DaveManuel.com · Institutional Ownership · 13F Holdings
Legacy Financial Strategies, LLC
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| SCHWAB STRATEGIC TR | SCHG | $108.2M | 3,010,389 | +2.18pp | 32q | +2.5%+$2.6M | |
| SCHWAB STRATEGIC TR | SCHB | $79.7M | 2,719,916 | +1.00pp | 32q | +2.0%+$1.6M | |
| AMERICAN CENTY ETF TR | AVDE | $45.2M | 501,128 | +0.65pp | 4q | +3.6%+$1.6M | |
| AMERICAN CENTY ETF TR | AVLV | $44.9M | 496,474 | +0.41pp | 9q | +1.9%+$840.9K | |
| ISHARES TR | IGM | $44.1M | 260,734 | +0.68pp | 32q | +2.0%+$843.8K | |
| ISHARES TR | DGRO | $31.8M | 422,097 | +0.26pp | 25q | +0.9%+$277.7K | |
| VANGUARD INDEX FDS | VTI | $20.5M | 54,749 | +0.25pp | 32q | +1.8%+$358.5K | |
| AMERICAN CENTY ETF TR | SDSI | $17.2M | 339,439 | +0.16pp | 3q | +2.8%+$471.8K | |
| SCHWAB STRATEGIC TR | SCHD | $14.2M | 437,464 | +0.16pp | 32q | HELD | |
| NVIDIA CORPORATION | NVDA | $12.6M | 55,037 | +0.36pp | 21q | +1.5%+$190.9K | |
| VANECK ETF TRUST | SMH | $12.0M | 19,666 | +0.03pp | 11q | +4.2%+$482.3K | |
| APPLE INC | AAPL | $10.5M | 31,445 | +0.27pp | 32q | -1.7%-$179.5K | |
| INVESCO EXCH TRADED FD TR II | SPMO | $8.0M | 52,480 | +0.08pp | 5q | +8.2%+$604.0K | |
| ISHARES TR | MUB | $7.2M | 70,836 | -0.04pp | 29q | -1.7%-$121.9K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $6.6M | 8,619 | +0.08pp | 32q | +0.8%+$51.1K | |
| ISHARES TR | IJR | $5.3M | 39,074 | -0.04pp | 32q | HELD | |
| VANGUARD INDEX FDS | VOO | $5.2M | 7,433 | +0.06pp | 19q | +1.0%+$51.2K | |
| MICROSOFT CORP | MSFT | $5.1M | 9,963 | +0.27pp | 30q | +3.4%+$166.7K | |
| CATERPILLAR INC | CAT | $5.0M | 6,216 | -0.26pp | 14q | -5.2%-$274.0K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $4.8M | 9,579 | +0.02pp | 32q | -1.0%-$49.8K | |
| CINTAS CORP | CTAS | $3.4M | 17,632 | +0.09pp | 32q | -0.8%-$28.7K | |
| AMAZON COM INC | AMZN | $3.4M | 13,647 | +0.06pp | 26q | +1.4%+$45.3K | |
| AFLAC INC | AFL | $3.4M | 30,162 | -0.02pp | 22q | -3.3%-$115.7K | |
| WALMART INC | WMT | $3.4M | 32,415 | -0.03pp | 10q | -1.0%-$34.9K | |
| NORDSON CORP | NDSN | $3.1M | 9,373 | +0.03pp | 15q | -6.6%-$218.0K | |
| SHERWIN WILLIAMS CO | SHW | $3.0M | 9,395 | -0.01pp | 32q | -0.9%-$28.1K | |
| HENRY JACK & ASSOC INC | JKHY | $3.0M | 20,640 | +0.04pp | 6q | HELD | |
| ALPHABET INC | GOOGL | $3.0M | 8,585 | +0.01pp | 23q | +1.0%+$29.9K | |
| LINDE PLC | LIN | $2.9M | 6,163 | -0.04pp | 13q | -3.2%-$97.8K | |
| AUTOMATIC DATA PROCESSING IN | ADP | $2.8M | 10,791 | +0.07pp | 30q | -1.9%-$53.7K | |
| ATMOS ENERGY CORP | ATO | $2.8M | 17,797 | -0.03pp | 25q | -2.1%-$60.1K | |
| CINCINNATI FINL CORP | CINF | $2.8M | 17,452 | -0.07pp | 10q | -4.3%-$125.3K | |
| CROWDSTRIKE HLDGS INC | CRWD | $2.7M | 10,119 | +0.12pp | 9q | -4.2%-$116.8K | |
| FASTENAL CO | FAST | $2.6M | 52,480 | +0.01pp | 10q | -4.8%-$129.8K | |
| NEXTERA ENERGY INC | NEE | $2.5M | 33,555 | -0.06pp | 23q | -3.7%-$97.8K | |
| BROADCOM INC | AVGO | $2.5M | 6,977 | flat | 9q | +3.1%+$74.8K | |
| WW GRAINGER INC | GWW | $2.4M | 1,907 | -0.06pp | 6q | -9.1%-$238.0K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $2.3M | 12,516 | +0.12pp | 8q | -12.1%-$320.8K | |
| MICRON TECHNOLOGY INC | MU | $2.3M | 2,154 | +0.01pp | 4q | +7.4%+$157.6K | |
| NYLIM ACTIVE ETF TR | MMIT | $2.3M | 99,880 | -0.02pp | 16q | -2.8%-$66.7K | |
| ISHARES TR | IUSV | $2.3M | 20,721 | +0.02pp | 32q | HELD | |
| FACTSET RESH SYS INC | FDS | $2.2M | 8,193 | - | new | NEW | |
| LOWES COS INC | LOW | $2.2M | 11,989 | -0.07pp | 32q | -3.5%-$79.1K | |
| ADVANCED MICRO DEVICES INC | AMD | $2.1M | 3,438 | +0.05pp | 11q | +6.3%+$124.2K | |
| NUCOR CORP | NUE | $2.1M | 8,805 | +0.02pp | 2q | -2.4%-$51.0K | |
| ECOLAB INC | ECL | $2.0M | 7,455 | -0.01pp | 3q | -5.5%-$118.3K | |
| BROWN BROWN INC | BRO | $1.9M | 31,381 | -0.01pp | 18q | -3.5%-$70.0K | |
| JPMORGAN CHASE & CO | JPM | $1.9M | 5,746 | +0.03pp | 24q | +3.8%+$70.5K | |
| ROPER TECHNOLOGIES INC | ROP | $1.9M | 5,325 | +0.03pp | 32q | +1.1%+$19.6K | |
| ILLINOIS TOOL WKS INC | ITW | $1.8M | 6,883 | flat | 2q | HELD | |
| MCDONALDS CORP | MCD | $1.7M | 7,441 | -0.05pp | 6q | -5.2%-$93.8K | |
| JANUS DETROIT STR TR | JAAA | $1.6M | 31,844 | +0.01pp | 10q | -1.6%-$26.0K | |
| TESLA INC | TSLA | $1.6M | 4,526 | -0.03pp | 25q | HELD | |
| META PLATFORMS INC | META | $1.5M | 2,122 | +0.07pp | 12q | +4.6%+$68.2K | |
| ERIE INDTY CO | ERIE | $1.5M | 6,958 | flat | 2q | +6.1%+$87.2K | |
| ABBVIE INC | ABBV | $1.4M | 5,407 | +0.02pp | 32q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $1.2M | 2,569 | flat | 10q | HELD | |
| ALPHABET INC | GOOG | $1.1M | 3,339 | +0.01pp | 10q | +4.3%+$46.7K | |
| VANGUARD BD INDEX FDS | BND | $1.1M | 15,216 | flat | 20q | -2.9%-$31.4K | |
| VANGUARD SPECIALIZED FUNDS | VIG | $1.1M | 4,518 | +0.01pp | 17q | HELD | |
| SELECT SECTOR SPDR TR | XLV | $1.0M | 6,117 | +0.02pp | 17q | -0.6%-$6.2K | |
| T MOBILE US INC | TMUS | $982.7K | 6,026 | flat | 14q | +1.1%+$10.4K | |
| ISHARES TR | IOO | $893.3K | 6,203 | +0.01pp | 26q | HELD | |
| CANADIAN PACIFIC KANSAS CITY | CP | $867.3K | 10,192 | flat | 14q | HELD | |
| ELI LILLY & CO | LLY | $864.8K | 747 | -0.02pp | 18q | -11.5%-$112.3K | |
| INVESCO QQQ TR | QQQ | $850.8K | 1,150 | +0.01pp | 4q | +5.0%+$40.7K | |
| JOHNSON & JOHNSON | JNJ | $839.4K | 3,171 | +0.02pp | 32q | +3.3%+$26.7K | |
| INVESCO EXCH TRADED FD TR II | SPHB | $829.0K | 5,500 | flat | 15q | HELD | |
| GE VERNOVA INC | GEV | $795.2K | 837 | flat | 4q | +16.4%+$112.1K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $790.0K | 3,798 | +0.01pp | 12q | +6.8%+$50.5K | |
| S&P GLOBAL INC | SPGI | $783.5K | 1,986 | -0.02pp | 32q | -16.7%-$157.0K | |
| SPDR SERIES TRUST | HYMB | $724.2K | 30,856 | -0.02pp | 12q | -12.2%-$100.5K | |
| EATON CORP PLC | ETN | $690.2K | 1,606 | +0.05pp | 9q | +74.6%+$294.8K | |
| VISA INC | V | $673.6K | 1,875 | +0.02pp | 10q | +6.8%+$42.8K | |
| SCHWAB STRATEGIC TR | FNDX | $653.9K | 20,778 | +0.01pp | 10q | HELD | |
| FIDELITY COVINGTON TRUST | FHLC | $642.3K | 7,861 | +0.01pp | 29q | -1.6%-$10.2K | |
| PALO ALTO NETWORKS INC | PANW | $638.5K | 1,607 | +0.02pp | 10q | -1.9%-$12.3K | |
| ASML HLDG NV | ASML | $634.6K | 350 | flat | 16q | +8.4%+$49.0K | |
| VANGUARD WHITEHALL FDS | VYM | $578.9K | 3,730 | flat | 5q | HELD | |
| AMERICAN EXPRESS CO | AXP | $566.6K | 1,863 | -0.01pp | 17q | HELD | |
| WILLIAMS COS INC | WMB | $529.4K | 7,788 | flat | 9q | -0.9%-$4.8K | |
| SPACE EXPLORATION TECHN CORP | SPCX | $528.2K | 3,501 | +0.04pp | 2q | +88.4%+$247.9K | |
| HONEYWELL INTL INC | HON | $500.1K | 2,371 | flat | 2q | -3.1%-$16.2K | |
| SOUTHERN CO | SO | $496.9K | 5,994 | -0.01pp | 8q | +0.9%+$4.6K | |
| SPDR GOLD TR | GLD | $494.3K | 1,298 | +0.01pp | 7q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $467.3K | 513 | flat | 8q | -7.4%-$37.4K | |
| ISHARES TR | AGG | $459.0K | 4,855 | -6.95pp | 29q | -98.9%-$42.9M | |
| CADENCE DESIGN SYSTEM INC | CDNS | $444.9K | 1,347 | flat | 5q | +2.7%+$11.9K | |
| PROSHARES TR | NOBL | $444.4K | 8,214 | flat | 32q | HELD | |
| SELECT SECTOR SPDR TR | XLK | $438.9K | 2,242 | +0.01pp | 11q | HELD | |
| VANECK ETF TRUST | MOAT | $434.6K | 4,111 | flat | 9q | HELD | |
| CHEVRON CORPORATION | CVX | $431.0K | 2,111 | +0.02pp | 6q | +6.6%+$26.7K | |
| EATON VANCE NATL MUN OPPORT | EOT | $425.2K | 27,684 | -0.01pp | 13q | HELD | |
| COHERENT CORP | COHR | $424.9K | 1,476 | -0.01pp | 2q | +18.3%+$65.6K | |
| ARISTA NETWORKS INC | ANET | $413.5K | 2,031 | +0.02pp | 2q | +12.3%+$45.2K | |
| ISHARES TR | IWM | $407.4K | 1,466 | flat | 2q | -1.3%-$5.3K | |
| VANGUARD WORLD FD | VGT | $404.2K | 3,216 | +0.01pp | 8q | HELD | |
| DEERE CO | DE | $397.6K | 592 | +0.01pp | 12q | +0.5%+$2.0K | |
| EXPEDITORS INTL WASH INC | EXPD | $395.5K | 2,142 | flat | 7q | -10.5%-$46.2K | |
| J P MORGAN EXCHANGE TRADED F | JPIE | $389.4K | 8,675 | +0.01pp | 2q | +14.6%+$49.6K | |
| SPDR SERIES TRUST | SPMD | $385.4K | 6,113 | flat | 9q | HELD | |
| VANGUARD INDEX FDS | VTV | $383.9K | 1,777 | flat | 11q | +3.6%+$13.4K | |
| THERMO FISHER SCIENTIFIC INC | TMO | $374.7K | 555 | +0.02pp | 6q | HELD | |
| COCA COLA CO | KO | $373.6K | 4,340 | +0.01pp | 7q | +3.5%+$12.6K | |
| ISHARES TR | IVW | $368.4K | 2,590 | +0.01pp | 6q | +7.9%+$26.9K | |
| HONEYWELL AEROSPACE INC | HONA | $367.4K | 2,371 | -0.02pp | 2q | -3.1%-$11.6K | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $365.8K | 557 | flat | 17q | HELD | |
| AMERICAN CENTY ETF TR | AVUV | $362.3K | 3,076 | flat | 11q | HELD | |
| SELECT SECTOR SPDR TR | XLY | $357.6K | 3,286 | flat | 12q | HELD | |
| PHILIP MORRIS INTL INC | PM | $352.3K | 1,846 | +0.01pp | 6q | HELD | |
| AIR PRODUCTS AND CHEMICALS I | APD | $334.2K | 1,201 | flat | 32q | +1.7%+$5.6K | |
| ISHARES TR | IWS | $332.7K | 2,070 | flat | 14q | HELD | |
| ISHARES BITCOIN TRUST ETF | IBIT | $323.4K | 6,832 | +0.01pp | 5q | -6.4%-$22.3K | |
| EVERGY INC | EVRG | $305.4K | 3,893 | flat | 8q | HELD | |
| SMITH A O CORP | AOS | $302.9K | 5,374 | -0.01pp | 32q | -13.0%-$45.3K | |
| NYLIM ETF TR | MNA | $300.3K | 8,155 | flat | 32q | +0.8%+$2.3K | |
| MARATHON PETE CORP | MPC | $299.7K | 758 | - | new | NEW | |
| O'REILLY AUTOMOTIVE INC | ORLY | $295.1K | 3,455 | flat | 32q | HELD | |
| ISHARES TR | IVE | $290.4K | 1,272 | flat | 9q | +1.6%+$4.6K | |
| PROCTER & GAMBLE CO | PG | $286.1K | 1,969 | flat | 9q | +5.0%+$13.7K | |
| CASEYS GEN STORES INC | CASY | $285.4K | 469 | -0.01pp | 7q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $281.1K | 5,000 | +0.01pp | 11q | +11.9%+$29.8K | |
| MASTERCARD INCORPORATED | MA | $276.7K | 502 | flat | 12q | -4.6%-$13.2K | |
| INTEL CORP | INTC | $273.0K | 2,271 | +0.01pp | 2q | +57.2%+$99.3K | |
| HOME DEPOT INC | HD | $271.2K | 953 | flat | 12q | +7.3%+$18.5K | |
| ISHARES TR | SUB | $271.0K | 2,593 | +0.01pp | 16q | +25.9%+$55.7K | |
| APPLIED MATLS INC | AMAT | $270.5K | 529 | flat | 2q | +21.6%+$48.1K | |
| NETFLIX INC. | NFLX | $262.8K | 3,777 | flat | 8q | -2.4%-$6.5K | |
| VANGUARD INDEX FDS | VUG | $253.7K | 2,815 | flat | 2q | -4.5%-$12.1K | |
| AT&T INC | T | $253.1K | 10,371 | +0.01pp | 7q | +4.2%+$10.2K | |
| CISCO SYS INC | CSCO | $248.7K | 2,311 | flat | 2q | +9.4%+$21.4K | |
| AMERICAN CENTY ETF TR | AVUS | $244.8K | 1,911 | - | new | NEW | |
| SCHWAB STRATEGIC TR | SCHM | $243.4K | 7,156 | flat | 4q | +0.6%+$1.4K | |
| VANGUARD MUN BD FDS | VTEB | $241.5K | 5,100 | - | new | NEW | |
| MERCK & CO INC | MRK | $235.6K | 1,621 | - | new | NEW | |
| CSX CORP | CSX | $225.7K | 4,853 | flat | 2q | HELD | |
| KLA CORP | KLAC | $225.4K | 1,156 | -0.01pp | 4q | +4.8%+$10.3K | |
| AMGEN INC | AMGN | $224.8K | 533 | - | new | NEW | |
| GE AEROSPACE | GE | $222.4K | 712 | -0.01pp | 5q | -1.0%-$2.2K | |
| SPDR SERIES TRUST | SPHY | $217.1K | 9,611 | flat | 2q | HELD | |
| SELECT SECTOR SPDR TR | XLI | $211.1K | 1,264 | flat | 4q | HELD | |
| GOLDMAN SACHS GROUP INC | GS | $207.2K | 230 | flat | 4q | +0.9%+$1.8K | |
| SPDR SERIES TRUST | SPYM | $201.4K | 2,244 | - | new | NEW | |
| VANGUARD WORLD FD | VDC | $201.2K | 922 | flat | 3q | +0.5%+$1.1K | |
| AMC ENTMT HLDGS INC | AMC | $88.5K | 29,485 | +0.01pp | 7q | -0.7% |
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 | $24.7M | 4.0% |
| Semiconductors & Electronics | $22.5M | 3.6% |
| Retail & Consumer | $21.1M | 3.4% |
| Insurance | $14.4M | 2.3% |
| Computer Hardware | $11.8M | 1.9% |
| Industrials | $11.6M | 1.9% |
| Other sectors | $42.7M | 6.9% |
| Not classified | $466.7M | 75.8% |
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 | +0.8% | +2.1% | -1.3% | 100% |
| Q2 2026 | +13.0% | +14.8% | -1.9% | 100% |
| Q1 2026 | -3.1% | -4.6% | +1.5% | 100% |
| Q4 2025 | +1.5% | +2.4% | -0.9% | 100% |
| Q3 2025 | +6.4% | +7.8% | -1.4% | 100% |
| Q2 2025 | +7.5% | +10.5% | -2.9% | 100% |
| Q1 2025 | -3.4% | -4.6% | +1.2% | 100% |
| Q4 2024 | +0.3% | +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 | $615.5M | 145 | 7 | 58 | 46 | 14 | 68.0% | 15 |
| Q2 2026 | $645.7M | 152 | 20 | 38 | 61 | 8 | 67.2% | 21 |
| Q1 2026 | $554.2M | 140 | 5 | 54 | 52 | 3 | 67.5% | 31 |
| Q4 2025 | $564.8M | 138 | 8 | 47 | 55 | 5 | 67.0% | 23 |
| Q3 2025 | $553.7M | 135 | 13 | 64 | 25 | 5 | 66.8% | 37 |
| Q2 2025 | $509.6M | 127 | 12 | 56 | 29 | 4 | 67.5% | 10 |
| Q1 2025 | $458.6M | 119 | 8 | 50 | 39 | 8 | 67.2% | 8 |
| Q4 2024 | $464.4M | 119 | 11 | 50 | 34 | 7 | 67.8% | 28 |
| Q3 2024 | $453.2M | 115 | 18 | 42 | 23 | 1 | 66.5% | 18 |
| Q2 2024 | $416.1M | 98 | 14 | 54 | 16 | 6 | 69.1% | 10 |
| Q1 2024 | $388.1M | 90 | 10 | 45 | 18 | 1 | 69.4% | 10 |
| Q4 2023 | $350.7M | 81 | 8 | 24 | 15 | 0 | 70.0% | 32 |
| Q3 2023 | $311.1M | 73 | 4 | 33 | 21 | 10 | 70.9% | 44 |
| Q2 2023 | $299.1M | 79 | 10 | 45 | 10 | 3 | 69.5% | 28 |
| Q1 2023 | $269.7M | 72 | 5 | 44 | 6 | 4 | 70.0% | 40 |
| Q4 2022 | $241.8M | 71 | 9 | 42 | 9 | 0 | 68.8% | 46 |
| Q3 2022 | $214.9M | 62 | 6 | 40 | 9 | 7 | 71.4% | 39 |
| Q2 2022 | $202.6M | 63 | 4 | 40 | 9 | 7 | 71.0% | 40 |
| Q1 2022 | $234.6M | 66 | 5 | 40 | 7 | 2 | 70.5% | 36 |
| Q4 2021 | $231.4M | 63 | 5 | 33 | 12 | 4 | 72.2% | 31 |
| Q3 2021 | $212.6M | 62 | 2 | 41 | 6 | 2 | 73.4% | 46 |
| Q2 2021 | $208.8M | 62 | 2 | 36 | 10 | 3 | 73.4% | 33 |
| Q1 2021 | $189.1M | 63 | 4 | 28 | 16 | 6 | 73.2% | 37 |
| Q4 2020 | $196.1M | 65 | 4 | 23 | 13 | 0 | 75.2% | 35 |
| Q3 2020 | $173.7M | 61 | 5 | 25 | 19 | 2 | 74.8% | 34 |
| Q2 2020 | $129.5M | 58 | 8 | 34 | 8 | 5 | 74.4% | 45 |
| Q1 2020 | $105.3M | 55 | 1 | 30 | 17 | 12 | 75.2% | 34 |
| Q4 2019 | $123.9M | 66 | 6 | 33 | 15 | 1 | 70.3% | 27 |
| Q3 2019 | $112.3M | 61 | 8 | 36 | 11 | 3 | 73.0% | 32 |
| Q2 2019 | $107.1M | 56 | 7 | 29 | 12 | 4 | 74.7% | 15 |
| Q1 2019 | $117.1M | 53 | 1 | 33 | 16 | 2 | 78.7% | 38 |
| Q4 2018 | $100.9M | 54 | 0 | 0 | 0 | 0 | 78.3% | 46 |
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.