DaveManuel.com · Institutional Ownership · 13F Holdings
Parisi Gray Wealth Management
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| VANGUARD INDEX FDS | VOO | $46.5M | 66,352 | +0.01pp | 32q | +1.5%+$665.1K | |
| INVESCO QQQ TR | QQQ | $28.6M | 38,618 | -0.07pp | 32q | +1.7%+$472.7K | |
| NVIDIA CORPORATION | NVDA | $28.1M | 123,046 | +0.56pp | 28q | +0.8%+$220.2K | |
| VANGUARD INDEX FDS | VTI | $24.0M | 64,148 | -0.06pp | 32q | +0.9%+$224.9K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $21.8M | 116,517 | +1.56pp | 25q | +0.8%+$174.7K | |
| PROFESIONALLY MANAGED PORTFO | AKRE | $18.4M | 350,263 | -0.73pp | 4q | -13.0%-$2.7M | |
| APPLE INC | AAPL | $18.1M | 54,384 | +0.38pp | 32q | +0.5%+$97.6K | |
| ISHARES TR | IVV | $18.1M | 23,599 | -0.12pp | 32q | -2.2%-$410.5K | |
| WISDOMTREE TR? | USFR | $16.8M | 33,102? | -0.08pp | 15q | ||
| MICROSOFT CORP | MSFT | $13.3M | 25,997 | +0.67pp | 32q | +0.7%+$95.4K | |
| ALPHABET INC | GOOGL | $13.2M | 38,223 | -0.17pp | 32q | +0.8%+$109.1K | |
| ISHARES TR | EFA | $10.8M | 104,276 | +0.01pp | 32q | +3.7%+$389.4K | |
| JPMORGAN CHASE & CO | JPM | $9.5M | 28,784 | -0.02pp | 32q | +1.1%+$107.5K | |
| MASTERCARD INCORPORATED | MA | $8.8M | 15,978 | +0.07pp | 32q | +0.5%+$45.8K | |
| META PLATFORMS INC | META | $7.7M | 10,565 | +0.31pp | 32q | +1.2%+$90.7K | |
| ELI LILLY & CO | LLY | $7.5M | 6,486 | -0.06pp | 13q | +3.4%+$245.3K | |
| ADVANCED MICRO DEVICES INC | AMD | $7.2M | 11,803 | +0.06pp | 6q | +2.6%+$180.5K | |
| ISHARES TR | EEM | $7.2M | 107,868 | -0.03pp | 16q | +3.7%+$259.1K | |
| INVESCO EXCH TRD SLF IDX FD | BSCS | $6.7M | 333,966 | -0.03pp | 9q | +2.5%+$162.9K | |
| AMAZON COM INC | AMZN | $6.3M | 25,344 | +0.06pp | 32q | +3.6%+$219.5K | |
| ISHARES TR | IJH | $5.9M | 82,079 | -0.09pp | 32q | +3.0%+$174.5K | |
| CROWDSTRIKE HLDGS INC | CRWD | $5.8M | 21,733 | +0.31pp | 14q | +2.5%+$139.0K | |
| GOLDMAN SACHS GROUP INC | GS | $5.7M | 6,293 | -0.15pp | 32q | +2.2%+$124.2K | |
| COSTCO WHOLESALE CORPORATION | COST | $5.6M | 6,133 | -0.15pp | 29q | -6.5%-$390.5K | |
| BROADCOM INC | AVGO | $5.4M | 15,388 | -0.09pp | 13q | +2.3%+$122.9K | |
| ISHARES TR | IWM | $5.3M | 19,071 | -0.99pp | 32q | -42.4%-$3.9M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $5.2M | 10,438 | -0.03pp | 32q | +0.7%+$36.8K | |
| ALPHABET INC | GOOG | $5.2M | 15,121 | -0.08pp | 32q | HELD | |
| MARVELL TECHNOLOGY INC | MRVL | $5.1M | 19,445 | +0.05pp | 22q | +22.9%+$956.7K | |
| TESLA INC | TSLA | $4.7M | 13,341 | -0.17pp | 27q | +3.7%+$170.7K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $4.3M | 9,462 | -0.03pp | 12q | +4.1%+$170.6K | |
| INVESCO EXCH TRD SLF IDX FD | BSCT | $4.2M | 230,027 | -0.03pp | 4q | +2.0%+$84.1K | |
| LAM RESEARCH CORP | LRCX | $4.1M | 12,584 | -0.24pp | 8q | +5.9%+$229.3K | |
| MICRON TECHNOLOGY INC | MU | $3.8M | 3,568 | -0.02pp | 4q | +9.6%+$334.5K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $3.8M | 4,926 | -0.01pp | 32q | HELD | |
| HOME DEPOT INC | HD | $3.7M | 13,090 | -0.31pp | 32q | -9.5%-$392.0K | |
| BLOOM ENERGY CORP | BE | $3.2M | 11,492 | -0.02pp | 4q | +9.4%+$274.5K | |
| JOHNSON & JOHNSON | JNJ | $3.1M | 11,587 | +0.02pp | 32q | +3.2%+$95.3K | |
| GE VERNOVA INC | GEV | $2.9M | 3,067 | -0.13pp | 10q | +4.1%+$114.1K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $2.8M | 13,587 | +0.02pp | 32q | +9.3%+$240.1K | |
| DANAHER CORP DEL | DHR | $2.5M | 11,448 | +0.06pp | 32q | HELD | |
| CISCO SYS INC | CSCO | $2.4M | 22,146 | -0.06pp | 32q | HELD | |
| ARISTA NETWORKS INC | ANET | $2.3M | 11,493 | +0.09pp | 8q | +6.2%+$136.0K | |
| ISHARES TR | IBB | $2.2M | 10,561 | - | new | NEW | |
| QUALCOMM INC | QCOM | $2.2M | 12,081 | -0.03pp | 32q | -1.8%-$41.4K | |
| GE AEROSPACE | GE | $2.2M | 7,092 | -0.09pp | 21q | +1.9%+$40.9K | |
| DELL TECHNOLOGIES INC | DELL | $2.2M | 4,026 | +0.10pp | 7q | +9.1%+$180.2K | |
| ASML HLDG NV | ASML | $2.1M | 1,152 | -0.01pp | 6q | +9.7%+$184.8K | |
| VERTIV HOLDINGS CO | VRT | $2.0M | 8,432 | -0.14pp | 6q | +6.7%+$127.9K | |
| ISHARES BITCOIN TRUST ETF | IBIT | $2.0M | 42,146 | - | new | NEW | |
| ISHARES ETHEREUM TR | ETHA | $2.0M | 98,036 | - | new | NEW | |
| AMERICAN EXPRESS CO | AXP | $1.9M | 6,399 | -0.06pp | 32q | HELD | |
| ISHARES TR | IWB | $1.9M | 4,584 | -0.01pp | 32q | -0.8%-$15.4K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $1.9M | 8,624 | -0.13pp | 32q | -2.4%-$46.0K | |
| LOWES COS INC | LOW | $1.9M | 10,284 | -0.09pp | 14q | HELD | |
| SPACE EXPLORATION TECHN CORP | SPCX | $1.9M | 12,500 | +0.12pp | 2q | +70.7%+$781.3K | |
| CATERPILLAR INC | CAT | $1.8M | 2,204 | -0.09pp | 11q | +7.4%+$123.3K | |
| SELECT SECTOR SPDR TR | XLK | $1.8M | 9,120 | flat | 14q | HELD | |
| PALO ALTO NETWORKS INC | PANW | $1.8M | 4,482 | +0.05pp | 13q | +3.3%+$57.6K | |
| ILLINOIS TOOL WKS INC | ITW | $1.7M | 6,694 | -0.02pp | 32q | +1.8%+$30.4K | |
| ISHARES SILVER TR | SLV | $1.7M | 31,183 | - | new | NEW | |
| AMGEN INC | AMGN | $1.7M | 3,989 | +0.04pp | 32q | HELD | |
| ISHARES TR | TFLO | $1.6M | 31,820 | +0.01pp | 4q | +7.0%+$105.5K | |
| ISHARES TR | IWF | $1.6M | 12,651 | -0.01pp | 14q | -1.8%-$29.7K | |
| ROSS STORES INC | ROST | $1.6M | 6,705 | +0.02pp | 14q | HELD | |
| ISHARES TR | IEFA | $1.5M | 15,534 | -0.01pp | 32q | +0.9%+$13.5K | |
| VISA INC | V | $1.4M | 3,943 | flat | 32q | HELD | |
| ORACLE CORP | ORCL | $1.4M | 10,104 | -0.11pp | 32q | -20.2%-$350.1K | |
| ISHARES TR | IWD | $1.3M | 5,294 | flat | 16q | -0.7%-$9.7K | |
| BOOKING HOLDINGS INC | BKNG | $1.3M | 7,998 | -0.04pp | 14q | -1.8%-$23.3K | |
| SNOWFLAKE INC | SNOW | $1.2M | 3,665 | +0.06pp | 7q | +2.4%+$29.2K | |
| ROBINHOOD MKTS INC | HOOD | $1.2M | 10,906 | +0.07pp | 4q | +26.5%+$257.4K | |
| PUBLIC SVC ENTERPRISE GROUP | PEG | $1.2M | 18,169 | -0.06pp | 32q | HELD | |
| ABBVIE INC | ABBV | $1.2M | 4,662 | +0.01pp | 24q | +3.6%+$42.6K | |
| PIMCO DYNAMIC INCOME FD | PDI | $1.2M | 84,917 | -0.02pp | 23q | +11.7%+$125.0K | |
| M & T BK CORP | MTB | $1.2M | 5,324 | -0.03pp | 27q | HELD | |
| BANK OF AMER CORP | BAC | $1.1M | 20,798 | -0.02pp | 32q | HELD | |
| F N B CORP | FNB | $1.1M | 65,656 | -0.03pp | 27q | HELD | |
| HONEYWELL INTL INC | HON | $1.1M | 5,237 | -0.02pp | 2q | +1.8%+$19.2K | |
| FIFTH THIRD BANCORP | FITB | $1.1M | 21,161 | -0.03pp | 32q | HELD | |
| MARKEL GROUP INC | MKL | $1.1M | 621 | -0.03pp | 32q | +1.8%+$18.8K | |
| QUANTINUUM INC | QNT | $899.5K | 18,717 | +0.13pp | 2q | +508.7%+$751.7K | |
| EMCOR GROUP INC | EME | $867.9K | 1,150 | -0.02pp | 9q | +4.0%+$33.2K | |
| ARM HOLDINGS PLC | ARM | $848.3K | 2,928 | -0.04pp | 10q | +1.4%+$11.9K | |
| VALERO ENERGY CORP | VLO | $791.6K | 2,042 | +0.05pp | 19q | HELD | |
| BLACKROCK INC | BLK | $752.3K | 711 | +0.01pp | 8q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $747.0K | 1 | -0.01pp | 32q | HELD | |
| LABCORP HOLDINGS INC | LH | $739.1K | 2,399 | +0.01pp | 10q | HELD | |
| BITMINE IMMERSION TECHS INC | BMNR | $736.9K | 27,880 | - | new | NEW | |
| BOEING CO | BA | $705.5K | 3,792 | -0.06pp | 32q | -16.0%-$134.7K | |
| UNITEDHEALTH GROUP INC | UNH | $695.0K | 1,893 | -0.02pp | 32q | HELD | |
| SPDR GOLD TR | GLD | $694.0K | 1,822 | +0.02pp | 6q | +18.3%+$107.4K | |
| MARSH & MCLENNAN COS INC | MRSH | $662.9K | 3,883 | flat | 7q | HELD | |
| HONEYWELL AEROSPACE INC | HONA | $598.8K | 3,864 | -0.11pp | 2q | -24.9%-$198.7K | |
| MERCK & CO INC | MRK | $588.3K | 4,049 | +0.01pp | 32q | HELD | |
| STRATEGY INC | MSTR | $547.4K | 3,575 | - | new | NEW | |
| VANGUARD WORLD FD | VGT | $540.4K | 4,300 | flat | 15q | -1.8%-$9.9K | |
| PROCTER & GAMBLE CO | PG | $540.0K | 3,717 | flat | 32q | +0.8%+$4.5K | |
| ROCKET LAB CORP | RKLB | $514.4K | 7,382 | -0.23pp | 5q | -53.0%-$580.2K | |
| AGNC INVT CORP | AGNC | $509.2K | 56,142 | -0.01pp | 14q | +11.3%+$51.8K | |
| DISNEY WALT CO | DIS | $496.7K | 4,735 | flat | 32q | -1.0%-$4.8K | |
| MARRIOTT INTL INC NEW | MAR | $477.8K | 1,344 | -0.01pp | 24q | HELD | |
| CHEVRON CORPORATION | CVX | $472.4K | 2,313 | +0.02pp | 16q | +0.7%+$3.3K | |
| COCA COLA CO | KO | $461.2K | 5,358 | flat | 32q | HELD | |
| RTX CORPORATION | RTX | $447.4K | 2,410 | flat | 5q | +9.0%+$37.1K | |
| ONDAS INC | ONDS | $441.6K | 60,244 | -0.03pp | 5q | -11.3%-$56.5K | |
| LEMONADE INC | LMND | $417.7K | 9,253 | +0.02pp | 2q | +85.5%+$192.5K | |
| BLACKROCK ETF TRUST II | HIMU | $411.1K | 8,998 | +0.01pp | 7q | +30.7%+$96.4K | |
| CAPITAL ONE FINL CORP | COF | $402.8K | 2,086 | -0.01pp | 6q | -1.2%-$5.0K | |
| STATE STR SPDR DOW JONES IND | DIA | $395.0K | 777 | flat | 17q | HELD | |
| TARGA RES CORP | TRGP | $381.8K | 1,412 | flat | 9q | HELD | |
| ISHARES TR | IVLU | $380.9K | 8,880 | +0.02pp | 4q | +27.2%+$81.4K | |
| ARMOUR RESIDENTIAL REIT INC | ARR | $365.8K | 26,453 | -0.02pp | 11q | HELD | |
| PHILLIPS 66 | PSX | $353.7K | 1,385 | +0.02pp | 3q | +2.4%+$8.4K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $342.9K | 2,107 | - | new | NEW | |
| MCKESSON CORP | MCK | $337.2K | 395 | +0.01pp | 8q | HELD | |
| ISHARES INC | ACWV | $332.7K | 2,711 | flat | 14q | HELD | |
| CADENCE DESIGN SYSTEM INC | CDNS | $323.5K | 980 | -0.01pp | 5q | +4.8%+$14.9K | |
| EATON CORP PLC | ETN | $308.4K | 718 | +0.01pp | 2q | +34.2%+$78.6K | |
| PHILIP MORRIS INTL INC | PM | $298.7K | 1,565 | flat | 7q | HELD | |
| GUGGENHEIM STRATEGIC OPPORTU | GOF | $297.9K | 35,000 | -0.06pp | 14q | -31.4%-$136.2K | |
| CONOCOPHILLIPS | COP | $289.0K | 2,309 | +0.01pp | 13q | HELD | |
| SANDISK CORP | SNDK | $285.3K | 164 | -0.02pp | 2q | HELD | |
| INTEL CORP | INTC | $283.8K | 2,361 | flat | 2q | +21.3%+$49.8K | |
| BLACKROCK ETF TRUST II | BRTR | $280.0K | 5,854 | flat | 8q | +3.2%+$8.8K | |
| GLOBALSTAR INC | GSAT | $276.3K | 3,333 | flat | 4q | HELD | |
| SELECT SECTOR SPDR TR | XLY | $271.6K | 2,495 | -0.01pp | 13q | HELD | |
| COMCAST CORP NEW | CMCSA | $269.7K | 12,395 | -0.02pp | 32q | -18.0%-$59.0K | |
| SPDR SERIES TRUST | SPTM | $263.9K | 2,867 | flat | 6q | +0.7%+$1.8K | |
| VANGUARD INDEX FDS | VV | $262.7K | 747 | flat | 6q | HELD | |
| TRAVELERS COMPANIES INC | TRV | $261.1K | 732 | flat | 5q | -1.6%-$4.3K | |
| ANALOG DEVICES INC | ADI | $252.1K | 635 | flat | 2q | +4.1%+$9.9K | |
| SPDR SERIES TRUST | SPYG | $251.6K | 2,044 | flat | 5q | HELD | |
| MOOG INC | MOGA | $248.7K | 652 | -0.01pp | 2q | +4.3%+$10.3K | |
| WALMART INC | WMT | $240.8K | 2,318 | -0.01pp | 7q | -0.9%-$2.2K | |
| HOWMET AEROSPACE INC | HWM | $226.9K | 1,003 | -0.01pp | 3q | +3.1%+$6.8K | |
| WESTERN DIGITAL CORP | WDC | $225.4K | 496 | -0.02pp | 2q | HELD | |
| NEBIUS GROUP N.V. | NBIS | $220.9K | 936 | - | new | NEW | |
| VANGUARD INTL EQUITY INDEX F | VWO | $219.1K | 3,694 | flat | 7q | -2.3%-$5.2K | |
| LOCKHEED MARTIN CORP | LMT | $209.3K | 411 | - | new | NEW | |
| ARK ETF TR | ARKQ | $206.6K | 1,704 | -0.16pp | 3q | -77.0%-$693.3K | |
| 3M CO | MMM | $205.5K | 1,252 | flat | 2q | HELD | |
| CHEMOURS CO | CC | $153.9K | 11,340 | - | new | NEW | |
| DYNEX CAP INC | DX | $150.9K | 13,550 | - | new | NEW | |
| OXFORD LANE CAP CORP | OXLC | $90.1K | 10,000 | flat | 4q | 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 |
|---|---|---|
| Software & IT Services | $72.8M | 15.0% |
| Semiconductors & Electronics | $68.4M | 14.0% |
| Computer Hardware | $29.2M | 6.0% |
| Retail & Consumer | $19.3M | 4.0% |
| Banks & Lending | $17.6M | 3.6% |
| Biotech & Pharma | $14.1M | 2.9% |
| Capital Markets | $14.0M | 2.9% |
| Business Services | $10.7M | 2.2% |
| Industrials | $10.3M | 2.1% |
| Insurance | $9.0M | 1.9% |
| Autos & Aerospace | $8.3M | 1.7% |
| Other sectors | $19.3M | 4.0% |
| Not classified | $193.9M | 39.8% |
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 | +2.1% | +2.1% | -0.0% | 100% |
| Q2 2026 | +15.5% | +14.8% | +0.7% | 100% |
| Q1 2026 | -7.0% | -4.6% | -2.3% | 100% |
| Q4 2025 | +2.0% | +2.4% | -0.3% | 100% |
| Q3 2025 | +9.8% | +7.8% | +2.0% | 100% |
| Q2 2025 | +13.3% | +10.5% | +2.9% | 100% |
| Q1 2025 | -4.9% | -4.6% | -0.3% | 100% |
| Q4 2024 | +4.0% | +2.1% | +1.8% | 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 | $503.8M | 145 | 11 | 69 | 26 | 21 | 46.4% | 16 |
| Q2 2026 | $487.2M | 155 | 22 | 34 | 51 | 4 | 45.1% | 9 |
| Q1 2026 | $419.8M | 137 | 8 | 69 | 25 | 6 | 47.7% | 8 |
| Q4 2025 | $440.5M | 135 | 14 | 45 | 22 | 3 | 51.8% | 7 |
| Q3 2025 | $384.3M | 124 | 11 | 33 | 33 | 8 | 51.2% | 17 |
| Q2 2025 | $348.9M | 121 | 13 | 28 | 35 | 2 | 50.6% | 8 |
| Q1 2025 | $306.3M | 110 | 8 | 57 | 17 | 3 | 49.8% | 14 |
| Q4 2024 | $314.6M | 105 | 7 | 38 | 18 | 11 | 51.8% | 13 |
| Q3 2024 | $302.9M | 109 | 6 | 44 | 15 | 7 | 51.6% | 7 |
| Q2 2024 | $278.9M | 110 | 7 | 49 | 28 | 3 | 56.6% | 15 |
| Q1 2024 | $266.6M | 106 | 8 | 41 | 29 | 4 | 55.7% | 15 |
| Q4 2023 | $246.8M | 102 | 4 | 34 | 25 | 3 | 55.3% | 18 |
| Q3 2023 | $220.2M | 101 | 13 | 44 | 25 | 11 | 55.6% | 10 |
| Q2 2023 | $218.8M | 99 | 16 | 50 | 0 | 3 | 51.7% | 14 |
| Q1 2023 | $160.8M | 86 | 5 | 16 | 55 | 20 | 57.6% | 11 |
| Q4 2022 | $203.1M | 101 | 24 | 58 | 6 | 4 | 50.5% | 23 |
| Q3 2022 | $131.4M | 81 | 2 | 17 | 46 | 23 | 58.1% | 19 |
| Q2 2022 | $191.4M | 102 | 3 | 36 | 30 | 22 | 51.1% | 25 |
| Q1 2022 | $246.9M | 121 | 8 | 29 | 47 | 15 | 46.7% | 43 |
| Q4 2021 | $267.5M | 128 | 8 | 45 | 27 | 8 | 47.7% | 39 |
| Q3 2021 | $241.7M | 128 | 3 | 23 | 45 | 479 | 48.2% | 47 |
| Q2 2021 | $273.1M | 604 | 481 | 34 | 57 | 1 | 45.2% | 44 |
| Q1 2021 | $239.6M | 124 | 4 | 57 | 19 | 0 | 50.2% | 47 |
| Q4 2020 | $225.6M | 120 | 12 | 59 | 23 | 8 | 51.2% | 40 |
| Q3 2020 | $192.4M | 116 | 14 | 41 | 27 | 8 | 52.9% | 41 |
| Q2 2020 | $174.4M | 110 | 11 | 38 | 24 | 3 | 54.2% | 27 |
| Q1 2020 | $141.2M | 102 | 9 | 31 | 41 | 15 | 53.4% | 43 |
| Q4 2019 | $176.8M | 108 | 9 | 32 | 27 | 3 | 51.4% | 24 |
| Q3 2019 | $150.8M | 102 | 4 | 49 | 17 | 3 | 49.7% | 9 |
| Q2 2019 | $146.9M | 101 | 0 | 34 | 20 | 424 | 50.4% | 19 |
| Q1 2019 | $156.5M | 525 | 22 | 36 | 112 | 66 | 45.3% | 44 |
| Q4 2018 | $147.6M | 569 | 0 | 0 | 0 | 0 | 45.5% | 43 |
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.