HolderBook

Birch Hill Investment Advisors LLC

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

CIK
1424177
Reported value
$2.5B
Positions
211
Top 10 weight
41.7%
Filed
2026-07-21
Days after quarter end
21

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
AMAZON COM INCAMZN$130.3M546,7455.28%+0.14pp31qHELD
AMPHENOL CORPAPH$126.9M719,9085.14%+1.18pp30q+3.1%+$3.8M
ALPHABET INCGOOGL$112.5M314,6654.55%+0.36pp31q-3.2%-$3.7M
BERKSHIRE HATHAWAY INC DELBRKB$106.4M212,5834.31%-0.27pp31qHELD
APPLE INCAAPL$106.2M367,0684.30%+0.18pp31q+1.5%+$1.6M
MICROSOFT CORPMSFT$105.8M283,5544.28%-0.38pp31q+1.0%+$1.1M
ROCKWELL AUTOMATION INCROK$92.1M186,0533.73%+0.69pp25q-1.4%-$1.3M
TJX COS INC NEWTJX$86.7M572,1903.51%-0.64pp31q-1.2%-$1.0M
ASML HLDG NVASML$81.8M41,1203.31%+0.96pp5q+3.5%+$2.8M
ECOLAB INCECL$81.5M292,6383.30%-0.16pp31q+1.0%+$843.1K
INTERNATIONAL BUSINESS MACHSIBM$81.4M289,4973.30%+0.26pp31q+3.6%+$2.8M
WATTS WATER TECHNOLOGIES INCWTS$76.0M194,1713.08%+0.61pp27q+2.6%+$1.9M
VERTEX PHARMACEUTICALS INCVRTX$73.4M147,7022.97%-0.05pp22q-2.1%-$1.5M
MARSH & MCLENNAN COS INCMRSH$68.4M410,2332.77%-0.56pp31q-4.1%-$2.9M
EDWARDS LIFESCIENCES CORPEW$66.5M735,3772.69%+0.03pp31q-0.7%-$436.3K
ALPHABET INCGOOG$62.5M177,0122.53%+0.20pp31q-2.2%-$1.4M
WEST PHARMACEUTICAL SVSC INCWST$57.3M159,6962.32%+0.51pp5q-0.9%-$525.2K
LINCOLN ELEC HLDGS INCLECO$53.8M202,6952.18%-0.06pp15q+1.3%+$683.7K
ANALOG DEVICES INCADI$44.8M112,9041.82%+0.18pp11q-1.7%-$774.1K
KROGER COKR$44.2M796,3801.79%-0.78pp16qHELD
S&P GLOBAL INCSPGI$41.7M102,4671.69%-0.33pp31q-3.2%-$1.4M
COSTCO WHOLESALE CORPORATIONCOST$32.6M34,8621.32%-0.25pp31q-0.5%-$165.6K
JOHNSON & JOHNSONJNJ$32.2M126,6251.30%-0.14pp31q-4.0%-$1.3M
ISHARES TRIJR$31.7M213,8251.28%+0.11pp31q+1.4%+$443.9K
CLOROX CO DELCLX$31.0M324,9131.26%-0.13pp3q+9.2%+$2.6M
JPMORGAN CHASE & COJPM$30.9M94,3801.25%-0.01pp31q-1.2%-$369.9K
FISERV INCFISV$30.6M623,2891.24%-0.09pp31q+17.8%+$4.6M
ISHARES TRIVV$30.5M40,7641.24%+0.04pp31qHELD
MASTERCARD INCORPORATEDMA$29.5M57,4791.20%-0.09pp31qHELD
WW GRAINGER INCGWW$28.5M20,9641.16%+0.11pp31q-1.5%-$438.0K
NVIDIA CORPORATIONNVDA$27.2M136,0861.10%+0.10pp22q+5.8%+$1.5M
PEPSICO INCPEP$25.0M184,9151.01%-0.28pp31qHELD
ALCON AGALC$21.4M319,6050.87%-0.53pp23q-22.8%-$6.3M
NEXTERA ENERGY INCNEE$19.8M225,2570.80%+0.11pp31q+35.8%+$5.2M
TRANE TECHNOLOGIES PLCTT$18.4M37,5020.75%+0.04pp26qHELD
CARLISLE COS INCCSL$18.0M49,5370.73%-0.01pp31q+1.0%+$183.2K
J P MORGAN EXCHANGE TRADED FBBJP$15.1M200,2970.61%+0.13pp10q+28.7%+$3.4M
LABCORP HOLDINGS INCLH$14.3M51,0680.58%-0.15pp9q-16.3%-$2.8M
PROCTER & GAMBLE COPG$13.3M90,5190.54%-0.04pp31q+2.3%+$298.6K
MERCK & CO INCMRK$11.3M87,9720.46%-0.02pp31q-0.9%-$107.0K
BANK OF AMER CORPBAC$10.2M178,4250.41%+0.01pp31q-2.5%-$255.6K
BROADCOM INCAVGO$9.4M24,9290.38%+0.03pp31qHELD
ISHARES TRIJH$9.3M121,0650.38%+0.02pp31q+1.9%+$176.4K
CHEWY INCCHWY$9.3M474,9600.38%-0.49pp7q-33.5%-$4.7M
ISHARES TREFA$8.6M82,6890.35%-0.01pp31q+2.1%+$173.6K
VANGUARD INTL EQUITY INDEX FVWO$8.0M133,2720.32%+0.01pp31q+2.2%+$175.0K
VANGUARD TAX-MANAGED FDSVEA$7.9M110,2720.32%+0.03pp31q+8.4%+$605.6K
UBER TECHNOLOGIES INCUBER$7.7M106,9930.31%-0.06pp24q-6.1%-$501.7K
BXP INCBXP$7.4M110,9160.30%+0.03pp31q-3.3%-$253.6K
INVESCO EXCHANGE TRADED FD TRSP$7.3M34,5400.30%-0.01pp7q-2.1%-$155.7K
COCA COLA COKO$7.3M90,1780.30%-0.01pp31qHELD
DANAHER CORP DELDHR$7.0M36,9960.29%+0.26pp30q+1345.7%+$6.6M
RTX CORPORATIONRTX$7.0M36,9490.28%-0.04pp25qHELD
ABBVIE INCABBV$6.4M25,4590.26%+0.01pp31qHELD
VISA INCV$6.0M17,4590.24%+0.05pp15q+21.3%+$1.1M
AUTOMATIC DATA PROCESSING INADP$5.9M26,2630.24%flat31qHELD
HAYWARD HLDGS INCHAYW$5.3M304,1690.21%+0.02pp8q-6.2%-$346.2K
HOME DEPOT INCHD$4.9M13,8990.20%-0.01pp31qHELD
GRAYSCALE BITCOIN TRUST ETFGBTC$4.7M102,8500.19%-0.05pp10qHELD
INTEL CORPINTC$4.4M31,8000.18%+0.12pp31qHELD
CATERPILLAR INCCAT$4.3M4,0290.17%+0.05pp31qHELD
ISHARES TRIWM$4.3M14,1560.17%+0.02pp31q+0.6%+$24.3K
COLGATE PALMOLIVE COCL$4.2M45,8010.17%-0.01pp31q-1.7%-$70.6K
EMERSON ELEC COEMR$4.1M28,4950.17%-0.01pp31q-3.0%-$124.3K
ORACLE CORPORCL$4.0M27,4850.16%-0.02pp31q-0.9%-$35.2K
GENTEX CORPGNTX$3.8M148,7280.15%flat31q-3.4%-$132.0K
HILTON WORLDWIDE HLDGS INCHLT$3.7M11,1770.15%flat14qHELD
ISHARES TRIJS$3.6M26,4340.15%+0.01pp15q+2.5%+$87.5K
MCCORMICK & CO INCMKC$3.1M62,0920.13%-0.02pp31q-6.1%-$204.6K
ISHARES TREEM$3.1M45,2670.13%+0.01pp31q+2.3%+$70.5K
US BANCORPUSB$2.9M48,4210.12%flat31q-1.4%-$42.2K
THERMO FISHER SCIENTIFIC INCTMO$2.9M5,7610.12%-0.01pp31qHELD
GE AEROSPACEGE$2.9M7,6860.12%+0.03pp17q+17.6%+$429.8K
WABTECWAB$2.8M10,4890.11%flat31qHELD
INGERSOLL RAND INCIR$2.7M33,0900.11%-0.01pp20qHELD
AIR PRODUCTS AND CHEMICALS IAPD$2.7M9,1910.11%-0.01pp31q-2.2%-$61.6K
ACCENTURE PLC IRELANDACN$2.6M20,8040.10%-0.09pp31q-5.8%-$158.0K
GE VERNOVA INCGEV$2.5M2,1340.10%+0.04pp9q+26.0%+$516.9K
ILLINOIS TOOL WKS INCITW$2.4M8,7630.10%-0.01pp31qHELD
MONDELEZ INTL INCMDLZ$2.3M40,5060.09%-0.02pp31q-11.8%-$313.7K
CVS HEALTH CORPCVS$2.2M21,1850.09%+0.02pp31qHELD
SELECT SECTOR SPDR TRXLE$2.2M40,7350.09%-0.03pp23q-6.6%-$153.2K
UNION PAC CORPUNP$2.1M7,7780.09%flat31qHELD
ABBOTT LABORATORIESABT$2.1M23,1850.09%-0.02pp31q-0.6%-$13.6K
LINDE PLCLIN$2.1M3,9650.08%-0.02pp14q-14.9%-$360.6K
DEERE & CODE$2.0M3,2150.08%flat31qHELD
STATE STR SPDR S&P 500 ETF TSPY$2.0M2,7140.08%flat31qHELD
VANGUARD WORLD FDVGT$2.0M16,9440.08%+0.02pp10q+749.3%+$1.8M
GLOBAL X FDSCOPX$1.9M24,5200.08%-0.01pp9qHELD
DISNEY WALT CODIS$1.8M19,0890.07%+0.01pp31q+28.9%+$412.3K
VANGUARD INDEX FDSVOO$1.8M2,6360.07%flat31q-0.6%-$10.3K
AIRBNB INCABNB$1.8M12,3580.07%-0.01pp7q-11.7%-$234.1K
ALLEGION PLCALLE$1.8M12,5000.07%-0.01pp31qHELD
CHEVRON CORPORATIONCVX$1.8M10,5630.07%-0.03pp31q-4.9%-$91.2K
DOVER CORPDOV$1.6M7,2800.07%-0.01pp31q-4.3%-$72.9K
MARRIOTT INTL INC NEWMAR$1.6M4,2910.06%flat31qHELD
SELECT SECTOR SPDR TRXLK$1.5M8,0610.06%+0.03pp4q+38.2%+$424.9K
MCDONALDS CORPMCD$1.5M5,6160.06%-0.02pp31q-0.5%-$8.1K
NIKE INCNKE$1.5M36,0410.06%-0.03pp31qHELD
VANGUARD INDEX FDSVO$1.3M16,7480.05%flat31q+300.0%+$1.0M
TESLA INCTSLA$1.3M3,1820.05%flat14q+1.8%+$24.0K
WASTE MGMT INC DELWM$1.3M5,9690.05%-0.01pp31q-2.2%-$30.1K
CARRIER GLOBAL CORPORATIONCARR$1.3M17,8910.05%+0.01pp25qHELD
WALMART INCWMT$1.3M11,5370.05%-0.01pp31q-3.1%-$42.1K
META PLATFORMS INCMETA$1.3M2,2670.05%+0.01pp31q+34.5%+$327.3K
TAIWAN SEMICONDUCTOR MANUFACTSM$1.3M2,6690.05%+0.03pp5q+81.9%+$574.1K
VERTIV HOLDINGS COVRT$1.2M3,5850.05%+0.01pp6q-1.1%-$13.4K
ISHARES TRIWR$1.2M10,7060.05%flat23qHELD
SITEONE LANDSCAPE SUPPLY INCSITE$1.2M10,1490.05%flat7q+33.8%+$293.5K
VANGUARD INTL EQUITY INDEX FVT$1.0M6,5000.04%flat2q+4.8%+$47.1K
UNITED PARCEL SVCS INCUPS$1.0M9,4750.04%flat31q-6.7%-$73.1K
BROADRIDGE FINL SOLUTIONS INBR$1.0M7,4250.04%-0.07pp5q-49.8%-$1.0M
ISHARES TRIVW$1.0M7,3610.04%+0.01pp9q+4.4%+$42.6K
IDEXX LABS INCIDXX$1.0M1,9100.04%-0.01pp31qHELD
ROPER TECHNOLOGIES INCROP$1.0M2,9700.04%-0.04pp31q-44.7%-$811.1K
DUKE ENERGY CORP NEWDUK$998.5K7,8880.04%-0.01pp31qHELD
PHILIP MORRIS INTL INCPM$989.8K5,4710.04%flat31qHELD
ELI LILLY & COLLY$981.1K8180.04%+0.01pp6q+20.6%+$167.9K
MARVELL TECHNOLOGY INCMRVL$955.6K3,2080.04%-newNEW
ISHARES TRIVE$914.6K4,0280.04%flat11q+7.5%+$63.6K
ISHARES TRESGD$892.7K8,6830.04%flat10qHELD
ISHARES TRESML$879.3K15,7220.04%+0.01pp10q+11.3%+$89.5K
SALESFORCE INCCRM$842.0K5,3750.03%-0.02pp31q-17.2%-$175.5K
ARISTA NETWORKS INCANET$834.7K4,9140.03%+0.02pp3q+62.1%+$319.9K
3M COMMM$814.9K5,0330.03%flat31qHELD
DOMINION ENERGY INCD$807.0K11,8170.03%flat31q-2.2%-$18.4K
ISHARES GOLD TRIAU$804.3K10,6520.03%-0.01pp4qHELD
VANGUARD INDEX FDSVB$799.0K2,6360.03%flat20qHELD
CONSTELLATION ENERGY CORPCEG$785.8K3,1640.03%flat3q+35.0%+$203.7K
COMPASS INCCOMP$784.2K63,6000.03%+0.02pp2q+96.9%+$385.9K
AMERICAN EXPRESS COAXP$761.1K2,2500.03%flat25q-1.4%-$10.5K
CARMAX INCKMX$755.5K14,2850.03%flat14q-8.0%-$65.8K
AMGEN INCAMGN$746.0K2,0600.03%flat31qHELD
GRAYSCALE BITCOIN MINI TR ETBTC$720.4K27,7610.03%-0.01pp7q-3.5%-$26.0K
BOOKING HOLDINGS INCBKNG$713.0K4,0000.03%-0.01pp31q+2122.2%+$680.9K
FEDEX CORPFDX$694.2K2,2170.03%-0.01pp31qHELD
ISHARES TREFG$678.1K5,4500.03%flat31qHELD
ADVANCED MICRO DEVICES INCAMD$669.2K1,1520.03%+0.02pp5q-6.9%-$49.4K
NUTRIEN LTDNTR$651.5K10,3500.03%-0.01pp31q-1.4%-$9.4K
GOLDMAN SACHS GROUP INCGS$632.1K6250.03%flat11qHELD
ARCH CAP GROUP LTDACGL$596.9K6,1500.02%flat31q-4.7%-$29.1K
VANECK ETF TRUSTSMH$586.0K8930.02%flat11q-30.9%-$262.5K
BRUNSWICK CORPBC$585.0K6,9450.02%flat12q-18.2%-$130.6K
VISTRA CORPVST$561.5K3,5400.02%flat3qHELD
INTUITINTU$552.0K2,1150.02%-0.31pp14q-87.6%-$3.9M
OTIS WORLDWIDE CORPOTIS$539.6K7,5370.02%flat25qHELD
SPDR GOLD TRGLD$526.8K1,4300.02%flat28q+14.4%+$66.3K
ALLIANCE LAUNDRY HLDGS INCALH$520.1K19,6100.02%-newNEW
VANGUARD WORLD FDMGK$505.9K5,7550.02%flat14q+400.0%+$404.7K
CISCO SYS INCCSCO$504.0K4,2910.02%+0.01pp4qHELD
SHELL PLCSHEL$504.0K6,5000.02%-0.01pp17qHELD
PALANTIR TECHNOLOGIES INCPLTR$490.0K4,2000.02%flat7q+15.1%+$64.2K
NORFOLK SOUTHN CORPNSC$483.5K1,5370.02%flat20qHELD
PFIZER INCPFE$480.5K19,9550.02%-0.01pp31q-7.0%-$36.1K
ISHARES TRDSI$469.7K3,2990.02%flat12qHELD
QUALCOMM INCQCOM$466.0K2,5220.02%flat25qHELD
VERIZON COMMUNICATIONS INCVZ$445.1K10,5120.02%-0.01pp31qHELD
VANGUARD WHITEHALL FDSVYM$429.8K2,7200.02%flat6qHELD
ISHARES TRIEFA$421.9K4,3680.02%-0.01pp26q-21.6%-$116.2K
WELLS FARGO & COWFC$419.7K5,0790.02%flat10qHELD
ZIMMER BIOMET HOLDINGS INCZBH$412.5K4,7920.02%flat31qHELD
PPG INDS INCPPG$402.1K3,3150.02%flat31qHELD
ALTRIA GROUP INCMO$388.5K5,4000.02%flat22qHELD
MORGAN STANLEYMS$370.2K1,7710.01%flat11q-5.3%-$20.9K
ISHARES BITCOIN TRUST ETFIBIT$366.2K11,0000.01%flat10qHELD
LENNAR CORPLEN$362.0K4,0000.01%-newNEW
CAVA GROUP INCCAVA$343.9K4,3820.01%flat4qHELD
ADOBE INCADBE$341.8K1,6670.01%-0.01pp31q-3.5%-$12.3K
BECTON DICKINSON & COBDX$335.2K2,2150.01%flat31qHELD
MOBILEYE GLOBAL INCMBLY$334.9K34,6000.01%flat11q-11.5%-$43.6K
STATE STR SPDR S&P MIDCAP 40MDY$334.1K4750.01%flat23qHELD
BRISTOL-MYERS SQUIBB COBMY$333.2K5,7820.01%flat30qHELD
WATERS CORPWAT$328.2K8750.01%flat3qHELD
AVERY DENNISON CORPAVY$327.9K2,0200.01%flat31q-2.9%-$9.9K
CSX CORPCSX$318.5K6,7000.01%flat5qHELD
VANGUARD SPECIALIZED FUNDSVIG$318.0K1,3440.01%flat3qHELD
ISHARES TRIWO$315.2K8000.01%flat6qHELD
MSA SAFETY INCMSA$314.2K1,8000.01%flat15qHELD
INVESCO EXCH TRADED FD TR IIRSPE$314.0K9,2600.01%flat6qHELD
SERVICENOW INCNOW$310.2K3,1250.01%-newNEW
WISDOMTREE TRDLN$308.2K3,2000.01%flat11qHELD
DATADOG INCDDOG$294.7K1,1320.01%-newNEW
ESSENTIAL UTILS INCWTRG$286.7K7,4840.01%flat26qHELD
MOODYS CORPMCO$280.8K6200.01%flat15qHELD
VANGUARD INDEX FDSVTI$280.5K7580.01%flat11qHELD
UNITEDHEALTH GROUP INCUNH$271.8K6540.01%-newNEW
SCHWAB STRATEGIC TRSCHD$269.5K8,5000.01%flat3qHELD
GLOBAL X FDSMLPX$269.3K3,6660.01%flat7qHELD
ISHARES TRIWV$268.6K6300.01%flat9qHELD
HUBBELL INCHUBB$263.7K5040.01%flat5qHELD
WELLTOWER INCWELL$261.5K1,1520.01%flat6qHELD
DOORDASH INCDASH$258.3K1,4000.01%-newNEW
HEWLETT PACKARD ENTERPRISE CHPE$249.6K5,5330.01%-newNEW
KLA CORPKLAC$244.4K8100.01%-newNEW
SCHWAB CHARLES CORPSCHW$242.7K2,6300.01%-newNEW
INVESCO QQQ TRQQQ$240.3K3260.01%-newNEW
TEXAS INSTRS INCTXN$238.5K8000.01%-newNEW
ISHARES TRACWX$230.6K3,0300.01%flat2qHELD
SPDR INDEX SHS FDSGMF$229.3K1,4610.01%-newNEW
SYSCO CORPSYY$227.2K2,7180.01%flat31q-5.2%-$12.5K
ROSS STORES INCROST$223.1K1,0480.01%flat2q-3.7%-$8.5K
SOUTHERN COPPER CORPSCCO$218.5K1,2540.01%-newNEW
CLOUDFLARE INCNET$217.1K8850.01%-newNEW
UNILEVER PLCUL$213.7K3,5540.01%flat3qHELD
PROFESIONALLY MANAGED PORTFOAKRE$212.8K4,0000.01%flat3qHELD
CROWDSTRIKE HLDGS INCCRWD$212.8K2790.01%-newNEW
ISHARES TRIGV$211.1K2,3300.01%-newNEW
CACI INTL INCCACI$208.5K4500.01%flat5qHELD
CITIGROUP INCC$202.9K1,4500.01%-newNEW
PETROLEO BRASILEIRO S APBR$161.6K10,0000.01%-newNEW
SERA PROGNOSTICS INCSERA$49.7K27,2930.00%flat4qHELD

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.

Retail & Consumer 12.6%Software & IT Services 12.0%Industrials 9.4%Semiconductors & Electronics 9.2%Computer Hardware 7.7%Insurance 7.1%Chemicals 6.3%Medical Devices 6.0%Biotech & Pharma 5.2%Business Services 5.2%Instruments & Controls 4.9%Banks & Lending 1.8%Other sectors 6.3%Not classified 6.2%
 
SectorValueShare
Retail & Consumer$312.2M12.6%
Software & IT Services$295.8M12.0%
Industrials$232.7M9.4%
Semiconductors & Electronics$227.9M9.2%
Computer Hardware$189.2M7.7%
Insurance$175.6M7.1%
Chemicals$155.5M6.3%
Medical Devices$147.2M6.0%
Biotech & Pharma$129.2M5.2%
Business Services$128.5M5.2%
Instruments & Controls$121.7M4.9%
Banks & Lending$45.4M1.8%
Other sectors$155.1M6.3%
Not classified$153.2M6.2%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$2.5B211194765341.7%21
Q1 2026$2.2B19544265940.6%29
Q4 2025$2.4B200104589742.4%27
Q3 2025$2.4B19783857641.9%23
Q2 2025$2.3B195103478241.7%30
Q1 2025$2.1B187105567443.9%18
Q4 2024$2.2B181105160743.9%28
Q3 2024$2.1B17873354143.4%10
Q2 2024$2.1B17273748743.3%30
Q1 2024$2.1B172143486541.5%43
Q4 2023$1.9B163124562342.1%29
Q3 2023$1.7B15463454942.6%19
Q2 2023$1.7B15742762642.5%20
Q1 2023$1.6B15981981140.8%14
Q4 2022$1.6B15293846340.4%31
Q3 2022$1.5B14631460841.0%19
Q2 2022$1.6B151222661240.2%13
Q1 2022$1.9B161220721141.1%8
Q4 2021$2.0B17052474240.6%33
Q3 2021$1.9B16775634240.4%25
Q2 2021$1.9B16282751339.7%22
Q1 2021$1.8B15793168239.7%26
Q4 2020$1.7B150143547541.9%27
Q3 2020$1.5B14152444343.7%22
Q2 2020$1.4B139143452445.1%41
Q1 2020$1.1B129434532445.9%20
Q4 2019$1.5B14993948440.3%17
Q3 2019$1.4B14442368139.5%16
Q2 2019$1.4B14142249538.5%22
Q1 2019$1.3B142102671437.7%44
Q4 2018$1.1B136000038.9%44

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.