DaveManuel.com · Institutional Ownership · 13F Holdings
MITCHELL & PAHL PRIVATE WEALTH, LLC
Reported holdings as of Q3 2026, from 24 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| APPLE INC | AAPL | $8.8M | 26,476 | +0.20pp | 24q | -5.5%-$515.8K | |
| MICROSOFT CORP | MSFT | $7.7M | 14,969 | +0.75pp | 24q | +1.3%+$102.1K | |
| SEAGATE TECHNOLOGY HLDNGS PL | STX | $7.1M | 7,723 | -0.19pp | 22q | -0.8%-$54.4K | |
| BROADCOM INC | AVGO | $6.0M | 16,986 | -0.22pp | 24q | -0.7%-$45.0K | |
| VALERO ENERGY CORP | VLO | $5.9M | 15,145 | +0.65pp | 24q | -1.5%-$87.2K | |
| PHILLIPS 66 | PSX | $5.3M | 20,797 | +0.61pp | 24q | -1.0%-$54.4K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $5.2M | 31,814 | - | new | NEW | |
| JOHNSON & JOHNSON | JNJ | $5.0M | 18,703 | +0.04pp | 24q | HELD | |
| CISCO SYS INC | CSCO | $4.5M | 41,618 | -0.19pp | 24q | -0.6%-$29.2K | |
| TEXAS INSTRS INC | TXN | $4.3M | 15,315 | -0.11pp | 24q | +0.9%+$38.9K | |
| ABBVIE INC | ABBV | $4.2M | 15,897 | +0.06pp | 24q | +1.9%+$78.2K | |
| GOLDMAN SACHS GROUP INC | GS | $4.0M | 4,484 | -0.20pp | 15q | +0.7%+$27.0K | |
| LINDE PLC | LIN | $3.9M | 8,227 | -0.12pp | 15q | +2.3%+$87.3K | |
| TERADYNE INC | TER | $3.8M | 9,372 | -0.32pp | 24q | -0.7%-$27.3K | |
| UNITEDHEALTH GROUP INC | UNH | $3.7M | 10,041 | -0.14pp | 24q | +4.0%+$143.2K | |
| 3M CO | MMM | $3.7M | 22,355 | +0.04pp | 24q | +4.0%+$139.5K | |
| ECOLAB INC | ECL | $3.7M | 13,335 | -0.02pp | 24q | +2.2%+$77.2K | |
| GENERAL DYNAMICS CORP | GD | $3.4M | 10,307 | -0.06pp | 24q | +3.8%+$126.7K | |
| NOVARTIS AG | NVS | $3.4M | 23,770 | -0.12pp | 24q | +2.1%+$70.1K | |
| PROCTER & GAMBLE CO | PG | $3.4M | 23,158 | +0.01pp | 24q | +3.3%+$108.2K | |
| WASTE MGMT INC DEL | WM | $3.3M | 16,255 | -0.09pp | 24q | +3.6%+$114.8K | |
| CHEVRON CORPORATION | CVX | $3.3M | 16,115 | +0.24pp | 24q | +3.9%+$124.4K | |
| EMERSON ELEC CO | EMR | $3.3M | 21,184 | +0.09pp | 24q | +1.4%+$45.9K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $3.2M | 7,116 | -0.08pp | 24q | HELD | |
| AFLAC INC | AFL | $3.1M | 28,069 | -0.06pp | 24q | +1.7%+$53.7K | |
| US BANCORP | USB | $3.1M | 53,799 | -0.05pp | 24q | +2.3%+$69.7K | |
| AMGEN INC | AMGN | $3.1M | 7,355 | +0.16pp | 24q | +2.5%+$75.9K | |
| NEXTERA ENERGY INC | NEE | $3.1M | 40,756 | -0.17pp | 24q | +2.3%+$70.2K | |
| BLACKROCK INC | BLK | $3.1M | 2,913 | +0.11pp | 8q | +2.8%+$83.6K | |
| AIR PRODUCTS AND CHEMICALS I | APD | $3.0M | 10,704 | -0.03pp | 24q | +4.8%+$136.9K | |
| TARGET CORP | TGT | $2.9M | 18,765 | +0.18pp | 24q | +2.4%+$68.9K | |
| COSTCO WHOLESALE CORPORATION | COST | $2.9M | 3,189 | flat | 24q | +4.6%+$126.6K | |
| VERIZON COMMUNICATIONS INC | VZ | $2.9M | 63,169 | +0.12pp | 24q | +6.0%+$164.4K | |
| WEC ENERGY GROUP INC | WEC | $2.9M | 28,677 | -0.15pp | 24q | +3.5%+$96.8K | |
| HOME DEPOT INC | HD | $2.8M | 9,985 | -0.21pp | 24q | +5.1%+$138.5K | |
| SHERWIN WILLIAMS CO | SHW | $2.8M | 8,736 | -0.04pp | 24q | +4.5%+$121.9K | |
| MONDELEZ INTL INC | MDLZ | $2.8M | 48,570 | +0.02pp | 24q | +3.4%+$92.6K | |
| RTX CORPORATION | RTX | $2.8M | 14,873 | -0.05pp | 24q | -0.8%-$22.3K | |
| DISNEY WALT CO | DIS | $2.7M | 25,875 | +0.12pp | 24q | +6.0%+$152.7K | |
| BANK OF AMER CORP | BAC | $2.7M | 49,839 | -0.10pp | 24q | -3.6%-$100.2K | |
| AUTOMATIC DATA PROCESSING IN | ADP | $2.7M | 10,401 | +0.13pp | 24q | +2.6%+$68.4K | |
| CHUBB LIMITED | CB | $2.7M | 8,176 | -0.03pp | 24q | +3.1%+$79.0K | |
| SEMPRA | SRE | $2.6M | 33,842 | -0.15pp | 24q | +4.7%+$117.3K | |
| ILLINOIS TOOL WKS INC | ITW | $2.5M | 9,910 | flat | 24q | +6.7%+$160.5K | |
| AT&T INC | T | $2.5M | 102,471 | +0.18pp | 24q | +8.2%+$190.2K | |
| UBS GROUP AG | UBS | $2.5M | 51,110 | -0.04pp | 24q | HELD | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $2.4M | 28,491 | -0.03pp | 20q | HELD | |
| ASML HLDG NV | ASML | $2.4M | 1,339 | -0.09pp | 24q | +1.2%+$29.0K | |
| MCDONALDS CORP | MCD | $2.4M | 10,439 | -0.09pp | 24q | +8.0%+$179.4K | |
| COMCAST CORP NEW | CMCSA | $2.4M | 108,865 | -0.05pp | 24q | +8.1%+$177.2K | |
| HSBC HLDGS PLC | HSBC | $2.3M | 22,987 | +0.03pp | 20q | +1.2%+$26.3K | |
| UNITED PARCEL SVCS INC | UPS | $2.2M | 23,971 | -0.09pp | 24q | +5.0%+$105.9K | |
| STARBUCKS CORP | SBUX | $2.2M | 23,822 | -0.05pp | 24q | +4.3%+$92.0K | |
| SYSCO CORP | SYY | $2.2M | 28,298 | -0.04pp | 24q | +4.3%+$90.8K | |
| XCEL ENERGY INC | XEL | $2.1M | 30,348 | -0.08pp | 24q | +5.1%+$103.0K | |
| INTERNATIONAL PAPER CO | IP | $2.1M | 63,961 | -0.09pp | 24q | +5.3%+$106.2K | |
| ALPHABET INC | GOOG | $2.1M | 6,046 | -0.01pp | 9q | +3.9%+$77.0K | |
| PEPSICO INC | PEP | $2.0M | 16,164 | -0.01pp | 24q | +7.6%+$144.2K | |
| AMERICAN WTR WKS CO INC NEW | AWK | $2.0M | 15,487 | +0.01pp | 24q | +5.4%+$103.5K | |
| INTERCONTINENTAL HOTELS GROU | IHG | $1.9M | 11,784 | -0.05pp | 23q | +2.2%+$41.5K | |
| SUNCOR ENERGY INC NEW | SU | $1.7M | 25,223 | +0.13pp | 20q | +2.2%+$36.0K | |
| CHARLES RIV LABS INTL INC | CRL | $1.7M | 5,635 | +0.14pp | 22q | +2.0%+$33.0K | |
| NORDSON CORP | NDSN | $1.7M | 5,034 | +0.06pp | 24q | +3.7%+$59.0K | |
| BERKLEY W R CORP | WRB | $1.6M | 23,511 | flat | 24q | +6.0%+$89.7K | |
| DOCUSIGN INC | DOCU | $1.5M | 23,044 | +0.20pp | 18q | +4.2%+$61.8K | |
| BRITISH AMERN TOB PLC | BTI | $1.5M | 28,177 | -0.06pp | 24q | +3.9%+$58.0K | |
| TRANE TECHNOLOGIES PLC | TT | $1.5M | 3,333 | -0.04pp | 20q | +3.4%+$49.3K | |
| T MOBILE US INC | TMUS | $1.5M | 8,986 | +0.04pp | 7q | +13.6%+$175.5K | |
| MERCK & CO INC | MRK | $1.4M | 9,859 | +0.05pp | 24q | HELD | |
| Rio Tinto PLC | RIO | $1.4M | 15,120 | +0.01pp | 21q | +4.3%+$59.0K | |
| COCA COLA CO | KO | $1.3M | 14,863 | +0.02pp | 24q | -0.5%-$6.7K | |
| MATADOR RES CO | MTDR | $1.3M | 24,636 | +0.03pp | 7q | +4.1%+$50.3K | |
| NIKE INC | NKE | $1.3M | 35,677 | -0.01pp | 14q | +16.6%+$179.7K | |
| ASTRAZENECA PLC | AZN | $1.3M | 7,821 | -0.06pp | 3q | +6.1%+$73.0K | |
| BP PLC | BP | $1.3M | 28,426 | +0.08pp | 22q | +5.0%+$59.4K | |
| BLACKSTONE INC | BX | $1.2M | 11,079 | -0.03pp | 24q | -0.6%-$7.3K | |
| ELANCO ANIMAL HEALTH INC | ELAN | $1.2M | 53,938 | -0.03pp | 19q | +5.1%+$58.8K | |
| TELEDYNE TECHNOLOGIES INC | TDY | $1.2M | 1,979 | -0.03pp | 20q | +5.5%+$63.1K | |
| TOYOTA MOTOR CORP | TM | $1.2M | 6,544 | +0.06pp | 24q | +8.0%+$88.3K | |
| SAP SE | SAP | $1.2M | 5,581 | +0.12pp | 22q | +5.9%+$64.6K | |
| UNILEVER PLC | UL | $1.2M | 19,130 | +0.02pp | 4q | +5.5%+$60.1K | |
| VISA INC | V | $1.2M | 3,219 | +0.01pp | 24q | -0.6%-$6.8K | |
| JOHNSON CONTROLS INTERNATION | JCI | $1.1M | 7,466 | flat | 24q | HELD | |
| LENNOX INTL INC | LII | $1.1M | 3,098 | -0.20pp | 24q | +10.1%+$100.8K | |
| WILLIAMS COS INC | WMB | $1.1M | 15,961 | -0.05pp | 24q | -0.9%-$9.7K | |
| DOLBY LABORATORIES INC | DLB | $1.1M | 18,393 | +0.06pp | 24q | +8.3%+$83.2K | |
| SONY GROUP CORP | SONY | $1.1M | 45,605 | +0.07pp | 21q | +6.4%+$64.3K | |
| APOLLO GLOBAL MGMT INC | APO | $1.1M | 9,214 | -0.01pp | 19q | HELD | |
| FORTIS INC | FTS | $1.1M | 19,962 | -0.01pp | 21q | +6.4%+$63.8K | |
| VERTEX PHARMACEUTICALS INC | VRTX | $1.1M | 2,009 | +0.01pp | 24q | HELD | |
| NATIONAL GRID PLC | NGG | $1.0M | 13,714 | -0.01pp | 20q | +7.1%+$69.1K | |
| NUTRIEN LTD | NTR | $1.0M | 14,764 | +0.05pp | 22q | +5.4%+$52.8K | |
| KONINKLIJKE PHILIPS N V | PHG | $1.0M | 42,345 | -0.02pp | 24q | +7.2%+$69.1K | |
| TRAVELERS COMPANIES INC | TRV | $1.0M | 2,883 | +0.02pp | 24q | -0.7%-$7.5K | |
| TE CONNECTIVITY PLC | TEL | $1.0M | 4,813 | +0.01pp | 9q | HELD | |
| HENRY JACK & ASSOC INC | JKHY | $978.3K | 6,830 | +0.03pp | 22q | +6.9%+$62.7K | |
| LOCKHEED MARTIN CORP | LMT | $886.6K | 1,741 | -0.01pp | 9q | HELD | |
| CHEMED CORP NEW | CHE | $883.9K | 1,750 | +0.03pp | 19q | +5.2%+$43.4K | |
| FREEPORT-MCMORAN INC | FCX | $877.7K | 12,538 | +0.03pp | 24q | HELD | |
| METLIFE INC | MET | $867.6K | 9,214 | +0.03pp | 24q | HELD | |
| FACTSET RESH SYS INC | FDS | $858.5K | 3,180 | +0.06pp | 18q | +7.5%+$59.9K | |
| NUCOR CORP | NUE | $858.4K | 3,672 | +0.01pp | 24q | HELD | |
| POLARIS INC | PII | $839.3K | 16,094 | -0.07pp | 24q | +9.0%+$69.4K | |
| RELX PLC | RELX | $823.8K | 24,828 | +0.03pp | 20q | +8.5%+$64.5K | |
| UNION PAC CORP | UNP | $821.8K | 3,020 | -0.01pp | 24q | -0.5%-$4.4K | |
| ASE TECHNOLOGY HLDG CO LTD | ASX | $803.8K | 18,080 | -0.15pp | 24q | -31.9%-$375.7K | |
| DIAGEO PLC | DEO | $792.6K | 9,259 | +0.04pp | 24q | +9.2%+$67.0K | |
| MASTERCARD INCORPORATED | MA | $789.2K | 1,431 | +0.01pp | 24q | HELD | |
| COPART INC | CPRT | $774.0K | 28,374 | +0.02pp | 22q | +12.8%+$87.6K | |
| COOPER COS INC | COO | $766.2K | 13,554 | -0.03pp | 11q | +15.4%+$102.2K | |
| PPG INDS INC | PPG | $763.3K | 7,316 | -0.05pp | 24q | HELD | |
| L3HARRIS TECHNOLOGIES INC | LHX | $751.8K | 3,175 | -0.07pp | 24q | HELD | |
| BCE INC | BCE | $746.9K | 36,722 | +0.01pp | 24q | +10.7%+$72.3K | |
| NOVO-NORDISK A S | NVO | $735.8K | 19,410 | -0.05pp | 24q | +9.0%+$60.5K | |
| EXPONENT INC | EXPO | $734.2K | 11,222 | +0.05pp | 19q | +10.2%+$67.9K | |
| POOL CORP | POOL | $726.1K | 4,486 | -0.05pp | 24q | +14.6%+$92.6K | |
| SCOTTS MIRACLE GRO CO | SMG | $719.5K | 14,359 | -0.07pp | 24q | +9.2%+$60.5K | |
| VAIL RESORTS INC | MTN | $712.8K | 5,196 | +0.03pp | 18q | +12.0%+$76.1K | |
| SITEONE LANDSCAPE SUPPLY INC | SITE | $712.7K | 7,892 | -0.02pp | 24q | +18.1%+$109.1K | |
| FAIR ISAAC CORP | FICO | $665.3K | 1,123 | -0.21pp | 20q | +10.3%+$62.2K | |
| EQUIFAX INC | EFX | $652.2K | 4,752 | -0.01pp | 20q | +12.9%+$74.5K | |
| AMAZON COM INC | AMZN | $640.6K | 2,571 | +0.02pp | 24q | +4.9%+$30.1K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $610.5K | 1,226 | -0.01pp | 9q | HELD | |
| BANCFIRST CORP | BANF | $600.2K | 5,701 | -0.02pp | 4q | HELD | |
| PNC FINL SVCS GROUP INC | PNC | $539.0K | 2,425 | -0.03pp | 24q | -0.6%-$3.3K | |
| American Int'l Group, Inc. | AIG | $509.6K | 6,848 | flat | 24q | HELD | |
| VANGUARD WHITEHALL FDS | VYM | $505.3K | 3,256 | -0.01pp | 24q | HELD | |
| JPMORGAN CHASE & CO | JPM | $495.6K | 1,498 | flat | 8q | HELD | |
| BOEING CO | BA | $429.2K | 2,307 | -0.03pp | 9q | HELD | |
| SANDISK CORP | SNDK | $417.6K | 240 | -0.06pp | 2q | -4.8%-$20.9K | |
| ENBRIDGE INC | ENB | $413.5K | 8,895 | -0.03pp | 24q | HELD | |
| AMERICAN TOWER CORP | AMT | $407.8K | 2,491 | flat | 24q | HELD | |
| KINDER MORGAN INC DEL | KMI | $398.5K | 13,218 | -0.01pp | 24q | -0.7%-$2.7K | |
| TOTALENERGIES SE | TTE | $373.4K | 4,367 | +0.01pp | 4q | HELD | |
| ALPHABET INC | GOOGL | $346.5K | 1,007 | flat | 5q | +10.1%+$31.7K | |
| WESTERN DIGITAL CORP | WDC | $333.6K | 734 | -0.06pp | 3q | -4.4%-$15.5K | |
| MANULIFE FINL CORP | MFC | $302.4K | 7,100 | flat | 12q | HELD | |
| NORTHROP GRUMMAN CORP | NOC | $298.3K | 617 | -0.01pp | 9q | HELD | |
| INTERNATIONAL BUSINESS MACHS | IBM | $289.9K | 1,318 | -0.03pp | 9q | HELD | |
| AUTODESK INC | ADSK | $273.6K | 1,309 | +0.01pp | 24q | HELD | |
| CARRIER GLOBAL CORPORATION | CARR | $258.0K | 4,702 | -0.03pp | 24q | HELD | |
| ENTERPRISE PRODS PARTNERS L | EPD | $257.2K | 7,222 | flat | 2q | HELD | |
| KLA CORP | KLAC | $241.5K | 1,239 | -0.05pp | 2q | -0.9%-$2.1K | |
| PUBLIC SVC ENTERPRISE GROUP | PEG | $230.8K | 3,427 | -0.02pp | 24q | HELD | |
| ZOETIS INC | ZTS | $226.5K | 3,243 | flat | 24q | -0.9%-$2.2K | |
| ELI LILLY & CO | LLY | $202.5K | 175 | -0.01pp | 2q | -2.8%-$5.8K | |
| AMPRIUS TECHNOLOGIES INC | AMPX | $96.8K | 10,000 | -0.02pp | 3q | 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 |
|---|---|---|
| Energy | $27.0M | 9.8% |
| Biotech & Pharma | $23.4M | 8.4% |
| Computer Hardware | $21.5M | 7.7% |
| Chemicals | $18.9M | 6.8% |
| Semiconductors & Electronics | $18.8M | 6.8% |
| Software & IT Services | $17.6M | 6.3% |
| Retail & Consumer | $17.6M | 6.3% |
| Utilities | $17.4M | 6.3% |
| Insurance | $14.4M | 5.2% |
| Telecom & Media | $13.4M | 4.8% |
| Banks & Lending | $12.2M | 4.4% |
| Capital Markets | $11.9M | 4.3% |
| Other sectors | $62.8M | 22.7% |
| Not classified | $505.3K | 0.2% |
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% | 100% |
| Q2 2026 | +8.0% | +14.8% | -6.8% | 100% |
| Q1 2026 | +3.0% | -4.6% | +7.6% | 100% |
| Q4 2025 | +0.4% | +2.4% | -2.0% | 100% |
| Q3 2025 | +5.1% | +7.8% | -2.8% | 100% |
| Q2 2025 | +2.9% | +10.5% | -7.5% | 100% |
| Q1 2025 | +0.2% | -4.6% | +4.7% | 100% |
| Q4 2024 | -3.1% | +2.1% | -5.3% | 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 | $277.2M | 147 | 1 | 90 | 23 | 3 | 21.5% | 14 |
| Q2 2026 | $272.2M | 149 | 5 | 94 | 24 | 1 | 20.3% | 13 |
| Q1 2026 | $246.3M | 145 | 4 | 65 | 52 | 2 | 19.0% | 24 |
| Q4 2025 | $240.9M | 143 | 3 | 43 | 66 | 4 | 20.3% | 14 |
| Q3 2025 | $238.5M | 144 | 2 | 42 | 49 | 2 | 20.5% | 9 |
| Q2 2025 | $226.4M | 144 | 0 | 104 | 26 | 1 | 19.8% | 11 |
| Q1 2025 | $214.5M | 145 | 2 | 46 | 63 | 3 | 19.7% | 9 |
| Q4 2024 | $214.1M | 146 | 2 | 95 | 40 | 1 | 20.7% | 16 |
| Q3 2024 | $214.8M | 145 | 7 | 86 | 34 | 4 | 20.7% | 16 |
| Q2 2024 | $189.5M | 142 | 1 | 44 | 35 | 1 | 21.2% | 12 |
| Q1 2024 | $190.4M | 142 | 2 | 81 | 42 | 2 | 20.3% | 26 |
| Q4 2023 | $176.1M | 142 | 2 | 16 | 99 | 9 | 20.9% | 40 |
| Q3 2023 | $168.5M | 149 | 2 | 98 | 39 | 5 | 21.3% | 31 |
| Q2 2023 | $165.7M | 152 | 5 | 89 | 40 | 3 | 22.0% | 38 |
| Q1 2023 | $159.7M | 150 | 6 | 85 | 40 | 6 | 21.3% | 35 |
| Q4 2022 | $152.4M | 150 | 3 | 84 | 48 | 6 | 21.1% | 41 |
| Q3 2022 | $135.3M | 153 | 2 | 92 | 46 | 4 | 22.0% | 32 |
| Q2 2022 | $143.8M | 155 | 6 | 96 | 45 | 16 | 22.0% | 25 |
| Q1 2022 | $157.1M | 165 | 8 | 93 | 57 | 8 | 22.1% | 14 |
| Q4 2021 | $156.1M | 165 | 14 | 81 | 54 | 7 | 23.0% | 19 |
| Q3 2021 | $138.8M | 158 | 7 | 69 | 36 | 4 | 22.6% | 34 |
| Q2 2021 | $139.9M | 155 | 9 | 71 | 38 | 4 | 22.3% | 14 |
| Q1 2021 | $129.0M | 150 | 5 | 72 | 47 | 2 | 22.5% | 29 |
| Q4 2020 | $118.9M | 147 | 0 | 0 | 0 | 0 | 24.0% | 40 |
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.