DaveManuel.com · Institutional Ownership · 13F Holdings

Archford Capital Strategies, LLC

Reported holdings as of Q3 2026, from 32 quarterly filings.

CIK

1606609

Reported value

$1.0B

Positions

363

Top 10 weight

30.6%

Filed

2026-10-19

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
ISHARES INC	IEMG	$47.0M	579,543	4.66%	-0.16pp	8q	+0.8%+$367.7K
ISHARES TR	IEFA	$45.4M	468,300	4.50%	-0.03pp	26q	+1.2%+$548.4K
NVIDIA CORPORATION	NVDA	$37.4M	163,543	3.70%	+0.53pp	32q	+4.3%+$1.6M
SPDR SERIES TRUST	SPYM	$36.7M	408,717	3.64%	+0.45pp	28q	+14.1%+$4.5M
MICROSOFT CORP	MSFT	$35.6M	69,497	3.53%	+0.96pp	32q	+2.1%+$722.2K
APPLE INC	AAPL	$34.7M	104,259	3.44%	+0.36pp	32q	-0.9%-$328.4K
ALPHABET INC	GOOGL	$19.5M	56,632	1.93%	-0.12pp	32q	HELD
VANGUARD INDEX FDS	VUG	$18.0M	200,180	1.79%	+0.03pp	32q	-0.8%-$139.4K
HARBOR ETF TRUST	INFO	$17.4M	621,870	1.73%	+0.05pp	7q	+2.1%+$358.7K
VISA INC	V	$17.1M	47,680	1.70%	-0.10pp	32q	-7.8%-$1.5M
BERKSHIRE HATHAWAY INC DEL	BRKB	$16.1M	32,318	1.59%	+0.01pp	32q	+3.0%+$471.1K
BROADCOM INC	AVGO	$15.6M	44,404	1.55%	-0.15pp	32q	HELD
HARBOR ETF TRUST	WINN	$14.3M	416,459	1.42%	+0.18pp	10q	+11.2%+$1.4M
SCHWAB STRATEGIC TR	FNDX	$13.3M	422,761	1.32%	+0.01pp	12q	+1.6%+$207.5K
AMAZON COM INC	AMZN	$12.7M	50,920	1.26%	+0.09pp	32q	+5.4%+$646.5K
J P MORGAN EXCHANGE TRADED F	HELO	$11.9M	172,275	1.18%	+0.10pp	10q	+9.1%+$997.2K
MICRON TECHNOLOGY INC	MU	$10.8M	10,143	1.07%	-0.20pp	6q	-6.4%-$739.2K
ADVISORS INNER CIRCLE FD III	SAMT	$10.7M	256,272	1.06%	-0.16pp	16q	+1.8%+$186.4K
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$10.4M	22,807	1.03%	-0.02pp	18q	+5.1%+$509.6K
DIMENSIONAL ETF TRUST	DFGP	$10.4M	199,490	1.03%	-0.03pp	5q	+4.1%+$410.7K
JOHNSON & JOHNSON	JNJ	$9.9M	37,293	0.98%	-0.07pp	32q	-8.2%-$885.0K
TRUST FOR PROFESSIONAL MANAG	CLSE	$9.2M	271,300	0.91%	+0.80pp	10q	+715.3%+$8.1M
DIMENSIONAL ETF TRUST	DFAE	$8.9M	225,273	0.88%	-0.03pp	11q	+0.6%+$53.8K
VANGUARD BD INDEX FDS	BND	$8.7M	124,391	0.86%	-0.04pp	32q	+2.5%+$216.9K
DIMENSIONAL ETF TRUST	DFIC	$8.7M	230,720	0.86%	+0.31pp	8q	+58.1%+$3.2M
VANGUARD SCOTTSDALE FDS	VGIT	$8.4M	148,547	0.83%	-0.08pp	16q	-3.3%-$290.0K
VANGUARD INDEX FDS	VB	$8.4M	29,458	0.83%	-0.02pp	5q	+6.5%+$513.8K
CISCO SYS INC	CSCO	$8.1M	75,543	0.81%	-0.05pp	32q	+4.5%+$353.3K
J P MORGAN EXCHANGE TRADED F	JPST	$8.1M	160,519	0.80%	+0.01pp	22q	+4.0%+$311.0K
HARBOR ETF TRUST	OSEA	$8.1M	275,158	0.80%	-0.03pp	7q	+2.5%+$194.7K
HARBOR ETF TRUST	HAPI	$8.0M	175,357	0.80%	+0.03pp	7q	+2.3%+$180.6K
JPMORGAN CHASE & CO	JPM	$7.8M	23,571	0.77%	+0.04pp	32q	+6.4%+$469.1K
WORLD GOLD TR	GLDM	$7.7M	93,764	0.76%	+0.05pp	12q	+5.2%+$383.9K
NOVARTIS AG	NVS	$7.5M	52,877	0.75%	-0.04pp	5q	+5.9%+$423.3K
ALPHABET INC	GOOG	$7.4M	21,733	0.73%	+0.02pp	32q	+8.3%+$567.0K
ISHARES TR	MBB	$7.2M	80,055	0.71%	+0.05pp	5q	+16.3%+$1.0M
HARBOR ETF TRUST	HGER	$7.1M	201,338	0.70%	+0.12pp	3q	+1.9%+$134.4K
SELECT SECTOR SPDR TR	XLK	$7.0M	35,726	0.69%	+0.02pp	4q	+2.6%+$175.2K
HARBOR ETF TRUST	AGGS	$7.0M	178,703	0.69%	-0.01pp	5q	+5.3%+$347.6K
EA SERIES TRUST	CAOS	$6.9M	75,726	0.68%	+0.05pp	2q	+10.2%+$637.2K
MASTERCARD INCORPORATED	MA	$6.1M	11,009	0.60%	+0.05pp	32q	+3.0%+$174.8K
ISHARES TR	USIG	$6.0M	124,034	0.60%	-0.11pp	5q	-8.8%-$583.1K
ADVANCED MICRO DEVICES INC	AMD	$6.0M	9,871	0.60%	+0.05pp	15q	+5.5%+$313.8K
COSTCO WHOLESALE CORPORATION	COST	$6.0M	6,625	0.60%	+0.09pp	32q	+23.8%+$1.2M
SHELL PLC	SHEL	$5.9M	62,400	0.59%	+0.14pp	6q	+9.2%+$501.7K
LAM RESEARCH CORP	LRCX	$5.9M	17,846	0.58%	-0.32pp	6q	-13.4%-$906.7K
SELECT SECTOR SPDR TR	XLF	$5.8M	108,330	0.57%	+0.03pp	32q	+7.3%+$395.3K
ISHARES INC	EWJ	$5.3M	53,944	0.52%	+0.02pp	5q	+1.3%+$66.5K
ARISTA NETWORKS INC	ANET	$5.0M	24,701	0.50%	+0.08pp	8q	+1.0%+$51.3K
WALMART INC	WMT	$5.0M	47,766	0.49%	-0.12pp	32q	-10.8%-$600.4K
J P MORGAN EXCHANGE TRADED F	JQUA	$4.9M	66,223	0.48%	-0.19pp	13q	-27.6%-$1.9M
APPLIED MATLS INC	AMAT	$4.7M	9,211	0.47%	-0.15pp	17q	+9.4%+$405.5K
ALTRIA GROUP INC	MO	$4.7M	69,899	0.47%	-0.12pp	7q	-12.7%-$686.7K
STATE STR SPDR S&P 500 ETF T	SPY	$4.4M	5,788	0.44%	+0.11pp	32q	+34.2%+$1.1M
HARBOR ETF TRUST	MATR	$4.4M	157,804	0.44%	flat	5q	+3.2%+$136.0K
ADOBE INC	ADBE	$4.3M	17,920	0.43%	+0.08pp	2q	+9.0%+$355.6K
HARBOR ETF TRUST	HOLD	$4.3M	130,542	0.42%	+0.02pp	3q	+5.9%+$237.4K
VANGUARD WORLD FD	VGT	$4.1M	32,978	0.41%	+0.01pp	32q	HELD
GENERAL DYNAMICS CORP	GD	$4.1M	12,261	0.40%	+0.03pp	32q	+17.8%+$615.2K
VANGUARD WELLINGTON FD	VFMO	$4.0M	17,668	0.40%	+0.13pp	3q	+69.7%+$1.6M
EXXONMOBIL HOLDINGS CORP	XOM	$3.7M	22,955	0.37%	-	new	NEW
VANGUARD INDEX FDS	VTV	$3.7M	17,123	0.37%	-0.02pp	32q	-2.7%-$102.6K
SCHWAB STRATEGIC TR	SCHG	$3.6M	100,654	0.36%	-0.93pp	13q	-73.2%-$9.9M
TEMA ETF TRUST	TOLL	$3.6M	87,805	0.36%	-0.07pp	3q	-12.9%-$533.3K
ADVISORS INNER CIRCLE FD III	SAGP	$3.6M	102,143	0.35%	-0.06pp	12q	-10.3%-$410.4K
PALANTIR TECHNOLOGIES INC	PLTR	$3.5M	18,744	0.35%	+0.12pp	23q	-2.9%-$105.5K
VANGUARD TAX-MANAGED FDS	VEA	$3.5M	49,429	0.35%	flat	32q	+4.2%+$141.2K
MERCK & CO INC	MRK	$3.4M	23,467	0.34%	-0.02pp	32q	-14.2%-$564.8K
SELECT SECTOR SPDR TR	XLC	$3.4M	30,340	0.33%	flat	7q	HELD
HARBOR ETF TRUST	SIHY	$3.3M	73,928	0.32%	+0.30pp	11q	+1401.1%+$3.0M
ISHARES TR	IVV	$3.3M	4,252	0.32%	flat	17q	HELD
META PLATFORMS INC	META	$3.3M	4,489	0.32%	+0.10pp	14q	+14.1%+$402.5K
ELI LILLY & CO	LLY	$3.2M	2,768	0.32%	flat	32q	+7.0%+$210.6K
CENCORA INC	COR	$3.2M	10,626	0.32%	+0.01pp	32q	HELD
TARGET CORP	TGT	$3.2M	20,298	0.32%	+0.28pp	32q	+573.9%+$2.7M
VANGUARD INDEX FDS	VO	$3.1M	39,499	0.31%	flat	3q	+4.4%+$129.7K
VANGUARD SPECIALIZED FUNDS	VIG	$3.1M	13,177	0.30%	-0.01pp	32q	HELD
BANK OF NY MELLON CORP	BNY	$3.1M	21,160	0.30%	-0.07pp	7q	-16.2%-$592.7K
DELL TECHNOLOGIES INC	DELL	$3.0M	5,518	0.29%	+0.17pp	2q	+96.2%+$1.5M
VANGUARD SCOTTSDALE FDS	VGSH	$2.9M	50,298	0.29%	-0.29pp	3q	-48.9%-$2.8M
ISHARES TR	AOA	$2.7M	27,658	0.27%	-0.03pp	32q	-7.0%-$203.3K
VANECK ETF TRUST	RAAX	$2.7M	67,332	0.27%	+0.01pp	3q	+3.7%+$96.5K
TESLA INC	TSLA	$2.6M	7,310	0.26%	-0.01pp	15q	+15.5%+$348.4K
PRICE T ROWE GROUP INC	TROW	$2.5M	24,136	0.25%	+0.18pp	2q	+326.4%+$1.9M
GLOBAL X FDS	AIQ	$2.5M	38,487	0.25%	-0.01pp	13q	-1.6%-$40.3K
PARKER HANNIFIN CORP	PH	$2.4M	2,530	0.24%	+0.03pp	3q	+22.1%+$437.6K
PROCTER & GAMBLE CO	PG	$2.4M	16,392	0.24%	+0.01pp	32q	+7.6%+$169.1K
TORTOISE CAPITAL SERIES TRUS	TPYP	$2.4M	59,576	0.24%	-	new	NEW
SELECT SECTOR SPDR TR	XLE	$2.3M	37,550	0.23%	+0.08pp	32q	+40.0%+$659.3K
ISHARES TR	IWM	$2.3M	8,293	0.23%	+0.05pp	32q	+39.2%+$648.9K
SYNCHRONY FINANCIAL	SYF	$2.3M	32,368	0.23%	-0.10pp	7q	-23.6%-$710.1K
ISHARES TR	SHY	$2.3M	28,028	0.23%	-0.02pp	16q	-3.4%-$79.0K
TEXAS INSTRS INC	TXN	$2.3M	8,115	0.23%	-0.02pp	32q	+0.9%+$21.0K
BERKSHIRE HATHAWAY INC DEL	BRKA	$2.2M	3	0.22%	-0.01pp	6q	HELD
VALERO ENERGY CORP	VLO	$2.2M	5,758	0.22%	+0.09pp	25q	+12.8%+$253.9K
BANCO BILBAO VIZCAYA ARGENTA	BBVA	$2.2M	80,058	0.22%	+0.17pp	4q	+335.9%+$1.7M
CATERPILLAR INC	CAT	$2.2M	2,748	0.22%	+0.11pp	32q	+157.1%+$1.4M
PAYLOCITY HLDG CORP	PCTY	$2.2M	15,471	0.22%	+0.06pp	32q	+0.7%+$14.5K
INVESCO EXCH TRADED FD TR II	KBWB	$2.1M	24,624	0.21%	-	new	NEW
STRATEGAS MACRO MOMENTUM	SAMM	$2.1M	60,495	0.21%	+0.02pp	3q	+3.7%+$75.7K
ISHARES TR	IBDW	$2.1M	103,970	0.21%	-0.02pp	16q	-2.5%-$53.8K
VANGUARD INDEX FDS	VBR	$2.1M	8,924	0.20%	-0.01pp	32q	+4.3%+$85.2K
VANGUARD INTL EQUITY INDEX F	VWO	$2.1M	34,678	0.20%	flat	32q	+1.0%+$20.8K
LINDE PLC	LIN	$2.0M	4,300	0.20%	+0.10pp	2q	+112.7%+$1.1M
VANGUARD INDEX FDS	VBK	$2.0M	5,984	0.20%	-0.02pp	32q	HELD
TE CONNECTIVITY PLC	TEL	$2.0M	9,461	0.20%	-0.12pp	4q	-40.0%-$1.3M
AMPHENOL CORP	APH	$2.0M	23,166	0.19%	-0.23pp	3q	-51.4%-$2.1M
NEWMONT CORP	NEM	$1.9M	16,779	0.19%	+0.04pp	16q	+4.3%+$80.0K
BRISTOL-MYERS SQUIBB CO	BMY	$1.9M	30,474	0.19%	-	new	NEW
UNITED THERAPEUTICS CORP DEL	UTHR	$1.9M	3,451	0.19%	+0.13pp	2q	+239.0%+$1.3M
ISHARES TR	IBDX	$1.9M	77,617	0.19%	-0.02pp	16q	-3.6%-$70.4K
ISHARES TR	IBDZ	$1.8M	74,235	0.18%	-0.02pp	8q	-2.7%-$50.5K
ISHARES TR	IWF	$1.8M	14,508	0.18%	flat	32q	HELD
ASML HLDG NV	ASML	$1.8M	994	0.18%	-0.03pp	17q	-2.5%-$47.1K
ISHARES TR	IBCA	$1.8M	74,781	0.18%	-0.02pp	4q	-1.8%-$32.8K
ISHARES TR	TIP	$1.8M	17,082	0.18%	-0.01pp	4q	+1.5%+$26.3K
UNION PAC CORP	UNP	$1.8M	6,485	0.17%	flat	32q	+4.4%+$74.0K
THERMO FISHER SCIENTIFIC INC	TMO	$1.8M	2,597	0.17%	+0.05pp	32q	+2.5%+$42.5K
ABBVIE INC	ABBV	$1.7M	6,662	0.17%	+0.02pp	32q	+10.8%+$169.8K
ISHARES TR	IBDY	$1.7M	70,652	0.17%	-0.02pp	12q	-3.1%-$55.3K
VANGUARD WORLD FD	MGC	$1.7M	6,086	0.17%	flat	12q	-0.7%-$12.4K
QUALCOMM INC	QCOM	$1.7M	9,129	0.17%	-0.04pp	20q	-17.8%-$364.0K
CHEVRON CORPORATION	CVX	$1.7M	8,212	0.17%	+0.03pp	32q	+4.0%+$64.5K
J P MORGAN EXCHANGE TRADED F	BBUS	$1.7M	11,997	0.16%	flat	13q	-2.5%-$42.2K
EA SERIES TRUST	HIDE	$1.6M	66,853	0.16%	flat	3q	+2.8%+$44.8K
INVESCO EXCH TRD SLF IDX FD	OMFL	$1.6M	23,216	0.16%	flat	28q	-0.9%-$14.8K
RTX CORPORATION	RTX	$1.6M	8,490	0.16%	+0.02pp	26q	+16.4%+$221.9K
GOLDMAN SACHS GROUP INC	GS	$1.5M	1,721	0.15%	+0.05pp	11q	+66.9%+$621.3K
VANGUARD INDEX FDS	VTI	$1.5M	4,140	0.15%	+0.01pp	11q	+8.3%+$119.0K
INVESCO EXCHANGE TRADED FD T	RSP	$1.5M	7,258	0.15%	-0.01pp	12q	HELD
NEXTERA ENERGY INC	NEE	$1.5M	19,881	0.15%	-0.03pp	32q	HELD
PEARSON PLC	PSO	$1.5M	93,038	0.15%	-	new	NEW
CHEMED CORP NEW	CHE	$1.5M	2,925	0.15%	-	new	NEW
ROSS STORES INC	ROST	$1.5M	6,295	0.15%	-	new	NEW
HOME DEPOT INC	HD	$1.5M	5,143	0.14%	-0.05pp	32q	-6.0%-$93.9K
LAUREATE ED INC	LAUR	$1.4M	37,996	0.14%	+0.02pp	3q	+11.8%+$152.5K
SCHWAB STRATEGIC TR	FNDF	$1.4M	26,504	0.14%	flat	22q	-2.8%-$41.3K
INTERNATIONAL BUSINESS MACHS	IBM	$1.4M	6,469	0.14%	-0.05pp	32q	-3.8%-$55.9K
VANGUARD INSTL INDEX FD	VBIL	$1.4M	18,767	0.14%	+0.09pp	2q	+165.9%+$886.6K
LOCKHEED MARTIN CORP	LMT	$1.4M	2,770	0.14%	flat	32q	+1.0%+$13.8K
ISHARES TR	IVW	$1.4M	9,822	0.14%	flat	7q	-2.7%-$38.7K
DIMENSIONAL ETF TRUST	DFUS	$1.4M	16,574	0.14%	flat	3q	HELD
SEI INVTS CO	SEIC	$1.4M	13,216	0.13%	+0.03pp	2q	+8.6%+$106.9K
COMFORT SYS USA INC	FIX	$1.3M	813	0.13%	+0.04pp	2q	+75.6%+$578.9K
LOWES COS INC	LOW	$1.3M	7,275	0.13%	-0.02pp	32q	+7.0%+$87.5K
NETFLIX INC.	NFLX	$1.3M	19,030	0.13%	flat	23q	+6.1%+$75.8K
MOHAWK INDS INC	MHK	$1.3M	10,403	0.13%	-	new	NEW
iShares Tr	SHV	$1.3M	11,756	0.13%	flat	4q	+5.4%+$66.3K
FREEPORT-MCMORAN INC	FCX	$1.3M	18,215	0.13%	+0.01pp	16q	+2.3%+$29.2K
ISHARES TR	IBDR	$1.3M	52,483	0.13%	-0.01pp	32q	DEBT
J P MORGAN EXCHANGE TRADED F	JTEK	$1.3M	12,026	0.13%	-0.01pp	7q	HELD
TRAVELERS COMPANIES INC	TRV	$1.3M	3,517	0.12%	-	new	NEW
GE VERNOVA INC	GEV	$1.2M	1,299	0.12%	-0.02pp	6q	+6.1%+$71.3K
MUELLER INDS INC	MLI	$1.2M	20,320	0.12%	-0.07pp	5q	-34.3%-$644.2K
ETF SER SOLUTIONS	QTUM	$1.2M	7,999	0.12%	-0.01pp	12q	HELD
DBX ETF TR	CRTC	$1.2M	29,047	0.12%	flat	8q	HELD
BANK OF AMER CORP	BAC	$1.2M	21,831	0.12%	+0.07pp	10q	+151.3%+$715.4K
ISHARES TR	IBDT	$1.2M	47,210	0.12%	-0.01pp	23q	-1.1%-$13.0K
FORTINET INC	FTNT	$1.1M	6,327	0.11%	flat	15q	-12.0%-$154.6K
QUANTA SVCS INC	PWR	$1.1M	1,754	0.11%	flat	12q	+13.5%+$133.6K
ISHARES TR	IBDS	$1.1M	46,647	0.11%	flat	23q	DEBT
CSX CORP	CSX	$1.1M	24,061	0.11%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	FDL	$1.1M	22,624	0.11%	flat	11q	+1.2%+$13.2K
EXELIXIS INC	EXEL	$1.1M	18,985	0.11%	+0.04pp	2q	+45.6%+$347.4K
ISHARES TR	IBDU	$1.1M	48,266	0.11%	-0.01pp	23q	-1.0%-$11.1K
WILLIAMS SONOMA INC	WSM	$1.1M	4,802	0.11%	-0.01pp	7q	-1.8%-$19.8K
COGNIZANT TECHNOLOGY SOLUTIO	CTSH	$1.1M	19,015	0.11%	-0.02pp	3q	-39.9%-$726.5K
J P MORGAN EXCHANGE TRADED F	JPME	$1.1M	9,172	0.11%	-0.03pp	7q	-14.2%-$180.9K
ISHARES TR	MUB	$1.1M	10,778	0.11%	-0.01pp	32q	HELD
TECHNIPFMC PLC	FTI	$1.1M	16,039	0.11%	-0.02pp	4q	-18.7%-$251.2K
ISHARES TR	IBDV	$1.1M	50,936	0.11%	-0.01pp	16q	HELD
MEDPACE HLDGS INC	MEDP	$1.1M	1,711	0.11%	+0.02pp	4q	+3.2%+$33.1K
HALEON PLC	HLN	$1.1M	117,461	0.10%	+0.01pp	3q	+19.2%+$170.0K
VANGUARD INTL EQUITY INDEX F	VT	$1.1M	6,686	0.10%	-0.01pp	26q	-6.0%-$67.2K
UNITEDHEALTH GROUP INC	UNH	$1.0M	2,843	0.10%	-0.02pp	32q	-5.4%-$59.5K
FIRST TR EXCHANGE TRADED FD	SKYY	$1.0M	6,328	0.10%	+0.02pp	8q	+0.9%+$9.7K
SOUTHERN CO	SO	$1.0M	12,268	0.10%	-0.02pp	32q	+0.6%+$6.4K
SPACE EXPLORATION TECHN CORP	SPCX	$1.0M	6,650	0.10%	+0.04pp	2q	+105.6%+$515.2K
AIRBNB INC	ABNB	$980.6K	6,104	0.10%	-	new	NEW
VERIZON COMMUNICATIONS INC	VZ	$973.4K	21,221	0.10%	+0.01pp	32q	+4.9%+$45.4K
DIMENSIONAL ETF TRUST	DIHP	$967.8K	28,725	0.10%	-0.31pp	8q	-75.7%-$3.0M
VANECK ETF TRUST	MOAT	$961.0K	9,091	0.10%	-0.01pp	27q	-4.7%-$47.5K
SPDR GOLD TR	GLD	$949.1K	2,492	0.09%	flat	14q	HELD
US BANCORP	USB	$932.8K	16,149	0.09%	flat	11q	+1.5%+$13.5K
INVESCO QQQ TR	QQQ	$931.0K	1,259	0.09%	+0.02pp	13q	+26.3%+$193.7K
KEYSIGHT TECHNOLOGIES INC	KEYS	$921.4K	2,531	0.09%	flat	25q	+3.6%+$32.0K
BOOKING HOLDINGS INC	BKNG	$913.9K	5,610	0.09%	-0.01pp	32q	-2.9%-$27.5K
SANDISK CORP	SNDK	$910.0K	523	0.09%	-	new	NEW
ISHARES TR	IWD	$893.5K	3,604	0.09%	flat	32q	HELD
VANGUARD WHITEHALL FDS	VYM	$881.6K	5,680	0.09%	flat	24q	+10.3%+$82.4K
FASTENAL CO	FAST	$881.0K	17,787	0.09%	-0.02pp	32q	-16.3%-$171.7K
DUKE ENERGY CORP NEW	DUK	$878.6K	7,706	0.09%	-0.02pp	32q	-3.4%-$31.1K
AMBEV SA	ABEV	$871.6K	298,501	0.09%	-0.13pp	5q	-56.7%-$1.1M
REPLIGEN CORP	RGEN	$870.8K	4,530	0.09%	-	new	NEW
HARBOR ETF TRUST	SMLL	$845.4K	42,259	0.08%	-0.01pp	7q	-4.3%-$37.9K
AMEREN CORP	AEE	$843.8K	8,491	0.08%	-0.01pp	21q	+0.6%+$4.9K
Dominion Energy, Inc.	D	$825.6K	13,642	0.08%	-0.01pp	32q	+1.9%+$15.3K
SELECT SECTOR SPDR TR	XLY	$823.1K	7,563	0.08%	-0.01pp	32q	-1.9%-$16.0K
INNOVATOR ETFS TRUST	SFLR	$822.6K	21,120	0.08%	flat	10q	-1.6%-$13.3K
PAYCOM SOFTWARE INC	PAYC	$821.8K	3,776	0.08%	+0.02pp	32q	-19.4%-$197.6K
MCKESSON CORP	MCK	$815.4K	955	0.08%	+0.01pp	22q	+5.6%+$43.5K
SELECT SECTOR SPDR TR	XLV	$809.9K	4,809	0.08%	flat	32q	+1.7%+$13.8K
VERISIGN INC	VRSN	$809.4K	2,870	0.08%	-0.02pp	6q	-29.3%-$336.2K
AIR PRODUCTS AND CHEMICALS I	APD	$748.2K	2,689	0.07%	flat	27q	+2.4%+$17.8K
VANGUARD MUN BD FDS	VTEB	$735.6K	15,533	0.07%	-0.01pp	16q	-2.8%-$21.4K
ORACLE CORP	ORCL	$714.0K	5,200	0.07%	flat	32q	+6.5%+$43.8K
PHILIP MORRIS INTL INC	PM	$709.6K	3,719	0.07%	+0.02pp	32q	+39.2%+$199.8K
JABIL INC	JBL	$705.0K	2,458	0.07%	-0.12pp	7q	-50.4%-$717.6K
ANALOG DEVICES INC	ADI	$695.8K	1,754	0.07%	flat	32q	+9.7%+$61.5K
MCDONALDS CORP	MCD	$694.3K	3,006	0.07%	-0.03pp	32q	-17.1%-$143.7K
ISHARES TR	ESGU	$688.9K	4,130	0.07%	flat	27q	HELD
ENERGY TRANSFER L P	ET	$687.1K	34,754	0.07%	flat	22q	HELD
ISHARES TR	SUB	$674.2K	6,449	0.07%	flat	26q	+4.5%+$29.3K
AMERICAN WTR WKS CO INC NEW	AWK	$672.6K	5,195	0.07%	flat	19q	HELD
CUMMINS INC	CMI	$670.3K	1,298	0.07%	-0.01pp	32q	+26.9%+$142.0K
SUNCOR ENERGY INC NEW	SU	$664.7K	9,793	0.07%	-0.04pp	7q	-50.0%-$664.5K
ISHARES TR	AOR	$653.6K	9,539	0.06%	+0.01pp	32q	+25.7%+$133.8K
SELECT SECTOR SPDR TR	XLI	$650.1K	3,893	0.06%	flat	32q	+18.1%+$99.5K
REGENERON PHARMACEUTICALS	REGN	$649.8K	857	0.06%	flat	3q	-17.8%-$141.0K
ISHARES TR	ACWI	$648.4K	4,084	0.06%	flat	30q	HELD
YUM CHINA HLDGS INC	YUMC	$647.2K	15,747	0.06%	-	new	NEW
AMGEN INC	AMGN	$642.0K	1,523	0.06%	+0.03pp	32q	+46.7%+$204.4K
TJX COS INC NEW	TJX	$640.1K	4,838	0.06%	-0.37pp	7q	-83.0%-$3.1M
GLOBAL X FDS	DTCR	$638.3K	23,519	0.06%	-0.01pp	8q	+1.2%+$7.8K
VANGUARD BD INDEX FDS	BSV	$635.2K	8,314	0.06%	+0.04pp	32q	+143.2%+$374.0K
INVESCO EXCHANGE TRADED FD T	PBE	$623.9K	6,413	0.06%	+0.01pp	10q	+2.6%+$15.7K
SS&C TECH HLDGS	SSNC	$622.8K	8,081	0.06%	flat	16q	-23.4%-$190.5K
HONEYWELL INTL INC	HON	$605.8K	2,872	0.06%	-0.02pp	2q	-16.5%-$119.6K
INTEL CORP	INTC	$595.0K	4,949	0.06%	+0.01pp	7q	+49.1%+$195.9K
PEPSICO INC	PEP	$592.1K	4,672	0.06%	flat	32q	+16.6%+$84.4K
GLOBAL X FDS	FINX	$590.8K	24,352	0.06%	flat	27q	+1.7%+$10.1K
VANECK ETF TRUST	DAPP	$586.2K	30,919	0.06%	-	new	NEW
GLOBAL X FDS	BOTZ	$576.6K	16,366	0.06%	-0.01pp	27q	+1.1%+$6.3K
FIRST TR EXCHANGE-TRADED FD	AIRR	$576.2K	5,581	0.06%	-0.01pp	10q	+11.0%+$56.9K
PFIZER INC	PFE	$565.9K	19,842	0.06%	+0.01pp	32q	+8.0%+$41.8K
COCA COLA CO	KO	$563.0K	6,541	0.06%	+0.01pp	32q	+8.7%+$45.1K
GLOBAL X FDS	BUG	$556.0K	12,039	0.06%	+0.01pp	23q	+1.7%+$9.4K
DANAHER CORP DEL	DHR	$555.3K	2,506	0.06%	+0.02pp	32q	+28.0%+$121.4K
UBER TECHNOLOGIES INC	UBER	$548.1K	8,000	0.05%	flat	26q	+3.8%+$20.3K
DISNEY WALT CO	DIS	$546.0K	5,205	0.05%	+0.01pp	32q	+13.9%+$66.6K
PACCAR INC	PCAR	$538.1K	4,900	0.05%	-0.01pp	21q	HELD
EMERSON ELEC CO	EMR	$528.4K	3,407	0.05%	flat	32q	+2.4%+$12.4K
VANGUARD INDEX FDS	VOT	$526.9K	1,804	0.05%	flat	32q	HELD
IQVIA HLDGS INC	IQV	$521.6K	1,940	0.05%	+0.01pp	32q	+1.7%+$8.9K
VANGUARD WORLD FD	VPU	$515.5K	3,015	0.05%	-0.01pp	12q	+0.7%+$3.8K
GLOBAL X FDS	SHLD	$515.1K	8,574	0.05%	flat	3q	+1.9%+$9.5K
GE AEROSPACE	GE	$499.0K	1,598	0.05%	flat	6q	+27.8%+$108.7K
ALNYLAM PHARMACEUTICALS INC	ALNY	$498.4K	2,020	0.05%	-0.01pp	7q	HELD
COVISTA INC	CVSA	$484.5K	3,965	0.05%	-0.03pp	7q	-31.9%-$226.8K
J P MORGAN EXCHANGE TRADED F	JEPI	$482.2K	8,576	0.05%	flat	11q	+10.4%+$45.5K
AMERIPRISE FINL INC	AMP	$480.0K	975	0.05%	-	new	NEW
SOFI TECHNOLOGIES INC	SOFI	$476.0K	30,278	0.05%	flat	11q	+14.5%+$60.2K
Fabrinet	FN	$474.8K	1,119	0.05%	flat	6q	+42.0%+$140.4K
FIRST TR EXCHANGE TRADED FD	CIBR	$469.3K	4,553	0.05%	+0.01pp	7q	HELD
VERTIV HOLDINGS CO	VRT	$466.7K	1,934	0.05%	-0.03pp	5q	-9.2%-$47.1K
PAYONEER GLOBAL INC	PAYO	$466.4K	65,319	0.05%	-	new	NEW
ISHARES TR	TLT	$464.1K	5,967	0.05%	-	new	NEW
BANCO SANTANDER S.A.	SAN	$455.5K	32,938	0.05%	-0.01pp	6q	-18.6%-$103.8K
UNITED PARCEL SVCS INC	UPS	$455.2K	4,872	0.05%	-0.01pp	32q	+4.2%+$18.5K
PTC INC	PTC	$453.9K	3,235	0.04%	-0.01pp	8q	-37.0%-$266.6K
HONEYWELL AEROSPACE INC	HONA	$453.3K	2,925	0.04%	-0.03pp	2q	-14.9%-$79.7K
AT&T INC	T	$452.7K	18,553	0.04%	+0.01pp	32q	+29.7%+$103.8K
SNAP ON INC	SNA	$450.6K	1,240	0.04%	flat	25q	+2.6%+$11.3K
SPDR SERIES TRUST	BIL	$450.2K	4,913	0.04%	-	new	NEW
UIPATH INC	PATH	$445.1K	34,662	0.04%	-0.01pp	21q	-23.0%-$132.8K
SNOWFLAKE INC	SNOW	$442.8K	1,304	0.04%	flat	23q	-29.4%-$184.4K
GLOBAL X FDS	HERO	$438.0K	16,328	0.04%	flat	10q	+1.3%+$5.6K
EA SERIES TRUST	TCV	$434.7K	13,819	0.04%	flat	3q	HELD
ISHARES TR	EEM	$432.3K	6,473	0.04%	flat	32q	-0.8%-$3.5K
GALLAGHER ARTHUR J CO	AJG	$430.0K	1,885	0.04%	flat	32q	+0.7%+$3.2K
AUTOMATIC DATA PROCESSING IN	ADP	$429.9K	1,666	0.04%	+0.01pp	17q	+36.3%+$114.6K
ASTRAZENECA PLC	AZN	$427.0K	2,624	0.04%	-0.01pp	2q	-1.1%-$4.6K
GLOBAL X FDS	URA	$425.4K	10,676	0.04%	flat	12q	+5.5%+$22.0K
ARK ETF TR	ARKK	$410.5K	4,607	0.04%	flat	28q	-3.3%-$14.2K
BLACKROCK INC	BLK	$403.2K	381	0.04%	flat	7q	+5.0%+$19.0K
VANGUARD STAR FDS	VXUS	$402.7K	4,740	0.04%	flat	4q	+17.1%+$58.9K
CROWDSTRIKE HLDGS INC	CRWD	$399.8K	1,510	0.04%	-	new	NEW
PROSHARES TR II	SCO	$393.5K	19,826	0.04%	-	new	NEW
EXPEDIA GROUP INC	EXPE	$381.4K	1,448	0.04%	+0.01pp	2q	+45.5%+$119.3K
FLEX LTD	FLEX	$379.0K	3,446	0.04%	-	new	NEW
ASTERA LABS INC	ALAB	$375.9K	1,056	0.04%	-0.01pp	2q	+0.9%+$3.2K
ARCHER DANIELS MIDLAND CO	ADM	$374.4K	4,716	0.04%	flat	6q	-1.3%-$5.0K
CITIGROUP INC	C	$372.0K	2,873	0.04%	flat	4q	+26.8%+$78.6K
PIMCO ETF TR	MUNI	$371.8K	7,482	0.04%	flat	3q	HELD
FIDELITY COVINGTON TRUST	FDVV	$358.0K	5,895	0.04%	-	new	NEW
GLOBAL X FDS	PAVE	$356.9K	6,798	0.04%	flat	12q	+1.5%+$5.2K
WASTE MGMT INC DEL	WM	$354.9K	1,740	0.04%	-0.01pp	32q	-2.4%-$8.8K
WELLS FARGO & CO	WFC	$344.2K	4,300	0.03%	-0.01pp	7q	-15.0%-$60.5K
VANGUARD SCOTTSDALE FDS	VONG	$343.8K	2,667	0.03%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JMST	$342.9K	6,783	0.03%	flat	16q	-1.6%-$5.5K
ISHARES TR	QUAL	$340.5K	1,532	0.03%	flat	14q	HELD
FEDERATED HERMES INC	FHI	$340.1K	6,034	0.03%	-0.02pp	4q	-33.2%-$169.2K
DEERE CO	DE	$329.1K	490	0.03%	flat	6q	-7.7%-$27.5K
INNODATA INC	INOD	$328.8K	5,000	0.03%	-0.01pp	3q	HELD
INTUIT	INTU	$324.5K	1,177	0.03%	+0.01pp	27q	+18.4%+$50.5K
ISHARES TR	XT	$324.4K	3,889	0.03%	flat	24q	-7.9%-$27.8K
ISHARES TR	AOM	$322.6K	6,619	0.03%	flat	32q	+6.4%+$19.5K
ENTERPRISE PRODS PARTNERS L	EPD	$320.3K	8,995	0.03%	flat	6q	HELD
VANGUARD INDEX FDS	VOO	$315.1K	450	0.03%	-0.02pp	7q	-40.9%-$217.8K
EATON CORP PLC	ETN	$313.3K	729	0.03%	flat	3q	+9.0%+$25.8K
GLOBAL X FDS	CLOU	$308.7K	10,846	0.03%	+0.01pp	27q	HELD
REGIONS FINANCIAL CORP NEW	RF	$307.1K	11,423	0.03%	flat	6q	+3.7%+$11.0K
COLUMBIA ETF TR I	RECS	$306.4K	6,796	0.03%	flat	8q	-12.1%-$42.1K
ONEOK INC NEW	OKE	$300.5K	3,524	0.03%	-	new	NEW
WELLTOWER INC	WELL	$299.3K	1,300	0.03%	-	new	NEW
ISHARES TR	IWR	$299.0K	2,802	0.03%	flat	9q	+1.3%+$3.8K
CONOCOPHILLIPS	COP	$294.5K	2,353	0.03%	+0.01pp	3q	+13.8%+$35.7K
ABBOTT LABORATORIES	ABT	$290.8K	2,943	0.03%	flat	32q	+8.4%+$22.5K
ISHARES TR	EFA	$288.4K	2,776	0.03%	flat	32q	+0.7%+$1.9K
ECOLAB INC	ECL	$284.2K	1,035	0.03%	-0.02pp	16q	-34.0%-$146.6K
REPUBLIC SVCS INC	RSG	$283.1K	1,349	0.03%	flat	12q	+4.0%+$10.9K
WEST PHARMACEUTICAL SVSC INC	WST	$280.3K	756	0.03%	-	new	NEW
VANGUARD BD INDEX FDS	BIV	$277.9K	3,814	0.03%	-	new	NEW
VANGUARD WORLD FD	VIS	$277.7K	867	0.03%	flat	32q	HELD
SUPER MICRO COMPUTER INC	SMCI	$277.3K	6,753	0.03%	-	new	NEW
PLAINS ALL AMERN PIPELINE L	PAA	$274.5K	11,574	0.03%	flat	22q	HELD
BIO TECHNE CORP	TECH	$270.4K	3,731	0.03%	-	new	NEW
APPLOVIN CORP	APP	$270.1K	930	0.03%	flat	2q	+86.0%+$124.9K
TAPESTRY INC	TPR	$269.9K	2,346	0.03%	-0.01pp	6q	+1.7%+$4.5K
CARNIVAL CORP LTD	CCL	$269.7K	10,991	0.03%	-0.04pp	2q	-50.5%-$275.2K
3M CO	MMM	$265.6K	1,618	0.03%	-	new	NEW
CARDINAL HEALTH INC	CAH	$262.3K	1,179	0.03%	-	new	NEW
SOLSTICE ADVANCED MATLS INC	SOLS	$261.9K	4,650	0.03%	-0.02pp	3q	HELD
ISHARES TR	IJR	$260.5K	1,915	0.03%	-0.01pp	7q	-8.1%-$22.9K
SIMPLIFY EXCHANGE TRADED FUN	CTA	$260.2K	9,021	0.03%	flat	7q	-8.9%-$25.4K
PNC FINL SVCS GROUP INC	PNC	$259.4K	1,167	0.03%	flat	3q	+5.0%+$12.4K
ISHARES TR	IBMR	$257.4K	10,407	0.03%	flat	7q	HELD
COLUMBIA ETF TR II	INCO	$255.1K	4,392	0.03%	flat	8q	+0.9%+$2.2K
WESTERN DIGITAL CORP	WDC	$251.8K	554	0.02%	-0.01pp	2q	-7.8%-$21.4K
ING GROEP N.V.	ING	$249.0K	7,013	0.02%	flat	4q	+1.1%+$2.8K
ISHARES TR	IVE	$247.7K	1,085	0.02%	-0.01pp	7q	-22.4%-$71.7K
COREWEAVE INC	CRWV	$247.1K	2,836	0.02%	-	new	NEW
HARBOR ETF TRUST	AELV	$245.6K	9,425	0.02%	-0.19pp	7q	-88.1%-$1.8M
ISHARES TR	IBMQ	$244.9K	9,740	0.02%	flat	23q	HELD
VANECK DIGITAL INDIA ETF	DGIN	$243.4K	7,050	0.02%	flat	8q	+0.9%+$2.3K
PROLOGIS INC.	PLD	$243.1K	1,872	0.02%	flat	18q	+7.8%+$17.5K
MORGAN STANLEY	MS	$242.4K	1,289	0.02%	flat	2q	+24.8%+$48.1K
CONSTELLATION ENERGY CORP	CEG	$239.8K	944	0.02%	flat	3q	+13.5%+$28.5K
WESTERN MIDSTREAM PARTNERS L	WES	$239.6K	5,400	0.02%	flat	10q	HELD
ISHARES TR	IBMP	$237.0K	9,391	0.02%	flat	23q	HELD
ISHARES TR	IBMO	$236.6K	9,228	0.02%	flat	26q	HELD
COMMERCE BANCSHARES INC	CBSH	$234.1K	4,276	0.02%	flat	3q	HELD
VANGUARD WORLD FD	VOX	$233.9K	1,227	0.02%	flat	6q	HELD
MPLX LP	MPLX	$231.3K	4,107	0.02%	flat	8q	HELD
ACCENTURE PLC IRELAND	ACN	$229.5K	1,252	0.02%	-	new	NEW
CEMEX SAB DE CV	CX	$228.7K	24,049	0.02%	flat	7q	+9.2%+$19.3K
PIMCO ETF TR	SMMU	$227.5K	4,604	0.02%	flat	3q	HELD
GILEAD SCIENCES INC	GILD	$225.8K	1,515	0.02%	-	new	NEW
SELECT SECTOR SPDR TR	XLB	$225.7K	4,634	0.02%	-	new	NEW
CAPITAL ONE FINL CORP	COF	$224.2K	1,161	0.02%	-	new	NEW
MICROCHIP TECHNOLOGY INC.	MCHP	$222.0K	2,854	0.02%	-	new	NEW
ARK ETF TR	ARKG	$221.3K	4,082	0.02%	-	new	NEW
VANGUARD SCOTTSDALE FDS	VCSH	$215.4K	2,788	0.02%	flat	32q	HELD
ISHARES TR	IBMS	$215.0K	8,601	0.02%	flat	7q	HELD
PETROLEO BRASILEIRO S A	PBR	$214.6K	10,282	0.02%	flat	6q	HELD
THE TRADE DESK INC	TTD	$212.3K	17,445	0.02%	-0.01pp	2q	-3.3%-$7.2K
ISHARES TR	IBMT	$210.6K	8,542	0.02%	flat	2q	HELD
RESMED INC	RMD	$208.5K	943	0.02%	-	new	NEW
PALO ALTO NETWORKS INC	PANW	$207.8K	523	0.02%	-	new	NEW
PHILLIPS 66	PSX	$207.3K	812	0.02%	-	new	NEW
OUSTER INC	OUST	$206.0K	5,106	0.02%	-0.01pp	2q	HELD
ZSCALER INC	ZS	$204.6K	1,026	0.02%	-	new	NEW
DEFI TECHNOLOGIES INC	DEFT	$7.9K	16,000	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
Semiconductors & Electronics	$97.0M	9.6%
Software & IT Services	$84.6M	8.4%
Computer Hardware	$55.0M	5.5%
Biotech & Pharma	$36.7M	3.6%
Retail & Consumer	$36.7M	3.6%
Business Services	$27.4M	2.7%
Insurance	$21.1M	2.1%
Banks & Lending	$20.4M	2.0%
Energy	$16.5M	1.6%
Capital Markets	$15.9M	1.6%
Industrials	$15.4M	1.5%
Other sectors	$66.5M	6.6%
Not classified	$515.9M	51.1%

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	+1.4%	+2.1%	-0.8%	96%
Q2 2026	+12.1%	+14.8%	-2.7%	98%
Q1 2026	-2.3%	-4.6%	+2.3%	99%
Q4 2025	+2.0%	+2.4%	-0.4%	98%
Q3 2025	+6.9%	+7.8%	-1.0%	99%
Q2 2025	+9.2%	+10.5%	-1.2%	98%
Q1 2025	-2.1%	-4.6%	+2.5%	99%
Q4 2024	+0.2%	+2.1%	-2.0%	103%

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	$1.0B	363	44	171	97	40	30.6%	19
Q2 2026	$987.5M	359	36	124	134	18	28.7%	17
Q1 2026	$873.4M	341	44	129	122	37	26.6%	15
Q4 2025	$858.1M	334	27	104	121	17	28.4%	15
Q3 2025	$840.0M	324	27	106	135	24	28.2%	17
Q2 2025	$782.1M	321	38	101	128	6	29.0%	17
Q1 2025	$682.8M	289	41	97	111	18	27.3%	23
Q4 2024	$661.5M	266	21	101	77	9	29.1%	21
Q3 2024	$664.1M	254	8	89	110	12	29.8%	15
Q2 2024	$617.1M	258	20	121	63	21	29.9%	17
Q1 2024	$595.7M	259	17	90	85	9	28.9%	24
Q4 2023	$546.5M	251	20	87	116	39	30.1%	12
Q3 2023	$499.8M	270	7	85	123	14	28.8%	27
Q2 2023	$527.2M	277	9	121	92	8	28.7%	33
Q1 2023	$479.7M	276	10	166	64	6	28.7%	18
Q4 2022	$434.9M	272	26	124	85	26	26.0%	26
Q3 2022	$387.4M	272	20	134	59	8	26.4%	17
Q2 2022	$397.8M	260	15	148	46	37	26.7%	12
Q1 2022	$448.7M	282	10	187	57	24	26.7%	18
Q4 2021	$437.3M	296	10	131	109	27	26.3%	20
Q3 2021	$424.3M	313	21	169	63	8	25.1%	14
Q2 2021	$399.0M	300	44	124	97	11	25.2%	23
Q1 2021	$376.4M	267	23	92	125	18	25.8%	26
Q4 2020	$434.9M	262	13	140	54	2	23.6%	19
Q3 2020	$373.1M	251	16	100	89	9	24.8%	19
Q2 2020	$336.0M	244	46	89	70	14	25.1%	24
Q1 2020	$256.0M	212	27	110	59	31	24.2%	29
Q4 2019	$289.9M	216	14	71	105	8	23.4%	15
Q3 2019	$267.9M	210	2	86	75	342	24.5%	23
Q2 2019	$274.8M	550	50	118	121	18	23.9%	18
Q1 2019	$271.4M	518	37	111	123	21	22.6%	43
Q4 2018	$249.1M	502	0	0	0	0	24.1%	44

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.