Stelac Advisory Services LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ALPHABET INC | GOOGL | $47.8M | 133,757 | +1.14pp | 31q | HELD | |
| NVIDIA CORPORATION | NVDA | $29.1M | 145,780 | +0.30pp | 14q | HELD | |
| FIRSTSUN CAP BANCORP | FSUN | $24.2M | 623,704 | -0.09pp | 2q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VGK | $21.5M | 243,112 | -0.08pp | 31q | -0.9%-$199.9K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $18.3M | 24,516 | +0.32pp | 31q | +4.5%+$791.6K | |
| ELI LILLY & CO | LLY | $17.3M | 14,411 | +0.56pp | 10q | HELD | |
| MICROSOFT CORP | MSFT | $17.0M | 45,599 | +0.03pp | 28q | +8.8%+$1.4M | |
| APPLIED MATLS INC | AMAT | $16.3M | 22,177 | +1.54pp | 3q | HELD | |
| VANGUARD INDEX FDS | VOO | $16.1M | 23,371 | +0.17pp | 31q | HELD | |
| AMAZON COM INC | AMZN | $15.8M | 66,180 | +0.15pp | 31q | HELD | |
| CROWDSTRIKE HLDGS INC | CRWD | $13.2M | 17,300 | +1.09pp | 8q | HELD | |
| SPDR SERIES TRUST | BIL | $12.8M | 139,847 | -0.31pp | 2q | -4.0%-$535.3K | |
| PROLOGIS INC. | PLD | $12.5M | 92,467 | -0.94pp | 26q | -24.5%-$4.1M | |
| KRANESHARES TRUST | KWEB | $11.6M | 473,232 | - | new | NEW | |
| INVESCO EXCHANGE TRADED FD T | RSP | $9.7M | 45,522 | +0.05pp | 31q | +0.8%+$73.4K | |
| VERTIV HOLDINGS CO | VRT | $9.4M | 28,154 | -0.37pp | 2q | -32.8%-$4.6M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $8.9M | 18,654 | +0.43pp | 5q | +3.6%+$310.2K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $8.9M | 17,738 | -0.07pp | 31q | HELD | |
| ISHARES TR | DVY | $8.2M | 52,632 | -0.09pp | 31q | -0.8%-$65.5K | |
| PARKER-HANNIFIN CORP | PH | $7.7M | 7,847 | +0.01pp | 2q | HELD | |
| LULULEMON ATHLETICA INC | LULU | $7.5M | 65,933 | -0.22pp | 10q | +25.8%+$1.5M | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $7.5M | 131,947 | -0.12pp | 5q | HELD | |
| BROADCOM INC | AVGO | $7.2M | 19,044 | +0.13pp | 7q | -1.1%-$83.1K | |
| ISHARES TR | TIP | $6.8M | 62,544 | -0.12pp | 31q | HELD | |
| ISHARES TR | EEM | $6.8M | 98,920 | +0.10pp | 31q | -2.3%-$162.5K | |
| ISHARES INC | EWJ | $6.6M | 70,889 | flat | 31q | -2.0%-$133.2K | |
| APPLE INC | AAPL | $6.3M | 21,709 | +0.06pp | 31q | HELD | |
| VANGUARD SCOTTSDALE FDS | VCIT | $6.2M | 74,776 | -0.11pp | 31q | -0.8%-$50.3K | |
| ALIBABA GROUP HLDG LTD | BABA | $5.8M | 59,669 | -0.44pp | 21q | HELD | |
| META PLATFORMS INC | META | $4.9M | 8,746 | +0.20pp | 31q | +39.3%+$1.4M | |
| ENPHASE ENERGY INC | ENPH | $4.6M | 93,575 | +0.11pp | 7q | -3.9%-$189.1K | |
| RIO TINTO PLC | RIO | $4.6M | 48,382 | -0.04pp | 2q | HELD | |
| AMERIPRISE FINL INC | AMP | $4.5M | 9,725 | -0.04pp | 2q | HELD | |
| FORTINET INC | FTNT | $4.4M | 28,748 | +0.35pp | 2q | HELD | |
| ISHARES TR | IGF | $4.4M | 65,991 | +0.01pp | 24q | +10.0%+$401.1K | |
| STATE STR SPDR DOW JONES IND | DIA | $4.4M | 8,338 | +0.03pp | 25q | HELD | |
| ISHARES TR | IJH | $4.3M | 55,743 | +0.04pp | 31q | -0.5%-$23.7K | |
| VISA INC | V | $4.3M | 12,388 | +0.24pp | 26q | +36.4%+$1.1M | |
| MASTERCARD INCORPORATED | MA | $4.1M | 7,997 | +0.20pp | 14q | +43.2%+$1.2M | |
| QUALCOMM INC | QCOM | $3.8M | 20,418 | +0.18pp | 2q | +0.7%+$26.1K | |
| MERCK & CO INC | MRK | $3.5M | 27,275 | -0.27pp | 2q | -28.3%-$1.4M | |
| SELECT SECTOR SPDR TR | XLK | $3.2M | 16,664 | +0.11pp | 6q | -7.3%-$249.2K | |
| BLACKROCK INC | BLK | $3.0M | 3,075 | -0.04pp | 2q | HELD | |
| INVESCO EXCHANGE TRADED FD T | RSPH | $3.0M | 90,287 | -0.20pp | 29q | -26.9%-$1.1M | |
| NOVO-NORDISK A S | NVO | $2.9M | 60,105 | +0.08pp | 2q | HELD | |
| VANGUARD WORLD FD | VDC | $2.9M | 12,770 | -0.04pp | 26q | HELD | |
| ORACLE CORP | ORCL | $2.8M | 19,208 | -0.04pp | 2q | HELD | |
| ISHARES INC | EPP | $2.8M | 52,151 | -0.04pp | 31q | +1.1%+$31.0K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $2.7M | 22,742 | -0.18pp | 2q | HELD | |
| INVESCO QQQ TR | QQQ | $2.5M | 3,388 | +0.07pp | 26q | HELD | |
| VANGUARD INDEX FDS | VNQ | $2.4M | 25,100 | flat | 31q | +1.0%+$23.0K | |
| SANOFI SA | SNY | $2.4M | 56,555 | -0.09pp | 2q | HELD | |
| ISHARES INC | EWC | $2.4M | 41,835 | -0.03pp | 31q | -3.9%-$98.9K | |
| NIKE INC | NKE | $2.2M | 52,091 | -0.13pp | 2q | +4.3%+$88.9K | |
| PDD HOLDINGS INC | PDD | $2.1M | 27,445 | -0.18pp | 2q | HELD | |
| ABBOTT LABORATORIES | ABT | $2.1M | 22,751 | -0.08pp | 2q | HELD | |
| ISHARES INC | EMXC | $2.1M | 20,146 | +0.06pp | 20q | HELD | |
| ISHARES TR | MBB | $2.0M | 21,192 | -0.03pp | 27q | HELD | |
| ADOBE INC | ADBE | $2.0M | 9,706 | -0.11pp | 2q | HELD | |
| INVESCO EXCH TRADED FD TR II | SPMO | $1.9M | 11,728 | - | new | NEW | |
| NETFLIX INC | NFLX | $1.8M | 25,339 | -0.16pp | 2q | -2.1%-$38.8K | |
| FLEXSHARES TR | GUNR | $1.8M | 35,629 | -0.09pp | 9q | -5.6%-$103.2K | |
| ISHARES BITCOIN TRUST ETF | IBIT | $1.7M | 50,278 | -0.08pp | 10q | HELD | |
| ISHARES INC | IEMG | $1.5M | 18,219 | +0.03pp | 3q | +4.1%+$60.1K | |
| ISHARES TR | IEV | $1.5M | 20,139 | flat | 31q | HELD | |
| SPDR GOLD TR | GLD | $1.4M | 3,796 | -0.09pp | 15q | -5.2%-$77.0K | |
| ZOETIS INC | ZTS | $1.3M | 17,932 | +0.01pp | 2q | +79.2%+$573.6K | |
| ALPHABET INC | GOOG | $1.3M | 3,625 | +0.04pp | 3q | +6.4%+$77.0K | |
| INVESCO EXCH TRADED FD TR II | VRP | $1.3M | 52,422 | -0.02pp | 31q | HELD | |
| VANGUARD SCOTTSDALE FDS | VCSH | $1.2M | 15,501 | -0.02pp | 26q | HELD | |
| INVESCO EXCHANGE TRADED FD T | RSPS | $1.2M | 38,635 | -0.10pp | 29q | -26.2%-$411.4K | |
| ISHARES TR | IEI | $1.1M | 9,347 | +0.03pp | 2q | +29.4%+$249.5K | |
| FIRST TR EXCHANGE TRADED FD | NXTG | $979.7K | 6,389 | +0.04pp | 19q | HELD | |
| ISHARES TR | EFA | $978.0K | 9,415 | flat | 31q | HELD | |
| FISERV INC | FISV | $974.9K | 19,886 | -0.04pp | 2q | HELD | |
| ISHARES TR | IGSB | $941.3K | 17,960 | -0.02pp | 2q | HELD | |
| AMPLIFY ETF TR | BLOK | $938.8K | 14,989 | +0.02pp | 10q | HELD | |
| VANGUARD INDEX FDS | VTV | $931.4K | 4,274 | +0.01pp | 24q | +5.8%+$51.0K | |
| J P MORGAN EXCHANGE TRADED F | JTEK | $891.3K | 7,990 | +0.04pp | 3q | HELD | |
| ISHARES TR | IWM | $880.6K | 2,931 | +0.02pp | 31q | HELD | |
| ISHARES TR | GOVT | $847.4K | 37,199 | -0.01pp | 21q | HELD | |
| GOLDMAN SACHS GROUP INC | GS | $812.1K | 803 | +0.11pp | 6q | +236.0%+$570.4K | |
| ISHARES TR | IJR | $711.4K | 4,797 | +0.01pp | 31q | HELD | |
| PACER FDS TR | INDS | $678.5K | 16,874 | flat | 2q | HELD | |
| ISHARES TR | IGIB | $676.2K | 12,718 | -0.01pp | 2q | HELD | |
| ISHARES TR | FLOT | $662.3K | 12,973 | -0.01pp | 21q | HELD | |
| GLOBAL X FDS | BUG | $659.1K | 17,258 | +0.04pp | 19q | HELD | |
| GRUPO FINANCIERO GALICIA S.A | GGAL | $610.4K | 12,200 | flat | 14q | HELD | |
| GLOBAL X FDS | BOTZ | $605.2K | 15,943 | +0.01pp | 19q | HELD | |
| ISHARES TR | IGV | $590.9K | 6,522 | +0.02pp | 2q | +11.3%+$60.2K | |
| MICRON TECHNOLOGY INC | MU | $570.2K | 494 | +0.07pp | 3q | -0.6%-$3.5K | |
| SELECT SECTOR SPDR TR | XLU | $543.4K | 11,986 | -0.02pp | 4q | -4.6%-$26.5K | |
| PACER FDS TR | SRVR | $540.1K | 17,000 | -0.01pp | 2q | HELD | |
| INVESCO EXCH TRADED FD TR II | BKLN | $536.9K | 26,358 | -0.01pp | 31q | -5.0%-$28.3K | |
| TESLA INC | TSLA | $534.6K | 1,271 | flat | 8q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VNQI | $533.9K | 11,904 | -0.01pp | 31q | HELD | |
| EXCHANGE TRADED CONCEPTS TRU | HTEC | $477.3K | 12,800 | flat | 19q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VWO | $463.8K | 7,770 | flat | 2q | HELD | |
| STONEX GROUP INC | SNEX | $455.0K | 3,840 | +0.02pp | 6q | HELD | |
| SELECT SECTOR SPDR TR | XLF | $454.7K | 8,481 | flat | 3q | HELD | |
| RH | RH | $437.9K | 2,658 | +0.01pp | 3q | HELD | |
| SELECT SECTOR SPDR TR | XLI | $421.6K | 2,276 | flat | 2q | HELD | |
| ISHARES INC | EWY | $417.1K | 2,066 | +0.03pp | 2q | HELD | |
| ISHARES TR | IWR | $413.7K | 3,750 | flat | 2q | HELD | |
| ISHARES INC | EWT | $410.3K | 3,778 | +0.02pp | 2q | HELD | |
| INVESCO EXCH TRADED FD TR II | PIZ | $405.3K | 7,250 | flat | 2q | HELD | |
| KLA CORP | KLAC | $362.1K | 1,200 | +0.03pp | 5q | +900.0%+$325.8K | |
| GLOBAL X FDS | FINX | $332.8K | 13,481 | flat | 23q | HELD | |
| VANGUARD WORLD FD | VIS | $321.1K | 891 | flat | 2q | HELD | |
| LAM RESEARCH CORP | LRCX | $320.4K | 739 | +0.03pp | 4q | HELD | |
| ISHARES TR | SOXX | $320.4K | 500 | +0.03pp | 2q | HELD | |
| ISHARES TR | AGG | $310.4K | 3,136 | -0.01pp | 9q | HELD | |
| WISDOMTREE TR | OPPJ | $304.1K | 5,273 | - | new | NEW | |
| GLOBAL X FDS | DRIV | $300.2K | 7,782 | +0.01pp | 6q | HELD | |
| ISHARES TR | IVW | $275.1K | 2,000 | +0.01pp | 2q | HELD | |
| ISHARES TR | IJK | $264.4K | 2,250 | flat | 2q | HELD | |
| ISHARES TR | ITA | $264.2K | 1,090 | flat | 4q | HELD | |
| ISHARES TR | IEF | $263.9K | 2,790 | flat | 2q | HELD | |
| SPACE EXPLORATION TECHN CORP | SPCX | $262.3K | 1,535 | - | new | NEW | |
| SHAKE SHACK INC | SHAK | $261.4K | 4,666 | - | new | NEW | |
| SELECT SECTOR SPDR TR | XLE | $260.2K | 4,900 | -0.01pp | 2q | HELD | |
| AIRBNB INC | ABNB | $258.3K | 1,805 | flat | 22q | HELD | |
| ISHARES TR | IEUR | $218.5K | 2,907 | flat | 18q | HELD | |
| COCA COLA CO | KO | $217.4K | 2,664 | -0.01pp | 13q | -9.6%-$23.2K | |
| SELECT SECTOR SPDR TR | XLC | $215.8K | 2,014 | - | new | NEW | |
| THE CAMPBELLS COMPANY | CPB | $212.5K | 9,544 | - | new | NEW | |
| JPMORGAN CHASE & CO | JPM | $210.8K | 644 | -0.01pp | 7q | -24.3%-$67.8K | |
| INVESCO EXCHANGE TRADED FD T | PKW | $208.7K | 1,473 | - | new | NEW | |
| VICTORY PORTFOLIOS II | VFLO | $204.3K | 4,465 | flat | 3q | HELD | |
| SELECT SECTOR SPDR TR | XLV | $198.6K | 1,252 | flat | 3q | HELD | |
| APOLLO GLOBAL MGMT INC | APO | $194.0K | 1,640 | -0.87pp | 7q | -95.9%-$4.6M | |
| SIMON PPTY GROUP INC NEW | SPG | $186.3K | 833 | flat | 11q | HELD | |
| INTEL CORP | INTC | $186.1K | 1,333 | - | new | NEW | |
| WISDOMTREE TR | WCLD | $178.3K | 5,561 | flat | 2q | HELD | |
| INVESCO EXCHANGE TRADED FD T | RSPU | $174.0K | 2,145 | -0.09pp | 29q | -72.2%-$451.7K | |
| VANGUARD SPECIALIZED FUNDS | VIG | $167.3K | 707 | flat | 15q | HELD | |
| ISHARES TR | HYG | $166.6K | 2,083 | flat | 31q | HELD | |
| WALMART INC | WMT | $164.3K | 1,449 | -0.02pp | 9q | -23.0%-$49.0K | |
| BLACKSTONE INC | BX | $161.7K | 1,374 | flat | 5q | +2.1%+$3.3K | |
| MARVELL TECHNOLOGY INC | MRVL | $159.1K | 534 | - | new | NEW | |
| VANGUARD WORLD FD | VHT | $158.8K | 531 | flat | 26q | HELD | |
| VANGUARD WHITEHALL FDS | VYM | $154.7K | 979 | flat | 15q | HELD | |
| ASML HLDG NV | ASML | $151.2K | 76 | +0.01pp | 2q | HELD | |
| CARLYLE GROUP INC | CG | $151.2K | 3,590 | -0.01pp | 6q | HELD | |
| PROCTER & GAMBLE CO | PG | $149.7K | 1,021 | flat | 2q | -5.2%-$8.2K | |
| ISHARES TR | IVE | $149.2K | 657 | flat | 2q | HELD | |
| WELLTOWER INC | WELL | $149.1K | 657 | +0.01pp | 2q | +27.1%+$31.8K | |
| VANECK ETF TRUST | VNM | $148.7K | 8,049 | flat | 2q | HELD | |
| ILLUMINA INC | ILMN | $141.9K | 807 | - | new | NEW | |
| CONOCOPHILLIPS | COP | $139.0K | 1,337 | -0.01pp | 2q | HELD | |
| KKR & CO INC | KKR | $134.3K | 1,463 | flat | 5q | +2.8%+$3.7K | |
| ISHARES TR | EMB | $127.7K | 1,324 | flat | 6q | HELD | |
| GRUPO AVAL ACCIONES Y VALORE | AVAL | $126.8K | 25,125 | flat | 2q | HELD | |
| INVESCO EXCH TRADED FD TR II | CQQQ | $119.8K | 2,100 | - | new | NEW | |
| TRAEGER INC | COOK | $119.6K | 1,517 | - | new | NEW | |
| GLOBAL X FDS | URA | $118.6K | 2,713 | flat | 2q | HELD | |
| ADVANCED MICRO DEVICES INC | AMD | $118.5K | 204 | - | new | NEW | |
| INVESCO EXCHANGE TRADED FD T | PEJ | $117.3K | 1,762 | flat | 5q | HELD | |
| PAYPAL HLDGS INC | PYPL | $111.1K | 2,572 | flat | 2q | HELD | |
| ISHARES INC | EWM | $110.5K | 4,100 | flat | 2q | HELD | |
| COSAN S A | CSAN | $109.5K | 38,022 | - | new | NEW | |
| ISHARES TR | PFF | $109.2K | 3,581 | - | new | NEW | |
| WENDYS CO | WEN | $105.3K | 12,706 | - | new | NEW | |
| UBER TECHNOLOGIES INC | UBER | $104.0K | 1,441 | flat | 2q | -4.9%-$5.3K | |
| VANGUARD MALVERN FDS | VTIP | $103.2K | 2,055 | flat | 6q | HELD | |
| ISHARES INC | THD | $103.1K | 1,426 | - | new | NEW | |
| KRAFT HEINZ CO | KHC | $101.4K | 4,292 | - | new | NEW | |
| CONAGRA BRANDS INC | CAG | $101.3K | 7,524 | - | new | NEW |
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 |
|---|---|---|
| Software & IT Services | $91.7M | 17.1% |
| Semiconductors & Electronics | $80.5M | 15.0% |
| Biotech & Pharma | $29.7M | 5.5% |
| Funds & ETFs | $25.2M | 4.7% |
| Banks & Lending | $25.1M | 4.7% |
| Retail & Consumer | $24.4M | 4.5% |
| Business Services | $17.7M | 3.3% |
| Real Estate | $12.9M | 2.4% |
| Capital Markets | $12.4M | 2.3% |
| Computer Hardware | $10.7M | 2.0% |
| Insurance | $8.9M | 1.7% |
| Industrials | $8.1M | 1.5% |
| Other sectors | $10.4M | 1.9% |
| Not classified | $178.9M | 33.3% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $536.6M | 168 | 20 | 24 | 29 | 15 | 41.7% | 41 |
| Q1 2026 | $494.3M | 163 | 59 | 59 | 13 | 9 | 39.4% | 38 |
| Q4 2025 | $282.8M | 113 | 13 | 10 | 49 | 10 | 50.4% | 43 |
| Q3 2025 | $289.3M | 110 | 15 | 32 | 29 | 9 | 50.0% | 44 |
| Q2 2025 | $263.1M | 104 | 11 | 21 | 26 | 7 | 51.9% | 43 |
| Q1 2025 | $242.6M | 100 | 12 | 39 | 23 | 20 | 48.1% | 44 |
| Q4 2024 | $256.5M | 108 | 8 | 27 | 12 | 6 | 50.6% | 41 |
| Q3 2024 | $246.8M | 106 | 8 | 28 | 12 | 9 | 50.5% | 36 |
| Q2 2024 | $238.5M | 107 | 9 | 24 | 11 | 7 | 50.3% | 29 |
| Q1 2024 | $213.0M | 105 | 20 | 28 | 16 | 5 | 54.5% | 44 |
| Q4 2023 | $185.8M | 90 | 3 | 25 | 29 | 16 | 53.8% | 39 |
| Q3 2023 | $183.5M | 103 | 9 | 32 | 16 | 60 | 49.6% | 44 |
| Q2 2023 | $224.1M | 154 | 13 | 20 | 81 | 11 | 44.8% | 41 |
| Q1 2023 | $230.2M | 152 | 8 | 32 | 31 | 5 | 40.4% | 39 |
| Q4 2022 | $220.8M | 149 | 11 | 38 | 47 | 20 | 38.0% | 47 |
| Q3 2022 | $219.7M | 158 | 4 | 21 | 14 | 14 | 38.4% | 45 |
| Q2 2022 | $248.7M | 168 | 22 | 70 | 50 | 26 | 37.5% | 41 |
| Q1 2022 | $278.1M | 172 | 11 | 46 | 89 | 25 | 46.8% | 89 |
| Q4 2021 | $369.3M | 186 | 25 | 59 | 69 | 53 | 41.2% | 179 |
| Q3 2021 | $372.7M | 214 | 8 | 55 | 123 | 80 | 38.4% | 271 |
| Q2 2021 | $438.2M | 286 | 73 | 92 | 74 | 16 | 34.5% | 363 |
| Q1 2021 | $271.1M | 229 | 26 | 43 | 129 | 47 | 41.6% | 454 |
| Q4 2020 | $386.7M | 250 | 75 | 94 | 34 | 6 | 43.1% | 42 |
| Q3 2020 | $293.0M | 181 | 45 | 88 | 21 | 4 | 53.2% | 33 |
| Q2 2020 | $257.9M | 140 | 39 | 41 | 39 | 16 | 58.0% | 29 |
| Q1 2020 | $207.4M | 117 | 40 | 57 | 11 | 10 | 61.9% | 36 |
| Q4 2019 | $138.5M | 87 | 9 | 34 | 21 | 30 | 60.4% | 41 |
| Q3 2019 | $140.8M | 108 | 37 | 25 | 11 | 11 | 60.2% | 31 |
| Q2 2019 | $130.5M | 82 | 17 | 15 | 41 | 51 | 65.3% | 29 |
| Q1 2019 | $207.7M | 116 | 8 | 5 | 0 | 0 | 72.8% | 37 |
| Q4 2018 | $205.0M | 108 | 0 | 0 | 0 | 0 | 73.7% | 38 |
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.