</ns1:cusip> <ns1:value>5153</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>55260</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>45360</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>9900</ns1:None> </ns1:votingAuthority> </ns1:infoTable> 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</ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ISHARES INC</ns1:nameOfIssuer> <ns1:titleOfClass>CORE MSCI EMKT</ns1:titleOfClass> <ns1:cusip>46434G103</ns1:cusip> <ns1:value>123</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>2500</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>2500</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ISHARES INC</ns1:nameOfIssuer> <ns1:titleOfClass>MSCI JPN ETF NEW</ns1:titleOfClass> <ns1:cusip>46434G822</ns1:cusip> <ns1:value>1135</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>20000</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>10000</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>10000</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>SELECT SECTOR SPDR TR</ns1:nameOfIssuer> <ns1:titleOfClass>ENERGY</ns1:titleOfClass> <ns1:cusip>81369Y506</ns1:cusip> <ns1:value>474</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>8000</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>8000</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>VANECK ETF TRUST</ns1:nameOfIssuer> <ns1:titleOfClass>VANECK RUSSIA ET</ns1:titleOfClass> <ns1:cusip>92189F403</ns1:cusip> <ns1:value>285</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>12500</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>7500</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>5000</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>VANGUARD INDEX FDS</ns1:nameOfIssuer> <ns1:titleOfClass>VALUE ETF</ns1:titleOfClass> <ns1:cusip>922908744</ns1:cusip> <ns1:value>374</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>3350</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>750</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>2600</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>SPDR INDEX SHS FDS</ns1:nameOfIssuer> <ns1:titleOfClass>GLB NAT RESRCE</ns1:titleOfClass> <ns1:cusip>78463X541</ns1:cusip> <ns1:value>3452</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>80150</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>47150</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>33000</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>FLEXSHARES TR</ns1:nameOfIssuer> <ns1:titleOfClass>MORNSTAR UPSTR</ns1:titleOfClass> <ns1:cusip>33939L407</ns1:cusip> <ns1:value>9928</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>318700</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>306800</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>11900</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>INVESCO QQQ TR</ns1:nameOfIssuer> <ns1:titleOfClass>UNIT SER 1</ns1:titleOfClass> <ns1:cusip>46090E103</ns1:cusip> <ns1:value>6759</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>35800</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>29200</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>6600</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ISHARES GOLD TR</ns1:nameOfIssuer> <ns1:titleOfClass>ISHARES NEW</ns1:titleOfClass> <ns1:cusip>464285204</ns1:cusip> <ns1:value>19932</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>1413600</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>1377600</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>36000</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ISHARES TR</ns1:nameOfIssuer> <ns1:titleOfClass>MSCI UK ETF NEW</ns1:titleOfClass> <ns1:cusip>46435G334</ns1:cusip> <ns1:value>1726</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>54900</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>54900</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ISHARES INC</ns1:nameOfIssuer> <ns1:titleOfClass>MSCI MLY ETF NEW</ns1:titleOfClass> <ns1:cusip>46434G814</ns1:cusip> <ns1:value>209</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>7500</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>7500</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ISHARES INC</ns1:nameOfIssuer> <ns1:titleOfClass>MSCI STH KOR ETF</ns1:titleOfClass> <ns1:cusip>464286772</ns1:cusip> <ns1:value>254</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>4500</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>4500</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ISHARES TR</ns1:nameOfIssuer> <ns1:titleOfClass>EAFE VALUE ETF</ns1:titleOfClass> <ns1:cusip>464288877</ns1:cusip> <ns1:value>270</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>5700</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>SOLE</ns1:investmentDiscretion> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>0</ns1:Shared> <ns1:None>5700</ns1:None> </ns1:votingAuthority> </ns1:infoTable> </ns1:informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>