HolderBook

OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK
1005607
Reported value
$1.8B
Positions
203
Top 10 weight
33.3%
Filed
2026-08-04
Days after quarter end
35

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
VANGUARD INTL EQUITY INDEX FVEU$153.8M1,836,9638.55%+1.23pp22qHELD
VANGUARD INTL EQUITY INDEX FVWO$70.8M1,186,8053.94%+0.53pp22qHELD
APPLE INCAAPL$69.3M239,3633.85%+0.05pp31q-15.5%-$12.7M
MICROSOFT CORPMSFT$52.6M141,0532.92%-0.13pp31q-9.5%-$5.5M
ISHARES INCEWJ$49.5M530,3412.75%+0.39pp22qHELD
VANGUARD INDEX FDSVNQ$44.8M464,3332.49%+0.21pp22q-4.4%-$2.0M
VANGUARD INTL EQUITY INDEX FVGK$43.7M493,1782.43%+0.29pp22q+0.8%+$357.6K
ALPHABET INCGOOG$41.0M116,1162.28%+0.46pp31q-3.0%-$1.3M
AMAZON COM INCAMZN$38.0M159,6402.11%+0.14pp31q-10.8%-$4.6M
NVIDIA CORPORATIONNVDA$35.7M178,2711.98%+0.26pp14q-4.5%-$1.7M
SPDR INDEX SHS FDSRWX$31.8M1,176,0781.76%+0.14pp16q+1.9%+$601.3K
BARCLAYS BANK PLCDJP$31.1M710,4141.73%-0.10pp22q-0.8%-$235.6K
JPMORGAN CHASE & COJPM$30.6M93,5271.70%-0.02pp31q-15.5%-$5.6M
ADVANCED MICRO DEVICES INCAMD$30.1M51,7911.67%+0.52pp15q-51.8%-$32.3M
ALPHABET INCGOOGL$29.4M82,2231.63%+0.20pp31q-12.7%-$4.3M
SSGA ACTIVE ETF TRSRLN$29.2M723,6301.62%-0.01pp22q-5.8%-$1.8M
GLOBAL X FDSDAX$27.7M627,8001.54%+0.16pp16q+1.5%+$406.0K
ISHARES INCEWN$27.6M392,5521.53%+0.34pp22qHELD
SPDR SERIES TRUSTXBI$26.7M169,0271.49%+0.33pp18q-1.1%-$286.7K
ISHARES TRILF$21.9M647,9881.21%-0.01pp22qHELD
ISHARES TRICSH$21.8M431,4461.21%-0.41pp22q-28.7%-$8.8M
THERMO FISHER SCIENTIFIC INCTMO$20.9M41,7431.16%+0.02pp31q-5.1%-$1.1M
NEW YORK LIFE INVESTMENTS ETMNA$20.9M571,6521.16%+0.09pp22q+3.1%+$632.8K
ISHARES TRTLT$19.5M225,3911.08%+0.07pp11q+1.7%+$320.1K
PALO ALTO NETWORKS INCPANW$19.4M56,9751.08%-0.11pp31q-59.5%-$28.6M
ISHARES TRSGOV$19.3M191,8111.07%-1.24pp5q-55.9%-$24.4M
STATE STR SPDR S&P 500 ETF TSPY$19.0M25,4141.05%+0.17pp31q-1.3%-$256.9K
ISHARES TRICVT$18.3M150,2911.02%+0.21pp22qHELD
SPDR INDEX SHS FDSGXC$17.1M198,1880.95%-0.01pp22q+1.4%+$244.3K
META PLATFORMS INCMETA$16.5M29,2990.92%+0.05pp26q+2.0%+$330.1K
BLOCK INCXYZ$16.3M214,9150.91%+0.14pp8q-10.4%-$1.9M
CARNIVAL CORP LTDCCL$15.6M546,7850.87%-newNEW
TAKE-TWO INTERACTIVE SOFTWARTTWO$15.0M59,8260.83%+0.21pp22qHELD
MERCADOLIBRE INCMELI$14.9M8,8020.83%-0.08pp22q-11.5%-$1.9M
WISDOMTREE TRUSDU$14.9M556,9100.83%+0.09pp15q+4.9%+$700.1K
ASML HLDG NVASML$14.6M7,3410.81%+0.29pp7q-0.8%-$123.3K
DANAHER CORP DELDHR$14.3M75,3110.80%-0.20pp31q-24.0%-$4.5M
COLUMBIA ETF TR IIINCO$13.7M230,5180.76%flat22q-12.4%-$1.9M
BORGWARNER INCBWA$13.4M201,3320.74%-0.26pp30q-42.2%-$9.8M
AIR PRODUCTS AND CHEMICALS IAPD$13.3M45,3730.74%+0.04pp31q-0.9%-$114.6K
RYANAIR HOLDINGS PLCRYAAY$13.2M203,8100.73%+0.12pp19q+1.2%+$160.1K
INVESCO EXCHANGE TRADED FD TPRF$12.7M235,4020.71%+0.11pp31qHELD
NXP SEMICONDUCTORS N VNXPI$12.7M45,1810.71%+0.10pp31q-22.1%-$3.6M
JPMORGAN CHASE FINL CO LLCAMJB$12.6M364,7210.70%+0.03pp9q-0.9%-$111.4K
VISA INCV$12.4M36,2310.69%-0.05pp31q-21.6%-$3.4M
CVS HEALTH CORPCVS$12.3M119,3560.69%+0.21pp31q-4.1%-$531.3K
ERMENEGILDO ZEGNA N VZGN$12.2M936,5730.68%+0.16pp6q-0.6%-$76.6K
DISNEY WALT CODIS$11.9M123,9700.66%+0.03pp31q-0.8%-$90.4K
KINDER MORGAN INC DELKMI$11.7M364,6090.65%flat22qHELD
PHILLIPS 66PSX$11.1M65,7470.62%-0.02pp31q-0.8%-$85.4K
CAESARS ENTERTAINMENT INC NECZR$10.9M361,1620.61%+0.09pp24q-1.5%-$165.3K
UNITEDHEALTH GROUP INCUNH$10.8M26,0830.60%+0.23pp3qHELD
ALIBABA GROUP HLDG LTDBABA$10.8M112,5690.60%-0.17pp31q-2.9%-$319.3K
SALESFORCE INCCRM$10.7M68,1570.59%-0.15pp17q-10.0%-$1.2M
MARSH & MCLENNAN COS INCMRSH$10.6M63,7060.59%-0.15pp31q-21.2%-$2.9M
ISHARES TRACWX$10.4M136,2700.58%+0.08pp16qHELD
VANGUARD SCOTTSDALE FDSVCSH$10.1M127,7910.56%-0.10pp22q-18.9%-$2.4M
TREX INCTREX$10.0M199,2360.55%+0.15pp3q-4.3%-$445.4K
ABBOTT LABORATORIESABT$10.0M109,7220.55%-0.06pp31q-2.5%-$252.1K
BOOKING HOLDINGS INCBKNG$9.8M55,0440.55%+0.09pp26q+2587.7%+$9.4M
UNITED RENTALS INCURI$9.6M8,4640.53%+0.19pp2q-3.5%-$344.4K
POOL CORPPOOL$9.3M43,3230.52%-0.02pp16q-13.4%-$1.4M
VANGUARD INDEX FDSVUG$9.2M106,5820.51%+0.10pp31q+498.9%+$7.6M
LOWES COS INCLOW$9.1M41,4690.51%+0.01pp31q+4.2%+$371.5K
ISHARES GOLD TRIAU$9.1M119,9880.50%-0.06pp21q-0.5%-$49.0K
MGM RESORTS INTERNATIONALMGM$9.0M189,1020.50%-0.17pp31q-45.0%-$7.4M
SLB LIMITEDSLB$9.0M194,3590.50%-0.16pp31q-19.8%-$2.2M
WILLSCOT HLDGS CORPWSC$8.7M301,1090.48%+0.21pp11qHELD
PEPSICO INCPEP$8.6M63,4110.48%-0.03pp31q+2.2%+$184.6K
ICON PUB LTD COICLR$8.5M48,6710.47%+0.18pp11q-2.2%-$189.9K
PLANET FITNESS MASTER ISSUERPLNT$8.5M161,9970.47%-0.13pp25q+6.4%+$511.3K
ELASTIC N VESTC$8.2M143,5440.45%+0.08pp25qHELD
CBRE GROUP INCCBRE$8.1M60,2880.45%+0.03pp22q+2.4%+$189.1K
VANGUARD SPECIALIZED FUNDSVIG$7.9M33,5360.44%+0.05pp31q-2.6%-$213.2K
LAS VEGAS SANDS CORPLVS$7.9M171,4260.44%-0.05pp9q+0.6%+$48.8K
VANGUARD SCOTTSDALE FDSVCIT$7.3M88,7200.41%+0.02pp22qHELD
NIKE INCNKE$7.2M176,0690.40%-0.07pp17q+4.4%+$301.8K
SERVICENOW INCNOW$7.1M71,6110.39%-0.09pp2q-17.8%-$1.5M
ISHARES TRIWF$7.1M56,8400.39%+0.07pp31q+300.0%+$5.3M
GOLDMAN SACHS PHYSICAL GOLDAAAU$7.0M177,9880.39%-0.03pp13q+3.3%+$223.5K
VANGUARD INDEX FDSVTV$7.0M32,2900.39%+0.06pp31qHELD
CATERPILLAR INCCAT$6.4M5,9700.35%+0.12pp31q-2.8%-$186.4K
FIRST BUSEY CORPBUSE$6.2M210,2140.34%+0.06pp11qHELD
TRIP COM GROUP LTDTCOM$5.9M149,1230.33%-0.14pp22q-17.0%-$1.2M
SUN CMNTYS INCSUI$5.8M48,5510.32%+0.01pp14q+2.0%+$114.0K
QUANTA SVCS INCPWR$5.3M7,3580.29%+0.08pp31qHELD
PROLOGIS INC.PLD$5.2M38,3550.29%+0.02pp7qHELD
NETFLIX INCNFLX$5.2M72,2140.29%-0.10pp2q-5.0%-$270.8K
INVESCO EXCHANGE TRADED FD TPDP$5.2M33,9540.29%+0.07pp31qHELD
MCGRATH RENTCORPMGRC$4.4M36,2100.24%-newNEW
FIDELITY NATL INFORMATION SVFIS$4.3M110,3840.24%-0.03pp19q+1.5%+$62.7K
ELI LILLY & COLLY$4.1M3,4580.23%+0.06pp9qHELD
QUEST DIAGNOSTICS INCDGX$3.9M18,6350.22%-newNEW
APOLLO GLOBAL MGMT INCAPO$3.8M32,2160.21%-0.01pp5q-13.7%-$606.1K
BOSTON SCIENTIFIC CORPBSX$3.7M86,5980.21%-0.07pp2q+5.0%+$174.4K
AMERICAN EXPRESS COAXP$3.4M10,0270.19%+0.03pp31qHELD
INGERSOLL RAND INCIR$3.3M40,5160.18%-newNEW
INVESCO EXCH TRADED FD TR IIBKLN$3.1M149,9750.17%+0.16pp3q+1357.5%+$2.8M
ISHARES TRIWD$3.1M12,5830.17%+0.03pp31qHELD
GOLDMAN SACHS ETF TRGSEW$2.9M31,0610.16%+0.03pp6q+4.0%+$112.9K
FREEPORT-MCMORAN INCFCX$2.8M44,0700.15%-0.02pp22q-21.9%-$777.6K
CISCO SYS INCCSCO$2.8M23,5590.15%+0.06pp31qHELD
ISHARES TRIVV$2.8M3,6830.15%+0.03pp15q+3.7%+$97.4K
AUTOMATIC DATA PROCESSING INADP$2.8M12,3070.15%-0.31pp31q-71.7%-$7.0M
VANGUARD INDEX FDSVTI$2.5M6,7030.14%-0.26pp31q-71.1%-$6.1M
ISHARES TRIWM$2.4M7,8340.13%+0.05pp28q+33.5%+$590.7K
BROADCOM INCAVGO$2.3M6,1420.13%+0.03pp31qHELD
PROCTER & GAMBLE COPG$2.3M15,5200.13%-0.41pp31q-78.1%-$8.1M
BERKSHIRE HATHAWAY INC DELBRKB$2.2M4,4840.12%-0.75pp31q-87.0%-$15.1M
COCA COLA COKO$2.2M27,3410.12%-0.01pp31q-18.7%-$510.4K
CHENIERE ENERGY INCLNG$2.1M8,8010.12%-0.21pp31q-59.6%-$3.1M
INVESCO EXCHANGE TRADED FD TRSP$2.0M9,5730.11%+0.01pp31q-1.9%-$39.8K
GE AEROSPACEGE$2.0M5,3420.11%+0.04pp20q+9.2%+$168.2K
INVESCO QQQ TRQQQ$1.9M2,6460.11%+0.02pp31q-3.6%-$73.6K
ISHARES TRDVY$1.9M12,4290.11%+0.01pp31q-1.1%-$21.1K
DEERE & CODE$1.9M3,0500.11%+0.02pp30qHELD
CHEVRON CORPORATIONCVX$1.8M11,0780.10%-0.02pp31q-0.9%-$15.7K
EXXON MOBIL CORPXOMXXXX$1.8M13,1130.10%-0.81pp31q-87.0%-$12.0M
JOHNSON & JOHNSONJNJ$1.8M7,0210.10%-0.14pp31q-62.1%-$2.9M
VANGUARD TAX-MANAGED FDSVEA$1.7M24,5480.10%+0.02pp22q+1.4%+$24.0K
VANGUARD BD INDEX FDSVUSB$1.5M31,0000.09%-0.02pp2q-20.5%-$398.2K
LAM RESEARCH CORPLRCX$1.5M3,3610.08%+0.04pp4q-10.4%-$169.0K
UNION PAC CORPUNP$1.5M5,3410.08%-0.12pp31q-65.1%-$2.7M
ISHARES TREEM$1.4M20,9100.08%+0.02pp22qHELD
GE VERNOVA INCGEV$1.4M1,1720.08%+0.03pp9q+10.6%+$131.6K
STATE STR SPDR S&P MIDCAP 40MDY$1.3M1,8470.07%+0.01pp31qHELD
APPLIED MATLS INCAMAT$1.3M1,7750.07%+0.04pp11qHELD
ISHARES U S ETF TRNEAR$1.2M24,4000.07%flat22qHELD
SPDR SERIES TRUSTRWR$1.2M10,8140.07%+0.01pp22qHELD
ORACLE CORPORCL$1.2M8,3040.07%+0.01pp31q+11.4%+$124.6K
WELLS FARGO & COWFC$1.2M13,9880.06%-0.01pp31q-16.4%-$227.3K
VULCAN MATLS COVMC$1.1M3,5610.06%+0.01pp31q-1.2%-$13.0K
ISHARES TREFA$986.1K9,4930.05%-0.03pp22q-44.2%-$779.6K
AUTOZONE INCAZO$968.4K3030.05%flat31qHELD
NEXTERA ENERGY INCNEE$931.1K10,6080.05%flat16qHELD
INTEL CORPINTC$896.9K6,4230.05%+0.04pp3q+28.1%+$196.9K
ISHARES TRIDEV$856.3K9,6200.05%+0.01pp2qHELD
CSX CORPCSX$810.6K17,0540.05%+0.01pp9q+2.7%+$21.4K
INTERNATIONAL BUSINESS MACHSIBM$795.0K2,8270.04%+0.01pp31qHELD
KEYSIGHT TECHNOLOGIES INCKEYS$754.4K2,1550.04%-0.33pp9q-91.3%-$7.9M
MICRON TECHNOLOGY INCMU$748.0K6480.04%+0.03pp3q-16.4%-$146.6K
ISHARES TRIWR$728.1K6,6000.04%+0.01pp13qHELD
VANGUARD INDEX FDSVOO$706.7K1,0290.04%flat7q-7.8%-$59.8K
PFIZER INCPFE$695.5K28,8810.04%-0.12pp31q-73.4%-$1.9M
HOME DEPOT INCHD$675.0K1,9140.04%-0.29pp25q-89.9%-$6.0M
ISHARES TRESGU$650.1K3,9720.04%+0.01pp24q-3.9%-$26.2K
SCHWAB CHARLES CORPSCHW$648.6K7,0290.04%flat31qHELD
VANGUARD SCOTTSDALE FDSVGLT$635.1K11,5100.04%-newNEW
ISHARES TRIWB$624.1K1,5240.03%+0.01pp12qHELD
VANGUARD INTL EQUITY INDEX FVNQI$604.2K13,4720.03%flat22q+0.6%+$3.4K
COSTCO WHOLESALE CORPORATIONCOST$562.2K6010.03%-0.53pp20q-94.4%-$9.4M
CF INDUSTRIES HOLDCF$539.5K4,9830.03%flat31qHELD
ISHARES TREFV$538.3K7,0320.03%flat22q+0.7%+$3.6K
AMERICAN CENTY ETF TRAVEM$530.5K5,4980.03%-newNEW
VANGUARD SCOTTSDALE FDSVONE$512.8K1,5140.03%flat2qHELD
ABM INDS INCABM$482.2K10,9000.03%flat9qHELD
BOEING COBA$460.0K2,1250.03%flat4qHELD
ISHARES TRIJH$454.2K5,8900.03%flat8q-7.3%-$36.0K
RTX CORPORATIONRTX$425.8K2,2440.02%flat25q-2.9%-$12.5K
VANGUARD INDEX FDSVO$424.8K5,2720.02%flat11q+203.5%+$284.8K
CADENCE DESIGN SYSTEM INCCDNS$398.2K1,0610.02%+0.01pp14qHELD
MASTERCARD INCORPORATEDMA$392.2K7640.02%+0.01pp11q+41.7%+$115.5K
MORGAN STANLEYMS$391.9K1,8750.02%+0.01pp8qHELD
ISHARES TRIEUR$380.4K5,0600.02%flat15qHELD
VANGUARD INDEX FDSVB$376.6K1,2420.02%flat10q+3.2%+$11.8K
ISHARES TRITOT$370.9K2,2580.02%flat15qHELD
J P MORGAN EXCHANGE TRADED FJEPI$370.2K6,5550.02%flat9qHELD
MCDONALDS CORPMCD$368.4K1,3630.02%flat9q+22.5%+$67.6K
VANGUARD STAR FDSVXUS$367.2K4,2950.02%flat5qHELD
MERCK & CO INCMRK$361.2K2,8110.02%flat4q+16.6%+$51.4K
BANK OF AMER CORPBAC$339.7K5,9610.02%flat11qHELD
ISHARES TRIJR$320.4K2,1600.02%flat2q-17.3%-$66.9K
OGE ENERGY CORPOGE$316.3K6,5000.02%flat22qHELD
LINDE PLCLIN$316.0K6090.02%flat11q+19.6%+$51.9K
ISHARES TRICLN$314.8K15,3650.02%flat22qHELD
ISHARES INCIEMG$288.9K3,4870.02%flat2q+0.8%+$2.2K
VANECK ETF TRUSTSMOG$285.8K1,9560.02%flat31qHELD
D R HORTON INCDHI$284.6K1,7470.02%flat11qHELD
INVESCO EXCHANGE TRADED FD TPHO$281.6K4,0770.02%flat22qHELD
WALMART INCWMT$275.1K2,4290.02%-0.79pp31q-98.0%-$13.7M
ECOLAB INCECL$272.5K9780.02%flat31q+11.4%+$27.9K
VANGUARD ADMIRAL FDS INCVIOG$271.6K1,7700.02%flat3qHELD
TESLA INCTSLA$270.9K6440.02%flat6qHELD
SPDR SERIES TRUSTSDY$262.5K1,7250.01%-newNEW
ISHARES TRMTUM$258.8K7550.01%-newNEW
ISHARES TRMCHI$254.6K4,9900.01%flat8qHELD
AMGEN INCAMGN$248.1K6850.01%-0.21pp17q-94.3%-$4.1M
STEEL DYNAMICS INCSTLD$247.8K1,0800.01%-newNEW
QUALCOMM INCQCOM$242.3K1,3110.01%-newNEW
TE CONNECTIVITY PLCTEL$241.7K1,1990.01%flat5qHELD
YUM BRANDS INCYUM$239.8K1,5000.01%-0.13pp19q-91.6%-$2.6M
NORTHERN TR CORPNTRS$226.0K1,3000.01%-newNEW
CHUBB LIMITEDCB$222.5K6530.01%-newNEW
SELECT SECTOR SPDR TRXLK$220.8K1,1590.01%-newNEW
ISHARES TRESGD$215.9K2,1000.01%-newNEW
TRAVELERS COMPANIES INCTRV$214.6K6500.01%-0.19pp31q-95.1%-$4.1M
LABCORP HOLDINGS INCLH$210.8K7530.01%flat2q-2.0%-$4.2K
COMCAST CORP NEWCMCSA$210.0K8,5520.01%flat9qHELD
CARRIER GLOBAL CORPORATIONCARR$204.0K2,7810.01%-newNEW
3M COMMM$202.4K1,2500.01%-newNEW
CENTENE CORP DELCNC$202.3K3,1510.01%-newNEW
NUVEEN CALIFORNIA MUNI VLU FNCA$158.6K17,0000.01%flat22qHELD
ASANA INCASAN$85.6K12,2260.00%flat12qHELD

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.

Software & IT Services 11.2%Business Services 5.5%Computer Hardware 5.1%Semiconductors & Electronics 4.9%Banks & Lending 4.8%Retail & Consumer 3.5%Transport & Logistics 2.3%Instruments & Controls 2.0%Energy 2.0%Industrials 1.5%Other sectors 13.2%Not classified 44.0%
 
SectorValueShare
Software & IT Services$201.2M11.2%
Business Services$99.8M5.5%
Computer Hardware$92.3M5.1%
Semiconductors & Electronics$87.3M4.9%
Banks & Lending$85.6M4.8%
Retail & Consumer$62.5M3.5%
Transport & Logistics$40.9M2.3%
Instruments & Controls$36.0M2.0%
Energy$35.7M2.0%
Industrials$27.9M1.5%
Other sectors$238.3M13.2%
Not classified$792.6M44.0%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$1.8B2031742841133.3%35
Q1 2026$1.9B1971156671030.4%27
Q4 2025$1.9B1968241081829.7%27
Q3 2025$2.0B2061162621029.6%30
Q2 2025$1.9B2059491001628.4%43
Q1 2025$1.7B212657731229.0%21
Q4 2024$1.7B218861761128.4%24
Q3 2024$1.8B221116058828.8%23
Q2 2024$1.7B218229459528.7%22
Q1 2024$1.6B201657841328.4%25
Q4 2023$1.5B208186465528.9%22
Q3 2023$1.4B195667661628.4%26
Q2 2023$1.4B20537178728.8%20
Q1 2023$1.4B209127361727.4%24
Q4 2022$1.3B2041452951027.0%24
Q3 2022$1.2B200886541128.3%27
Q2 2022$1.3B2031857962029.2%32
Q1 2022$1.4B205782881830.7%35
Q4 2021$1.4B216249167330.5%31
Q3 2021$1.2B195789671230.8%25
Q2 2021$1.2B200159862730.5%40
Q1 2021$1.1B1926636825730.6%131
Q4 2020$818.0M183347743632.8%32
Q3 2020$496.9M155103571529.6%28
Q2 2020$467.2M150122875729.0%23
Q1 2020$384.0M145938571830.6%29
Q4 2019$494.0M154323831128.4%27
Q3 2019$497.9M16242859728.7%25
Q2 2019$522.6M165111589926.3%18
Q1 2019$512.1M1631121982626.6%24
Q4 2018$668.5M178000028.1%28

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.