DaveManuel.com · Institutional Ownership · 13F Holdings
Xcel Wealth Management, LLC
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| AMAZON COM INC | AMZN | $32.6M | 130,785 | +0.63pp | 32q | HELD | |
| RH | RH | $19.1M | 156,769 | -1.48pp | 26q | -0.6%-$118.8K | |
| NVIDIA CORPORATION | NVDA | $18.9M | 82,875 | +0.60pp | 32q | -3.1%-$609.5K | |
| ALPHABET INC | GOOGL | $14.9M | 43,345 | -0.04pp | 32q | -1.0%-$147.6K | |
| APPLE INC | AAPL | $13.6M | 40,837 | +0.17pp | 32q | -11.6%-$1.8M | |
| BANK OF AMER CORP | BAC | $12.1M | 222,976 | -0.69pp | 32q | -17.8%-$2.6M | |
| JPMORGAN CHASE & CO | JPM | $11.9M | 36,061 | +0.05pp | 32q | -2.8%-$340.1K | |
| CAPITAL ONE FINL CORP | COF | $10.7M | 55,195 | +0.01pp | 7q | +0.8%+$82.1K | |
| HOME DEPOT INC | HD | $10.2M | 35,708 | -0.54pp | 31q | -1.4%-$149.4K | |
| BOEING CO | BA | $10.0M | 53,957 | -0.27pp | 32q | +1.1%+$104.7K | |
| SPACE EXPLORATION TECHN CORP | SPCX | $9.6M | 63,306 | +1.17pp | 2q | +116.0%+$5.1M | |
| INTEL CORP | INTC | $9.3M | 77,469 | +1.64pp | 2q | +291.5%+$6.9M | |
| FORD MTR CO | F | $9.2M | 760,867 | -0.53pp | 24q | -9.8%-$1.0M | |
| PALO ALTO NETWORKS INC | PANW | $8.4M | 21,242 | +0.22pp | 26q | -7.4%-$676.6K | |
| BROADCOM INC | AVGO | $8.2M | 23,313 | -0.10pp | 26q | -0.9%-$75.9K | |
| CHARLES SCHWAB CORP (THE) | SCHW | $8.2M | 83,423 | +0.18pp | 15q | HELD | |
| MORGAN STANLEY | MS | $7.5M | 39,963 | -0.17pp | 32q | -1.7%-$131.1K | |
| TESLA INC | TSLA | $7.4M | 20,762 | -0.24pp | 12q | +1.2%+$85.9K | |
| BANK OF AMER CORP | BACPRL | $7.0M | 5,750 | -0.22pp | 20q | -13.1%-$1.1M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $6.7M | 13,398 | +0.05pp | 27q | HELD | |
| CORNING INC | GLW | $5.8M | 37,440 | -0.86pp | 4q | HELD | |
| VANGUARD INDEX FDS | VOO | $5.2M | 7,410 | flat | 32q | -5.4%-$298.6K | |
| NEXTERA ENERGY INC | NEE | $4.9M | 65,209 | -0.18pp | 32q | -2.3%-$114.7K | |
| ADVANCED MICRO DEVICES INC | AMD | $4.9M | 8,031 | flat | 25q | -8.4%-$449.0K | |
| PRUDENTIAL FINL INC | PRU | $4.9M | 43,193 | +0.03pp | 19q | -5.8%-$304.5K | |
| CROWDSTRIKE HLDGS INC | CRWD | $4.9M | 18,408 | +0.27pp | 26q | -10.5%-$569.7K | |
| SOFI TECHNOLOGIES INC | SOFI | $4.3M | 271,423 | -0.10pp | 19q | +0.6%+$26.5K | |
| GE VERNOVA INC | GEV | $3.9M | 4,080 | -0.19pp | 10q | -0.9%-$34.2K | |
| PFIZER INC | PFE | $3.6M | 126,138 | -0.05pp | 32q | -23.2%-$1.1M | |
| CATERPILLAR INC | CAT | $3.6M | 4,387 | -0.40pp | 32q | -13.0%-$531.0K | |
| WALMART INC | WMT | $3.5M | 34,071 | -0.08pp | 31q | -3.2%-$115.7K | |
| FEDEX CORP | FDX | $3.4M | 11,884 | +0.04pp | 6q | +11.4%+$345.5K | |
| INVESCO QQQ TR | QQQ | $3.3M | 4,495 | +0.07pp | 27q | +5.5%+$173.1K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $3.3M | 17,438 | +0.32pp | 9q | +0.5%+$17.8K | |
| CAVA GROUP INC | CAVA | $3.2M | 58,717 | -0.11pp | 7q | +22.7%+$588.7K | |
| TANGER INC | SKT | $2.9M | 83,287 | -0.08pp | 6q | HELD | |
| FERGUSON ENTERPRISES INC | FERG | $2.7M | 11,965 | +0.32pp | 7q | +100.3%+$1.3M | |
| SERVICENOW INC | NOW | $2.6M | 19,460 | +0.18pp | 18q | -1.4%-$36.9K | |
| GOLDMAN SACHS GROUP INC | GS | $2.6M | 2,887 | -0.06pp | 32q | -1.1%-$27.9K | |
| NETFLIX INC. | NFLX | $2.6M | 37,295 | -0.04pp | 12q | -6.8%-$188.6K | |
| LEVI STRAUSS & CO NEW | LEVI | $2.5M | 129,052 | -0.20pp | 7q | -7.9%-$216.6K | |
| DEERE CO | DE | $2.5M | 3,696 | +0.06pp | 32q | HELD | |
| MICRON TECHNOLOGY INC | MU | $2.5M | 2,323 | +0.21pp | 10q | +58.7%+$914.9K | |
| TJX COS INC NEW | TJX | $2.5M | 18,621 | -0.07pp | 22q | -0.5%-$13.1K | |
| CONSTRUCTION PARTNERS INC | ROAD | $2.4M | 26,311 | +0.13pp | 2q | +62.9%+$914.3K | |
| VANGUARD BD INDEX FDS | BND | $2.3M | 33,255 | +0.23pp | 2q | +69.1%+$953.2K | |
| ETFS GOLD TR | SGOL | $2.2M | 56,685 | +0.04pp | 27q | HELD | |
| SELECT SECTOR SPDR TR | XLK | $2.2M | 11,029 | +0.03pp | 14q | -1.2%-$25.4K | |
| ALPHABET INC | GOOG | $2.1M | 6,282 | flat | 32q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $2.1M | 2,340 | -0.06pp | 27q | -10.4%-$247.6K | |
| GARMIN LTD | GRMN | $2.1M | 7,300 | +0.10pp | 17q | HELD | |
| ABBOTT LABORATORIES | ABT | $2.1M | 21,103 | +0.05pp | 11q | -1.8%-$37.7K | |
| UBER TECHNOLOGIES INC | UBER | $2.1M | 30,183 | -0.05pp | 27q | -7.8%-$175.0K | |
| META PLATFORMS INC | META | $2.1M | 2,832 | +0.12pp | 32q | -0.6%-$13.1K | |
| EATON CORP PLC | ETN | $2.0M | 4,751 | -0.03pp | 6q | -9.1%-$205.4K | |
| MICROSOFT CORP | MSFT | $2.0M | 3,888 | +0.13pp | 32q | -4.9%-$103.6K | |
| FEDERAL RLTY INVT TR NEW | FRT | $1.9M | 17,371 | -0.07pp | 17q | -4.4%-$87.5K | |
| MARVELL TECHNOLOGY INC | MRVL | $1.7M | 6,294 | -0.07pp | 20q | -6.8%-$121.8K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $1.6M | 7,811 | +0.23pp | 3q | +132.3%+$925.3K | |
| GE AEROSPACE | GE | $1.5M | 4,811 | -0.06pp | 10q | -0.5%-$7.8K | |
| SYNOPSYS INC | SNPS | $1.5M | 3,383 | +0.01pp | 2q | +1.0%+$15.2K | |
| RTX CORPORATION | RTX | $1.4M | 7,802 | +0.01pp | 25q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JEPQ | $1.3M | 21,929 | +0.02pp | 17q | +3.4%+$44.6K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $1.3M | 1,708 | +0.03pp | 12q | +4.7%+$58.7K | |
| SELECT SECTOR SPDR TR | XLF | $1.3M | 24,388 | +0.01pp | 32q | HELD | |
| ENERGY TRANSFER L P | ET | $1.2M | 59,935 | +0.03pp | 3q | +2.1%+$24.7K | |
| JOHNSON & JOHNSON | JNJ | $1.2M | 4,468 | +0.04pp | 2q | +5.2%+$58.5K | |
| MODERNA INC | MRNA | $1.1M | 5,889 | - | new | NEW | |
| SPDR GOLD TR | GLD | $1.1M | 2,971 | +0.02pp | 25q | -1.0%-$11.0K | |
| AMERICAN EXPRESS CO | AXP | $1.1M | 3,693 | -0.12pp | 15q | -25.4%-$381.6K | |
| CISCO SYS INC | CSCO | $1.1M | 10,323 | +0.02pp | 5q | +13.0%+$127.5K | |
| VISA INC | V | $1.1M | 3,059 | -0.01pp | 32q | -9.9%-$121.1K | |
| CEREBRAS SYSTEMS INC | CBRS | $1.1M | 6,028 | - | new | NEW | |
| UNITED PARCEL SVCS INC | UPS | $970.7K | 10,389 | +0.02pp | 2q | +20.5%+$164.9K | |
| ALTRIA GROUP INC | MO | $957.9K | 14,225 | flat | 9q | +1.6%+$14.7K | |
| nan | MELI | $885.0K | 512 | +0.01pp | 4q | +0.6%+$5.2K | |
| SOUTHERN CO | SO | $866.4K | 10,452 | -0.03pp | 32q | -3.9%-$34.8K | |
| BLACKSTONE INC | BX | $863.7K | 7,705 | flat | 15q | HELD | |
| GLOBUS MED INC | GMED | $819.7K | 10,944 | -0.01pp | 11q | -1.8%-$15.0K | |
| BLACKROCK INC | BLK | $811.7K | 767 | +0.02pp | 8q | -4.7%-$40.2K | |
| WEYERHAEUSER CO | WY | $807.3K | 42,380 | +0.10pp | 2q | +138.4%+$468.7K | |
| ROYAL CARIBBEAN GROUP | RCL | $797.6K | 3,000 | -0.03pp | 2q | HELD | |
| KURA ONCOLOGY INC | KURA | $773.1K | 72,183 | -0.05pp | 5q | -20.7%-$201.3K | |
| MONGODB INC | MDB | $765.2K | 2,195 | +0.01pp | 31q | -4.4%-$34.9K | |
| BXP INC | BXP | $757.8K | 12,400 | -0.01pp | 14q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $747.0K | 1 | +0.01pp | 7q | HELD | |
| FIDELITY COVINGTON TRUST | FHLC | $728.3K | 8,914 | +0.02pp | 32q | HELD | |
| EXXONMOBIL HOLDINGS CORP | XOM | $724.2K | 4,450 | - | new | NEW | |
| EASTERLY GOVT PPTYS INC | DEA | $708.8K | 30,551 | -0.01pp | 6q | HELD | |
| INTERNATIONAL BUSINESS MACHS | IBM | $700.0K | 3,183 | -0.06pp | 4q | -7.4%-$55.9K | |
| PPL CORP CALL | PPL | $674.8K | options only | -0.02pp | 22q | OPTIONS | |
| PHILIP MORRIS INTL INC | PM | $664.6K | 3,483 | +0.01pp | 32q | HELD | |
| QNITY ELECTRONICS INC | Q | $651.5K | 5,181 | -0.11pp | 4q | -24.2%-$207.7K | |
| PROCTER & GAMBLE CO | PG | $633.1K | 4,358 | -0.02pp | 32q | HELD | |
| VERIZON COMMUNICATIONS INC | VZ | $625.7K | 13,641 | -0.13pp | 32q | -51.6%-$667.7K | |
| YETI HLDGS INC | YETI | $599.8K | 14,623 | -0.08pp | 18q | -24.9%-$198.9K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $590.3K | 9,460 | +0.01pp | 28q | -3.7%-$22.5K | |
| ARM HOLDINGS PLC | ARM | $587.7K | 2,029 | -0.17pp | 2q | -45.7%-$495.6K | |
| MASCO CORP | MAS | $574.4K | 8,522 | -0.02pp | 26q | HELD | |
| BROWN BROWN INC | BRO | $565.0K | 9,278 | -0.01pp | 25q | -4.5%-$26.8K | |
| SHOPIFY INC | SHOP | $555.5K | 3,746 | +0.03pp | 10q | -7.6%-$45.4K | |
| CHEVRON CORPORATION | CVX | $552.2K | 2,704 | +0.03pp | 32q | -4.1%-$23.9K | |
| AIRBNB INC | ABNB | $535.8K | 3,335 | +0.01pp | 22q | -10.0%-$59.4K | |
| VANGUARD INTL EQUITY INDEX F | VGK | $535.6K | 6,170 | flat | 32q | -1.6%-$8.7K | |
| LEIDOS HOLDINGS INC | LDOS | $525.0K | 4,309 | +0.07pp | 7q | +79.4%+$232.3K | |
| CHENIERE ENERGY INC | LNG | $517.9K | 1,925 | +0.02pp | 13q | HELD | |
| FEDEX FGHT HLDG CO INC | FDXF | $517.6K | 4,732 | -0.05pp | 2q | -6.0%-$33.0K | |
| LISTED FDS TR | MAGS | $493.4K | 6,883 | +0.02pp | 8q | -0.6%-$3.2K | |
| ELI LILLY & CO | LLY | $446.6K | 386 | flat | 6q | -2.0%-$9.3K | |
| AT&T INC | T | $443.6K | 18,182 | -0.01pp | 32q | -25.6%-$152.9K | |
| DUPONT DE NEMOURS INC | DD | $434.4K | 3,344 | -0.03pp | 2q | -22.4%-$125.6K | |
| SERVICETITAN INC | TTAN | $433.4K | 6,588 | -0.07pp | 4q | -35.9%-$242.2K | |
| SPDR SERIES TRUST | HYMB | $422.5K | 18,000 | flat | 11q | HELD | |
| CELSIUS HLDGS INC | CELH | $408.0K | 14,918 | -0.01pp | 23q | -2.0%-$8.2K | |
| DISNEY WALT CO | DIS | $406.8K | 3,878 | -0.07pp | 32q | -47.3%-$365.8K | |
| ARES CAPITAL CORP | ARCC | $403.5K | 21,128 | +0.01pp | 13q | +1.3%+$5.0K | |
| ISHARES TR | ITA | $388.5K | 1,875 | -0.01pp | 3q | HELD | |
| Dominion Energy, Inc. | D | $385.9K | 6,377 | -0.01pp | 4q | HELD | |
| VANECK ETF TRUST | HYD | $357.8K | 7,450 | flat | 11q | HELD | |
| CARDINAL HEALTH INC | CAH | $355.1K | 1,596 | flat | 2q | +9.1%+$29.6K | |
| FIRST TR EXCHANGE TRADED FD | RDVY | $353.6K | 4,517 | -0.01pp | 16q | -6.8%-$25.7K | |
| ISHARES TR | IVV | $352.6K | 460 | +0.01pp | 11q | +4.5%+$15.3K | |
| ISHARES TR | IWM | $350.1K | 1,260 | flat | 11q | -1.0%-$3.6K | |
| DUKE ENERGY CORP NEW | DUK | $347.5K | 3,048 | -0.01pp | 12q | -0.6%-$2.1K | |
| WELLS FARGO & CO | WFC | $347.1K | 4,336 | -0.02pp | 23q | -21.7%-$96.1K | |
| SELECT SECTOR SPDR TR | XLC | $339.5K | 3,059 | +0.01pp | 26q | HELD | |
| GUGGENHEIM TAXABLE MUNICP BO | GBAB | $334.8K | 26,915 | -0.04pp | 16q | -21.4%-$91.3K | |
| TEXTRON INC | TXT | $326.5K | 4,285 | -0.03pp | 4q | -12.1%-$45.0K | |
| STARBUCKS CORP | SBUX | $312.4K | 3,325 | -0.01pp | 9q | -4.5%-$14.6K | |
| SPDR SERIES TRUST | SPYG | $279.3K | 2,270 | +0.01pp | 5q | +2.8%+$7.5K | |
| FIRST TR EXCH TRADED FD III | FMHI | $269.1K | 6,000 | flat | 11q | HELD | |
| LOCKHEED MARTIN CORP | LMT | $264.3K | 519 | - | new | NEW | |
| AUTOMATIC DATA PROCESSING IN | ADP | $255.0K | 988 | +0.01pp | 26q | HELD | |
| TIDAL TRUST I | GRNY | $244.2K | 8,775 | flat | 5q | -1.7%-$4.2K | |
| IMMUNITYBIO INC | IBRX | $236.0K | 25,000 | -0.01pp | 4q | -18.0%-$51.9K | |
| SPDR SERIES TRUST | SDY | $235.0K | 1,604 | flat | 3q | -2.1%-$5.1K | |
| CONSTELLATION ENERGY CORP | CEG | $225.1K | 886 | - | new | NEW | |
| SEACOAST BKG CORP FLA | SBCF | $222.8K | 7,000 | flat | 5q | HELD | |
| BARRICK MNG CORP | B | $218.5K | 5,373 | -0.03pp | 6q | -44.7%-$176.9K | |
| VANGUARD INDEX FDS | VTI | $215.6K | 576 | flat | 2q | 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 |
|---|---|---|
| Retail & Consumer | $76.0M | 18.8% |
| Semiconductors & Electronics | $53.2M | 13.2% |
| Software & IT Services | $45.4M | 11.2% |
| Banks & Lending | $40.7M | 10.1% |
| Autos & Aerospace | $30.7M | 7.6% |
| Computer Hardware | $23.9M | 5.9% |
| Capital Markets | $23.3M | 5.8% |
| Insurance | $12.9M | 3.2% |
| Biotech & Pharma | $10.0M | 2.5% |
| Industrials | $9.3M | 2.3% |
| Utilities | $7.4M | 1.8% |
| Real Estate | $7.0M | 1.7% |
| Other sectors | $34.6M | 8.6% |
| Not classified | $29.9M | 7.4% |
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 | -4.4% | +2.1% | -6.5% | 100% |
| Q2 2026 | +14.7% | +14.8% | -0.2% | 99% |
| Q1 2026 | -6.8% | -4.6% | -2.2% | 99% |
| Q4 2025 | +1.5% | +2.4% | -0.9% | 100% |
| Q3 2025 | +7.7% | +7.8% | -0.2% | 100% |
| Q2 2025 | +9.6% | +10.5% | -0.9% | 100% |
| Q1 2025 | -11.2% | -4.6% | -6.7% | 100% |
| Q4 2024 | +6.0% | +2.1% | +3.8% | 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 | $404.3M | 140 | 5 | 30 | 75 | 5 | 38.1% | 26 |
| Q2 2026 | $419.1M | 140 | 14 | 31 | 79 | 6 | 39.8% | 24 |
| Q1 2026 | $361.5M | 132 | 5 | 49 | 57 | 16 | 41.5% | 21 |
| Q4 2025 | $393.1M | 143 | 11 | 35 | 46 | 6 | 42.7% | 26 |
| Q3 2025 | $384.7M | 138 | 13 | 35 | 50 | 4 | 42.5% | 29 |
| Q2 2025 | $351.4M | 129 | 9 | 37 | 54 | 9 | 42.4% | 15 |
| Q1 2025 | $320.9M | 129 | 10 | 29 | 53 | 7 | 45.0% | 28 |
| Q4 2024 | $360.8M | 126 | 3 | 23 | 43 | 3 | 50.1% | 36 |
| Q3 2024 | $341.9M | 126 | 8 | 36 | 42 | 5 | 47.3% | 21 |
| Q2 2024 | $319.4M | 123 | 5 | 36 | 53 | 9 | 46.2% | 23 |
| Q1 2024 | $319.9M | 127 | 16 | 42 | 46 | 4 | 46.1% | 22 |
| Q4 2023 | $285.2M | 115 | 9 | 21 | 63 | 0 | 46.0% | 29 |
| Q3 2023 | $253.4M | 106 | 2 | 20 | 75 | 32 | 45.5% | 17 |
| Q2 2023 | $316.5M | 136 | 9 | 40 | 46 | 3 | 41.2% | 26 |
| Q1 2023 | $284.2M | 130 | 6 | 47 | 31 | 5 | 39.5% | 26 |
| Q4 2022 | $253.9M | 129 | 14 | 22 | 65 | 4 | 40.0% | 46 |
| Q3 2022 | $268.6M | 119 | 6 | 51 | 32 | 8 | 39.8% | 20 |
| Q2 2022 | $274.4M | 121 | 4 | 35 | 58 | 20 | 40.4% | 26 |
| Q1 2022 | $364.7M | 137 | 9 | 49 | 53 | 14 | 36.4% | 29 |
| Q4 2021 | $389.0M | 142 | 13 | 51 | 43 | 6 | 34.1% | 34 |
| Q3 2021 | $344.9M | 135 | 5 | 60 | 25 | 11 | 34.8% | 21 |
| Q2 2021 | $331.3M | 141 | 17 | 48 | 37 | 5 | 34.5% | 15 |
| Q1 2021 | $280.4M | 129 | 13 | 57 | 26 | 2 | 37.5% | 15 |
| Q4 2020 | $231.7M | 118 | 12 | 33 | 29 | 2 | 37.8% | 13 |
| Q3 2020 | $194.5M | 108 | 12 | 31 | 37 | 3 | 39.3% | 27 |
| Q2 2020 | $161.2M | 99 | 25 | 31 | 31 | 3 | 42.4% | 10 |
| Q1 2020 | $110.9M | 77 | 13 | 27 | 21 | 7 | 42.9% | 7 |
| Q4 2019 | $120.4M | 71 | 7 | 24 | 16 | 10 | 46.5% | 9 |
| Q3 2019 | $108.0M | 74 | 1 | 25 | 24 | 2 | 45.6% | 43 |
| Q2 2019 | $102.0M | 75 | 3 | 30 | 19 | 7 | 44.9% | 135 |
| Q1 2019 | $97.0M | 79 | 16 | 13 | 36 | 1 | 45.3% | 226 |
| Q4 2018 | $81.8M | 64 | 0 | 0 | 0 | 0 | 49.6% | 316 |
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.