DaveManuel.com · Institutional Ownership · 13F Holdings

Fisher Funds Management LTD

Reported holdings as of Q3 2026, from 8 quarterly filings.

CIK

1435028

Reported value

$3.4B

Positions

170

Top 10 weight

35.4%

Filed

2026-10-13

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
MICROSOFT CORP	MSFT	$214.7M	418,545	6.25%	+0.26pp	8q	-25.9%-$75.0M
NVIDIA CORPORATION	NVDA	$209.3M	916,397	6.09%	+1.40pp	8q	+11.2%+$21.1M
APPLE INC	AAPL	$148.3M	445,414	4.32%	+1.70pp	8q	+39.9%+$42.3M
AMAZON COM INC	AMZN	$132.8M	532,922	3.86%	-0.18pp	8q	-10.8%-$16.1M
ALPHABET INC	GOOGL	$129.8M	377,131	3.78%	-0.06pp	8q	HELD
META PLATFORMS INC	META	$111.2M	153,287	3.23%	+0.37pp	8q	-14.4%-$18.7M
BROADCOM INC	AVGO	$83.3M	237,245	2.42%	+0.63pp	8q	+42.4%+$24.8M
NEXTERA ENERGY INC	NEE	$72.8M	960,670	2.12%	+0.66pp	6q	+64.8%+$28.6M
JPMORGAN CHASE & CO	JPM	$61.0M	184,343	1.77%	+0.36pp	8q	+21.3%+$10.7M
WILLIAMS COS INC	WMB	$54.4M	800,657	1.58%	+0.26pp	8q	+28.3%+$12.0M
GALLAGHER ARTHUR J CO	AJG	$54.0M	236,537	1.57%	+0.39pp	8q	+30.7%+$12.7M
S&P GLOBAL INC	SPGI	$53.3M	135,041	1.55%	+0.72pp	8q	+88.6%+$25.0M
VISA INC	V	$50.8M	141,297	1.48%	+0.32pp	8q	+19.2%+$8.2M
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$47.7M	104,459	1.39%	+0.49pp	3q	+58.3%+$17.6M
AMERICAN EXPRESS CO	AXP	$46.5M	152,772	1.35%	+0.43pp	4q	+58.6%+$17.2M
MASTERCARD INCORPORATED	MA	$45.5M	82,547	1.32%	-1.24pp	8q	-53.0%-$51.3M
ELI LILLY & CO	LLY	$43.0M	37,181	1.25%	+0.76pp	8q	+157.3%+$26.3M
WARNER BROS DISCOVERY INC	WBD	$42.7M	1,380,132	1.24%	+0.56pp	8q	+53.4%+$14.9M
KKR & CO INC	KKR	$41.5M	454,906	1.21%	+0.36pp	8q	+39.5%+$11.8M
TARGA RES CORP	TRGP	$40.5M	149,969	1.18%	+0.61pp	2q	+99.9%+$20.3M
INTUITIVE SURGICAL INC	ISRG	$37.5M	92,237	1.09%	-0.25pp	8q	-22.1%-$10.6M
MICRON TECHNOLOGY INC	MU	$36.9M	34,613	1.07%	-0.26pp	8q	-14.8%-$6.4M
UBER TECHNOLOGIES INC	UBER	$36.8M	537,481	1.07%	-0.34pp	4q	-21.8%-$10.3M
nan	MELI	$35.1M	20,316	1.02%	-0.72pp	4q	-43.6%-$27.1M
DANAHER CORP DEL	DHR	$35.0M	158,138	1.02%	-0.56pp	8q	-45.9%-$29.7M
HUMANA INC	HUM	$34.0M	88,947	0.99%	+0.06pp	8q	+7.7%+$2.4M
MARTIN MARIETTA MATLS INC	MLM	$33.2M	69,263	0.97%	+0.45pp	8q	+118.9%+$18.1M
NETFLIX INC.	NFLX	$32.1M	461,048	0.93%	-0.48pp	8q	-33.6%-$16.2M
JOHNSON & JOHNSON	JNJ	$31.6M	119,389	0.92%	+0.12pp	8q	+8.4%+$2.5M
ASML HLDG NV	ASML	$30.4M	16,769	0.88%	-0.57pp	8q	-34.9%-$16.3M
FERGUSON ENTERPRISES INC	FERG	$29.6M	133,042	0.86%	-0.05pp	8q	-1.4%-$422.3K
GRUPO AEROPORTUNARIO DEL PAC	PAC	$29.1M	141,734	0.85%	+0.24pp	4q	+67.9%+$11.8M
TYLER TECHNOLOGIES INC	TYL	$28.8M	90,468	0.84%	+0.62pp	3q	+251.0%+$20.6M
ABBVIE INC	ABBV	$28.5M	108,940	0.83%	+0.12pp	8q	+9.2%+$2.4M
BERKSHIRE HATHAWAY INC DEL	BRKB	$28.4M	57,037	0.83%	+0.06pp	8q	+5.6%+$1.5M
EQUINIX INC	EQIX	$28.2M	27,859	0.82%	+0.14pp	8q	+20.8%+$4.8M
ALPHABET INC	GOOG	$27.7M	81,367	0.81%	+0.15pp	8q	+24.6%+$5.5M
DEXCOM INC	DXCM	$26.3M	304,933	0.77%	-0.84pp	8q	-63.7%-$46.3M
TRADEWEB MKTS INC	TW	$25.4M	251,863	0.74%	-0.11pp	6q	-16.2%-$4.9M
SALESFORCE INC	CRM	$25.3M	110,362	0.74%	+0.14pp	8q	-17.6%-$5.4M
PROGRESSIVE CORP	PGR	$24.7M	119,088	0.72%	-0.24pp	8q	-22.5%-$7.2M
CANADIAN PACIFIC KANSAS CITY	CP	$24.3M	285,288	0.71%	flat	8q	HELD
MERCK & CO INC	MRK	$24.0M	165,132	0.70%	+0.15pp	8q	+9.3%+$2.0M
AMERICAN TOWER CORP	AMT	$23.8M	145,417	0.69%	-0.07pp	8q	-11.8%-$3.2M
NU HLDGS LTD	NU	$23.0M	1,813,176	0.67%	-	new	NEW
FLOOR & DECOR HLDGS INC	FND	$22.9M	500,584	0.67%	-1.14pp	8q	-53.2%-$26.1M
CMS ENERGY CORP	CMS	$22.3M	353,356	0.65%	-0.28pp	8q	-17.7%-$4.8M
INTEL CORP	INTC	$22.1M	183,971	0.64%	-0.13pp	8q	-5.2%-$1.2M
CISCO SYS INC	CSCO	$20.3M	188,634	0.59%	-0.17pp	8q	-16.8%-$4.1M
KINDER MORGAN INC DEL	KMI	$19.4M	642,536	0.56%	-0.25pp	8q	-28.3%-$7.7M
APPLIED MATLS INC	AMAT	$18.8M	36,702	0.55%	-0.29pp	8q	-9.9%-$2.1M
UNITEDHEALTH GROUP INC	UNH	$18.5M	50,362	0.54%	-0.01pp	8q	+9.3%+$1.6M
EDWARDS LIFESCIENCES CORP	EW	$18.3M	212,373	0.53%	-0.49pp	8q	-46.6%-$16.0M
BANK OF NY MELLON CORP	BNY	$18.2M	125,719	0.53%	+0.06pp	8q	+9.3%+$1.5M
VERIZON COMMUNICATIONS INC	VZ	$17.8M	387,835	0.52%	+0.09pp	8q	+9.3%+$1.5M
NUCOR CORP	NUE	$17.3M	74,076	0.50%	+0.07pp	8q	+7.5%+$1.2M
AT&T INC	T	$17.1M	700,833	0.50%	+0.09pp	8q	HELD
CHIPOTLE MEXICAN GRILL INC	CMG	$17.1M	534,263	0.50%	-	new	NEW
BOSTON SCIENTIFIC CORP	BSX	$16.7M	382,057	0.49%	-0.74pp	8q	-62.1%-$27.3M
HDFC BANK LTD	HDB	$16.7M	745,416	0.48%	flat	2q	+11.9%+$1.8M
VISTRA CORP	VST	$16.3M	117,913	0.47%	-0.21pp	5q	-21.9%-$4.6M
HOME DEPOT INC	HD	$15.3M	53,627	0.44%	-0.05pp	8q	+9.2%+$1.3M
ORACLE CORP	ORCL	$15.1M	110,066	0.44%	-0.02pp	8q	HELD
PARKER HANNIFIN CORP	PH	$14.8M	15,499	0.43%	+0.03pp	8q	+8.4%+$1.1M
UNITED RENTALS INC	URI	$14.8M	14,755	0.43%	-0.05pp	8q	-0.7%-$100.1K
PROCTER & GAMBLE CO	PG	$14.7M	100,816	0.43%	+0.01pp	8q	HELD
INTERNATIONAL BUSINESS MACHS	IBM	$14.4M	65,349	0.42%	-0.10pp	8q	HELD
INSTALLED BLDG PRODS INC	IBP	$13.6M	71,120	0.40%	+0.21pp	8q	+145.5%+$8.1M
STEEL DYNAMICS INC	STLD	$12.4M	55,789	0.36%	flat	8q	HELD
EQUIFAX INC	EFX	$12.1M	87,991	0.35%	-0.62pp	4q	-59.0%-$17.4M
AMGEN INC	AMGN	$11.9M	28,245	0.35%	+0.10pp	8q	+16.5%+$1.7M
ATLASSIAN CORPORATION	TEAM	$11.4M	63,404	0.33%	-0.12pp	8q	-68.6%-$24.8M
WASTE CONNECTIONS INC	WCN	$11.3M	73,666	0.33%	-0.06pp	8q	-11.3%-$1.4M
PFIZER INC	PFE	$11.0M	386,451	0.32%	+0.10pp	8q	+19.1%+$1.8M
AMERIPRISE FINL INC	AMP	$10.9M	22,104	0.32%	+0.05pp	8q	+9.4%+$935.1K
HCA Healthcare, Inc.	HCA	$10.8M	25,424	0.32%	+0.06pp	8q	+9.5%+$938.8K
GILEAD SCIENCES INC	GILD	$10.7M	71,571	0.31%	+0.10pp	8q	+20.1%+$1.8M
BANK OF AMER CORP	BAC	$10.5M	192,734	0.31%	+0.04pp	8q	+18.4%+$1.6M
AFLAC INC	AFL	$10.3M	92,461	0.30%	+0.02pp	8q	+9.2%+$871.9K
LAM RESEARCH CORP	LRCX	$10.3M	31,319	0.30%	-0.09pp	8q	HELD
ANALOG DEVICES INC	ADI	$10.3M	25,871	0.30%	+0.01pp	8q	HELD
AMERICAN WTR WKS CO INC NEW	AWK	$10.2M	78,502	0.30%	flat	8q	HELD
MCKESSON CORP	MCK	$10.2M	11,895	0.30%	+0.06pp	8q	+9.2%+$853.8K
NEWMONT CORP	NEM	$10.1M	87,533	0.29%	+0.11pp	8q	+24.1%+$2.0M
QUALCOMM INC	QCOM	$9.8M	52,992	0.28%	+0.01pp	8q	HELD
MONDELEZ INTL INC	MDLZ	$9.7M	168,040	0.28%	+0.03pp	8q	+9.2%+$821.0K
PPL CORP	PPL	$9.7M	295,148	0.28%	flat	8q	+9.3%+$822.3K
WABTEC	WAB	$9.6M	33,273	0.28%	+0.04pp	8q	+9.2%+$804.5K
ALLSTATE CORP	ALL	$9.5M	42,694	0.28%	-0.01pp	8q	HELD
THE CIGNA GROUP	CI	$9.2M	33,842	0.27%	+0.03pp	8q	+9.4%+$788.3K
CVS HEALTH CORP	CVS	$9.1M	106,450	0.27%	-0.02pp	8q	+9.2%+$771.2K
EXELON CORP	EXC	$9.0M	223,844	0.26%	-0.01pp	8q	+9.3%+$767.6K
TRAVELERS COMPANIES INC	TRV	$9.0M	25,234	0.26%	+0.04pp	8q	+9.1%+$748.7K
ADVANCED MICRO DEVICES INC	AMD	$8.9M	14,519	0.26%	+0.09pp	5q	+42.9%+$2.7M
WALMART INC	WMT	$8.7M	83,682	0.25%	+0.11pp	2q	+86.4%+$4.0M
LOWES COS INC	LOW	$8.6M	46,543	0.25%	-0.02pp	8q	+9.1%+$719.0K
UNION PAC CORP	UNP	$8.4M	30,844	0.24%	-0.06pp	8q	-21.2%-$2.3M
FORD MTR CO	F	$8.1M	671,584	0.24%	-0.03pp	8q	HELD
JOHNSON CONTROLS INTERNATION	JCI	$7.9M	53,255	0.23%	+0.01pp	8q	HELD
PNC FINL SVCS GROUP INC	PNC	$7.6M	34,263	0.22%	+0.02pp	8q	+21.2%+$1.3M
ABBOTT LABORATORIES	ABT	$7.4M	75,326	0.22%	+0.06pp	8q	+27.0%+$1.6M
EBAY INC.	EBAY	$7.3M	68,704	0.21%	-0.01pp	8q	HELD
ELEVANCE HEALTH INC FORMERLY	ELV	$7.1M	18,372	0.21%	+0.01pp	8q	HELD
GRUPO AEROPORTUARIO DEL SURE	ASR	$7.0M	29,931	0.20%	-0.06pp	8q	HELD
TE CONNECTIVITY PLC	TEL	$6.9M	32,700	0.20%	+0.01pp	8q	HELD
ATMOS ENERGY CORP	ATO	$6.9M	44,079	0.20%	-0.02pp	8q	HELD
COMCAST CORP NEW	CMCSA	$6.8M	311,422	0.20%	-0.02pp	8q	HELD
VERTEX PHARMACEUTICALS INC	VRTX	$6.7M	12,898	0.20%	+0.01pp	8q	HELD
COSTCO WHOLESALE CORPORATION	COST	$6.7M	7,359	0.19%	+0.12pp	2q	+148.7%+$4.0M
HILTON WORLDWIDE HLDGS INC	HLT	$6.7M	21,001	0.19%	+0.04pp	8q	+31.2%+$1.6M
BLACKROCK INC	BLK	$6.7M	6,299	0.19%	+0.08pp	7q	+46.5%+$2.1M
AMRIZE LTD	AMRZ	$6.4M	172,300	0.19%	-	new	NEW
SEMPRA	SRE	$6.4M	81,547	0.18%	+0.01pp	8q	+26.3%+$1.3M
CRH PLC	CRH	$6.2M	74,967	0.18%	-0.05pp	8q	HELD
DEERE CO	DE	$6.0M	9,000	0.18%	+0.07pp	8q	+50.0%+$2.0M
LYONDELLBASELL INDUSTRIES NV	LYB	$6.0M	104,727	0.18%	+0.06pp	8q	+31.4%+$1.4M
CBRE GROUP INC	CBRE	$6.0M	46,667	0.17%	flat	8q	HELD
MEDTRONIC PLC	MDT	$5.9M	68,347	0.17%	+0.06pp	8q	+38.5%+$1.6M
3M CO	MMM	$5.9M	35,736	0.17%	+0.05pp	8q	+33.7%+$1.5M
GRUPO AEROPORTUARIO DEL CENT	OMAB	$5.8M	60,071	0.17%	-0.02pp	8q	HELD
KEYSIGHT TECHNOLOGIES INC	KEYS	$5.8M	15,813	0.17%	-0.04pp	8q	-24.0%-$1.8M
COCA-COLA EUROPACIFIC PARTNE	CCEP	$5.7M	55,757	0.16%	+0.01pp	8q	HELD
D R HORTON INC	DHI	$5.7M	41,401	0.16%	+0.02pp	8q	+36.2%+$1.5M
WELLS FARGO & CO	WFC	$5.4M	67,412	0.16%	+0.10pp	5q	+184.3%+$3.5M
DELL TECHNOLOGIES INC	DELL	$5.3M	9,862	0.15%	+0.03pp	5q	HELD
MORGAN STANLEY	MS	$5.3M	28,185	0.15%	+0.09pp	5q	+149.8%+$3.2M
COCA COLA CO	KO	$5.3M	61,400	0.15%	+0.11pp	2q	+241.1%+$3.7M
GOLDMAN SACHS GROUP INC	GS	$5.1M	5,622	0.15%	+0.10pp	5q	+246.6%+$3.6M
DOVER CORP	DOV	$5.0M	26,657	0.15%	+0.03pp	8q	+42.9%+$1.5M
CORTEVA INC	CTVA	$4.8M	61,937	0.14%	+0.03pp	8q	+41.0%+$1.4M
BECTON DICKINSON CO	BDX	$4.8M	26,545	0.14%	+0.07pp	8q	+60.4%+$1.8M
GE AEROSPACE	GE	$4.6M	14,800	0.13%	-	new	NEW
DOW HLDGS INC	DOW	$4.6M	167,112	0.13%	+0.04pp	8q	+45.2%+$1.4M
CORPAY INC	CPAY	$4.6M	11,751	0.13%	+0.02pp	8q	HELD
KEURIG DR PEPPER INC	KDP	$4.4M	145,252	0.13%	+0.04pp	8q	+55.8%+$1.6M
HEWLETT PACKARD ENTERPRISE C	HPE	$4.3M	67,694	0.13%	+0.06pp	5q	+26.1%+$894.5K
MCDONALDS CORP	MCD	$4.3M	18,726	0.13%	+0.06pp	8q	+114.6%+$2.3M
UNITED PARCEL SVCS INC	UPS	$4.2M	45,258	0.12%	+0.03pp	8q	+44.8%+$1.3M
DISNEY WALT CO	DIS	$4.2M	40,165	0.12%	+0.07pp	8q	+99.2%+$2.1M
CITIGROUP INC	C	$4.1M	31,558	0.12%	+0.05pp	5q	+79.7%+$1.8M
NORFOLK SOUTHN CORP	NSC	$4.0M	12,885	0.12%	+0.04pp	8q	+45.0%+$1.2M
DUPONT DE NEMOURS INC	DD	$4.0M	30,577	0.12%	+0.04pp	2q	+56.2%+$1.4M
LINDE PLC	LIN	$3.8M	7,991	0.11%	-0.01pp	8q	HELD
CONSTELLATION BRANDS INC	STZ	$3.8M	33,311	0.11%	+0.03pp	8q	+56.3%+$1.4M
BEST BUY INC	BBY	$3.6M	41,103	0.11%	+0.02pp	8q	HELD
KIMBERLY CLARK CORP	KMB	$3.6M	36,593	0.10%	+0.04pp	8q	+69.5%+$1.5M
VERTIV HOLDINGS CO	VRT	$3.5M	14,298	0.10%	+0.01pp	5q	+53.8%+$1.2M
DOLLAR TREE INC	DLTR	$3.3M	28,626	0.09%	flat	8q	HELD
PEPSICO INC	PEP	$3.2M	25,500	0.09%	-	new	NEW
BLOCK INC	XYZ	$3.1M	41,857	0.09%	flat	8q	HELD
TYSON FOODS INC	TSN	$2.7M	53,316	0.08%	-0.01pp	8q	HELD
OLD DOMINION FREIGHT LINE IN	ODFL	$2.1M	12,212	0.06%	-0.92pp	5q	-92.4%-$25.7M
GARTNER INC	IT	$2.1M	11,035	0.06%	+0.02pp	8q	HELD
MARVELL TECHNOLOGY INC	MRVL	$2.0M	7,753	0.06%	-0.01pp	5q	HELD
TEXAS INSTRS INC	TXN	$2.0M	7,000	0.06%	flat	2q	HELD
KLA CORP	KLAC	$1.9M	9,780	0.06%	-0.03pp	5q	HELD
DELTA AIR LINES INC	DAL	$1.9M	22,548	0.05%	-0.01pp	5q	HELD
PAYPAL HLDGS INC	PYPL	$1.8M	33,417	0.05%	+0.01pp	8q	HELD
INTERACTIVE BROKERS GROUP IN	IBKR	$1.7M	19,810	0.05%	flat	5q	HELD
VIVMARK RESIDENTIAL	VMRK	$1.7M	27,824	0.05%	flat	8q	HELD
MOLINA HEALTHCARE INC	MOH	$1.7M	8,810	0.05%	-0.01pp	8q	HELD
CHARLES SCHWAB CORP (THE)	SCHW	$1.5M	15,200	0.04%	-	new	NEW
FISERV INC	FISV	$1.4M	32,022	0.04%	flat	8q	HELD
NXP SEMICONDUCTORS N V	NXPI	$1.4M	5,775	0.04%	-0.01pp	5q	HELD
TJX COS INC NEW	TJX	$1.3M	10,000	0.04%	-	new	NEW
CAPITAL ONE FINL CORP	COF	$1.1M	5,834	0.03%	-0.71pp	5q	-95.5%-$24.0M
APTIV PLC	APTV	$1.1M	24,930	0.03%	-0.01pp	4q	HELD
ROYAL CARIBBEAN GROUP	RCL	$1.1M	3,971	0.03%	-0.01pp	5q	HELD
VERSANT MEDIA GROUP INC	VSNT	$394.9K	12,456	0.01%	flat	3q	HELD
MOBILITY GLOBAL INC	MBGL	$148.6K	8,667	0.00%	-	new	NEW

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
Software & IT Services	$567.0M	16.5%
Semiconductors & Electronics	$460.4M	13.4%
Business Services	$272.3M	7.9%
Retail & Consumer	$224.5M	6.5%
Insurance	$206.3M	6.0%
Banks & Lending	$194.0M	5.6%
Computer Hardware	$192.6M	5.6%
Biotech & Pharma	$174.9M	5.1%
Utilities	$158.0M	4.6%
Energy	$121.2M	3.5%
Medical Devices	$115.3M	3.4%
Capital Markets	$98.0M	2.9%
Other sectors	$609.6M	17.7%
Not classified	$42.7M	1.2%

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
Q3 2026	+2.5%	+2.1%	+0.4%	100%
Q2 2026	+8.4%	+14.8%	-6.4%	100%
Q1 2026	-7.0%	-4.6%	-2.4%	100%
Q4 2025	+2.1%	+2.4%	-0.3%	100%
Q3 2025	+1.9%	+7.8%	-5.9%	100%
Q2 2025	+7.5%	+10.5%	-2.9%	100%
Q1 2025	-3.6%	-4.6%	+0.9%	100%

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
Q3 2026	$3.4B	170	8	82	34	12	35.4%	13
Q2 2026	$3.5B	174	8	22	75	3	31.9%	14
Q1 2026	$3.4B	169	5	24	63	2	30.0%	16
Q4 2025	$3.9B	166	7	24	23	1	30.8%	26
Q3 2025	$3.8B	160	17	21	26	25	31.1%	29
Q2 2025	$4.2B	168	5	13	134	1	36.8%	35
Q1 2025	$4.1B	164	1	21	11	1	35.6%	29
Q4 2024	$4.1B	164	0	0	0	0	37.4%	35

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.