HolderBook

Diamond Hill Capital Management, LLC (Investment Advisor)

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

CIK
1217541
Reported value
$12.5B
Positions
186
Top 10 weight
27.9%
Filed
2026-08-06
Days after quarter end
37

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
AMERICAN INTL GROUP INCAIG$464.5M6,232,9103.72%-0.32pp31q-27.3%-$174.7M
ABBOTT LABORATORIESABT$448.0M4,936,7743.59%+0.13pp31q-8.2%-$40.1M
BERKSHIRE HATHAWAY INC DELBRKB$438.7M876,7303.51%-0.30pp31q-31.1%-$198.0M
COLGATE PALMOLIVE COCL$380.7M4,152,0363.05%+0.17pp7q-23.2%-$115.0M
AON PLCAON$369.6M1,114,1562.96%-0.05pp8q-25.1%-$124.0M
MICROSOFT CORPMSFT$309.9M830,6542.48%+0.11pp31q-18.9%-$72.0M
CAPITAL ONE FINL CORPCOF$290.9M1,449,9932.33%+0.02pp6q-28.2%-$114.3M
DIAMONDBACK ENERGY INCFANG$268.9M1,529,4982.15%-0.33pp12q-23.8%-$84.2M
WASTE MGMT INC DELWM$262.1M1,176,1632.10%-0.17pp18q-25.5%-$89.8M
ZOETIS INCZTS$255.6M3,557,4362.05%-0.12pp4q+21.5%+$45.3M
HUMANA INCHUM$245.6M618,1851.97%+1.66pp29q+120.6%+$134.2M
TEXAS INSTRS INCTXN$240.1M805,3911.92%-0.56pp31q-60.6%-$369.8M
SBA COMMUNICATIONS CORPSBAC$228.4M1,294,1551.83%-0.25pp22q-33.1%-$113.0M
DISNEY WALT CODIS$225.4M2,341,7401.80%-0.12pp31q-26.5%-$81.1M
SALESFORCE INCCRM$220.3M1,405,9201.76%-0.34pp6q-21.8%-$61.4M
EXTRA SPACE STORAGE INCEXR$213.2M1,467,2851.71%+0.03pp12q-28.4%-$84.4M
EQUITABLE HLDGS INCEQH$208.1M4,743,5191.67%flat4q-34.0%-$107.4M
SYSCO CORPSYY$203.9M2,439,1141.63%+0.08pp10q-29.9%-$87.2M
COOPER COS INCCOO$195.9M2,731,1981.57%+0.05pp4q-19.6%-$47.8M
CONOCOPHILLIPSCOP$194.1M1,867,2491.55%-0.85pp18q-36.0%-$109.0M
KIMBERLY-CLARK CORPKMB$188.9M1,720,8911.51%+0.10pp2q-26.6%-$68.6M
BANK OF AMER CORPBAC$187.1M3,283,8591.50%-0.07pp23q-36.3%-$106.4M
UNION PAC CORPUNP$183.3M673,8591.47%-0.10pp17q-34.8%-$97.9M
AMAZON COM INCAMZN$176.2M739,1351.41%+0.05pp18q-29.4%-$73.3M
ADOBE INCADBE$173.6M846,8671.39%-0.24pp5q-21.0%-$46.1M
LABCORP HOLDINGS INCLH$168.2M600,7921.35%+0.07pp9q-21.4%-$45.8M
VISA INCV$150.2M437,7241.20%+0.04pp26q-28.6%-$60.3M
SOLVENTUM CORPSOLV$150.1M1,945,1211.20%+0.21pp7q-19.6%-$36.7M
BUILDERS FIRSTSOURCE INCBLDR$134.9M1,507,6841.08%+0.17pp8q-14.5%-$22.9M
L3HARRIS TECHNOLOGIES INCLHX$133.4M459,1151.07%-0.16pp24q-19.5%-$32.3M
DEERE & CODE$133.4M210,2781.07%+0.05pp24q-27.5%-$50.6M
MEDTRONIC PLCMDT$131.7M1,684,1101.05%-0.02pp31q-15.1%-$23.4M
CARRIER GLOBAL CORPORATIONCARR$131.2M1,788,6051.05%+0.03pp2q-38.3%-$81.6M
TAIWAN SEMICONDUCTOR MANUFACTSM$128.4M268,8571.03%+0.40pp25q-9.2%-$13.0M
THERMO FISHER SCIENTIFIC INCTMO$126.6M252,5591.01%-0.10pp4q-30.0%-$54.2M
GENERAL MILLS INCGIS$126.1M3,623,4801.01%-0.11pp6q-24.4%-$40.7M
MARTIN MARIETTA MATLS INCMLM$123.4M213,9050.99%-0.08pp17q-26.0%-$43.4M
RED ROCK RESORTS INCRRR$120.7M1,855,8780.97%+0.34pp31q-1.8%-$2.3M
NVR INCNVR$117.9M17,2990.94%+0.07pp31q-18.2%-$26.3M
DOVER CORPDOV$113.5M506,1030.91%+0.03pp3q-25.2%-$38.3M
FERGUSON ENTERPRISES INCFERG$112.9M475,6320.90%-0.09pp8q-30.4%-$49.4M
EQT CORPEQT$110.2M2,072,1580.88%-0.24pp3q-26.4%-$39.6M
ASHLAND INCASH$105.5M1,600,7140.84%+0.24pp29q-8.6%-$9.9M
PFIZER INCPFE$101.4M4,210,4990.81%-0.26pp31q-31.1%-$45.7M
ANTERO RESOURCES CORPAR$100.2M2,851,7800.80%+0.35pp5q+67.2%+$40.3M
ELEVANCE HEALTH INC FORMERLYELV$96.6M249,7220.77%-newNEW
ALPHABET INCGOOGL$95.3M266,7790.76%+0.18pp31q-17.1%-$19.7M
REGAL REXNORD CORPORATIONRRX$94.9M398,4440.76%-0.75pp16q-69.2%-$212.9M
METLIFE INCMET$94.6M1,118,1260.76%-0.28pp6q-52.4%-$104.1M
META PLATFORMS INCMETA$92.0M163,3090.74%+0.21pp31q+11.4%+$9.4M
CARMAX INCKMX$86.2M1,628,9050.69%+0.05pp15q-34.1%-$44.5M
KEYCORPKEY$82.2M3,567,2220.66%-0.13pp10q-43.1%-$62.2M
FEDEX CORPFDX$76.3M243,7130.61%-0.27pp4q-38.5%-$47.7M
ACCENTURE PLC IRELANDACN$75.8M609,4020.61%-0.45pp8q-28.7%-$30.5M
NUCOR CORPNUE$69.6M312,5650.56%-0.42pp6q-66.3%-$136.9M
CUBESMARTCUBE$68.6M1,723,7220.55%+0.12pp31q-8.8%-$6.7M
ROCKET COS INCRKT$67.8M4,304,4540.54%+0.17pp3q+3.9%+$2.6M
RYMAN HOSPITALITY PPTYS INCRHP$60.7M471,8430.49%+0.19pp19q-8.7%-$5.8M
SENTINELONE INCS$59.6M3,512,4950.48%+0.20pp3q+2.2%+$1.3M
HUNTINGTON INGALLS INDS INCHII$55.4M198,1090.44%-0.04pp8q-3.3%-$1.9M
FORTUNE BRANDS INNOVATIONS IFBIN$55.3M1,006,7520.44%+0.23pp11q+15.4%+$7.4M
POST HLDGS INCPOST$54.6M618,6180.44%-0.07pp31q-24.2%-$17.4M
VERISIGN INCVRSN$53.1M211,2170.43%+0.04pp9q-15.4%-$9.7M
ILLUMINA INCILMN$53.0M301,6420.42%+0.17pp6q-9.3%-$5.4M
CITIGROUP INCC$52.9M378,2380.42%-0.11pp31q-50.0%-$52.9M
ESAB CORPORATIONESAB$51.8M525,6330.42%+0.14pp17q+16.4%+$7.3M
BOOZ ALLEN HAMILTON HLDG CORBAH$51.3M845,9760.41%+0.06pp4q+18.1%+$7.9M
TRANSUNIONTRU$51.1M707,9950.41%+0.20pp6q+44.2%+$15.6M
CIMPRESS PLCCMPR$50.8M499,7930.41%+0.08pp26q-31.2%-$23.0M
GARTNER INCIT$46.7M360,6350.37%+0.19pp2q+93.2%+$22.5M
WAYSTAR HLDG CORPWAY$43.3M2,109,7930.35%+0.10pp2q+31.6%+$10.4M
REVVITY INCRVTY$42.9M385,2960.34%+0.11pp4q-10.4%-$5.0M
BELLRING BRANDS INCBRBR$42.9M3,312,8300.34%+0.13pp2q+59.7%+$16.0M
WESCO INTL INCWCC$41.6M120,3170.33%+0.04pp31q-30.3%-$18.1M
DEVON ENERGY CORP NEWDVN$40.6M982,5400.33%-newNEW
TELEFLEX INCORPORATEDTFX$39.5M311,3490.32%+0.06pp7q-9.1%-$3.9M
TRIUMPH FINANCIAL INCTFIN$38.8M508,5480.31%+0.11pp23q-5.6%-$2.3M
UGI CORP NEWUGI$38.3M1,109,2760.31%+0.03pp31q-7.9%-$3.3M
TRUIST FINL CORPTFC$37.0M742,8710.30%+0.06pp23q-8.7%-$3.5M
MID-AMER APT CMNTYS INCMAA$36.5M262,8300.29%+0.01pp12q-29.3%-$15.2M
LPL FINL HLDGS INCLPLA$36.5M129,4130.29%+0.03pp7q-5.2%-$2.0M
VERALTO CORPVLTO$35.6M401,3740.28%-newNEW
FREEPORT-MCMORAN INCFCX$35.5M564,7140.28%+0.07pp21q-1.2%-$446.1K
ICON PUB LTD COICLR$33.8M194,6180.27%+0.12pp14q-11.7%-$4.5M
WILLIS TOWERS WATSON PLC LTDWTW$32.1M122,6310.26%+0.01pp20q-7.9%-$2.8M
EQUIFAX INCEFX$31.6M199,3420.25%-newNEW
CONSTELLATION BRANDS INCSTZ$31.6M227,0610.25%+0.07pp31q+17.2%+$4.6M
LIBERTY MEDIA CORP DELFWONK$30.4M319,9990.24%+0.06pp12q-5.2%-$1.7M
CHEVRON CORPORATIONCVX$30.4M183,2340.24%+0.04pp29q+18.9%+$4.8M
RENTOKIL INITIAL PLCRTO$29.7M1,037,1690.24%+0.11pp2q+63.6%+$11.5M
TELEDYNE TECHNOLOGIES INCTDY$29.5M44,2020.24%+0.04pp7q-13.9%-$4.8M
GODADDY INCGDDY$28.9M340,9340.23%+0.04pp11q-7.3%-$2.3M
FTI CONSULTING INCFCN$28.3M189,9700.23%flat5q-7.1%-$2.2M
SS&C TECH HLDGSSSNC$26.8M431,1750.21%-0.64pp19q-78.7%-$98.6M
FIDELITY NATL INFORMATION SVFIS$26.7M685,8100.21%+0.04pp28q+18.8%+$4.2M
LAMAR ADVERTISING COLAMR$26.5M169,6940.21%+0.07pp2q-6.9%-$2.0M
TORO COTTC$23.7M243,4910.19%+0.03pp4q-10.9%-$2.9M
RENAISSANCERE HLDGS LTDRNR$23.2M73,1280.19%+0.05pp31q-1.6%-$376.2K
DUCOMMUN INC DELDCO$22.8M123,1570.18%+0.10pp12q+11.4%+$2.3M
MOLINA HEALTHCARE INCMOH$22.7M99,0660.18%-newNEW
PARKER-HANNIFIN CORPPH$22.4M22,9370.18%-0.20pp31q-66.4%-$44.3M
ASTRANA HEALTH INCASTH$22.1M475,9410.18%+0.09pp9q-12.5%-$3.2M
KNIFE RIVER CORPKNF$21.2M253,9410.17%+0.02pp5q-14.1%-$3.5M
GATES INDL CORP PLCGTES$21.1M755,8900.17%-0.05pp20q-50.7%-$21.8M
TREKOR METALS LTD$20.5M2,979,7810.16%-newNEW
HCA HEALTHCARE INCHCA$20.4M52,3160.16%+0.08pp17q+82.9%+$9.2M
TJX COS INC NEWTJX$20.4M134,4160.16%+0.03pp31qHELD
FEDEX FGHT HLDG CO INC$19.7M130,2390.16%-newNEW
INVITATION HOMES INCINVH$18.4M608,8460.15%+0.04pp3q-13.0%-$2.8M
ULTA BEAUTY INCULTA$18.3M40,5970.15%+0.08pp9q+108.0%+$9.5M
DOMINION ENERGY INCD$17.6M257,8350.14%+0.02pp24q-14.9%-$3.1M
LEAR CORPLEA$17.4M129,9670.14%+0.01pp14q-22.5%-$5.1M
JOHNSON CONTROLS INTERNATIONJCI$17.4M118,9100.14%+0.03pp31q-12.4%-$2.4M
PEOPLE INCPPLI$16.2M349,9450.13%+0.03pp3q-9.6%-$1.7M
MESA LABS INCMLAB$15.5M155,7710.12%+0.04pp7qHELD
DIAMOND HILL FUNDSDHLX$15.1M1,165,3050.12%+0.03pp4qHELD
UFP TECHNOLOGIES INCUFPT$14.6M55,1760.12%+0.07pp21q+34.2%+$3.7M
UTZ BRANDS INCUTZ$14.5M1,878,1750.12%+0.08pp5q+138.1%+$8.4M
BROWN & BROWN INCBRO$14.3M223,1450.11%+0.01pp31q-13.8%-$2.3M
BANK OZK LITTLE ROCK ARKOZK$14.0M269,4950.11%+0.04pp31q+4.0%+$543.9K
INTL GNRL INSURANCE HLDNGS LIGIC$13.8M526,2800.11%+0.03pp8q+5.8%+$751.5K
ALEXANDRIA REAL ESTATE EQ INARE$12.4M235,5660.10%+0.04pp3q+7.1%+$820.0K
MAGNOLIA OIL & GAS CORPMGY$12.0M468,7040.10%+0.03pp9q+44.2%+$3.7M
CENTENE CORP DELCNC$11.5M178,4020.09%-newNEW
OIL DRI CORP AMERODC$11.3M110,2310.09%+0.04pp21q-15.7%-$2.1M
PINNACLE FINL PARTNERS INCPNFP$11.1M110,2550.09%+0.02pp2q-14.4%-$1.9M
MAMAS CREATIONS INCMAMA$10.9M608,4220.09%+0.05pp11q+57.4%+$4.0M
AVANTOR INCAVTR$10.4M1,046,3900.08%flat2q-40.8%-$7.1M
FIRST HORIZON CORPORATIONFHN$10.1M392,3780.08%+0.02pp11q-4.1%-$429.2K
MGM RESORTS INTERNATIONALMGM$9.8M204,8730.08%+0.03pp2q-4.3%-$442.1K
ALLEGIANT TRAVEL COALGT$9.3M78,9020.07%+0.04pp31q+8.2%+$703.1K
PERMA-FIX ENVIRONMENTAL SVCSPESI$9.2M642,5330.07%+0.05pp8q+80.5%+$4.1M
GRAHAM CORPGHM$9.1M73,3400.07%+0.02pp20q-32.7%-$4.4M
GENERAC HLDGS INCGNRC$9.1M31,0030.07%+0.01pp5q-37.5%-$5.4M
REXFORD INDL RLTY INCREXR$9.1M270,2420.07%-0.01pp7q-30.3%-$3.9M
INSTEEL INDS INCIIIN$9.0M298,7780.07%-newNEW
VENTAS INCVTR$8.8M98,8230.07%+0.01pp6q-12.4%-$1.2M
FTAI INFRASTRUCTURE INCFIP$8.6M1,851,6130.07%+0.02pp7q+18.8%+$1.4M
UNITED STS LIME & MINERALS IUSLM$7.9M75,0950.06%+0.01pp21q+16.0%+$1.1M
TITAN AMER SATTAM$7.6M408,5020.06%+0.03pp6q+15.7%+$1.0M
LIVE OAK BANCSHARES INCLOB$7.3M179,2940.06%+0.02pp27q+5.7%+$396.7K
PROFICIENT AUTO LOGISTICS INPAL$7.3M1,075,2300.06%+0.02pp8q+22.8%+$1.4M
CENTERSPACECSR$7.0M124,7360.06%+0.02pp3q+10.6%+$670.4K
BOSTON SCIENTIFIC CORPBSX$6.7M157,8290.05%flat31q+5.1%+$329.3K
HARTFORD INSURANCE GROUP INCHIG$6.6M50,0650.05%-0.14pp31q-78.4%-$24.1M
CONCRETE PUMPING HLDGS INCBBCP$5.9M489,7040.05%+0.03pp21q+5.0%+$280.9K
CURBLINE PPTYS CORPCURB$5.7M185,9000.05%+0.02pp7qHELD
FIRST WESTN FINL INCMYFW$5.5M170,8240.04%+0.02pp21q+6.9%+$353.0K
LSI INDS INC OHIOLYTS$5.3M200,3170.04%+0.02pp2q+25.5%+$1.1M
CORE MOLDING TECHNOLOGIES INCMT$5.1M215,6990.04%+0.01pp19q+10.4%+$478.9K
STRAWBERRY FIELDS REIT INCSTRW$4.8M348,6310.04%+0.01pp5q+5.5%+$251.2K
INFUSYSTEM HLDGS INCINFU$4.7M489,0170.04%-newNEW
CENTURY COMMUNITIES INCCCS$4.3M60,7030.03%+0.02pp17q+66.5%+$1.7M
BIOLIFE SOLUTIONS INCBLFS$4.3M153,8870.03%-newNEW
TRANSCAT INCTRNS$4.3M46,1850.03%+0.02pp21q+18.7%+$673.5K
CECO ENVIRONMENTAL CORPCECO$4.2M45,9160.03%-newNEW
PERRIGO CO PLCPRGO$4.1M391,3400.03%-0.09pp29q-78.9%-$15.2M
ALLIENT INCALNT$4.0M38,7790.03%+0.01pp21q-29.3%-$1.7M
NOVARTIS AGNVS$3.9M24,8220.03%+0.01pp28qHELD
SILVERCREST ASSET MGMT GROUPSAMG$3.7M361,5440.03%+0.01pp14q+90.2%+$1.7M
FREIGHTCAR AMER INCRAIL$3.6M367,9460.03%+0.03pp4q+411.3%+$2.9M
AZZ INCAZZ$3.5M22,4450.03%+0.01pp5qHELD
KNOWLES CORPKN$3.4M81,9540.03%+0.02pp2q+28.3%+$750.1K
CNH INDL N VCNH$3.4M299,2540.03%+0.01pp9q+14.3%+$420.6K
MVB FINL CORPMVBF$3.3M112,1290.03%+0.01pp3q+28.3%+$717.1K
KOPIN CORPKOPN$2.5M567,4020.02%+0.01pp2q+47.5%+$818.5K
AMERICAN EAGLE OUTFITTERS INAEO$2.5M146,3820.02%+0.01pp5q+48.9%+$827.3K
CENTRUS ENERGY CORPLEU$2.0M11,6180.02%+0.01pp16q+57.5%+$711.9K
ASURE SOFTWARE INCASUR$1.9M239,9800.02%flat5q+11.2%+$191.8K
SPOTIFY TECHNOLOGY S ASPOT$1.8M3,8430.01%flat20qHELD
HURCO COHURC$1.7M74,3490.01%+0.01pp4q+7.8%+$122.9K
BOK FINL CORPBOKF$1.7M12,0100.01%+0.01pp31q+141.6%+$977.6K
ACME UTD CORPACU$1.6M34,0920.01%+0.01pp9q+80.2%+$724.3K
AURINIA PHARMACEUTICALS INCAUPH$1.6M92,2120.01%flat21qHELD
DAKTRONICS INCDAKT$1.5M76,9000.01%-newNEW
GREEN BRICK PARTNERS INCGRBK$1.5M18,5780.01%+0.01pp31q+48.9%+$488.6K
AVANOS MED INCAVNS$1.4M57,2470.01%-0.04pp6q-90.0%-$12.9M
ROCKY BRANDS INCRCKY$1.3M31,8900.01%flat19q+4.2%+$53.2K
HELIOS TECHNOLOGIES INCHLIO$1.3M14,0610.01%flat8q-38.7%-$793.6K
MILLER INDS INC TENNMLR$1.2M23,1990.01%flat21q+39.6%+$336.5K
JOHNSON OUTDOORS INCJOUT$1.1M23,3940.01%flat19qHELD
ASTRONOVA INCALOT$1.0M35,7040.01%flat21q-70.2%-$2.4M
PURE CYCLE CORPPCYO$871.8K81,3990.01%flat20q+29.0%+$196.2K
ISHARES TRIWD$829.8K3,4230.01%-0.03pp9q-87.1%-$5.6M
UNIQURE NVQURE$804.3K17,4630.01%flat12q-47.6%-$731.0K
ONDAS INCONDS$668.4K81,1200.01%flat20q+27.8%+$145.5K

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.

Insurance 16.3%Software & IT Services 9.0%Biotech & Pharma 7.6%Industrials 6.7%Banks & Lending 6.4%Energy 6.1%Real Estate 5.6%Business Services 5.2%Medical Devices 4.4%Wholesale & Distribution 3.7%Retail & Consumer 3.5%Semiconductors & Electronics 3.1%Other sectors 22.0%Not classified 0.5%
 
SectorValueShare
Insurance$2.0B16.3%
Software & IT Services$1.1B9.0%
Biotech & Pharma$955.4M7.6%
Industrials$835.2M6.7%
Banks & Lending$795.7M6.4%
Energy$756.3M6.1%
Real Estate$699.9M5.6%
Business Services$644.1M5.2%
Medical Devices$547.6M4.4%
Wholesale & Distribution$463.8M3.7%
Retail & Consumer$439.7M3.5%
Semiconductors & Electronics$389.5M3.1%
Other sectors$2.7B22.0%
Not classified$57.5M0.5%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$12.5B18613601041427.9%37
Q1 2026$16.0B18713511131629.2%37
Q4 2025$19.5B190136799930.6%37
Q3 2025$21.1B1861153105530.7%36
Q2 2025$21.8B1801152107529.8%43
Q1 2025$21.8B1741071821329.9%36
Q4 2024$22.6B17711481051029.1%41
Q3 2024$24.7B176114691626.5%35
Q2 2024$23.4B171144784626.4%39
Q1 2024$24.5B16355282626.3%43
Q4 2023$22.8B16475095925.9%36
Q3 2023$20.7B16685783726.3%33
Q2 2023$22.2B16546573525.6%39
Q1 2023$21.4B166753881025.8%41
Q4 2022$22.0B169333105426.2%38
Q3 2022$20.9B17043595326.0%39
Q2 2022$22.9B169105080924.6%40
Q1 2022$26.9B16868460625.2%41
Q4 2021$28.0B1681440921026.0%39
Q3 2021$26.4B164106951425.9%46
Q2 2021$26.3B158225174626.0%34
Q1 2021$24.7B14245977725.3%34
Q4 2020$21.2B1451250791625.2%39
Q3 2020$18.1B14983986825.6%40
Q2 2020$17.0B149104686725.4%41
Q1 2020$14.8B1461171582225.0%35
Q4 2019$19.9B15745380925.4%38
Q3 2019$18.8B162966641325.4%30
Q2 2019$18.7B1661352861125.3%32
Q1 2019$18.2B164747962925.7%30
Q4 2018$17.0B186000025.3%42

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.