DaveManuel.com · Institutional Ownership · 13F Holdings
ELLINGTON MANAGEMENT GROUP LLC
Reported holdings as of Q2 2021, from 11 quarterly filings.
This filer last reported in Q2 2021; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ISHARES TR PUT | HYG | $119.0M | 132,076 | -11.17pp | 4q | HELD | |
| AMC ENTMT HLDGS INC CL A COM PUT | AMC | $69.4M | options only | - | new | OPTIONS | |
| NABORS INDUSTRIES INC | $49.5M | 54,734,000 | +0.47pp | 8q | DEBT | ||
| DISH 2 3/8 03/15/24 | $44.3M | 45,545,000 | +1.92pp | 5q | DEBT | ||
| AVIS BUDGET GROUP INC PUT | CAR | $24.6M | options only | - | new | OPTIONS | |
| INVESCO QQQ TR PUT | QQQ | $23.0M | options only | -5.43pp | 2q | OPTIONS | |
| SPDR SERIES TRUST PUT | KRE | $22.1M | options only | - | new | OPTIONS | |
| ISHARES TR PUT | PFF | $21.2M | options only | +0.59pp | 2q | OPTIONS | |
| RITHM CAPITAL CORP | RITM | $18.6M | 1,759,306 | - | new | NEW | |
| ELLINGTON FINANCIAL INC | EFC | $16.3M | 850,887 | +0.74pp | 10q | HELD | |
| ISHARES TR PUT | IWM | $16.1M | options only | -6.60pp | 2q | OPTIONS | |
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $13.7M | options only | -8.22pp | 3q | OPTIONS | |
| nan | COOP | $13.0M | 393,763 | +1.52pp | 4q | +309.3%+$9.8M | |
| PENNYMAC FINL SVCS INC NEW | PFSI | $11.6M | 187,278 | +1.21pp | 11q | +205.3%+$7.8M | |
| KOHLS CORP CALL | KSS | $8.1M | 109,995 | - | new | NEW | |
| LEAR CORP CALL | LEA | $7.5M | 27,528 | - | new | NEW | |
| MFA FINL INC | MFA | $6.5M | 1,411,968 | +0.64pp | 5q | +124.4%+$3.6M | |
| PARAMOUNT GLOBAL | PARA | $6.0M | 132,172 | - | new | NEW | |
| FORD MTR CO CALL+PUT | F | $5.7M | options only | - | new | OPTIONS | |
| NEWS CORP NEW PUT | NWSA | $5.5M | options only | - | new | OPTIONS | |
| RITHM PPTY TR INC | RPT | $5.1M | 391,699 | +0.22pp | 6q | -2.1%-$109.0K | |
| VPC Impact Acquisition Holdings II | VPCBU | $5.0M | 500,000 | +0.14pp | 2q | HELD | |
| ARES ACQUISITION CORP | AACU | $5.0M | 500,000 | +0.12pp | 2q | HELD | |
| BORGWARNER INC CALL | BWA | $4.9M | options only | - | new | OPTIONS | |
| nan | JWN | $4.0M | 110,714 | +0.34pp | 2q | +97.3%+$2.0M | |
| SELECT SECTOR SPDR TR PUT | XLF | $4.0M | 25,000 | - | new | NEW | |
| Anzu Special Acquisition Corp I | ANZUU | $4.0M | 399,700 | +0.10pp | 2q | HELD | |
| CERBERUS TELECOM ACQUISITION SHS CL | CTAC | $4.0M | 400,000 | - | new | NEW | |
| COTY INC PUT | COTY | $3.5M | options only | - | new | OPTIONS | |
| JACK CREEK INVESTMENT CORP. | JCICU | $3.5M | 350,000 | +0.09pp | 2q | HELD | |
| Peridot Acquisition Corp II | PDOTU | $3.5M | 350,000 | +0.09pp | 2q | HELD | |
| REDFIN CORP CALL | RDFN | $3.2M | options only | - | new | OPTIONS | |
| THE CAMPBELLS COMPANY | CPB | $3.0M | 64,700 | - | new | NEW | |
| Genesis Energy L.P. CALL+PUT | GEL | $2.8M | options only | - | new | OPTIONS | |
| HERBALIFE LTD PUT | HLF | $2.6M | options only | - | new | OPTIONS | |
| PITNEY BOWES INC PUT | PBI | $2.6M | options only | - | new | OPTIONS | |
| MASON INDUSTRIAL TECHNOLOGY INC | MITU | $2.5M | 250,000 | +0.07pp | 2q | HELD | |
| G Squared Ascend I Inc | GSQDU | $2.5M | 250,000 | +0.06pp | 2q | HELD | |
| EJF ACQUISITION CORP | EJFAU | $2.5M | 250,000 | +0.06pp | 2q | HELD | |
| DISH NETWORK CORPORATION PUT | DISH | $2.5M | options only | - | new | OPTIONS | |
| READY CAPITAL CORP | RC | $2.2M | 138,745 | -0.17pp | 7q | -53.9%-$2.6M | |
| KINDER MORGAN INC DEL | KMI | $2.2M | 119,000 | +0.08pp | 2q | HELD | |
| CONAGRA BRANDS INC | CAG | $2.0M | 55,779 | - | new | NEW | |
| FTAC Hera Acquisition Corp | HERAU | $2.0M | 200,000 | +0.05pp | 2q | HELD | |
| HUDSON EXECUTIVE INVESTMENT CORP III | HIIIU | $2.0M | 200,000 | +0.05pp | 2q | HELD | |
| VECTOR ACQUISITION CORP II CL A SHS | VAQC | $2.0M | 200,000 | +0.05pp | 2q | HELD | |
| WYNN RESORTS LTD | WYNN | $1.9M | 15,792 | +0.24pp | 2q | +462.2%+$1.6M | |
| HASBRO INC | HAS | $1.9M | 20,318 | - | new | NEW | |
| WESTERN ASSET MTGE CAP | $1.9M | 2,000,000 | +0.05pp | 7q | DEBT | ||
| NABORS INDUSTRIES LTD | NBR | $1.9M | 16,360 | +0.17pp | 2q | +75.4%+$803.5K | |
| Independence Holdings Corp | ACQRU | $1.8M | 180,000 | +0.04pp | 2q | HELD | |
| BAUSCH HEALTH COS INC CALL | BHC | $1.8M | options only | - | new | OPTIONS | |
| GENERAL MTRS CO | GM | $1.7M | 28,519 | - | new | NEW | |
| Kismet Acquisition Three Corp | KIIIU | $1.6M | 160,570 | +0.04pp | 2q | HELD | |
| Kernel Group Holdings Inc | KRNLU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| The Music Acquisition Corp | TMACU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| African Gold Acquisition Corp. | AGACU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| DHC Acquisition Corp | DHCAU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| Arctos NorthStar Acquisition Corp | ANACU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| TAILWIND INTERNATIONAL ACQUISITION CORP | TWNIU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| Fintech Evolution Acquisition Group | FTEVU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| TCW Special Purpose Acquisition Corp | TSPQU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| HUDSON EXECUTIVE INVESTMENT CORP II | HCIIU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| KROGER CO | KR | $1.5M | 39,000 | - | new | NEW | |
| Golden Arrow Merger Corp | GAMCU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| SCION TECH GROWTH II | SCOBU | $1.5M | 150,000 | +0.04pp | 2q | HELD | |
| ORCHID IS CAP INC | ORC | $1.5M | 284,925 | - | new | NEW | |
| NEW YORK MTG TR INC | NYMT | $1.4M | 323,426 | -0.11pp | 4q | -44.6%-$1.2M | |
| PENNYMAC MORTGAGE INVESTMENT TRUST | $1.3M | 1,230,000 | +0.04pp | 3q | DEBT | ||
| ELLINGTON CREDIT COMPANY | EARN | $1.3M | 106,472 | - | new | NEW | |
| TITAN INTL INC ILL PUT | TWI | $1.2M | options only | - | new | OPTIONS | |
| APA CORPORATION | APA | $1.2M | 57,198 | +0.06pp | 2q | +0.5%+$6.6K | |
| Kismet Acquisition Two Corp | KAIIU | $1.2M | 123,100 | +0.03pp | 2q | HELD | |
| EQT Corp | EQT | $1.2M | 53,472 | - | new | NEW | |
| DAUCH CORP CALL | DCH | $1.1M | options only | +0.04pp | 11q | OPTIONS | |
| Leo Holdings III Corp | LIIIU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| Austerlitz Acquisition Corp II | ASZU | $1.0M | 100,000 | - | new | NEW | |
| Spartan Acquisition Corp III | SPAQU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| LIVE OAK MOBILITY ACQUISITION CORP | LOKMU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| Arrowroot Acquisition Corp | ARRWU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| Haymaker Acquisition Corp III | HYACU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| POWERED BRANDS | POWRU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| SILVERBOX ENGAGED MERGER I CORP | SBEAU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| CORAZON | CRZNU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| ESM Acquisition Corp | ESMU | $1.0M | 100,000 | +0.03pp | 2q | HELD | |
| Mission Advancement Corp | MACCU | $999.0K | 100,000 | +0.03pp | 2q | HELD | |
| Freedom Acquisition I Corp | FACTU | $998.0K | 100,000 | +0.02pp | 2q | HELD | |
| Velocity Acquisition Corp | VELOU | $945.0K | 95,000 | +0.02pp | 2q | HELD | |
| Cartesian Growth Corp | GLBLU | $918.0K | 92,000 | +0.02pp | 2q | HELD | |
| LUMEN TECHNOLOGIES INC | LUMN | $896.0K | 65,965 | -0.06pp | 2q | HELD | |
| UNITED STATES STL CORP NEW | X | $873.0K | 36,359 | - | new | NEW | |
| AMC NETWORKS INC CALL | AMCX | $802.0K | options only | - | new | OPTIONS | |
| Slam Corp | SLAMU | $798.0K | 80,000 | +0.02pp | 2q | HELD | |
| Priveterra Acquisition Corp | PMGMU | $747.0K | 75,000 | +0.02pp | 2q | HELD | |
| Pathfinder Acquisition Corp | PFDRU | $737.0K | 74,187 | +0.02pp | 2q | HELD | |
| Gores Technology Partners II Inc | GTPBU | $723.0K | 70,000 | +0.02pp | 2q | HELD | |
| Centricus Acquisition Corp | CENHU | $717.0K | 70,000 | +0.02pp | 2q | HELD | |
| Gores Holdings VII Inc | GSEVU | $704.0K | 70,000 | +0.02pp | 2q | HELD | |
| GORES HOLDINGS VIII INC | GIIXU | $699.0K | 70,000 | +0.02pp | 2q | HELD | |
| Orion Acquisition Corp | OHPAU | $694.0K | 70,000 | +0.02pp | 2q | HELD | |
| COMMUNITY HEALTH SYS INC NEW | CYH | $688.0K | 44,560 | - | new | NEW | |
| QURATE RETAIL INC | QVCGA | $629.0K | 48,088 | - | new | NEW | |
| TZP STRATEGIES ACQUISTN CORP | TZPSU | $629.0K | 63,327 | +0.02pp | 2q | HELD | |
| Z-Work Acquisition Corp | ZWRKU | $618.0K | 61,786 | +0.02pp | 2q | HELD | |
| Colicity Inc | COLIU | $604.0K | 60,000 | +0.01pp | 2q | HELD | |
| One Equity Partners Open Water I Corp | OEPWU | $600.0K | 60,000 | +0.02pp | 2q | HELD | |
| DIVERSIFIED HEALTHCARE TR | DHC | $575.0K | 137,619 | - | new | NEW | |
| BlueRiver Acquisition Corp | BLUVF | $551.0K | 55,000 | +0.01pp | 2q | HELD | |
| Lazard Growth Acquisition Corp I | LGACU | $549.0K | 55,000 | +0.01pp | 2q | HELD | |
| ANYWHERE REAL ESTATE INC | HOUS | $532.0K | 29,208 | - | new | NEW | |
| Broadscale Acquisition Corp | SCLEU | $510.0K | 51,000 | +0.01pp | 2q | HELD | |
| Sustainable Development Acquisition | SDACU | $509.0K | 50,000 | +0.01pp | 2q | HELD | |
| Power & Digital Infrastructure | XPDIU | $505.0K | 50,000 | +0.01pp | 2q | HELD | |
| TISHMAN SPEYER INNOVATION CORP II | TSIBU | $504.0K | 50,000 | +0.01pp | 2q | HELD | |
| Jaws Mustang Acquisition Corp | JWSMU | $503.0K | 50,000 | +0.01pp | 2q | HELD | |
| NORTH ATLANTIC ACQUISITION CORP | NAACU | $502.0K | 50,000 | +0.01pp | 2q | HELD | |
| SILVER CREST ACQUISI UTS | SLCRU | $502.0K | 50,000 | +0.01pp | 2q | HELD | |
| CHURCHILL CAPITAL CORP VII | CVIIU | $501.0K | 50,000 | +0.01pp | 2q | HELD | |
| Advanced Merger Partners Inc | AMPIU | $500.0K | 50,000 | +0.01pp | 2q | HELD | |
| DHB Capital Corp | DHBCU | $500.0K | 50,000 | +0.01pp | 2q | HELD | |
| First Reserve Sustainable Growth | FRSGU | $500.0K | 50,000 | +0.01pp | 2q | HELD | |
| Fusion Acquisition Corp II | FSNBU | $500.0K | 50,000 | +0.01pp | 2q | HELD | |
| Social Leverage Acquisition Corp I | SLACU | $500.0K | 50,000 | +0.01pp | 2q | HELD | |
| RMG Acquisition Corp III | RMGCU | $500.0K | 50,000 | +0.01pp | 2q | HELD | |
| RXR ACQUISITION CORP | RXRAU | $499.0K | 50,000 | +0.01pp | 2q | HELD | |
| Twelve Seas Investment Co. II | TWLVU | $498.0K | 50,000 | +0.01pp | 2q | HELD | |
| CLARIM ACQUISITION CORP | CLRMU | $497.0K | 50,000 | +0.01pp | 2q | HELD | |
| Catcha Investment Corp | CHAAU | $497.0K | 50,000 | +0.01pp | 2q | HELD | |
| Crown PropTech Acquisitions | CPTKU | $497.0K | 50,000 | +0.01pp | 2q | HELD | |
| CLEARWATER PAPER CORP | CLW | $468.0K | 16,163 | - | new | NEW | |
| Oyster Enterprises Acquisition Corp | OSTRU | $435.0K | 43,574 | +0.01pp | 2q | HELD | |
| Isos Acquisition Corp | ISOSU | $408.0K | 40,000 | +0.01pp | 2q | HELD | |
| GORES TECHNOLOGY PARTNERS INC | GTPAU | $402.0K | 40,000 | +0.01pp | 2q | HELD | |
| Constellation Acquisition Corp I | CSTAU | $400.0K | 40,000 | +0.01pp | 2q | HELD | |
| Gaming & Hospitality Acquisition Corp | GHACU | $399.0K | 40,000 | +0.01pp | 2q | HELD | |
| TRIUMPH GROUP INC NEW | TGI | $397.0K | 19,151 | - | new | NEW | |
| EQ HEALTH ACQUISITION CORP | EQHAU | $349.0K | 35,000 | +0.01pp | 2q | HELD | |
| LOGISTIC PROPERTIES OF THE AME USD ORD SHS | TWOA | $310.0K | 12,231 | - | new | NEW | |
| GROUP NINE ACQUISITION CORP | GNACU | $287.0K | 28,529 | +0.01pp | 2q | HELD | |
| USHG ACQUISITION CORP UNIT 1 COM & 1/3 WT EXP | HUGSU | $258.0K | 25,750 | +0.01pp | 2q | HELD | |
| Altimar Acquisition Corp III | ATAQU | $253.0K | 25,000 | +0.01pp | 2q | HELD | |
| SCP & CO HEALTHCARE ACQUISIT | SHACU | $252.0K | 25,000 | +0.01pp | 2q | HELD | |
| D and Z Media Acquisition Corp | DNZU | $249.0K | 25,000 | +0.01pp | 2q | HELD | |
| DONNELLEY R R & SONS CO COM | RRD | $228.0K | 36,263 | - | new | NEW | |
| SIMON PPTY GROUP INC NEW | SPG | $216.0K | 1,658 | - | new | NEW | |
| Kensington Capital Acquisition | KCACU | $208.0K | 20,000 | +0.01pp | 2q | HELD | |
| Alkuri Global Acquisition Corp | KURIU | $205.0K | 20,000 | +0.01pp | 2q | HELD | |
| ECP Environmental Growth Opportunities | ENNVU | $203.0K | 20,000 | +0.01pp | 2q | HELD | |
| GORES METROPOULOS II INC | GMIIU | $203.0K | 20,000 | +0.01pp | 2q | HELD | |
| Simon Property Group Acquisition Holdings Inc | SPGSU | $201.0K | 20,000 | +0.01pp | 2q | HELD | |
| Thunder Bridge Capital Partners III Inc | TBCPU | $200.0K | 20,000 | +0.01pp | 2q | HELD | |
| APOLLO STRATEGIC GROWTH CAPITAL II | APGBU | $200.0K | 20,000 | flat | 2q | HELD | |
| Itiquira Acquisition Corp | ITQRU | $200.0K | 20,000 | +0.01pp | 2q | HELD | |
| Supernova Partners Acquistn | SNIIU | $200.0K | 20,000 | flat | 2q | HELD | |
| Warrior Technologies Acquisition | WARRU | $151.0K | 15,000 | flat | 2q | HELD | |
| QUEENS GAMBIT GROWTH CAPITAL | GMBTU | $150.0K | 15,000 | flat | 2q | HELD | |
| Tuatara Capital Acquisition Corp | TCACU | $125.0K | 12,300 | flat | 2q | HELD | |
| IMPAC MTG HLDGS INC | IMPMQ | $110.0K | 51,900 | flat | 11q | HELD | |
| Thimble Point Acquisition Corp | THMAU | $104.0K | 10,000 | flat | 2q | HELD | |
| Decarbonization Plus Acquisition | DCRNU | $103.0K | 10,000 | flat | 2q | HELD | |
| Fortistar Sustainable Solutions Corp | FSSIU | $103.0K | 10,000 | flat | 2q | HELD | |
| Primavera Capital Acquisition Corp | PVU | $102.0K | 10,000 | flat | 2q | HELD | |
| B. Riley Principal 150 Merger Corp. | BRPMU | $101.0K | 10,000 | flat | 2q | HELD | |
| Climate Real Impact Solutions II Acquisition Corp | CLIMU | $101.0K | 10,000 | flat | 2q | HELD | |
| IBERE PHARMACEUTICALS | IBERU | $101.0K | 10,000 | flat | 2q | HELD | |
| DiamondHead Holdings Corp | DHHCU | $100.0K | 10,000 | flat | 2q | HELD | |
| MCAP ACQUISITION CORP | MACQU | $100.0K | 10,000 | flat | 2q | HELD | |
| CC NEUBERGER PRINCIPAL HOLDINGS III | PRPCU | $100.0K | 10,000 | flat | 2q | HELD | |
| KHOSLA VENTURES ACQUISITION | KVSA | $99.0K | 10,000 | flat | 2q | HELD | |
| Science Strategic Acquisition Corp Alpha | SSAAU | $99.0K | 10,000 | flat | 2q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Telecom & Media | $76.6M | 11.3% |
| Real Estate | $52.2M | 7.7% |
| Business Services | $26.5M | 3.9% |
| Autos & Aerospace | $21.9M | 3.2% |
| Funds & ETFs | $13.7M | 2.0% |
| Banks & Lending | $11.6M | 1.7% |
| Other sectors | $45.2M | 6.7% |
| Not classified | $427.9M | 63.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2021 | +3.7% | +8.0% | -4.3% | 61% |
| Q4 2020 | +18.8% | +11.6% | +7.1% | 67% |
| Q2 2020 | +32.9% | +19.6% | +13.3% | 88% |
| Q1 2020 | -39.9% | -19.9% | -20.0% | 78% |
| Q4 2019 | +7.8% | +8.5% | -0.7% | 75% |
| Q3 2019 | -3.6% | +1.3% | -4.9% | 84% |
| Q2 2019 | +0.4% | +3.7% | -3.3% | 94% |
| Q1 2019 | +15.6% | +13.0% | +2.6% | 80% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2021 | $675.6M | 170 | 40 | 8 | 4 | 27 | 60.4% | 47 |
| Q1 2021 | $812.5M | 157 | 133 | 5 | 11 | 21 | 77.0% | 47 |
| Q4 2020 | $405.6M | 45 | 16 | 6 | 9 | 15 | 80.9% | 47 |
| Q3 2020 | $286.3M | 44 | 17 | 5 | 10 | 10 | 74.3% | 47 |
| Q2 2020 | $236.2M | 37 | 11 | 7 | 11 | 477 | 85.4% | 48 |
| Q1 2020 | $426.1M | 503 | 346 | 107 | 42 | 330 | 26.5% | 45 |
| Q4 2019 | $469.9M | 487 | 286 | 84 | 109 | 345 | 31.3% | 45 |
| Q3 2019 | $552.9M | 546 | 331 | 89 | 114 | 331 | 32.1% | 45 |
| Q2 2019 | $585.5M | 546 | 341 | 94 | 96 | 335 | 24.7% | 45 |
| Q1 2019 | $548.6M | 540 | 374 | 92 | 68 | 194 | 18.9% | 45 |
| Q4 2018 | $329.9M | 360 | 0 | 0 | 0 | 0 | 23.6% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.