DaveManuel.com · Institutional Ownership · 13F Holdings
Atlas Private Wealth Advisors
Reported holdings as of Q3 2026, from 26 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| SPDR SERIES TRUST | SPMD | $35.8M | 567,873 | -0.53pp | 18q | +1.4%+$502.5K | |
| SPDR INDEX SHS FDS | SPDW | $31.9M | 634,981 | +0.06pp | 21q | +2.4%+$740.1K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $28.9M | 37,907 | +0.16pp | 26q | +1.5%+$438.5K | |
| SPDR SERIES TRUST | SPYM | $28.0M | 311,692 | +0.28pp | 13q | +3.8%+$1.0M | |
| INVESCO QQQ TR | QQQ | $21.6M | 29,200 | +0.05pp | 18q | +1.8%+$392.1K | |
| INVESCO EXCHANGE TRADED FD T | PWV | $18.8M | 246,034 | -0.03pp | 18q | HELD | |
| SPDR SERIES TRUST | SPSM | $18.6M | 352,785 | -0.40pp | 14q | HELD | |
| SPDR SERIES TRUST | SPTM | $17.3M | 187,850 | +0.04pp | 8q | +0.9%+$148.3K | |
| ISHARES TR | IEF | $16.8M | 187,837 | +0.48pp | 11q | +23.5%+$3.2M | |
| SPDR INDEX SHS FDS | CWI | $14.5M | 359,848 | +0.08pp | 8q | +4.3%+$594.6K | |
| ISHARES TR | SGOV | $14.5M | 144,059 | +0.07pp | 7q | +3.5%+$491.4K | |
| ISHARES TR | DGRO | $13.6M | 179,746 | +0.02pp | 11q | +2.5%+$325.4K | |
| APPLE INC | AAPL | $13.4M | 40,321 | +0.30pp | 26q | -2.1%-$282.7K | |
| SPDR INDEX SHS FDS | SPEM | $12.8M | 246,527 | +0.08pp | 18q | +4.2%+$512.5K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $11.6M | 55,939 | -0.13pp | 26q | -1.6%-$184.7K | |
| ISHARES TR | AGG | $7.7M | 81,140 | -0.02pp | 26q | +4.5%+$332.7K | |
| FIRST TR EXCHANGE-TRADED FD | RDVI | $7.5M | 267,293 | -0.22pp | 14q | -6.1%-$480.1K | |
| GLOBAL X FDS | QYLD | $6.7M | 358,770 | -0.01pp | 26q | HELD | |
| INVESCO EXCH TRADED FD TR II | QQQM | $5.9M | 19,482 | +0.01pp | 8q | +1.1%+$64.6K | |
| SSGA ACTIVE TR | OBND | $5.2M | 210,197 | +0.04pp | 8q | +8.8%+$422.2K | |
| FIRST TR EXCHANGE-TRADED FD | KNG | $5.1M | 106,663 | -0.17pp | 7q | -8.2%-$458.8K | |
| DIMENSIONAL ETF TRUST | DFAC | $5.1M | 114,640 | -0.02pp | 6q | -0.7%-$34.6K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $4.7M | 24,911 | +0.32pp | 14q | -7.7%-$386.4K | |
| ISHARES TR | TLT | $4.3M | 55,532 | +0.03pp | 10q | +16.1%+$597.8K | |
| AMGEN INC | AMGN | $3.9M | 9,254 | -0.29pp | 26q | -35.4%-$2.1M | |
| ISHARES TR | HDV | $3.9M | 139,439 | +0.24pp | 26q | +39.6%+$1.1M | |
| MICROSOFT CORP | MSFT | $3.7M | 7,141 | +0.27pp | 26q | +11.9%+$388.3K | |
| ISHARES TR | XT | $3.5M | 42,253 | -0.17pp | 7q | -18.2%-$784.5K | |
| PACER FDS TR | COWG | $3.1M | 77,356 | -0.01pp | 8q | HELD | |
| ALPHABET INC | GOOG | $2.9M | 8,401 | -0.03pp | 26q | HELD | |
| BLACKROCK MUNIHLDGS NJ QLTY | MUJ | $2.6M | 234,697 | -0.15pp | 7q | -12.3%-$370.9K | |
| FIRST TR EXCH TRADED FD III | FMHI | $2.5M | 55,648 | -0.06pp | 21q | -0.8%-$19.9K | |
| ISHARES TR | ARTY | $2.5M | 31,414 | +0.44pp | 11q | +451.5%+$2.0M | |
| STATE STR SPDR DOW JONES IND | DIA | $2.4M | 4,680 | -0.12pp | 12q | -15.8%-$445.5K | |
| AMAZON COM INC | AMZN | $2.3M | 9,317 | +0.01pp | 26q | -2.1%-$49.8K | |
| FIRST TR EXCHANGE-TRADED FD | ROBT | $2.3M | 38,672 | -0.22pp | 7q | -33.9%-$1.2M | |
| INVESCO EXCHANGE TRADED FD T | PFM | $2.2M | 40,040 | -0.02pp | 23q | -2.7%-$61.6K | |
| FIRST TR EXCHNG TRADED FD VI | BUFD | $2.2M | 71,206 | +0.01pp | 8q | +1.1%+$22.9K | |
| ETF SER SOLUTIONS | QTUM | $2.1M | 13,916 | +0.14pp | 7q | +61.4%+$802.7K | |
| SELECT SECTOR SPDR TR | XLK | $2.1M | 10,711 | -0.01pp | 26q | -4.0%-$86.5K | |
| SPDR SERIES TRUST | SPHY | $2.1M | 91,138 | -0.15pp | 16q | -21.7%-$571.9K | |
| FIRST TR EXCHNG TRADED FD VI | BUFZ | $2.1M | 72,072 | -0.01pp | 9q | -3.4%-$72.2K | |
| AB ACTIVE ETFS INC | YEAR | $1.9M | 38,185 | -0.03pp | 6q | -4.7%-$94.8K | |
| BLACKROCK ETF TRUST II | HIMU | $1.8M | 40,049 | -0.05pp | 7q | -2.0%-$37.5K | |
| ISHARES TR | IVV | $1.7M | 2,251 | +0.09pp | 26q | +31.9%+$417.3K | |
| NVIDIA CORPORATION | NVDA | $1.5M | 6,691 | +0.04pp | 26q | +1.7%+$26.3K | |
| NUVEEN CALIFORNIA MUNI VLU F | NCA | $1.5M | 175,241 | -0.11pp | 7q | -16.7%-$297.6K | |
| FIRST TR EXCH TRADED FD III | FMB | $1.5M | 31,047 | -0.03pp | 26q | -1.0%-$15.2K | |
| DIMENSIONAL ETF TRUST | DFAX | $1.5M | 39,987 | -0.01pp | 6q | -2.4%-$36.6K | |
| TESLA INC | TSLA | $1.4M | 4,070 | -0.11pp | 26q | -10.5%-$169.6K | |
| ISHARES TR | PFF | $1.4M | 47,797 | -0.03pp | 26q | -4.2%-$62.5K | |
| ISHARES TR | DVY | $1.4M | 9,256 | +0.08pp | 26q | +39.2%+$396.4K | |
| ALPHABET INC | GOOGL | $1.3M | 3,921 | -0.01pp | 15q | HELD | |
| BLACKROCK ETF TRUST II | CALI | $1.3M | 26,998 | -0.07pp | 7q | -18.4%-$303.4K | |
| FIRST TR EXCHANGE-TRADED FD | QQEW | $1.3M | 7,965 | -0.07pp | 11q | -21.1%-$346.1K | |
| JANUS DETROIT STR TR | JAAA | $1.3M | 25,446 | -0.11pp | 11q | -27.3%-$481.6K | |
| INTEL CORP | INTC | $1.2M | 10,023 | -0.07pp | 9q | -8.5%-$111.8K | |
| META PLATFORMS INC | META | $1.2M | 1,643 | +0.04pp | 26q | -8.9%-$116.0K | |
| FIRST TR EXCHANGE-TRADED FD | FV | $1.2M | 15,682 | -0.04pp | 16q | -9.7%-$123.5K | |
| ISHARES BITCOIN TRUST ETF | IBIT | $1.1M | 22,748 | +0.11pp | 7q | +40.2%+$308.8K | |
| CAPITAL GRP FIXED INCM ETF T | CGMU | $996.0K | 38,397 | -0.01pp | 6q | +4.1%+$38.9K | |
| BROADCOM INC | AVGO | $979.6K | 2,789 | -0.02pp | 14q | HELD | |
| JOHNSON & JOHNSON | JNJ | $939.0K | 3,547 | -0.02pp | 26q | -13.4%-$145.6K | |
| MICRON TECHNOLOGY INC | MU | $914.8K | 859 | -0.02pp | 4q | HELD | |
| FIDELITY COVINGTON TRUST | FFLC | $901.6K | 15,266 | flat | 5q | +3.5%+$30.2K | |
| ISHARES TR | IXUS | $877.7K | 9,240 | +0.05pp | 26q | +37.1%+$237.5K | |
| SPDR INDEX SHS FDS | QWLD | $809.0K | 5,248 | flat | 15q | HELD | |
| JPMORGAN CHASE & CO | JPM | $789.0K | 2,385 | flat | 16q | HELD | |
| WISDOMTREE TR | DGRW | $781.2K | 8,034 | -0.03pp | 11q | -16.7%-$156.1K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $767.6K | 1,683 | -0.01pp | 14q | -1.4%-$10.9K | |
| COSTCO WHOLESALE CORPORATION | COST | $760.9K | 836 | -0.01pp | 17q | -3.2%-$25.5K | |
| TRANE TECHNOLOGIES PLC | TT | $758.2K | 1,677 | -0.02pp | 26q | -2.9%-$22.6K | |
| VANECK ETF TRUST | NLR | $748.2K | 7,232 | -0.05pp | 7q | -12.9%-$111.1K | |
| NEOS ETF TRUST | SPYI | $738.8K | 13,895 | +0.08pp | 5q | +95.4%+$360.7K | |
| CAPITAL GROUP DIVIDEND VALUE | CGDV | $726.7K | 14,876 | flat | 6q | +2.1%+$14.8K | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $680.2K | 12,099 | -0.03pp | 3q | -13.7%-$107.9K | |
| VANGUARD WORLD FD | VGT | $668.7K | 5,321 | +0.02pp | 26q | +13.8%+$80.9K | |
| ISHARES TR | USMV | $654.1K | 6,713 | -0.01pp | 26q | -7.5%-$53.1K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $618.8K | 1,243 | -0.01pp | 16q | -2.2%-$13.9K | |
| EXCHANGE TRADED CONCEPTS TRU | NUKZ | $618.4K | 10,267 | - | new | NEW | |
| TEMA ETF TRUST | VOLT | $616.9K | 17,413 | - | new | NEW | |
| FIRST TR EXCHANGE TRADED FD | RDVY | $603.5K | 7,708 | -0.02pp | 19q | -6.9%-$44.6K | |
| ADVANCED MICRO DEVICES INC | AMD | $560.4K | 916 | flat | 4q | -6.1%-$36.7K | |
| J P MORGAN EXCHANGE TRADED F | JPEF | $550.6K | 6,775 | -0.01pp | 7q | -4.6%-$26.4K | |
| FIRST TR EXCHANGE-TRADED FD | FPX | $548.6K | 3,079 | -0.01pp | 26q | +5.1%+$26.7K | |
| COMMERCIAL METALS CO | CMC | $496.8K | 8,000 | flat | 14q | HELD | |
| FIRST TR EXCHNG TRADED FD VI | BUFR | $488.2K | 13,028 | flat | 8q | HELD | |
| EXXONMOBIL HOLDINGS CORP | XOM | $483.6K | 2,971 | - | new | NEW | |
| INVESCO EXCHANGE TRADED FD T | XMMO | $483.4K | 3,294 | -0.01pp | 7q | +5.6%+$25.7K | |
| FIRST TR EXCHANGE-TRADED FD | FDL | $466.1K | 9,491 | -0.01pp | 6q | -7.1%-$35.5K | |
| REALTY INCOME CORP | O | $463.4K | 8,534 | -0.01pp | 3q | +3.9%+$17.4K | |
| PACER FDS TR | COWZ | $462.8K | 6,932 | +0.01pp | 14q | HELD | |
| ISHARES TR | IWM | $452.8K | 1,630 | -0.01pp | 26q | -3.4%-$15.8K | |
| ABBVIE INC | ABBV | $441.7K | 1,689 | flat | 16q | HELD | |
| VISA INC | V | $425.7K | 1,185 | flat | 13q | HELD | |
| SELECT SECTOR SPDR TR | XLF | $421.2K | 7,887 | -0.03pp | 11q | -22.1%-$119.2K | |
| FIRST TR EXCHANGE-TRADED FD | FAI | $415.2K | 7,325 | - | new | NEW | |
| BLACKROCK ETF TRUST | BALI | $413.1K | 11,989 | +0.01pp | 3q | +12.0%+$44.3K | |
| PORTLAND GEN ELEC CO | POR | $408.3K | 9,148 | -0.02pp | 2q | -3.5%-$15.0K | |
| AMERICAN EXPRESS CO | AXP | $406.1K | 1,335 | -0.01pp | 14q | HELD | |
| CHEVRON CORPORATION | CVX | $392.7K | 1,923 | flat | 26q | -14.6%-$67.0K | |
| AMERICAN CENTY ETF TR | AVUS | $339.7K | 2,652 | +0.02pp | 2q | +45.2%+$105.8K | |
| DIMENSIONAL ETF TRUST | DFIV | $337.9K | 6,049 | flat | 6q | +3.2%+$10.6K | |
| ISHARES TR | IDV | $337.5K | 8,000 | flat | 26q | HELD | |
| SPDR INDEX SHS FDS | SPGM | $337.2K | 3,899 | flat | 20q | +0.7%+$2.3K | |
| INVESCO EXCH TRADED FD TR II | PCEF | $328.4K | 16,970 | - | new | NEW | |
| PHILIP MORRIS INTL INC | PM | $326.1K | 1,709 | +0.01pp | 26q | +13.0%+$37.6K | |
| FIRST TR EXCHANGE-TRADED FD | FDN | $321.9K | 1,116 | flat | 18q | -4.5%-$15.3K | |
| TEXAS INSTRS INC | TXN | $320.4K | 1,144 | -0.01pp | 14q | HELD | |
| SPDR SERIES TRUST | PSK | $319.1K | 11,260 | -0.03pp | 12q | -27.5%-$121.1K | |
| ISHARES TR | SOXX | $309.7K | 545 | flat | 2q | +10.3%+$29.0K | |
| HOME DEPOT INC | HD | $309.0K | 1,086 | -0.02pp | 26q | -4.0%-$12.8K | |
| MEDTRONIC PLC | MDT | $305.2K | 3,537 | - | new | NEW | |
| MASTERCARD INCORPORATED | MA | $284.0K | 515 | flat | 13q | -7.5%-$23.2K | |
| PROCTER & GAMBLE CO | PG | $280.5K | 1,930 | flat | 26q | -3.7%-$10.8K | |
| FIRST TR EXCH TRADED FD III | FPE | $279.9K | 16,414 | -0.02pp | 3q | -20.0%-$69.8K | |
| FIDELITY COVINGTON TRUST | FDVV | $278.3K | 4,583 | +0.01pp | 2q | +11.7%+$29.2K | |
| DIAMONDBACK ENERGY INC | FANG | $275.7K | 1,500 | flat | 26q | HELD | |
| GLOBAL X FDS | AIQ | $272.2K | 4,177 | flat | 2q | HELD | |
| ISHARES TR | EFV | $260.1K | 3,287 | flat | 10q | HELD | |
| QUANTA SVCS INC | PWR | $258.7K | 403 | -0.01pp | 3q | HELD | |
| ISHARES TR | IJR | $258.1K | 1,897 | -0.01pp | 10q | HELD | |
| ISHARES TR | FLOT | $251.3K | 4,922 | - | new | NEW | |
| GOLDMAN SACHS GROUP INC | GS | $244.9K | 272 | -0.01pp | 10q | HELD | |
| ISHARES TR | AOA | $241.3K | 2,480 | +0.01pp | 3q | +14.4%+$30.4K | |
| ISHARES TR | IBB | $240.0K | 1,140 | flat | 2q | HELD | |
| ISHARES TR | IYK | $239.5K | 3,386 | -0.01pp | 7q | -14.3%-$40.0K | |
| VERIZON COMMUNICATIONS INC | VZ | $233.2K | 5,083 | flat | 26q | -6.6%-$16.6K | |
| ISHARES TR | QUAL | $230.4K | 1,036 | - | new | NEW | |
| CIENA CORP | CIEN | $228.7K | 650 | -0.02pp | 3q | HELD | |
| ENERGY TRANSFER L P | ET | $227.1K | 11,490 | flat | 14q | HELD | |
| VANGUARD INDEX FDS | VOO | $225.2K | 321 | flat | 2q | HELD | |
| ISHARES TR | HYG | $224.4K | 2,906 | -0.01pp | 26q | -12.2%-$31.2K | |
| LOWES COS INC | LOW | $223.4K | 1,212 | -0.01pp | 13q | HELD | |
| MCDONALDS CORP | MCD | $220.8K | 956 | -0.01pp | 26q | HELD | |
| INTERNATIONAL BUSINESS MACHS | IBM | $218.9K | 995 | -0.01pp | 10q | -1.5%-$3.3K | |
| AMERICAN CENTY ETF TR | AVUV | $218.1K | 1,852 | - | new | NEW | |
| TOTALENERGIES SE | TTE | $215.2K | 2,517 | - | new | NEW | |
| RBB FD INC | XBIL | $214.9K | 4,300 | - | new | NEW | |
| SPACE EXPLORATION TECHN CORP | SPCX | $213.3K | 1,414 | - | new | NEW | |
| VINCE HLDG CORP | VNCE | $211.5K | 21,000 | flat | 26q | -30.0%-$90.6K | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $211.4K | 544 | flat | 2q | -2.2%-$4.7K | |
| SPDR SERIES TRUST | SPAB | $209.4K | 8,595 | flat | 2q | +4.9%+$9.8K | |
| UNITEDHEALTH GROUP INC | UNH | $206.7K | 563 | -0.01pp | 2q | HELD | |
| COLUMBIA ETF TR I | RECS | $204.8K | 4,542 | - | new | NEW | |
| ISHARES TR | IYE | $202.2K | 3,120 | - | new | NEW | |
| SIMON PPTY GROUP INC NEW | SPG | $200.8K | 1,000 | -0.01pp | 2q | HELD | |
| SANDISK CORP | SNDK | $200.1K | 115 | -0.01pp | 2q | HELD | |
| FS CREDIT OPPORTUNITIES CORP | FSCO | $96.2K | 18,643 | flat | 16q | -2.7%-$2.7K |
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 |
|---|---|---|
| Funds & ETFs | $35.5M | 7.7% |
| Software & IT Services | $13.9M | 3.0% |
| Computer Hardware | $13.8M | 3.0% |
| Other sectors | $26.9M | 5.8% |
| Not classified | $371.8M | 80.5% |
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 | -0.3% | +2.1% | -2.5% | 99% |
| Q2 2026 | +10.8% | +14.8% | -4.0% | 100% |
| Q1 2026 | -1.5% | -4.6% | +3.1% | 100% |
| Q4 2025 | +1.4% | +2.4% | -0.9% | 100% |
| Q3 2025 | +6.1% | +7.8% | -1.7% | 100% |
| Q2 2025 | +6.1% | +10.5% | -4.3% | 100% |
| Q1 2025 | -2.3% | -4.6% | +2.2% | 100% |
| Q4 2024 | -0.7% | +2.1% | -2.9% | 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 | $462.0M | 149 | 14 | 42 | 60 | 4 | 50.3% | 23 |
| Q2 2026 | $456.8M | 139 | 12 | 41 | 60 | 5 | 50.1% | 28 |
| Q1 2026 | $424.8M | 132 | 8 | 45 | 54 | 10 | 48.4% | 24 |
| Q4 2025 | $428.0M | 134 | 5 | 51 | 54 | 6 | 46.5% | 36 |
| Q3 2025 | $408.2M | 135 | 3 | 4 | 128 | 61 | 44.6% | 35 |
| Q2 2025 | $777.1M | 193 | 17 | 79 | 71 | 8 | 43.5% | 36 |
| Q1 2025 | $717.4M | 184 | 22 | 68 | 68 | 8 | 46.0% | 17 |
| Q4 2024 | $705.2M | 170 | 21 | 46 | 55 | 4 | 54.3% | 21 |
| Q3 2024 | $689.9M | 153 | 5 | 51 | 38 | 6 | 58.8% | 9 |
| Q2 2024 | $615.3M | 154 | 46 | 105 | 2 | 2 | 62.5% | 12 |
| Q1 2024 | $299.3M | 110 | 8 | 2 | 100 | 60 | 63.3% | 36 |
| Q4 2023 | $537.9M | 162 | 13 | 35 | 82 | 32 | 64.4% | 10 |
| Q3 2023 | $529.0M | 181 | 16 | 77 | 53 | 17 | 57.0% | 11 |
| Q2 2023 | $493.8M | 182 | 61 | 120 | 1 | 9 | 56.3% | 35 |
| Q1 2023 | $216.4M | 130 | 11 | 40 | 53 | 7 | 57.0% | 12 |
| Q4 2022 | $187.8M | 126 | 12 | 28 | 72 | 11 | 53.3% | 45 |
| Q3 2022 | $166.5M | 125 | 6 | 47 | 49 | 10 | 47.8% | 45 |
| Q2 2022 | $166.7M | 129 | 14 | 34 | 64 | 19 | 44.1% | 49 |
| Q1 2022 | $225.3M | 134 | 13 | 53 | 55 | 19 | 44.6% | 26 |
| Q4 2021 | $216.3M | 140 | 2 | 53 | 49 | 605 | 35.1% | 111 |
| Q3 2021 | $191.5M | 743 | 36 | 107 | 153 | 64 | 39.1% | 26 |
| Q2 2021 | $184.8M | 771 | 88 | 165 | 210 | 175 | 40.6% | 33 |
| Q1 2021 | $179.2M | 858 | 154 | 253 | 105 | 42 | 38.3% | 28 |
| Q4 2020 | $149.1M | 746 | 126 | 148 | 141 | 40 | 38.9% | 29 |
| Q3 2020 | $119.8M | 660 | 38 | 84 | 157 | 65 | 39.0% | 27 |
| Q2 2020 | $112.4M | 687 | 0 | 0 | 0 | 0 | 34.2% | 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.