HolderBook

EMERALD MUTUAL FUND ADVISERS TRUST

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

CIK
1352895
Reported value
$2.8B
Positions
197
Top 10 weight
18.5%
Filed
2026-08-05
Days after quarter end
36

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
RBB FD INCLFSC$90.3M1,997,0353.17%-0.22pp7qHELD
TRAVERE THERAPEUTICS INCTVTX$58.6M1,032,0242.06%+0.70pp13q+9.2%+$4.9M
CARDINAL INFRASTRUCTURE GROUCDNL$51.7M549,2971.82%+1.13pp3q+53.0%+$17.9M
MERCURY SYS INCMRCY$50.4M412,3541.77%+0.44pp5q+9.8%+$4.5M
AAR CORPAIR$48.2M337,4161.69%+0.21pp15q+20.4%+$8.2M
VSE CORPVSEC$47.9M209,6281.68%-0.07pp6q+7.0%+$3.1M
KULICKE & SOFFA INDS INCKLIC$46.7M349,2951.64%+0.53pp12qHELD
ARGAN INCAGX$46.4M58,1151.63%+0.07pp4q-1.4%-$661.2K
CECO ENVIRONMENTAL CORPCECO$42.8M471,2201.50%+0.60pp4q+50.1%+$14.3M
INTERDIGITAL INCIDCC$42.0M148,2551.48%+0.59pp10q+144.3%+$24.8M
SEMTECH CORPSMTC$41.7M257,3591.46%+0.40pp4q-9.7%-$4.5M
AXCELIS TECHNOLOGIES INCACLS$41.6M219,4431.46%+1.25pp2q+362.8%+$32.6M
ESCO TECHNOLOGIES INCESE$40.8M116,4571.43%+0.09pp5q+18.2%+$6.3M
GUARDANT HEALTH INCGH$40.7M271,3801.43%-0.90pp6q-47.8%-$37.2M
LIVANOVA PLCLIVN$40.5M492,8681.42%+0.02pp14q+8.5%+$3.2M
PLEXUS CORPPLXS$40.5M134,7461.42%+0.42pp2q+31.7%+$9.8M
CORCEPT THERAPEUTICS INCCORT$40.4M464,9021.42%+1.07pp6q+158.8%+$24.8M
PDF SOLUTIONS INCPDFS$40.1M566,4291.41%+0.47pp17q-4.7%-$2.0M
COGENT BIOSCIENCES INCCOGT$39.9M1,031,3781.40%-0.52pp5qHELD
COHU INCCOHU$39.4M533,6191.39%+0.66pp2q+8.9%+$3.2M
ALLEGIANT TRAVEL COALGT$36.9M313,6611.30%+0.46pp7q+48.1%+$12.0M
LEGENCE CORPLGN$36.3M425,6281.27%-newNEW
AXOS FINANCIAL INCAX$35.7M366,7121.26%-0.13pp21q+8.9%+$2.9M
SPYRE THERAPEUTICS INCSYRE$35.6M401,2711.25%+0.25pp8q-1.7%-$607.4K
MODINE MFG COMOD$35.0M131,1871.23%-1.25pp9q-44.4%-$28.0M
MIRUM PHARMACEUTICALS INCMIRM$33.9M289,3721.19%+0.07pp5q+15.6%+$4.6M
UMB FINL CORPUMBF$33.6M235,6961.18%+0.31pp8q+48.6%+$11.0M
SOLARIS ENERGY INFRAS INCSEI$32.6M405,3131.15%+0.28pp7q+28.8%+$7.3M
BOOT BARN HLDGS INCBOOT$32.4M197,0791.14%+0.22pp7q+52.5%+$11.1M
NLIGHT INCLASR$31.2M448,4221.10%-0.09pp4q+4.3%+$1.3M
RUSH STREET INTERACTIVE INCRSI$30.0M1,007,9431.05%+0.02pp7q+2.7%+$774.5K
AGILYSYS INCAGYS$29.0M277,6661.02%+0.31pp13q+34.9%+$7.5M
SENSIENT TECHNOLOGIES CORPSXT$29.0M235,3431.02%-newNEW
COMPASS INCCOMP$27.0M2,185,8140.95%+0.43pp8q+49.4%+$8.9M
ASTRONICS CORPATRO$26.6M327,2950.93%+0.03pp3q+17.2%+$3.9M
TTM TECHNOLOGIES INCTTMI$26.6M142,1200.93%-1.29pp8q-69.8%-$61.3M
FRESHPET INCFRPT$26.4M446,1190.93%+0.07pp31q+48.2%+$8.6M
LIFE TIME GROUP HOLDINGS INCLTH$25.8M632,8400.91%+0.44pp6q+78.0%+$11.3M
VERADERMICS INCMANE$25.8M209,9240.91%+0.57pp2q+92.1%+$12.4M
TEREX CORP NEWTEX$25.8M356,0290.91%-newNEW
FIRST ADVANTAGE CORP NEWFA$25.7M1,425,8580.90%+0.52pp21q+112.0%+$13.6M
IPG PHOTONICS CORPIPGP$24.7M210,7910.87%-0.20pp4q+9.5%+$2.2M
NATIONAL VISION HLDGS INCEYE$24.7M1,298,2280.87%-0.31pp26q+38.5%+$6.9M
BILLIONTOONE INCBLLN$24.5M203,9900.86%+0.35pp3q+54.3%+$8.6M
DIODES INCDIOD$24.2M221,3800.85%+0.47pp2q+94.0%+$11.7M
HERC HLDGS INCHRI$24.2M168,9720.85%-newNEW
CYTOKINETICS INCCYTK$23.8M279,7690.84%+0.40pp2q+106.5%+$12.3M
MAXLINEAR INCMXL$23.4M182,6950.82%-newNEW
VARONIS SYS INCVRNS$23.3M555,8820.82%+0.24pp31qHELD
TREVI THERAPEUTICS INCTRVI$22.6M1,210,9650.79%+0.06pp3q-4.1%-$961.0K
MOELIS & COMC$22.4M342,4650.79%-0.16pp31qHELD
AMERICAN SUPERCONDUCTOR CORPAMSC$22.4M538,9550.79%+0.07pp7q+22.8%+$4.2M
OLLIES BARGAIN OUTLET HLDGSOLLI$22.3M290,6750.79%-0.10pp12q+47.2%+$7.2M
TETRA TECHNOLOGIES INC DELTTI$22.3M1,970,3770.78%+0.11pp22q+20.1%+$3.7M
KRATOS DEFENSE & SEC SOLUTIOKTOS$22.1M443,1520.78%-0.97pp31q-13.2%-$3.4M
SYNAPTICS INCSYNA$22.1M177,5510.78%+0.07pp3q-15.0%-$3.9M
ONTO INNOVATION INCONTO$21.9M57,8930.77%+0.06pp5q-18.4%-$4.9M
RXO INCRXO$21.0M761,0150.74%+0.54pp2q+175.8%+$13.4M
IMAX CORPIMAX$21.0M525,9860.74%-0.23pp4qHELD
PALOMAR HLDGS INCPLMR$20.7M163,6220.73%-0.22pp28qHELD
BANCORP INC DELTBBK$20.6M328,8450.72%-0.13pp31qHELD
APPLIED OPTOELECTRONICS INCAAOI$20.3M136,9590.71%-0.40pp10q-49.6%-$20.0M
TRANSMEDICS GROUP INCTMDX$20.1M302,0740.71%-0.40pp29q+31.7%+$4.8M
PALVELLA THERAPEUTICS INC NEPVLA$19.8M129,8470.70%+0.06pp2q+22.7%+$3.7M
BJS RESTAURANTS INCBJRI$19.6M322,5730.69%+0.14pp22qHELD
CUSTOMERS BANCORP INCCUBI$19.0M240,5110.67%-0.15pp4q-0.7%-$142.5K
HINGE HEALTH INCHNGE$18.9M228,1970.67%+0.33pp2q+25.5%+$3.9M
AEROVIRONMENT INCAVAV$18.9M114,4820.66%-0.33pp15q+1.8%+$342.5K
RAMBUS INC DELRMBS$18.5M139,2750.65%-0.63pp14q-54.7%-$22.3M
MATERION CORPMTRN$18.2M61,2470.64%-newNEW
HAPPEN INCHAPN$18.1M871,1310.63%+0.15pp4q+24.3%+$3.5M
COMMVAULT SYS INCCVLT$17.9M126,1260.63%+0.16pp8q+1.5%+$268.3K
D-WAVE QUANTUM INCQBTS$17.9M744,0840.63%+0.38pp5q+107.5%+$9.2M
NEKTAR THERAPEUTICSNKTR$17.8M255,5870.63%-0.27pp4qHELD
ARLO TECHNOLOGIES INCARLO$17.1M1,270,7130.60%-0.27pp9q+1.1%+$194.4K
NPK INTERNATIONAL INCNPKI$17.1M1,074,3680.60%-newNEW
ONESPAWORLD HOLDINGS LIMITEDOSW$16.9M600,0250.60%-0.07pp12qHELD
BOBS DISC FURNITURE INCBOBS$16.6M1,049,6480.58%+0.15pp2q+37.3%+$4.5M
AXSOME THERAPEUTICS INCAXSM$16.4M67,1950.58%+0.03pp5qHELD
PIPER SANDLER COMPANIESPIPR$16.3M225,1920.57%-0.26pp2qHELD
IMPINJ INCPI$15.9M111,2870.56%+0.01pp13qHELD
MIRION TECHNOLOGIES INCMIR$15.7M873,4660.55%-0.24pp7qHELD
SKYWARD SPECIALTY INS GROUPSKWD$15.5M266,1500.55%-0.31pp14q-33.8%-$7.9M
EVOLV TECHNOLOGIES HLDNGS INEVLV$15.5M2,667,5890.54%-0.24pp4qHELD
RADNET INCRDNT$15.5M250,7640.54%-0.14pp12qHELD
SAVARA INCSVRA$14.6M2,375,9990.51%-0.11pp7qHELD
SEACOAST BKG CORP FLASBCF$14.4M433,7970.51%+0.03pp5q+32.9%+$3.6M
POWER INTEGRATIONS INCPOWI$14.4M172,1960.51%+0.35pp2q+180.9%+$9.3M
AMBIQ MICRO INCAMBQ$14.1M159,1310.49%-newNEW
HIMS & HERS HEALTH INCHIMS$13.8M398,8420.49%-newNEW
ARHAUS INCARHS$13.3M1,576,4860.47%+0.14pp19q+59.2%+$4.9M
DIANTHUS THERAPEUTICS INCDNTH$12.8M131,0180.45%-newNEW
COASTAL FINL CORP WACCB$12.1M156,6640.43%-0.15pp20qHELD
ALAMAR BIOSCIENCES INCALMR$11.4M422,1270.40%-newNEW
EXCELERATE ENERGY INCEE$11.4M299,9910.40%+0.09pp5q+58.6%+$4.2M
ALPHATEC HLDGS INCATEC$10.9M1,258,0860.38%-0.23pp11q+8.8%+$875.9K
FIRST WATCH RESTAURANT GROUPFWRG$10.6M823,9540.37%+0.08pp5q+44.7%+$3.3M
LIGHTPATH TECHNOLOGIES INCLPTH$9.9M607,8820.35%-newNEW
TRINITY CAP INCTRIN$9.8M549,2600.35%-0.05pp22qHELD
Q2 HLDGS INCQTWO$9.8M203,8150.34%-0.12pp11qHELD
LENDINGTREE INCTREE$9.7M218,2690.34%-0.11pp11qHELD
EVERQUOTE INCEVER$9.5M397,2680.33%+0.02pp6q-3.5%-$341.1K
SLIDE INS HLDGS INCSLDE$8.9M459,8200.31%-0.09pp5qHELD
AVEANNA HEALTHCARE HLDGS INCAVAH$8.3M967,1080.29%-0.01pp3q-0.9%-$75.5K
CORVUS PHARMACEUTICALS INCCRVS$7.9M526,3890.28%-0.05pp2q+14.6%+$1.0M
VISTEON CORPVC$7.5M75,5000.26%-0.01pp4q+21.8%+$1.3M
DAVE INCDAVE$7.4M19,8940.26%+0.24pp4q+702.8%+$6.5M
WHITEHAWK MINERALS CORPWHK$7.3M263,8100.26%-newNEW
VIRIDIAN THERAPEUTICS INCVRDN$7.3M395,5460.26%-newNEW
AEVEX CORPAVEX$7.1M341,1080.25%-newNEW
DEFINIUM THERAPEUTICS INCDFTX$5.7M121,2490.20%-newNEW
MID PENN BANCORP INCMPB$5.7M162,4110.20%-0.05pp21qHELD
AMBARELLA INCAMBA$5.6M65,7310.20%-newNEW
FIRST CAROLINA FINL SVCS INCFCBM$5.5M414,0900.19%-newNEW
ASTRONICS CORP CL BATROB$5.0M65,4590.17%-newNEW
FLOWCO HLDGS INCFLOC$4.9M231,2870.17%-0.06pp2qHELD
WAVE LIFE SCIENCES LTDWVE$4.9M847,9990.17%-0.11pp9q+4.1%+$194.5K
WESBANCO INCWSBC$4.7M120,6470.17%+0.01pp6q+32.7%+$1.2M
UNITED THERAPEUTICS CORP DELUTHR$4.3M7,9280.15%-0.09pp8q-5.4%-$247.1K
HAWKEYE 360 INCHAWK$4.2M205,3630.15%-newNEW
BLACK ROCK COFFEE BAR INCBRCB$3.8M453,7340.13%-0.15pp4qHELD
METALLUS INCMTUS$3.7M196,9640.13%-0.06pp2q-17.2%-$765.3K
GBANK FINL HLDGS INCGBFH$3.6M118,0000.13%-0.03pp7qHELD
BOWMAN CONSULTING GROUP LTDBWMN$2.8M95,5730.10%-0.01pp10q+23.3%+$526.8K
HEARTFLOW INCHTFL$2.8M94,0990.10%-0.06pp4q-28.3%-$1.1M
ONCE UPON A FARM PBCOFRM$2.7M129,4220.09%-0.08pp2q-39.0%-$1.7M
EROCK INCEROC$2.6M182,2490.09%-newNEW
ICU MED INCICUI$2.4M16,4090.08%-0.04pp4q-15.9%-$456.1K
LATHAM GROUP INCSWIM$2.3M351,6540.08%-0.09pp7q-45.3%-$1.9M
ESQUIRE FINL HLDGS INCESQ$2.2M18,5130.08%-0.02pp17qHELD
METROPOLITAN BK HLDG CORPMCB$2.1M21,7350.08%-0.02pp21q-5.8%-$131.7K
NORTHEAST BK PORTLAND MENBN$2.1M16,0940.07%-0.02pp17q-11.4%-$273.1K
PATHWARD FINANCIAL INCCASH$1.9M21,4500.07%-0.03pp20qHELD
TWIST BIOSCIENCE CORPTWST$1.9M18,0500.07%+0.02pp2q+1.1%+$20.6K
NEPTUNE INS HLDGS INCNP$1.7M55,2480.06%-0.04pp4q-33.3%-$870.4K
CERIBELL INCCBLL$1.7M89,3480.06%-0.02pp7q+1.1%+$19.3K
CREDO TECHNOLOGY GROUP HOLDICRDO$1.6M5,7300.05%-1.32pp17q-98.1%-$80.4M
ENOVA INTL INCENVA$1.5M6,3710.05%-0.08pp3q-68.0%-$3.3M
PINNACLE FINL PARTNERS INCPNFP$1.4M14,3430.05%-0.01pp2qHELD
WINTRUST FINL CORPWTFC$1.4M8,7330.05%-0.01pp15qHELD
BRIDGEBIO PHARMA INCBBIO$1.4M18,7410.05%-1.10pp13q-94.1%-$22.5M
GLOBUS MED INCGMED$1.3M16,4400.05%-0.02pp6q+1.1%+$14.4K
QCR HLDGS INCQCRH$1.3M13,1100.04%-0.01pp12qHELD
INSMED INCINSM$1.2M11,2180.04%-0.02pp15q+36.3%+$318.6K
ROBINHOOD MKTS INCHOOD$1.2M11,6940.04%-0.03pp6q-41.2%-$820.5K
WAYSTAR HLDG CORPWAY$1.1M55,7750.04%-0.02pp3q+1.1%+$12.7K
SEZZLE INCSEZL$1.1M6,3780.04%-newNEW
LUMEXA IMAGING HOLDINGS INCLMRI$1.1M96,0460.04%-0.23pp3q-85.3%-$6.3M
AMAZON COM INCAMZN$1.1M4,5040.04%-newNEW
MECHANICS BANCORPMCHB$961.3K60,4620.03%-0.01pp6qHELD
WESTERN ALLIANCE BANCORPWAL$942.9K11,4710.03%-0.01pp13qHELD
FORBRIGHT INCFRBT$914.5K50,0000.03%-newNEW
OPPFI INCOPFI$907.9K91,4330.03%-newNEW
TAKE-TWO INTERACTIVE SOFTWARTTWO$896.7K3,5870.03%+0.01pp6q+33.7%+$226.0K
FIGURE TECHNOLOGY SOLUTIOFIGR$855.6K27,8600.03%-0.02pp4qHELD
PORCH GROUP INCPRCH$847.0K56,3150.03%+0.01pp7qHELD
KORRO BIO INCKRRO$837.7K63,5620.03%-0.01pp4q+1.1%+$9.3K
EAST WEST BANCORP INCEWBC$815.1K6,3140.03%flat14qHELD
MVB FINL CORPMVBF$791.8K27,2930.03%-0.01pp3qHELD
FINWISE BANCORPFINW$788.3K54,3640.03%-0.01pp19qHELD
THIRD COAST BANCSHARES INCTCBX$772.0K19,1080.03%-0.01pp13qHELD
MASTEC INCMTZ$771.0K1,8530.03%flat6q+8.8%+$62.4K
BIOGEN INCBIIB$732.2K3,3890.03%flat4q+8.7%+$58.8K
NEOGENOMICS INCNEO$635.5K43,5540.02%+0.01pp3q+1.1%+$7.0K
BROADCOM INCAVGO$632.7K1,6750.02%flat10q+8.8%+$51.4K
REMITLY GLOBAL INCRELY$631.0K28,1590.02%flat4qHELD
STARBUCKS CORPSBUX$605.5K5,9250.02%flat2q+55.4%+$215.8K
PAGAYA TECHNOLOGIES LTDPGY$541.1K29,6480.02%-0.02pp4q-60.3%-$821.1K
MONGODB INCMDB$534.4K1,5910.02%flat13q+8.7%+$43.0K
AFFIRM HLDGS INCAFRM$531.7K6,5200.02%flat4qHELD
BWX TECHNOLOGIES INCBWXT$516.0K2,6510.02%-0.01pp5q+8.9%+$42.0K
INDIE SEMICONDUCTOR INCINDI$511.7K113,9710.02%flat14q+8.9%+$42.0K
BANK7 CORPBSVN$510.8K10,4350.02%flat4qHELD
EVERPURE INCP$508.5K6,4540.02%-newNEW
FIVE STAR BANCORPFSBC$501.0K10,2890.02%flat15qHELD
FAIR ISAAC CORPFICO$474.3K3970.02%flat2q+8.8%+$38.2K
FTAI AVIATION LTDFTAI$465.6K1,7210.02%flat13q-3.1%-$14.9K
ROCKET COS INCRKT$449.6K28,5480.02%-0.02pp4q-47.2%-$401.6K
AMERIS BANCORPABCB$400.9K4,4420.01%flat13qHELD
MATTHEWS INTL CORPMATW$395.8K14,7040.01%flat3q+8.9%+$32.3K
UNITY SOFTWARE INCU$379.1K13,2660.01%flat2q+8.9%+$31.0K
INVIVYD INCIVVD$374.1K428,8470.01%-0.01pp3qHELD
BOEING COBA$369.9K1,7090.01%flat2q+8.6%+$29.4K
TSS INC DELTSSI$350.0K28,4560.01%-newNEW
BLOOM ENERGY CORPBE$343.6K1,1350.01%-2.30pp8q-99.7%-$106.3M
UNITED BANKSHARES INC WEST VUBSI$287.7K6,2770.01%flat6qHELD
Private Bancorp of America, Inc.PBAM$272.0K3,6760.01%flat10qHELD
BOWHEAD SPECIALTY HLDGS INCBOW$266.8K8,9140.01%flat9qHELD
PIXELWORKS INCPXLW$252.9K40,5610.01%flat3q+8.9%+$20.7K
AMERICAN INTEGRITY INS GROUPAII$218.9K11,6240.01%-0.15pp5q-93.2%-$3.0M
ATEGRITY SPECIALTY IN CO HOASIC$178.1K7,4100.01%flat5qHELD
CNB FINL CORP PACCNE$173.8K5,1560.01%flat16qHELD
NCINO INCNCNO$124.5K7,6120.00%-newNEW
TWFG INCTWFG$117.8K4,9000.00%flat8qHELD
PERELLA WEINBERG PARTNERSPWP$92.0K5,7630.00%-0.54pp6q-99.1%-$9.8M
OPENDOOR TECHNOLOGIES INCOPEN$76.6K16,5760.00%flat3qHELD
SABLE OFFSHORE CORPSOC$34.9K11,3370.00%flat2q+112.1%+$18.5K

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.

Semiconductors & Electronics 17.4%Biotech & Pharma 14.0%Banks & Lending 7.3%Software & IT Services 6.9%Industrials 5.8%Autos & Aerospace 5.8%Construction & Building 4.8%Retail & Consumer 4.2%Business Services 4.0%Medical Devices 3.7%Healthcare Services 3.6%Instruments & Controls 3.4%Other sectors 14.4%Not classified 4.6%
 
SectorValueShare
Semiconductors & Electronics$496.5M17.4%
Biotech & Pharma$398.7M14.0%
Banks & Lending$207.1M7.3%
Software & IT Services$196.3M6.9%
Industrials$166.4M5.8%
Autos & Aerospace$163.7M5.8%
Construction & Building$135.2M4.8%
Retail & Consumer$120.3M4.2%
Business Services$112.8M4.0%
Medical Devices$104.4M3.7%
Healthcare Services$103.9M3.6%
Instruments & Controls$98.0M3.4%
Other sectors$411.1M14.4%
Not classified$131.5M4.6%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$2.8B1972879373018.5%36
Q1 2026$2.1B1992458481421.4%34
Q4 2025$2.1B1891967494920.4%40
Q3 2025$1.9B2193964893221.8%30
Q2 2025$1.6B2122960692722.0%35
Q1 2025$1.4B2102546662721.0%31
Q4 2024$1.6B21230281104323.2%45
Q3 2024$1.9B2252743812521.1%29
Q2 2024$1.9B2232341672921.5%37
Q1 2024$1.9B2292247933320.8%38
Q4 2023$1.9B2402276621819.1%36
Q3 2023$1.7B2362255632418.2%27
Q2 2023$1.8B2386956474817.1%41
Q1 2023$1.7B2175969666118.0%34
Q4 2022$1.6B2194153893617.4%34
Q3 2022$1.6B2142259961918.9%25
Q2 2022$1.7B2112670552319.2%29
Q1 2022$2.3B20826331283418.7%29
Q4 2021$2.8B2164073693118.2%33
Q3 2021$2.9B2073231604219.7%28
Q2 2021$3.1B2175444524417.1%29
Q1 2021$3.0B2074070425917.5%29
Q4 2020$2.9B22657925514419.2%29
Q3 2020$2.3B31374481047121.3%28
Q2 2020$2.1B31013187523820.2%28
Q1 2020$1.6B21759508212921.4%30
Q4 2019$2.4B28710644562318.4%29
Q3 2019$2.3B2042434692318.2%31
Q2 2019$2.5B2031540502518.0%31
Q1 2019$2.5B2132549592617.0%31
Q4 2018$2.1B214000017.3%31

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.