DaveManuel.com · Institutional Ownership · 13F Holdings
WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC
Reported holdings as of Q3 2026, from 28 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| PIMCO ETF TR | STPZ | $32.8M | 632,442 | -0.35pp | 2q | +4.4%+$1.4M | |
| PIMCO ETF TR | BILZ | $29.7M | 293,842 | -0.20pp | 6q | +3.3%+$933.7K | |
| J P MORGAN EXCHANGE TRADED F | JQUA | $28.1M | 380,283 | -0.10pp | 8q | +2.4%+$661.3K | |
| DOUBLELINE ETF TRUST | CAPE | $25.3M | 819,109 | -0.59pp | 15q | +1.4%+$345.5K | |
| FIDELITY COVINGTON TRUST | FMDE | $19.1M | 472,707 | -0.03pp | 3q | +6.0%+$1.1M | |
| ISHARES TR | USMV | $17.4M | 178,089 | -0.13pp | 17q | +1.8%+$302.0K | |
| INVESCO EXCHANGE TRADED FD T | RSPH | $17.2M | 463,995 | +0.27pp | 17q | +1.9%+$328.4K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $16.0M | 76,713 | -0.07pp | 9q | +6.6%+$981.2K | |
| SCHWAB STRATEGIC TR | SCHD | $15.3M | 471,798 | -0.10pp | 27q | +0.7%+$112.7K | |
| APPLE INC | AAPL | $15.2M | 45,551 | +0.18pp | 28q | -2.9%-$458.6K | |
| WISDOMTREE TR | USMF | $10.0M | 191,528 | -0.26pp | 3q | HELD | |
| PIMCO EQUITY SER | MFUS | $10.0M | 153,700 | +0.01pp | 2q | +10.5%+$945.0K | |
| INVESCO EXCHANGE TRADED FD T | RSPT | $8.8M | 132,884 | -0.11pp | 16q | -1.2%-$102.7K | |
| GILEAD SCIENCES INC | GILD | $8.2M | 54,879 | +0.21pp | 28q | +1.1%+$89.9K | |
| ALTRIA GROUP INC | MO | $7.8M | 116,317 | -0.22pp | 28q | +1.2%+$91.6K | |
| NOVARTIS AG | NVS | $7.2M | 50,537 | -0.27pp | 19q | +0.8%+$56.7K | |
| MERCK & CO INC | MRK | $7.0M | 48,184 | +0.10pp | 28q | HELD | |
| HUNTINGTON INGALLS INDS INC | HII | $6.8M | 25,361 | -0.15pp | 21q | +1.5%+$102.0K | |
| LOCKHEED MARTIN CORP | LMT | $6.4M | 12,658 | -0.08pp | 28q | +1.2%+$73.3K | |
| GSK PLC | GSK | $5.9M | 122,067 | -0.19pp | 8q | +1.8%+$106.0K | |
| DOLLAR GEN CORP | DG | $5.2M | 43,436 | flat | 13q | +2.1%+$106.1K | |
| INTUIT | INTU | $4.5M | 16,446 | - | new | NEW | |
| VANGUARD INDEX FDS | VOO | $4.2M | 6,062 | +0.04pp | 27q | +7.8%+$306.3K | |
| CISCO SYS INC | CSCO | $4.0M | 36,913 | -0.16pp | 28q | -1.1%-$43.9K | |
| HOULIHAN LOKEY INC | HLI | $3.7M | 29,111 | -0.10pp | 25q | +0.8%+$30.4K | |
| MICROSOFT CORP | MSFT | $3.6M | 7,095 | +0.12pp | 28q | -10.5%-$427.8K | |
| AMAZON COM INC | AMZN | $3.6M | 14,391 | flat | 15q | +1.6%+$57.8K | |
| PFIZER INC | PFE | $3.4M | 120,196 | +0.09pp | 24q | +0.6%+$19.4K | |
| GENPACT LIMITED | G | $3.4M | 103,891 | +0.09pp | 11q | HELD | |
| MASTERCARD INCORPORATED | MA | $3.3M | 6,056 | +0.02pp | 15q | +0.9%+$29.2K | |
| COGNIZANT TECHNOLOGY SOLUTIO | CTSH | $3.2M | 55,789 | +0.22pp | 28q | +0.6%+$20.6K | |
| ISHARES TR | IVV | $3.1M | 4,104 | -0.05pp | 28q | -3.3%-$107.2K | |
| PUBLIC STORAGE | PSA | $3.0M | 10,567 | -0.14pp | 7q | HELD | |
| ALPHABET INC | GOOGL | $2.9M | 8,407 | -0.13pp | 28q | -7.6%-$237.8K | |
| T MOBILE US INC | TMUS | $2.7M | 16,749 | +0.58pp | 15q | +955.4%+$2.5M | |
| ISHARES TR | OEF | $2.6M | 6,701 | -0.01pp | 16q | -0.5%-$13.0K | |
| ROSS STORES INC | ROST | $2.6M | 10,931 | +0.01pp | 18q | -1.2%-$31.5K | |
| JPMORGAN CHASE & CO | JPM | $2.4M | 7,390 | -0.07pp | 15q | -5.6%-$145.9K | |
| PROFESIONALLY MANAGED PORTFO | AKRE | $2.4M | 46,267 | -0.10pp | 3q | -8.2%-$217.9K | |
| ISHARES TR | IWD | $2.3M | 9,378 | -0.03pp | 28q | -1.2%-$27.5K | |
| HEWLETT PACKARD ENTERPRISE C | HPE | $2.2M | 33,860 | +0.14pp | 15q | +4.1%+$84.2K | |
| SANOFI SA | SNY | $1.9M | 45,885 | - | new | NEW | |
| MARKETAXESS HLDGS INC | MKTX | $1.9M | 11,299 | +0.35pp | 5q | +262.6%+$1.3M | |
| ALPHABET INC | GOOG | $1.6M | 4,823 | +0.03pp | 15q | +18.8%+$260.3K | |
| BROADCOM INC | AVGO | $1.5M | 4,385 | -0.05pp | 14q | +1.1%+$16.9K | |
| INVESCO QQQ TR | QQQ | $1.5M | 2,045 | +0.02pp | 15q | +11.0%+$149.5K | |
| VISA INC | V | $1.4M | 3,955 | flat | 28q | HELD | |
| HP INC | HPQ | $1.4M | 45,384 | +0.09pp | 15q | HELD | |
| ISHARES INC | EUSA | $1.3M | 11,277 | -0.03pp | 16q | -1.8%-$23.5K | |
| VANGUARD INDEX FDS | VTI | $1.1M | 3,062 | -0.01pp | 12q | +3.0%+$32.9K | |
| META PLATFORMS INC | META | $1.1M | 1,565 | +0.08pp | 15q | +14.7%+$145.0K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $1.1M | 6,781 | - | new | NEW | |
| ISHARES TR | IOO | $1.1M | 7,523 | +0.02pp | 16q | +8.2%+$82.2K | |
| PROCTER & GAMBLE CO | PG | $1.0M | 7,037 | -0.02pp | 15q | HELD | |
| NVIDIA CORPORATION | NVDA | $958.5K | 4,197 | +0.02pp | 10q | +1.2%+$11.6K | |
| VANGUARD INDEX FDS | VO | $942.1K | 12,013 | -0.01pp | 26q | +5.9%+$52.2K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $939.0K | 4,270 | -0.08pp | 15q | HELD | |
| WISDOMTREE TR | WTV | $886.6K | 8,654 | +0.01pp | 7q | +8.5%+$69.3K | |
| VANECK ETF TRUST | MOAT | $871.7K | 8,246 | flat | 26q | +3.9%+$33.0K | |
| ISHARES TR | IJH | $831.0K | 11,550 | -0.03pp | 16q | -0.8%-$6.5K | |
| ISHARES TR | IWR | $808.2K | 7,574 | -0.01pp | 26q | +5.0%+$38.6K | |
| INVESCO EXCHANGE TRADED FD T | SPGP | $779.6K | 6,561 | -0.01pp | 16q | +5.0%+$37.0K | |
| ELI LILLY & CO | LLY | $742.1K | 641 | flat | 14q | +12.9%+$84.5K | |
| TIDAL TRUST I | GRNY | $736.6K | 26,469 | -0.01pp | 5q | HELD | |
| ABBVIE INC | ABBV | $732.8K | 2,802 | -0.03pp | 12q | -13.8%-$117.2K | |
| WELLS FARGO & CO | WFC | $711.0K | 8,882 | -0.02pp | 15q | HELD | |
| ISHARES TR | IWP | $701.9K | 5,098 | -0.01pp | 26q | +4.0%+$26.8K | |
| REAVES UTIL INCOME FD | UTG | $661.6K | 19,260 | -0.04pp | 11q | HELD | |
| MPLX LP | MPLX | $657.5K | 11,674 | +0.02pp | 15q | +17.6%+$98.6K | |
| CSX CORP | CSX | $621.3K | 13,359 | -0.01pp | 9q | HELD | |
| SPDR SERIES TRUST | SLYG | $618.8K | 5,785 | -0.02pp | 14q | +7.0%+$40.2K | |
| ENERGY TRANSFER L P | ET | $611.1K | 30,912 | +0.01pp | 14q | +9.1%+$50.8K | |
| ACCENTURE PLC IRELAND | ACN | $602.9K | 3,288 | -0.14pp | 28q | -64.1%-$1.1M | |
| JOHNSON & JOHNSON | JNJ | $601.7K | 2,273 | +0.01pp | 15q | +8.4%+$46.9K | |
| NEWMONT CORP | NEM | $599.0K | 5,194 | +0.05pp | 4q | +27.2%+$128.0K | |
| ISHARES GOLD TRUST MICRO | IAUM | $596.9K | 14,412 | -0.10pp | 6q | -40.8%-$412.0K | |
| INVESCO EXCHANGE TRADED FD T | XMMO | $588.8K | 4,012 | -0.03pp | 5q | HELD | |
| WALMART INC | WMT | $576.5K | 5,547 | -0.02pp | 10q | HELD | |
| UNITED STS BRENT OIL FD LP | BNO | $565.0K | 9,402 | - | new | NEW | |
| INVESCO EXCH TRADED FD TR II | IDMO | $538.8K | 8,826 | -0.01pp | 5q | +0.6%+$3.1K | |
| ADVANCED MICRO DEVICES INC | AMD | $536.8K | 878 | flat | 2q | HELD | |
| DOUBLELINE YIELD OPPORTUNITI | DLY | $536.7K | 40,142 | -0.01pp | 13q | HELD | |
| ENCOMPASS HEALTH CORP | EHC | $509.7K | 4,195 | +0.01pp | 15q | HELD | |
| BLACKROCK SCIENCE & TECHNOLO | BST | $504.7K | 10,099 | flat | 28q | +6.2%+$29.5K | |
| ISHARES TR | IVW | $502.8K | 3,535 | -0.01pp | 28q | -2.4%-$12.2K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $483.0K | 970 | flat | 15q | +4.6%+$21.4K | |
| VANGUARD INDEX FDS | VOE | $474.9K | 2,429 | -0.01pp | 28q | -0.6%-$2.9K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $464.9K | 610 | flat | 10q | +1.8%+$8.4K | |
| SPDR SERIES TRUST | SPYX | $461.4K | 7,385 | flat | 15q | HELD | |
| SEABRIDGE GOLD INC | SA | $456.1K | 16,095 | - | new | NEW | |
| TESLA INC | TSLA | $440.7K | 1,242 | -0.03pp | 15q | HELD | |
| ISHARES TR | IWV | $436.2K | 1,010 | flat | 16q | HELD | |
| GE AEROSPACE | GE | $408.2K | 1,307 | -0.03pp | 7q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $383.8K | 422 | -0.04pp | 15q | -26.2%-$136.4K | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $378.4K | 6,731 | flat | 15q | +1.4%+$5.2K | |
| NUVEEN PFD & INCOME OPPORTUN | JPC | $376.9K | 55,269 | -0.02pp | 12q | HELD | |
| CME GROUP INC | CME | $372.3K | 1,421 | +0.01pp | 15q | HELD | |
| ENTERPRISE PRODS PARTNERS L | EPD | $369.4K | 10,373 | -0.01pp | 14q | HELD | |
| DOUBLELINE INCOME SOLUTIONS | DSL | $362.4K | 36,245 | -0.01pp | 15q | +0.6%+$2.1K | |
| HOME DEPOT INC | HD | $357.9K | 1,258 | -0.02pp | 14q | +3.1%+$10.8K | |
| TJX COS INC NEW | TJX | $353.4K | 2,671 | -0.01pp | 28q | +9.7%+$31.2K | |
| ISHARES TR | IJK | $353.0K | 3,221 | -0.01pp | 28q | HELD | |
| COHEN & STEERS INFRASTRUCTUR | UTF | $351.5K | 14,260 | -0.02pp | 7q | HELD | |
| MCDONALDS CORP | MCD | $346.2K | 1,499 | -0.02pp | 15q | HELD | |
| GLOBAL X FDS | SIL | $324.0K | 3,767 | - | new | NEW | |
| AMPLIFY ETF TR | SILJ | $312.6K | 11,460 | - | new | NEW | |
| BLACKSTONE STRATEGIC CRED 20 | BGB | $309.9K | 27,575 | flat | 14q | HELD | |
| ONEOK INC NEW | OKE | $309.9K | 3,634 | - | new | NEW | |
| ORACLE CORP | ORCL | $306.9K | 2,235 | -0.01pp | 14q | HELD | |
| ANTERO MIDSTREAM CORP | AM | $304.4K | 15,098 | -0.01pp | 11q | HELD | |
| AT&T INC | T | $304.0K | 12,460 | +0.01pp | 3q | HELD | |
| ISHARES TR | IWF | $301.7K | 2,409 | flat | 28q | HELD | |
| GE VERNOVA INC | GEV | $295.1K | 311 | -0.02pp | 3q | +0.6%+$1.9K | |
| RLI CORP | RLI | $294.0K | 5,315 | -0.02pp | 15q | -11.4%-$38.0K | |
| PEPSICO INC | PEP | $285.6K | 2,253 | -0.01pp | 10q | HELD | |
| PALO ALTO NETWORKS INC | PANW | $280.1K | 705 | -0.02pp | 2q | -26.8%-$102.5K | |
| DAVE INC | DAVE | $275.2K | 856 | -0.02pp | 2q | HELD | |
| CHEVRON CORPORATION | CVX | $271.5K | 1,330 | - | new | NEW | |
| CENTRAL SECS CORP | CET | $270.6K | 4,875 | flat | 11q | HELD | |
| APOLLO GLOBAL MGMT INC | APO | $268.0K | 2,309 | flat | 10q | HELD | |
| ISHARES TR | EMB | $266.2K | 2,930 | -0.01pp | 12q | HELD | |
| CONSOLIDATED EDISON INC | ED | $264.5K | 2,588 | -0.01pp | 9q | +0.7%+$1.9K | |
| BLACKSTONE INC | BX | $264.4K | 2,359 | flat | 9q | +16.1%+$36.8K | |
| ONTO INNOVATION INC | ONTO | $261.6K | 850 | -0.02pp | 2q | HELD | |
| ISHARES TR | IJR | $260.6K | 1,915 | -0.01pp | 6q | +2.2%+$5.7K | |
| PIMCO INCOME STRATEGY FD II | PFN | $257.7K | 41,300 | -0.01pp | 15q | HELD | |
| ARES MANAGEMENT CORPORATION | ARES | $247.5K | 2,130 | flat | 9q | +0.9%+$2.2K | |
| CROWDSTRIKE HLDGS INC | CRWD | $245.7K | 928 | flat | 2q | -17.7%-$53.0K | |
| BRITISH AMERN TOB PLC | BTI | $240.4K | 4,420 | -0.01pp | 6q | HELD | |
| Dominion Energy, Inc. | D | $235.1K | 3,885 | -0.01pp | 3q | HELD | |
| MARATHON PETE CORP | MPC | $234.6K | 593 | - | new | NEW | |
| FORTINET INC | FTNT | $231.5K | 1,295 | - | new | NEW | |
| VIRTUS CONVERTIBLE & INC FD | NCZ | $224.0K | 15,890 | -0.01pp | 3q | HELD | |
| PIMCO DYNAMIC INCOME FD | PDI | $223.0K | 15,893 | - | new | NEW | |
| VANECK ETF TRUST CALL | GDX | $219.5K | options only | - | new | OPTIONS | |
| PUBLIC SVC ENTERPRISE GROUP | PEG | $219.2K | 3,255 | -0.01pp | 9q | +1.0%+$2.2K | |
| AGNICO EAGLE MINES LTD | AEM | $218.7K | 1,193 | - | new | NEW | |
| TARGET CORP | TGT | $218.4K | 1,394 | - | new | NEW | |
| SURGERY PARTNERS INC | SGRY | $216.8K | 15,632 | -0.01pp | 15q | HELD | |
| BANK OF AMER CORP | BACPRL | $207.6K | 170 | flat | 11q | HELD | |
| ALLSTATE CORP | ALL | $207.0K | 933 | -0.01pp | 2q | HELD | |
| PALANTIR TECHNOLOGIES INC | PLTR | $206.9K | 1,106 | - | new | NEW | |
| FLAHERTY & CRUMRINE DYNAMIC | DFP | $206.7K | 10,950 | -0.01pp | 11q | HELD | |
| NUVEEN VRIABL RAT PFD & INM | NPFD | $203.7K | 11,767 | -0.01pp | 15q | HELD | |
| RTX CORPORATION | RTX | $203.6K | 1,097 | - | new | NEW | |
| BARRICK MNG CORP | B | $202.5K | 4,980 | - | new | NEW | |
| WESTERN ASSET HIGH INCOME OP | HIO | $166.2K | 50,985 | -0.01pp | 11q | HELD | |
| HANCOCK JOHN PREM DIVID FD | PDT | $155.4K | 13,261 | -0.01pp | 6q | HELD | |
| NUVEEN MUN CR INCOME FD | NZF | $129.7K | 11,972 | -0.01pp | 2q | HELD | |
| DNP SELECT INCOME FD INC | DNP | $101.0K | 10,550 | flat | 6q | HELD | |
| BLACKROCK CORPOR HI YLD FD I | HYT | $84.3K | 10,750 | flat | 13q | 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 |
|---|---|---|
| Biotech & Pharma | $35.7M | 8.5% |
| Computer Hardware | $24.2M | 5.8% |
| Software & IT Services | $17.8M | 4.2% |
| Autos & Aerospace | $13.9M | 3.3% |
| Retail & Consumer | $13.6M | 3.2% |
| Business Services | $8.7M | 2.1% |
| Food, Drink & Tobacco | $8.4M | 2.0% |
| Capital Markets | $7.8M | 1.9% |
| Other sectors | $28.5M | 6.8% |
| Not classified | $262.0M | 62.3% |
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 | +1.3% | +2.1% | -0.8% | 100% |
| Q2 2026 | +5.2% | +14.8% | -9.6% | 100% |
| Q1 2026 | -1.2% | -4.6% | +3.5% | 100% |
| Q4 2025 | +2.8% | +2.4% | +0.5% | 100% |
| Q3 2025 | +4.0% | +7.8% | -3.8% | 100% |
| Q2 2025 | +4.1% | +10.5% | -6.3% | 100% |
| Q1 2025 | -0.9% | -4.6% | +3.7% | 100% |
| Q4 2024 | -0.5% | +2.1% | -2.7% | 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 | $420.4M | 151 | 18 | 59 | 22 | 9 | 51.4% | 29 |
| Q2 2026 | $396.2M | 142 | 11 | 54 | 20 | 5 | 52.5% | 20 |
| Q1 2026 | $340.3M | 136 | 11 | 43 | 40 | 11 | 51.9% | 30 |
| Q4 2025 | $316.3M | 136 | 4 | 51 | 22 | 11 | 50.6% | 43 |
| Q3 2025 | $304.6M | 143 | 9 | 26 | 52 | 7 | 50.7% | 43 |
| Q2 2025 | $306.5M | 141 | 13 | 36 | 40 | 5 | 48.4% | 43 |
| Q1 2025 | $281.6M | 133 | 7 | 27 | 41 | 5 | 44.0% | 38 |
| Q4 2024 | $268.7M | 131 | 6 | 44 | 27 | 7 | 44.0% | 43 |
| Q3 2024 | $266.3M | 132 | 12 | 43 | 17 | 4 | 44.0% | 45 |
| Q2 2024 | $244.9M | 124 | 12 | 41 | 31 | 7 | 44.1% | 43 |
| Q1 2024 | $243.7M | 119 | 17 | 35 | 21 | 4 | 44.5% | 44 |
| Q4 2023 | $215.1M | 106 | 10 | 37 | 20 | 7 | 46.5% | 44 |
| Q3 2023 | $199.6M | 103 | 4 | 42 | 12 | 1 | 44.4% | 45 |
| Q2 2023 | $205.5M | 100 | 18 | 38 | 12 | 5 | 47.0% | 42 |
| Q1 2023 | $191.0M | 87 | 40 | 34 | 11 | 6 | 47.1% | 42 |
| Q4 2022 | $146.8M | 53 | 10 | 8 | 28 | 34 | 49.3% | 45 |
| Q3 2022 | $143.1M | 77 | 5 | 34 | 11 | 4 | 39.6% | 32 |
| Q2 2022 | $145.1M | 76 | 3 | 33 | 15 | 17 | 41.0% | 40 |
| Q1 2022 | $168.1M | 90 | 5 | 40 | 16 | 12 | 42.0% | 43 |
| Q4 2021 | $172.5M | 97 | 4 | 25 | 25 | 227 | 39.1% | 41 |
| Q3 2021 | $162.2M | 320 | 35 | 71 | 20 | 24 | 36.2% | 46 |
| Q2 2021 | $153.7M | 309 | 10 | 71 | 10 | 7 | 39.6% | 47 |
| Q1 2021 | $144.2M | 306 | 32 | 66 | 24 | 41 | 39.5% | 47 |
| Q4 2020 | $131.6M | 315 | 6 | 47 | 80 | 25 | 41.0% | 50 |
| Q3 2020 | $123.3M | 334 | 20 | 111 | 31 | 17 | 41.7% | 44 |
| Q2 2020 | $119.5M | 331 | 38 | 87 | 55 | 26 | 43.0% | 49 |
| Q1 2020 | $109.4M | 319 | 70 | 61 | 44 | 22 | 42.8% | 45 |
| Q4 2019 | $138.6M | 271 | 0 | 0 | 0 | 0 | 39.0% | 136 |
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.