DaveManuel.com · Institutional Ownership · 13F Holdings
Midwest Professional Planners, LTD.
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | SPY | $50.3M | 66,008 | -0.66pp | 32q | -8.9%-$4.9M | |
| NVIDIA CORPORATION | NVDA | $17.3M | 75,638 | +0.32pp | 32q | -4.2%-$764.4K | |
| MICRON TECHNOLOGY INC | MU | $16.0M | 14,980 | +1.45pp | 22q | +99.3%+$7.9M | |
| ADVANCED MICRO DEVICES INC | AMD | $15.5M | 25,343 | +0.06pp | 19q | -4.1%-$661.3K | |
| iShares Tr | SHV | $12.4M | 112,811 | flat | 22q | -1.0%-$127.8K | |
| BROADCOM INC | AVGO | $11.8M | 33,637 | -0.28pp | 31q | -4.7%-$580.9K | |
| APPLIED MATLS INC | AMAT | $11.4M | 22,298 | -1.01pp | 32q | -3.2%-$376.9K | |
| LAM RESEARCH CORP | LRCX | $11.4M | 34,552 | -0.93pp | 8q | -7.4%-$910.6K | |
| ISHARES TR | IBTG | $8.7M | 380,175 | -0.05pp | 11q | -3.4%-$309.7K | |
| ISHARES TR | IBTH | $8.6M | 385,083 | +0.33pp | 10q | +23.0%+$1.6M | |
| ISHARES TR | IEI | $7.9M | 69,231 | -0.09pp | 22q | -3.2%-$256.7K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $7.8M | 17,112 | flat | 7q | +4.1%+$304.3K | |
| JPMORGAN CHASE & CO | JPM | $7.8M | 23,486 | -0.04pp | 32q | -4.3%-$346.4K | |
| EATON CORP PLC | ETN | $7.3M | 16,923 | -0.01pp | 32q | -2.0%-$150.4K | |
| ISHARES TR | EFA | $7.0M | 66,953 | +0.02pp | 32q | +0.5%+$36.7K | |
| ISHARES TR | AGG | $6.5M | 69,282 | -0.03pp | 32q | +1.3%+$85.1K | |
| ISHARES TR | IWV | $6.2M | 14,410 | -0.04pp | 32q | -5.0%-$325.9K | |
| ISHARES TR | IJH | $6.2M | 86,432 | -0.84pp | 15q | -37.0%-$3.6M | |
| CUMMINS INC | CMI | $6.2M | 11,908 | -0.56pp | 22q | -6.2%-$409.1K | |
| RTX CORPORATION | RTX | $6.1M | 33,017 | -0.09pp | 11q | -5.8%-$377.1K | |
| TERADYNE INC | TER | $6.1M | 15,241 | -0.28pp | 8q | -2.7%-$172.4K | |
| ISHARES TR | EEM | $6.0M | 90,510 | -0.04pp | 15q | -2.0%-$120.6K | |
| MICROSOFT CORP | MSFT | $5.9M | 11,423 | +0.30pp | 22q | -2.4%-$144.6K | |
| GOLDMAN SACHS GROUP INC | GS | $5.8M | 6,473 | -0.17pp | 15q | -2.8%-$170.2K | |
| HEWLETT PACKARD ENTERPRISE C | HPE | $5.8M | 90,418 | +0.32pp | 31q | -2.6%-$155.6K | |
| USCF ETF TR | SDCI | $5.6M | 178,418 | +0.23pp | 5q | +6.7%+$347.8K | |
| MOODYS CORP | MCO | $5.5M | 12,093 | flat | 32q | -0.8%-$42.2K | |
| ISHARES INC | EMXC | $5.3M | 53,063 | -0.03pp | 18q | HELD | |
| LOCKHEED MARTIN CORP | LMT | $4.9M | 9,592 | -0.01pp | 32q | -1.9%-$92.2K | |
| CAPITAL ONE FINL CORP | COF | $4.9M | 25,293 | -0.07pp | 32q | -3.6%-$183.8K | |
| VISA INC | V | $4.8M | 13,242 | +0.06pp | 28q | +0.8%+$35.9K | |
| UNION PAC CORP | UNP | $4.7M | 17,324 | flat | 32q | HELD | |
| ARM HOLDINGS PLC | ARM | $4.7M | 16,091 | -0.15pp | 12q | +4.4%+$194.7K | |
| COSTCO WHOLESALE CORPORATION | COST | $4.7M | 5,119 | -0.11pp | 22q | -8.7%-$441.5K | |
| ISHARES TR | IBTI | $4.7M | 212,457 | +0.24pp | 8q | +36.3%+$1.2M | |
| APPLE INC | AAPL | $4.5M | 13,385 | +0.12pp | 32q | -0.5%-$24.0K | |
| OSHKOSH CORP | OSK | $4.1M | 31,814 | -0.19pp | 32q | -3.8%-$163.6K | |
| AMERICAN EXPRESS CO | AXP | $4.0M | 13,217 | -0.11pp | 22q | -3.2%-$133.2K | |
| ISHARES TR | IBB | $3.9M | 18,496 | - | new | NEW | |
| ARISTA NETWORKS INC | ANET | $3.8M | 18,882 | +0.13pp | 8q | -0.9%-$36.6K | |
| INVESCO QQQ TR | QQQ | $3.8M | 5,104 | -0.02pp | 10q | -3.6%-$141.3K | |
| SELECT SECTOR SPDR TR | XLK | $3.7M | 19,144 | +0.01pp | 5q | -2.8%-$106.5K | |
| ISHARES TR | IWD | $3.7M | 14,877 | -0.03pp | 2q | -6.5%-$257.4K | |
| MASTERCARD INCORPORATED | MA | $3.6M | 6,608 | +0.06pp | 14q | +1.4%+$49.6K | |
| SPDR SERIES TRUST | CWB | $3.6M | 35,881 | -0.08pp | 3q | -4.7%-$180.6K | |
| ASML HLDG NV | ASML | $3.6M | 1,996 | -0.08pp | 4q | -2.7%-$99.6K | |
| ISHARES TR | QLTA | $3.6M | 80,086 | -0.07pp | 6q | -4.2%-$157.6K | |
| ROYAL BK CDA | RY | $3.5M | 17,995 | -0.01pp | 22q | +3.5%+$120.1K | |
| NORFOLK SOUTHN CORP | NSC | $3.5M | 11,428 | -0.02pp | 32q | -1.8%-$65.2K | |
| ISHARES TR | IWN | $3.5M | 16,800 | -0.08pp | 3q | -6.2%-$233.5K | |
| SELECT SECTOR SPDR TR | XLE | $3.5M | 56,282 | - | new | NEW | |
| ALPHABET INC | GOOG | $3.4M | 10,084 | flat | 22q | +2.1%+$71.2K | |
| ISHARES TR | IGE | $3.4M | 55,365 | - | new | NEW | |
| ISHARES TR | IWO | $3.4M | 9,542 | -0.10pp | 4q | -4.5%-$159.9K | |
| META PLATFORMS INC | META | $3.4M | 4,652 | +0.04pp | 31q | -18.0%-$741.9K | |
| ANALOG DEVICES INC | ADI | $3.2M | 8,156 | -0.03pp | 22q | -5.6%-$192.8K | |
| MAIN STR CAP CORP | MAIN | $3.2M | 58,546 | +0.06pp | 11q | +2.4%+$75.9K | |
| TORM PLC | TRMD | $3.1M | 82,115 | +0.17pp | 11q | -5.9%-$196.6K | |
| ISHARES TR | IJR | $3.1M | 22,923 | -0.05pp | 15q | -0.6%-$17.4K | |
| AMGEN INC | AMGN | $3.1M | 7,257 | +0.09pp | 32q | HELD | |
| ORACLE CORP | ORCL | $3.0M | 22,096 | -0.06pp | 22q | -3.6%-$112.0K | |
| EPR PPTYS | EPR | $2.9M | 52,289 | -0.03pp | 22q | -1.9%-$58.2K | |
| ABBVIE INC | ABBV | $2.9M | 10,964 | +0.02pp | 32q | -1.9%-$54.4K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $2.8M | 17,397 | - | new | NEW | |
| EDWARDS LIFESCIENCES CORP | EW | $2.7M | 31,251 | -0.02pp | 11q | HELD | |
| BLACKROCK INC | BLK | $2.7M | 2,506 | +0.04pp | 8q | -3.1%-$85.7K | |
| AMAZON COM INC | AMZN | $2.6M | 10,594 | +0.05pp | 32q | +5.5%+$138.3K | |
| GLOBAL X FDS | MLPX | $2.6M | 37,739 | +0.05pp | 6q | +15.1%+$346.4K | |
| DATADOG INC | DDOG | $2.6M | 9,548 | +0.06pp | 13q | +7.8%+$189.0K | |
| NORTHROP GRUMMAN CORP | NOC | $2.6M | 5,372 | -0.04pp | 32q | -2.4%-$62.9K | |
| DANAOS CORPORATION | DAC | $2.5M | 15,997 | +0.08pp | 4q | -5.1%-$132.4K | |
| WASTE MGMT INC DEL | WM | $2.4M | 11,946 | -0.07pp | 32q | -4.5%-$115.8K | |
| CHENIERE ENERGY INC | LNG | $2.4M | 9,047 | +0.05pp | 17q | -1.0%-$25.6K | |
| SHOPIFY INC | SHOP | $2.4M | 16,361 | +0.13pp | 12q | +4.8%+$112.0K | |
| ISHARES TR | IBTJ | $2.3M | 108,006 | +0.13pp | 7q | +40.8%+$664.0K | |
| KLA CORP | KLAC | $2.3M | 11,740 | -0.22pp | 7q | +2.6%+$57.1K | |
| CISCO SYS INC | CSCO | $2.3M | 21,257 | -0.07pp | 22q | -6.7%-$165.4K | |
| FIRST CTZNS BANCSHARES INC D | FCNCA | $2.3M | 1,095 | -0.02pp | 11q | -4.5%-$105.1K | |
| WHITE MTNS INS GROUP LTD | WTM | $2.2M | 1,115 | -0.03pp | 10q | -4.2%-$98.3K | |
| OMEGA HEALTHCARE INVS INC | OHI | $2.2M | 46,669 | -0.02pp | 29q | -1.8%-$40.6K | |
| PEMBINA PIPELINE CORP | PBA | $2.1M | 47,898 | -0.02pp | 8q | -1.5%-$32.1K | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $2.1M | 24,826 | +0.03pp | 8q | +9.5%+$184.0K | |
| CHEVRON CORPORATION | CVX | $2.1M | 10,252 | +0.12pp | 32q | +13.4%+$247.5K | |
| ISHARES TR | IEF | $2.0M | 21,965 | -0.02pp | 27q | HELD | |
| ISHARES TR | SHY | $1.9M | 23,979 | -0.01pp | 32q | -2.7%-$53.2K | |
| PUBLIC STORAGE | PSA | $1.9M | 6,646 | -0.05pp | 32q | -1.7%-$32.0K | |
| VERTEX PHARMACEUTICALS INC | VRTX | $1.8M | 3,522 | +0.03pp | 19q | +1.5%+$26.7K | |
| FIDELITY GREENWOOD STREET TR | FHEQ | $1.7M | 50,985 | - | new | NEW | |
| TC ENERGY CORP | TRP | $1.7M | 29,163 | -0.07pp | 8q | -5.8%-$103.5K | |
| ARES CAPITAL CORP | ARCC | $1.7M | 86,783 | +0.05pp | 12q | +13.3%+$194.2K | |
| CADENCE DESIGN SYSTEM INC | CDNS | $1.6M | 4,766 | -0.01pp | 9q | +10.8%+$153.9K | |
| NXP SEMICONDUCTORS N V | NXPI | $1.5M | 6,290 | -0.21pp | 22q | -31.9%-$700.4K | |
| INTEL CORP | INTC | $1.4M | 11,334 | - | new | NEW | |
| MANULIFE FINL CORP | MFC | $1.4M | 31,880 | +0.03pp | 8q | +4.0%+$52.5K | |
| TESLA INC | TSLA | $1.3M | 3,776 | -0.04pp | 15q | +2.7%+$35.8K | |
| PROLOGIS INC. | PLD | $1.2M | 9,521 | -0.02pp | 30q | -3.5%-$44.9K | |
| Dominion Energy, Inc. | D | $1.2M | 20,156 | -0.04pp | 22q | -3.6%-$45.4K | |
| AMERICAN ELEC PWR CO INC | AEP | $1.2M | 10,141 | -0.03pp | 19q | +3.0%+$34.8K | |
| DEERE CO | DE | $1.2M | 1,787 | +0.02pp | 19q | +1.9%+$22.8K | |
| INTUITIVE SURGICAL INC | ISRG | $1.2M | 2,875 | +0.01pp | 22q | +3.0%+$34.2K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $1.1M | 6,097 | +0.09pp | 14q | HELD | |
| OGE ENERGY CORP | OGE | $1.1M | 25,098 | -0.02pp | 22q | -2.6%-$29.9K | |
| RENAISSANCERE HLDGS LTD | RNR | $1.1M | 3,532 | +0.01pp | 16q | +4.7%+$50.6K | |
| SOFI TECHNOLOGIES INC | SOFI | $1.1M | 68,363 | -0.02pp | 8q | +1.3%+$13.4K | |
| XCEL ENERGY INC | XEL | $1.1M | 15,097 | -0.03pp | 32q | -2.2%-$24.0K | |
| MONSTER BEVERAGE CORP NEW | MNST | $1.0M | 25,162 | -0.02pp | 12q | +6.5%+$64.3K | |
| ISHARES TR | IBTK | $1.0M | 53,079 | +0.10pp | 4q | +107.6%+$522.5K | |
| CREDIT SUISSE NASSAU BRANC | GLDI | $915.6K | 6,516 | - | new | NEW | |
| ALPHABET INC | GOOGL | $914.9K | 2,659 | +0.01pp | 32q | +8.7%+$72.9K | |
| PROVIDENT FINL SVCS INC | PFS | $911.3K | 41,143 | flat | 11q | +3.1%+$27.7K | |
| CNX RES CORP | CNX | $852.8K | 27,360 | -0.01pp | 11q | +2.1%+$17.5K | |
| BOSTON SCIENTIFIC CORP | BSX | $794.4K | 18,199 | +0.01pp | 32q | +2.1%+$16.2K | |
| CREDO TECHNOLOGY GROUP HOLDI | CRDO | $783.7K | 4,023 | +0.07pp | 2q | +141.8%+$459.5K | |
| PERMIAN RESOURCES CORP | PR | $769.9K | 36,453 | +0.03pp | 11q | +7.1%+$51.3K | |
| SALESFORCE INC | CRM | $696.1K | 3,032 | +0.05pp | 31q | +2.8%+$18.8K | |
| PAYCHEX INC | PAYX | $555.3K | 5,637 | -0.01pp | 32q | -6.3%-$37.2K | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $496.7K | 3,267 | - | new | NEW | |
| NEBIUS GROUP N.V. | NBIS | $408.1K | 1,730 | -0.01pp | 2q | +1.9%+$7.5K | |
| BIONTECH SE | BNTX | $399.9K | 4,068 | +0.01pp | 22q | +1.6%+$6.5K | |
| TELEDYNE TECHNOLOGIES INC | TDY | $389.6K | 642 | +0.01pp | 4q | +21.1%+$68.0K | |
| INVESCO ACTVELY MNGD ETC FD | PDBA | $376.8K | 10,033 | - | new | NEW | |
| NOVANTA INC | NOVT | $375.5K | 2,641 | - | new | NEW | |
| PROCTER & GAMBLE CO | PG | $371.7K | 2,559 | -0.01pp | 22q | -8.6%-$34.9K | |
| SYMBOTIC INC | SYM | $363.7K | 8,646 | +0.03pp | 5q | +62.9%+$140.4K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $347.1K | 697 | flat | 22q | -4.1%-$14.9K | |
| VANGUARD INDEX FDS | VO | $320.1K | 4,082 | flat | 22q | HELD | |
| ISHARES TR | TLH | $304.4K | 3,302 | flat | 7q | +9.0%+$25.3K | |
| NETFLIX INC. | NFLX | $294.0K | 4,225 | +0.01pp | 9q | +12.8%+$33.3K | |
| BADGER METER INC | BMI | $270.9K | 2,193 | -0.01pp | 17q | HELD | |
| VANGUARD INDEX FDS | VV | $256.9K | 730 | flat | 22q | HELD | |
| MCCORMICK & CO INC | MKC | $247.5K | 5,335 | flat | 2q | +11.7%+$26.0K | |
| ISHARES TR | FLOT | $239.0K | 4,681 | flat | 3q | +6.2%+$14.0K | |
| WEC ENERGY GROUP INC | WEC | $238.2K | 2,364 | -0.01pp | 22q | -3.8%-$9.4K | |
| NETEASE COM INC | NTES | $234.3K | 1,934 | +0.01pp | 2q | +17.8%+$35.4K | |
| QUALCOMM INC | QCOM | $230.0K | 1,250 | +0.01pp | 2q | +15.2%+$30.4K | |
| CINTAS CORP | CTAS | $221.8K | 1,137 | - | new | NEW | |
| NOVARTIS AG | NVS | $218.3K | 1,531 | - | new | NEW | |
| O'REILLY AUTOMOTIVE INC | ORLY | $217.1K | 2,542 | - | new | NEW | |
| nan | MELI | $205.7K | 119 | - | new | NEW | |
| CATERPILLAR INC | CAT | $203.5K | 251 | -0.01pp | 2q | HELD | |
| NIAGEN BIOSCIENCE INC | NAGE | $61.2K | 20,950 | flat | 22q | 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 |
|---|---|---|
| Semiconductors & Electronics | $91.9M | 18.2% |
| Funds & ETFs | $55.2M | 10.9% |
| Industrials | $30.2M | 6.0% |
| Software & IT Services | $25.7M | 5.1% |
| Banks & Lending | $24.5M | 4.8% |
| Autos & Aerospace | $19.4M | 3.8% |
| Computer Hardware | $16.4M | 3.2% |
| Business Services | $14.7M | 2.9% |
| Transport & Logistics | $13.8M | 2.7% |
| Energy | $12.8M | 2.5% |
| Capital Markets | $12.0M | 2.4% |
| Instruments & Controls | $8.7M | 1.7% |
| Other sectors | $43.4M | 8.6% |
| Not classified | $137.4M | 27.1% |
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 | -2.1% | +2.1% | -4.3% | 100% |
| Q2 2026 | +18.4% | +14.8% | +3.6% | 100% |
| Q1 2026 | -1.0% | -4.6% | +3.6% | 100% |
| Q4 2025 | +1.8% | +2.4% | -0.5% | 99% |
| Q3 2025 | +6.5% | +7.8% | -1.3% | 100% |
| Q2 2025 | +11.3% | +10.5% | +0.9% | 100% |
| Q1 2025 | -4.6% | -4.6% | -0.0% | 100% |
| Q4 2024 | +0.9% | +2.1% | -1.2% | 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 | $506.0M | 141 | 14 | 50 | 66 | 4 | 32.3% | 29 |
| Q2 2026 | $510.3M | 131 | 8 | 78 | 32 | 14 | 33.8% | 36 |
| Q1 2026 | $424.5M | 137 | 4 | 71 | 39 | 9 | 32.3% | 35 |
| Q4 2025 | $422.2M | 142 | 9 | 84 | 39 | 15 | 32.4% | 37 |
| Q3 2025 | $409.9M | 148 | 5 | 46 | 50 | 6 | 31.8% | 35 |
| Q2 2025 | $379.8M | 149 | 6 | 88 | 28 | 12 | 32.9% | 42 |
| Q1 2025 | $321.3M | 155 | 7 | 70 | 64 | 4 | 29.0% | 32 |
| Q4 2024 | $334.9M | 152 | 18 | 94 | 30 | 20 | 31.8% | 41 |
| Q3 2024 | $327.1M | 154 | 10 | 111 | 23 | 3 | 33.4% | 45 |
| Q2 2024 | $299.2M | 147 | 7 | 91 | 32 | 7 | 36.5% | 37 |
| Q1 2024 | $285.1M | 147 | 26 | 66 | 47 | 8 | 34.7% | 39 |
| Q4 2023 | $250.9M | 129 | 16 | 88 | 19 | 12 | 38.9% | 46 |
| Q3 2023 | $222.4M | 125 | 6 | 88 | 25 | 5 | 40.2% | 44 |
| Q2 2023 | $228.3M | 124 | 10 | 83 | 22 | 7 | 41.7% | 38 |
| Q1 2023 | $204.4M | 121 | 11 | 74 | 27 | 13 | 42.3% | 45 |
| Q4 2022 | $180.7M | 123 | 9 | 85 | 24 | 3 | 37.1% | 41 |
| Q3 2022 | $167.6M | 117 | 8 | 88 | 12 | 6 | 42.7% | 41 |
| Q2 2022 | $177.3M | 115 | 5 | 93 | 8 | 10 | 43.6% | 40 |
| Q1 2022 | $203.3M | 120 | 17 | 79 | 16 | 13 | 42.9% | 41 |
| Q4 2021 | $205.9M | 116 | 4 | 65 | 24 | 2 | 41.8% | 41 |
| Q3 2021 | $188.5M | 114 | 10 | 44 | 36 | 12 | 41.0% | 39 |
| Q2 2021 | $191.9M | 116 | 49 | 43 | 24 | 13 | 42.3% | 41 |
| Q1 2021 | $101.3M | 80 | 13 | 24 | 43 | 45 | 48.5% | 47 |
| Q4 2020 | $162.3M | 112 | 19 | 54 | 33 | 10 | 44.4% | 70 |
| Q3 2020 | $142.2M | 103 | 4 | 83 | 14 | 5 | 42.7% | 37 |
| Q2 2020 | $127.0M | 104 | 26 | 59 | 18 | 3 | 42.9% | 45 |
| Q1 2020 | $101.3M | 81 | 3 | 62 | 12 | 14 | 46.1% | 35 |
| Q4 2019 | $122.4M | 92 | 9 | 51 | 27 | 8 | 43.4% | 42 |
| Q3 2019 | $111.8M | 91 | 9 | 48 | 17 | 9 | 46.6% | 45 |
| Q2 2019 | $107.8M | 91 | 8 | 42 | 23 | 6 | 42.7% | 43 |
| Q1 2019 | $103.6M | 89 | 22 | 36 | 23 | 13 | 46.1% | 38 |
| Q4 2018 | $92.9M | 80 | 0 | 0 | 0 | 0 | 49.9% | 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.