Alphadyne Asset Management LP

Reported holdings as of Q2 2026, from 30 quarterly filings.

CIK

1535943

Reported value

$10.5B

Positions

375

Top 10 weight

48.1%

Filed

2026-08-14

Days after quarter end

Holdings

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
INVESCO QQQ TR OPT	QQQ	$2.2B	544,110	20.82%	+19.85pp	6q	HELD
STATE STR SPDR S&P 500 ETF T OPT	SPY	$1.4B	1,695,591	13.04%	+12.60pp	4q	HELD
MICRON TECHNOLOGY INC OPT	MU	$327.2M	67,132	3.13%	+2.19pp	5q	+108.5%+$170.2M
MICROSOFT CORP OPT	MSFT	$262.4M	75,850	2.51%	-0.76pp	5q	-59.0%-$378.2M
ISHARES TR OPT	IWM	$183.1M	294,461	1.75%	-	new	NEW
ALPHABET INC OPT	GOOGL	$170.5M	options only	1.63%	+0.01pp	5q	OPTIONS
APPLE INC OPT	AAPL	$153.6M	options only	1.47%	-0.78pp	5q	OPTIONS
AMAZON COM INC OPT	AMZN	$144.1M	options only	1.38%	-0.35pp	5q	OPTIONS
SANDISK CORP OPT	SNDK	$138.7M	options only	1.33%	+0.85pp	2q	OPTIONS
META PLATFORMS INC OPT	META	$111.4M	20,844	1.07%	-0.58pp	5q	-21.4%-$30.4M
JOHNSON & JOHNSON OPT	JNJ	$104.9M	options only	1.00%	-0.92pp	4q	OPTIONS
BROADCOM INC OPT	AVGO	$102.9M	25,924	0.98%	+0.97pp	5q	HELD
CISCO SYS INC OPT	CSCO	$99.5M	options only	0.95%	+0.90pp	4q	OPTIONS
NVIDIA CORPORATION OPT	NVDA	$98.9M	options only	0.95%	-0.44pp	3q	OPTIONS
COSTCO WHOLESALE CORPORATION OPT	COST	$92.0M	6,263	0.88%	+0.47pp	4q	+562.1%+$78.1M
TESLA INC OPT	TSLA	$90.2M	options only	0.86%	-0.27pp	3q	OPTIONS
VANECK ETF TRUST OPT	SMH	$88.5M	options only	0.85%	-	new	OPTIONS
ISHARES TR OPT	TLT	$88.0M	options only	0.84%	-0.91pp	4q	OPTIONS
ALPHABET INC OPT	GOOG	$85.9M	812	0.82%	+0.12pp	5q	-93.8%-$1.3B
MERCK & CO INC OPT	MRK	$78.8M	options only	0.75%	-0.87pp	5q	OPTIONS
GE VERNOVA INC OPT	GEV	$76.0M	options only	0.73%	+0.25pp	5q	OPTIONS
VANECK ETF TRUST OPT	OIH	$74.5M	384	0.71%	-	new	NEW
TEXAS INSTRS INC OPT	TXN	$72.3M	options only	0.69%	-0.49pp	5q	OPTIONS
TARGET CORP OPT	TGT	$71.7M	options only	0.69%	-0.78pp	5q	OPTIONS
APPLIED MATLS INC OPT	AMAT	$66.2M	options only	0.63%	-0.12pp	5q	OPTIONS
WALMART INC OPT	WMT	$65.4M	54,135	0.63%	-0.40pp	4q	-2.4%-$1.6M
CITIGROUP INC OPT	C	$62.9M	4,435	0.60%	+0.07pp	8q	-64.9%-$116.4M
MORGAN STANLEY OPT	MS	$62.3M	2,726	0.60%	+0.36pp	5q	-85.0%-$352.4M
ISHARES INC OPT	EWT	$59.2M	options only	0.57%	-	new	OPTIONS
CVS HEALTH CORP OPT	CVS	$55.6M	options only	0.53%	+0.51pp	3q	OPTIONS
INTUITIVE SURGICAL INC OPT	ISRG	$55.1M	15,768	0.53%	+0.09pp	5q	+326.3%+$42.1M
CLOUDFLARE INC OPT	NET	$52.1M	14,768	0.50%	+0.46pp	5q	+274.8%+$38.2M
EXXON MOBIL CORP OPT	XOMXXXX	$51.4M	56,815	0.49%	-1.45pp	3q	HELD
ALIBABA GROUP HLDG LTD OPT	BABA	$51.3M	185,942	0.49%	+0.19pp	6q	+169.2%+$32.2M
NUCOR CORP OPT	NUE	$50.7M	options only	0.48%	-0.31pp	3q	OPTIONS
VERTIV HOLDINGS CO OPT	VRT	$49.8M	options only	0.48%	-0.08pp	4q	OPTIONS
HUMANA INC OPT	HUM	$49.5M	options only	0.47%	-	new	OPTIONS
DIAMONDBACK ENERGY INC OPT	FANG	$48.3M	24,980	0.46%	-0.75pp	3q	HELD
UBER TECHNOLOGIES INC OPT	UBER	$47.2M	options only	0.45%	-	new	OPTIONS
GENERAC HLDGS INC OPT	GNRC	$47.1M	options only	0.45%	+0.13pp	3q	OPTIONS
ELEVANCE HEALTH INC FORMERLY OPT	ELV	$46.1M	3,439	0.44%	-	new	NEW
TALEN ENERGY CORP OPT	TLN	$46.1M	options only	0.44%	-	new	OPTIONS
UNITEDHEALTH GROUP INC OPT	UNH	$45.7M	options only	0.44%	+0.43pp	4q	OPTIONS
LOCKHEED MARTIN CORP OPT	LMT	$44.9M	15,545	0.43%	-0.75pp	4q	+15.5%+$6.0M
STARBUCKS CORP OPT	SBUX	$43.8M	options only	0.42%	-0.12pp	5q	OPTIONS
EOG RES INC OPT	EOG	$41.7M	28,219	0.40%	-0.55pp	2q	HELD
LIVE NATION ENTERTAINMENT IN OPT	LYV	$41.3M	options only	0.39%	+0.38pp	3q	OPTIONS
AMGEN INC OPT	AMGN	$40.4M	options only	0.39%	-0.88pp	3q	OPTIONS
HALLIBURTON CO OPT	HAL	$38.7M	136,791	0.37%	-0.31pp	3q	HELD
WESTERN DIGITAL CORP OPT	WDC	$37.7M	options only	0.36%	-0.25pp	3q	OPTIONS
ROSS STORES INC OPT	ROST	$37.6M	6,648	0.36%	-0.49pp	2q	HELD
SEAGATE TECHNOLOGY HLDNGS PL OPT	STX	$37.5M	options only	0.36%	+0.01pp	3q	OPTIONS
DECKERS OUTDOOR CORP OPT	DECK	$36.5M	20,205	0.35%	+0.20pp	2q	+1282.0%+$33.8M
GILEAD SCIENCES INC OPT	GILD	$36.0M	5,436	0.34%	-0.56pp	3q	-87.9%-$262.8M
LINDE PLC OPT	LIN	$35.4M	options only	0.34%	-0.08pp	2q	OPTIONS
MARATHON PETE CORP OPT	MPC	$33.7M	19,705	0.32%	-0.09pp	3q	-51.1%-$35.2M
VALERO ENERGY CORP OPT	VLO	$33.5M	12,064	0.32%	-0.46pp	3q	-17.0%-$6.9M
CENTENE CORP DEL OPT	CNC	$33.1M	options only	0.32%	+0.30pp	3q	OPTIONS
CATERPILLAR INC OPT	CAT	$32.8M	options only	0.31%	+0.16pp	5q	OPTIONS
RIOT PLATFORMS INC OPT	RIOT	$32.7M	options only	0.31%	+0.30pp	4q	OPTIONS
MODERNA INC OPT	MRNA	$32.6M	options only	0.31%	-0.46pp	4q	OPTIONS
PALO ALTO NETWORKS INC OPT	PANW	$31.9M	36,406	0.31%	+0.30pp	4q	+1776.6%+$30.2M
VISTRA CORP OPT	VST	$31.8M	options only	0.30%	-	new	OPTIONS
FEDEX CORP OPT	FDX	$31.2M	options only	0.30%	-1.47pp	3q	OPTIONS
UNION PAC CORP OPT	UNP	$31.0M	options only	0.30%	+0.11pp	2q	OPTIONS
ELI LILLY & CO OPT	LLY	$30.8M	options only	0.29%	+0.08pp	5q	OPTIONS
CAVA GROUP INC OPT	CAVA	$30.2M	17,031	0.29%	-0.16pp	4q	HELD
LUMENTUM HLDGS INC OPT	LITE	$30.1M	options only	0.29%	-0.26pp	3q	OPTIONS
AIR PRODUCTS AND CHEMICALS I OPT	APD	$29.6M	options only	0.28%	+0.27pp	3q	OPTIONS
COLGATE PALMOLIVE CO OPT	CL	$28.9M	options only	0.28%	-0.27pp	2q	OPTIONS
DELL TECHNOLOGIES INC OPT	DELL	$28.9M	options only	0.28%	-	new	OPTIONS
BAIDU INC OPT	BIDU	$28.5M	options only	0.27%	+0.27pp	2q	OPTIONS
ADVANCED MICRO DEVICES INC OPT	AMD	$27.8M	options only	0.27%	-	new	OPTIONS
TAIWAN SEMICONDUCTOR MANUFAC OPT	TSM	$26.8M	48,719	0.26%	-0.15pp	2q	-6.3%-$1.8M
ALCOA CORP OPT	AA	$26.8M	132,532	0.26%	-0.60pp	4q	+93.3%+$12.9M
MARVELL TECHNOLOGY INC OPT	MRVL	$26.8M	options only	0.26%	-	new	OPTIONS
ARCHER DANIELS MIDLAND CO OPT	ADM	$26.3M	options only	0.25%	-0.11pp	3q	OPTIONS
EATON CORP PLC OPT	ETN	$25.2M	options only	0.24%	+0.22pp	3q	OPTIONS
ASTERA LABS INC OPT	ALAB	$25.1M	options only	0.24%	+0.19pp	4q	OPTIONS
QUANTA SVCS INC OPT	PWR	$24.8M	options only	0.24%	+0.05pp	3q	OPTIONS
MOLINA HEALTHCARE INC OPT	MOH	$24.0M	options only	0.23%	-	new	OPTIONS
LAM RESEARCH CORP OPT	LRCX	$23.9M	options only	0.23%	+0.10pp	3q	OPTIONS
ECHOSTAR CORP OPT	ECHO	$23.9M	21,041	0.23%	-0.51pp	3q	+616.9%+$20.5M
SYNOPSYS INC OPT	SNPS	$23.5M	19,630	0.22%	-0.04pp	2q	+149.0%+$14.1M
ALLSTATE CORP OPT	ALL	$23.5M	options only	0.22%	-	new	OPTIONS
BRISTOL-MYERS SQUIBB CO OPT	BMY	$23.4M	options only	0.22%	flat	4q	OPTIONS
ROYAL CARIBBEAN GROUP OPT	RCL	$23.1M	options only	0.22%	+0.19pp	3q	OPTIONS
PHILLIPS 66 OPT	PSX	$23.0M	5,642	0.22%	-0.24pp	3q	HELD
HUT 8 CORP OPT	HUT	$22.4M	options only	0.21%	+0.02pp	3q	OPTIONS
JPMORGAN CHASE & CO OPT	JPM	$22.2M	options only	0.21%	-0.12pp	5q	OPTIONS
TJX COS INC NEW OPT	TJX	$21.7M	14,129	0.21%	-0.05pp	3q	HELD
CAMECO CORP OPT	CCJ	$21.6M	7,683	0.21%	+0.19pp	4q	+1141.2%+$19.9M
TERAWULF INC OPT	WULF	$21.5M	options only	0.21%	+0.20pp	3q	OPTIONS
SOFI TECHNOLOGIES INC OPT	SOFI	$21.5M	options only	0.21%	+0.18pp	4q	OPTIONS
ANALOG DEVICES INC OPT	ADI	$21.4M	options only	0.20%	-0.78pp	3q	OPTIONS
CIPHER DIGITAL INC OPT	CIFR	$20.5M	options only	0.20%	-	new	OPTIONS
WORKDAY INC OPT	WDAY	$20.3M	41,870	0.19%	+0.07pp	3q	+283.6%+$15.0M
APPLIED DIGITAL CORP OPT	APLD	$20.2M	23,943	0.19%	+0.13pp	3q	-48.0%-$18.7M
SUNCOR ENERGY INC NEW OPT	SU	$20.2M	62,288	0.19%	-0.19pp	3q	HELD
ONEOK INC NEW OPT	OKE	$20.1M	2,446	0.19%	-0.24pp	3q	HELD
ADOBE INC OPT	ADBE	$20.0M	40,076	0.19%	-1.00pp	5q	-50.4%-$20.4M
HOWMET AEROSPACE INC OPT	HWM	$20.0M	options only	0.19%	-0.59pp	3q	OPTIONS
CHENIERE ENERGY INC OPT	LNG	$19.6M	13,817	0.19%	-0.11pp	3q	HELD
GOLDMAN SACHS GROUP INC OPT	GS	$19.6M	478	0.19%	-0.52pp	5q	-96.5%-$544.2M
BOEING CO OPT	BA	$19.3M	2,412	0.18%	-0.37pp	4q	-94.1%-$309.7M
BANK OF NY MELLON CORP OPT	BNY	$19.3M	options only	0.18%	+0.12pp	3q	OPTIONS
TAKE-TWO INTERACTIVE SOFTWAR OPT	TTWO	$19.2M	options only	0.18%	-	new	OPTIONS
COHERENT CORP OPT	COHR	$18.5M	options only	0.18%	-0.60pp	3q	OPTIONS
AUTODESK INC OPT	ADSK	$18.4M	38,009	0.18%	+0.17pp	2q	+15671.4%+$18.3M
SALESFORCE INC OPT	CRM	$18.3M	42,302	0.18%	-0.88pp	5q	-42.4%-$13.5M
PALANTIR TECHNOLOGIES INC OPT	PLTR	$18.2M	3,103	0.17%	+0.15pp	5q	-22.2%-$5.2M
NETFLIX INC OPT	NFLX	$17.9M	21,986	0.17%	+0.13pp	5q	-9.0%-$1.8M
LYONDELLBASELL INDUSTRIES NV OPT	LYB	$17.8M	92,791	0.17%	-0.35pp	3q	HELD
DOW HLDGS INC OPT	DOW	$17.7M	143,350	0.17%	-0.12pp	2q	HELD
METLIFE INC OPT	MET	$17.4M	5,714	0.17%	+0.14pp	2q	+15.6%+$2.4M
INTEL CORP OPT	INTC	$16.8M	options only	0.16%	+0.14pp	5q	OPTIONS
HILTON WORLDWIDE HLDGS INC OPT	HLT	$16.6M	options only	0.16%	+0.08pp	2q	OPTIONS
CORNING INC OPT	GLW	$16.3M	options only	0.16%	-0.23pp	3q	OPTIONS
ISHARES TR OPT	SOXX	$16.0M	options only	0.15%	+0.04pp	2q	OPTIONS
DEERE & CO OPT	DE	$15.9M	options only	0.15%	-0.39pp	3q	OPTIONS
WILLIAMS COS INC OPT	WMB	$15.7M	6,730	0.15%	-0.05pp	3q	+646.1%+$13.6M
AT&T INC OPT	T	$15.7M	98,697	0.15%	+0.07pp	3q	HELD
NEBIUS GROUP N.V. OPT	NBIS	$15.6M	options only	0.15%	+0.14pp	3q	OPTIONS
REDDIT INC OPT	RDDT	$15.4M	options only	0.15%	+0.13pp	4q	OPTIONS
EQT CORP OPT	EQT	$15.3M	40,209	0.15%	-0.08pp	3q	+2110.5%+$14.7M
CELESTICA INC OPT	CLS	$15.2M	options only	0.15%	-	new	OPTIONS
TWILIO INC OPT	TWLO	$15.2M	options only	0.14%	+0.12pp	3q	OPTIONS
CONSTELLATION ENERGY CORP OPT	CEG	$15.0M	1,005	0.14%	+0.09pp	5q	HELD
APPLIED OPTOELECTRONICS INC OPT	AAOI	$14.7M	options only	0.14%	-0.14pp	2q	OPTIONS
CF INDUSTRIES HOLD OPT	CF	$14.3M	78,572	0.14%	-1.50pp	3q	-57.6%-$19.5M
CADENCE DESIGN SYSTEM INC OPT	CDNS	$14.2M	8,912	0.14%	-0.14pp	3q	-22.0%-$4.0M
RTX CORPORATION OPT	RTX	$14.1M	options only	0.13%	-1.29pp	3q	OPTIONS
CROCS INC OPT	CROX	$14.0M	options only	0.13%	-	new	OPTIONS
ORACLE CORP OPT	ORCL	$13.9M	13,497	0.13%	-	new	NEW
STEEL DYNAMICS INC OPT	STLD	$13.8M	options only	0.13%	-0.35pp	3q	OPTIONS
KINDER MORGAN INC DEL OPT	KMI	$13.7M	22,379	0.13%	+0.01pp	3q	+32.2%+$3.3M
HERSHEY CO OPT	HSY	$13.5M	14,984	0.13%	-0.32pp	3q	-22.5%-$3.9M
CROWDSTRIKE HLDGS INC OPT	CRWD	$13.2M	18,450	0.13%	-0.30pp	4q	+0.6%+$85.3K
ARES MANAGEMENT CORPORATION OPT	ARES	$12.9M	11,418	0.12%	-	new	NEW
HUBSPOT INC OPT	HUBS	$12.8M	22,062	0.12%	-0.20pp	3q	+94.2%+$6.2M
BANK OF AMER CORP OPT	BAC	$12.7M	10,897	0.12%	-0.05pp	5q	-83.3%-$63.6M
FIRST SOLAR INC OPT	FSLR	$12.7M	options only	0.12%	+0.05pp	4q	OPTIONS
PEPSICO INC OPT	PEP	$12.5M	7,708	0.12%	-0.46pp	3q	HELD
EBAY INC. OPT	EBAY	$12.3M	options only	0.12%	+0.07pp	3q	OPTIONS
ALNYLAM PHARMACEUTICALS INC OPT	ALNY	$12.2M	options only	0.12%	-	new	OPTIONS
PROGRESSIVE CORP OPT	PGR	$12.0M	options only	0.11%	-	new	OPTIONS
MICROCHIP TECHNOLOGY INC. OPT	MCHP	$11.8M	options only	0.11%	-0.59pp	2q	OPTIONS
CONOCOPHILLIPS OPT	COP	$11.7M	options only	0.11%	-1.05pp	2q	OPTIONS
DEXCOM INC OPT	DXCM	$11.7M	2,759	0.11%	+0.10pp	2q	HELD
GLOBAL PMTS INC OPT	GPN	$11.6M	options only	0.11%	-0.13pp	3q	OPTIONS
ZETA GLOBAL HOLDINGS CORP OPT	ZETA	$11.4M	117,176	0.11%	+0.10pp	3q	+757.1%+$10.1M
TOLL BROTHERS INC OPT	TOL	$11.4M	options only	0.11%	-0.47pp	3q	OPTIONS
SERVICENOW INC OPT	NOW	$11.3M	32,341	0.11%	-0.57pp	5q	-53.9%-$13.1M
CHUBB LIMITED OPT	CB	$11.2M	options only	0.11%	-0.03pp	3q	OPTIONS
CHEVRON CORPORATION OPT	CVX	$10.8M	14,145	0.10%	-0.19pp	2q	HELD
MARA HOLDINGS INC OPT	MARA	$10.6M	184	0.10%	+0.10pp	2q	-99.2%-$1.3B
CONSTELLATION BRANDS INC OPT	STZ	$10.5M	3,468	0.10%	-0.28pp	4q	+616.5%+$9.0M
DRAFTKINGS INC NEW OPT	DKNG	$10.2M	options only	0.10%	-	new	OPTIONS
ALIGN TECHNOLOGY INC OPT	ALGN	$10.2M	3,369	0.10%	-0.47pp	2q	-81.6%-$45.1M
VERIZON COMMUNICATIONS INC OPT	VZ	$10.1M	16,647	0.10%	-	new	NEW
ON SEMICONDUCTOR CORP OPT	ON	$9.8M	options only	0.09%	-0.30pp	4q	OPTIONS
UNITED PARCEL SVCS INC OPT	UPS	$9.8M	options only	0.09%	-0.90pp	5q	OPTIONS
NUTRIEN LTD OPT	NTR	$9.7M	109,644	0.09%	-0.20pp	3q	-8.5%-$899.6K
XPO INC OPT	XPO	$9.5M	options only	0.09%	-0.09pp	3q	OPTIONS
CHIPOTLE MEXICAN GRILL INC OPT	CMG	$9.5M	options only	0.09%	-	new	OPTIONS
SAP SE OPT	SAP	$9.4M	21,307	0.09%	-0.53pp	2q	-63.1%-$16.1M
BLOCK INC OPT	XYZ	$9.1M	options only	0.09%	+0.08pp	2q	OPTIONS
MARRIOTT INTL INC NEW OPT	MAR	$8.8M	options only	0.08%	-0.37pp	2q	OPTIONS
CME GROUP INC OPT	CME	$8.8M	24,065	0.08%	-0.38pp	2q	-19.5%-$2.1M
AMERICAN ELEC PWR CO INC OPT	AEP	$8.8M	options only	0.08%	-0.15pp	3q	OPTIONS
PFIZER INC OPT	PFE	$8.7M	18,508	0.08%	-	new	NEW
AMERICAN AIRLINES GROUP INC OPT	AAL	$8.7M	options only	0.08%	-	new	OPTIONS
ATLASSIAN CORPORATION OPT	TEAM	$8.6M	29,588	0.08%	-0.20pp	4q	-64.9%-$15.8M
FORTINET INC OPT	FTNT	$8.5M	355	0.08%	+0.06pp	3q	HELD
OCCIDENTAL PETE CORP OPT	OXY	$8.4M	44,801	0.08%	-0.16pp	4q	HELD
CAPITAL ONE FINL CORP OPT	COF	$8.3M	687	0.08%	+0.07pp	4q	HELD
NEWMONT CORP OPT	NEM	$8.2M	438	0.08%	-0.41pp	5q	-99.0%-$805.9M
BLOOM ENERGY CORP OPT	BE	$8.2M	options only	0.08%	-0.05pp	3q	OPTIONS
QUALCOMM INC OPT	QCOM	$8.2M	4,776	0.08%	+0.03pp	5q	HELD
SOUTHWEST AIRLS CO OPT	LUV	$7.9M	options only	0.08%	-0.04pp	3q	OPTIONS
TORONTO DOMINION BK ONT OPT	TD	$7.6M	options only	0.07%	-0.06pp	4q	OPTIONS
KROGER CO OPT	KR	$7.5M	33,598	0.07%	+0.02pp	2q	+79.6%+$3.3M
DEVON ENERGY CORP NEW OPT	DVN	$7.4M	20,325	0.07%	-0.21pp	3q	HELD
CIENA CORP OPT	CIEN	$7.4M	855	0.07%	-0.26pp	3q	HELD
LIQUIDIA CORPORATION OPT	LQDA	$7.4M	options only	0.07%	+0.01pp	2q	OPTIONS
GALAXY DIGITAL INC. OPT	GLXY	$7.3M	options only	0.07%	-	new	OPTIONS
D R HORTON INC OPT	DHI	$6.8M	options only	0.07%	+0.02pp	3q	OPTIONS
ENPHASE ENERGY INC OPT	ENPH	$6.8M	options only	0.06%	-0.10pp	4q	OPTIONS
ADVANCE AUTO PARTS INC OPT	AAP	$6.7M	options only	0.06%	-0.05pp	2q	OPTIONS
SELECT SECTOR SPDR TR OPT	XLE	$6.7M	76,132	0.06%	-	new	NEW
TRIP COM GROUP LTD OPT	TCOM	$6.6M	14,550	0.06%	-	new	NEW
DUKE ENERGY CORP NEW OPT	DUK	$6.5M	1,943	0.06%	-0.14pp	2q	-45.1%-$5.3M
AFFIRM HLDGS INC OPT	AFRM	$6.5M	options only	0.06%	-	new	OPTIONS
JABIL INC OPT	JBL	$6.4M	options only	0.06%	+0.02pp	3q	OPTIONS
ALBEMARLE CORP OPT	ALB	$6.3M	7,185	0.06%	-0.18pp	3q	+69.1%+$2.6M
RH OPT	RH	$6.3M	options only	0.06%	flat	4q	OPTIONS
SPACE EXPLORATION TECHN CORP	SPCX	$6.2M	36,123	0.06%	-	new	NEW
CHARTER COMMUNICATIONS INC OPT	CHTR	$6.2M	13,655	0.06%	+0.04pp	4q	+12661.7%+$6.1M
NEXTERA ENERGY INC OPT	NEE	$6.1M	8,438	0.06%	-0.06pp	3q	HELD
PROCTER & GAMBLE CO OPT	PG	$6.0M	2,990	0.06%	-0.33pp	3q	-35.1%-$3.2M
FREEPORT-MCMORAN INC OPT	FCX	$5.9M	options only	0.06%	-0.21pp	3q	OPTIONS
DIGITALOCEAN HLDGS INC OPT	DOCN	$5.9M	options only	0.06%	flat	2q	OPTIONS
HECLA MINING COMPANY OPT	HL	$5.7M	456	0.05%	+0.05pp	3q	HELD
INTERACTIVE BROKERS GROUP IN OPT	IBKR	$5.6M	2,582	0.05%	-	new	NEW
CSX CORP OPT	CSX	$5.5M	options only	0.05%	-0.07pp	2q	OPTIONS
REGENERON PHARMACEUTICALS OPT	REGN	$5.5M	48	0.05%	-0.13pp	4q	-93.6%-$81.1M
ISHARES TR	ITB	$5.5M	52,346	0.05%	-0.03pp	5q	+1.2%+$67.5K
PAYPAL HLDGS INC OPT	PYPL	$5.4M	options only	0.05%	-	new	OPTIONS
US BANCORP OPT	USB	$5.4M	5,141	0.05%	-0.13pp	3q	-88.9%-$43.4M
ULTA BEAUTY INC OPT	ULTA	$5.4M	1,751	0.05%	-0.57pp	2q	-92.3%-$64.3M
TRANSOCEAN LTD OPT	RIG	$5.3M	346,628	0.05%	-0.07pp	2q	HELD
BAKER HUGHES COMPANY OPT	BKR	$5.0M	45,099	0.05%	-0.02pp	3q	HELD
UIPATH INC OPT	PATH	$5.0M	74,463	0.05%	+0.02pp	2q	+183.1%+$3.2M
SHAKE SHACK INC OPT	SHAK	$5.0M	20,954	0.05%	flat	3q	+2950.1%+$4.8M
FLUOR CORP OPT	FLR	$4.9M	options only	0.05%	-	new	OPTIONS
FTAI AVIATION LTD OPT	FTAI	$4.9M	1,877	0.05%	-0.28pp	2q	-82.5%-$23.2M
PBF ENERGY INC	PBF	$4.8M	105,085	0.05%	-0.05pp	2q	-4.5%-$223.7K
VERTEX PHARMACEUTICALS INC OPT	VRTX	$4.8M	73	0.05%	-0.31pp	3q	-99.2%-$576.4M
KKR & CO INC OPT	KKR	$4.6M	1,038	0.04%	-	new	NEW
APA CORPORATION OPT	APA	$4.6M	17,132	0.04%	-0.22pp	3q	HELD
MOODYS CORP	MCO	$4.6M	10,125	0.04%	+0.01pp	2q	+153.1%+$2.8M
PRICE T ROWE GROUP INC OPT	TROW	$4.5M	7,376	0.04%	+0.03pp	2q	+121.0%+$2.5M
SELECT SECTOR SPDR TR OPT	XLU	$4.5M	options only	0.04%	-0.05pp	3q	OPTIONS
VISA INC OPT	V	$4.5M	options only	0.04%	-	new	OPTIONS
STRATEGY INC OPT	MSTR	$4.4M	5,171	0.04%	+0.03pp	4q	HELD
THE CIGNA GROUP OPT	CI	$4.4M	87	0.04%	-	new	NEW
CARMAX INC OPT	KMX	$4.2M	1,359	0.04%	-	new	NEW
DOMINION ENERGY INC OPT	D	$4.1M	options only	0.04%	-0.03pp	2q	OPTIONS
ROYAL BK CDA OPT	RY	$4.1M	options only	0.04%	-0.12pp	4q	OPTIONS
LOWES COS INC OPT	LOW	$4.1M	710	0.04%	-0.10pp	2q	-87.6%-$28.5M
MACYS INC OPT	M	$3.9M	options only	0.04%	+0.02pp	3q	OPTIONS
SPROUTS FMRS MKT INC OPT	SFM	$3.9M	options only	0.04%	+0.03pp	3q	OPTIONS
LULULEMON ATHLETICA INC OPT	LULU	$3.8M	3,290	0.04%	-0.12pp	3q	-82.4%-$17.6M
STMICROELECTRONICS N V OPT	STM	$3.8M	327	0.04%	-	new	NEW
CANADIAN IMPERIAL BANK OF CO OPT	CM	$3.6M	options only	0.03%	-0.01pp	4q	OPTIONS
LYFT INC OPT	LYFT	$3.5M	options only	0.03%	+0.02pp	3q	OPTIONS
AEHR TEST SYS OPT	AEHR	$3.5M	options only	0.03%	+0.01pp	2q	OPTIONS
GENERAL MTRS CO OPT	GM	$3.4M	1,667	0.03%	-0.18pp	3q	-93.6%-$50.1M
MONDELEZ INTL INC OPT	MDLZ	$3.4M	8,036	0.03%	-0.02pp	3q	+72.8%+$1.4M
CARVANA CO OPT	CVNA	$3.4M	3,587	0.03%	-0.11pp	5q	-13.0%-$504.3K
DOLLAR GEN CORP OPT	DG	$3.3M	3,241	0.03%	-0.70pp	3q	-97.4%-$123.2M
MONSTER BEVERAGE CORP NEW OPT	MNST	$3.3M	options only	0.03%	-0.34pp	2q	OPTIONS
SYSCO CORP OPT	SYY	$3.3M	options only	0.03%	-0.19pp	2q	OPTIONS
TRANE TECHNOLOGIES PLC OPT	TT	$3.1M	278	0.03%	flat	3q	-33.7%-$1.6M
MCKESSON CORP OPT	MCK	$3.1M	97	0.03%	+0.01pp	3q	+185.3%+$2.0M
CORE SCIENTIFIC INC NEW OPT	CORZ	$3.1M	2,072	0.03%	-	new	NEW
ANTERO RESOURCES CORP OPT	AR	$3.1M	12,276	0.03%	-0.01pp	3q	+165.7%+$1.9M
NXP SEMICONDUCTORS N V OPT	NXPI	$3.0M	737	0.03%	-0.19pp	3q	-96.4%-$81.1M
MGM RESORTS INTERNATIONAL OPT	MGM	$3.0M	options only	0.03%	-	new	OPTIONS
TAPESTRY INC OPT	TPR	$2.9M	options only	0.03%	-0.18pp	3q	OPTIONS
ETSY INC OPT	ETSY	$2.9M	4,659	0.03%	-	new	NEW
MONOLITHIC PWR SYS INC OPT	MPWR	$2.9M	options only	0.03%	-0.04pp	3q	OPTIONS
RIO TINTO PLC	RIO	$2.9M	30,374	0.03%	-0.04pp	4q	-24.1%-$913.8K
ROYAL GOLD INC OPT	RGLD	$2.9M	582	0.03%	-0.35pp	2q	-95.1%-$55.0M
WELLS FARGO & CO OPT	WFC	$2.7M	options only	0.03%	-0.18pp	5q	OPTIONS
WYNN RESORTS LTD OPT	WYNN	$2.7M	815	0.03%	-	new	NEW
SELECT SECTOR SPDR TR OPT	XLF	$2.7M	options only	0.03%	-	new	OPTIONS
GRUPO FINANCIERO GALICIA S.A	GGAL	$2.5M	50,674	0.02%	-0.02pp	4q	+1.3%+$31.3K
ROKU INC OPT	ROKU	$2.5M	options only	0.02%	-0.06pp	4q	OPTIONS
NORTHROP GRUMMAN CORP OPT	NOC	$2.5M	235	0.02%	-0.74pp	2q	-97.4%-$91.0M
KRANESHARES TRUST OPT	KWEB	$2.4M	options only	0.02%	-	new	OPTIONS
STATE STR CORP OPT	STT	$2.3M	options only	0.02%	-	new	OPTIONS
CAESARS ENTERTAINMENT INC NE OPT	CZR	$2.3M	options only	0.02%	+0.01pp	3q	OPTIONS
COMCAST CORP NEW OPT	CMCSA	$2.3M	options only	0.02%	-	new	OPTIONS
AFLAC INC OPT	AFL	$2.2M	options only	0.02%	-0.06pp	2q	OPTIONS
AMERICAN EAGLE OUTFITTERS IN OPT	AEO	$2.2M	options only	0.02%	-0.01pp	2q	OPTIONS
TERADYNE INC OPT	TER	$2.2M	options only	0.02%	-0.24pp	3q	OPTIONS
ABBVIE INC OPT	ABBV	$2.0M	options only	0.02%	-0.14pp	4q	OPTIONS
PG&E CORP OPT	PCG	$2.0M	9,763	0.02%	-0.02pp	3q	-48.8%-$1.9M
COMFORT SYS USA INC OPT	FIX	$2.0M	5	0.02%	-0.01pp	2q	-80.0%-$8.0M
SUMITOMO MITSUI FIN GRP INC	SMFG	$2.0M	82,753	0.02%	-0.18pp	2q	HELD
DICKS SPORTING GOODS INC OPT	DKS	$1.8M	options only	0.02%	-	new	OPTIONS
ARISTA NETWORKS INC OPT	ANET	$1.8M	344	0.02%	-	new	NEW
TECK RESOURCES LTD OPT	TECK	$1.7M	options only	0.02%	-0.17pp	3q	OPTIONS
TRUIST FINL CORP OPT	TFC	$1.7M	1,380	0.02%	-0.12pp	2q	-95.2%-$34.2M
GOLAR LNG LTD OPT	GLNG	$1.7M	4,749	0.02%	-	new	NEW
JOHNSON CONTROLS INTERNATION OPT	JCI	$1.6M	options only	0.02%	-0.42pp	3q	OPTIONS
EXPAND ENERGY CORPORATION OPT	EXE	$1.6M	options only	0.02%	-0.11pp	3q	OPTIONS
EMCOR GROUP INC OPT	EME	$1.5M	3	0.01%	-	new	NEW
ROBINHOOD MKTS INC OPT	HOOD	$1.5M	82	0.01%	-0.02pp	5q	HELD
DATADOG INC	DDOG	$1.5M	5,730	0.01%	-	new	NEW
AMKOR TECHNOLOGY INC OPT	AMKR	$1.5M	options only	0.01%	+0.01pp	2q	OPTIONS
TARGA RES CORP OPT	TRGP	$1.4M	options only	0.01%	flat	2q	OPTIONS
OKTA INC OPT	OKTA	$1.3M	5,510	0.01%	-	new	NEW
COCA COLA CO OPT	KO	$1.2M	1,068	0.01%	-0.08pp	3q	-62.6%-$2.1M
GAMESTOP CORP OPT	GME	$1.2M	1,588	0.01%	-0.02pp	3q	HELD
ATI INC OPT	ATI	$1.2M	117	0.01%	-0.05pp	2q	-97.2%-$41.8M
SLB LIMITED OPT	SLB	$1.2M	1,351	0.01%	-0.04pp	2q	HELD
BUNGE GLOBAL SA OPT	BG	$1.1M	2,567	0.01%	-0.05pp	3q	HELD
T-MOBILE US INC OPT	TMUS	$1.1M	2,033	0.01%	-0.08pp	3q	+132.9%+$644.4K
LENNAR CORP OPT	LEN	$1.1M	options only	0.01%	-	new	OPTIONS
AUTOMATIC DATA PROCESSING IN	ADP	$1.1M	4,854	0.01%	-	new	NEW
SOUTHERN COPPER CORP OPT	SCCO	$1.1M	options only	0.01%	-0.37pp	3q	OPTIONS
INTERCONTINENTAL EXCHANGE IN	ICE	$1.1M	8,588	0.01%	-	new	NEW
WINGSTOP INC OPT	WING	$1.0M	options only	0.01%	-	new	OPTIONS
VANECK ETF TRUST	GDX	$991.3K	13,139	0.01%	flat	3q	+228.5%+$689.5K
MIZUHO FINANCIAL GROUP INC	MFG	$970.0K	101,250	0.01%	-0.03pp	2q	HELD
WASTE MGMT INC DEL OPT	WM	$969.5K	1,550	0.01%	-0.11pp	2q	HELD
BLACKROCK INC OPT	BLK	$961.6K	options only	0.01%	-	new	OPTIONS
PNC FINL SVCS GROUP INC OPT	PNC	$960.3K	options only	0.01%	-0.20pp	2q	OPTIONS
GITLAB INC OPT	GTLB	$959.0K	15,812	0.01%	-	new	NEW
CLOROX CO DEL OPT	CLX	$949.8K	152	0.01%	-0.09pp	3q	-92.5%-$11.8M
BANCO MACRO SA	BMA	$946.8K	10,226	0.01%	flat	4q	+1.2%+$11.7K
SENTINELONE INC OPT	S	$936.8K	3,403	0.01%	-	new	NEW
MATCH GROUP INC NEW OPT	MTCH	$913.2K	options only	0.01%	-0.01pp	3q	OPTIONS
FASTENAL CO OPT	FAST	$898.2K	options only	0.01%	-0.12pp	2q	OPTIONS
AXON ENTERPRISE INC OPT	AXON	$897.0K	options only	0.01%	-	new	OPTIONS
SOLAREDGE TECHNOLOGIES INC OPT	SEDG	$888.3K	options only	0.01%	-0.02pp	2q	OPTIONS
FIVE BELOW INC OPT	FIVE	$883.3K	1,013	0.01%	-0.07pp	3q	HELD
SPOTIFY TECHNOLOGY S A OPT	SPOT	$865.0K	184	0.01%	-	new	NEW
AMERICAN EXPRESS CO	AXP	$846.0K	2,501	0.01%	-0.33pp	5q	-88.3%-$6.4M
UNITED RENTALS INC	URI	$836.1K	738	0.01%	-	new	NEW
AGNICO EAGLE MINES LTD OPT	AEM	$832.9K	2,169	0.01%	-0.12pp	3q	HELD
IREN LIMITED OPT	IREN	$768.5K	1,806	0.01%	-	new	NEW
JOBY AVIATION INC OPT	JOBY	$765.9K	6,167	0.01%	flat	3q	-67.9%-$1.6M
OSCAR HEALTH INC	OSCR	$765.9K	26,856	0.01%	-	new	NEW
BAXTER INTL INC OPT	BAX	$752.6K	options only	0.01%	-	new	OPTIONS
M & T BK CORP OPT	MTB	$746.9K	38	0.01%	-0.07pp	3q	-89.0%-$6.0M
V F CORP OPT	VFC	$727.3K	3,702	0.01%	-0.14pp	3q	-97.3%-$26.3M
INTUITIVE MACHINES INC OPT	LUNR	$718.7K	options only	0.01%	flat	2q	OPTIONS
CUMMINS INC OPT	CMI	$713.2K	options only	0.01%	-0.09pp	3q	OPTIONS
JETBLUE AIRWAYS CORP OPT	JBLU	$712.8K	options only	0.01%	flat	2q	OPTIONS
KENVUE INC OPT	KVUE	$701.3K	options only	0.01%	flat	3q	OPTIONS
CENTURY ALUM CO	CENX	$698.8K	15,187	0.01%	-0.01pp	2q	-24.1%-$221.4K
MAPLEBEAR INC OPT	CART	$696.0K	options only	0.01%	-	new	OPTIONS
DUPONT DE NEMOURS INC		$679.4K	5,009	0.01%	-	new	NEW
WHEATON PRECIOUS METALS CORP OPT	WPM	$667.6K	1,044	0.01%	-0.05pp	3q	-74.9%-$2.0M
MEDTRONIC PLC	MDT	$634.5K	8,111	0.01%	-0.14pp	3q	-77.4%-$2.2M
PULTE GROUP INC OPT	PHM	$632.7K	11	0.01%	-	new	NEW
KEYSIGHT TECHNOLOGIES INC OPT	KEYS	$630.1K	options only	0.01%	-	new	OPTIONS
SNOWFLAKE INC	SNOW	$622.3K	2,445	0.01%	-	new	NEW
ABERCROMBIE & FITCH CO OPT	ANF	$620.3K	191	0.01%	-0.25pp	2q	-99.2%-$77.5M
LEMONADE INC OPT	LMND	$618.0K	options only	0.01%	-	new	OPTIONS
TEMPUS AI INC OPT	TEM	$614.1K	options only	0.01%	-	new	OPTIONS
OPENDOOR TECHNOLOGIES INC OPT	OPEN	$590.9K	options only	0.01%	-	new	OPTIONS
BECTON DICKINSON & CO OPT	BDX	$564.9K	33	0.01%	-	new	NEW
SKYWORKS SOLUTIONS INC OPT	SWKS	$549.7K	7	0.01%	-	new	NEW
UNITY SOFTWARE INC OPT	U	$529.7K	233	0.01%	-0.01pp	4q	-99.3%-$71.3M
APPLOVIN CORP OPT	APP	$515.2K	options only	0.00%	-0.02pp	5q	OPTIONS
MITSUBISHI UFJ FINANCIAL GRO	MUFG	$503.5K	25,312	0.00%	-0.48pp	2q	HELD
CBOE GLOBAL MKTS INC	CBOE	$491.4K	2,025	0.00%	-	new	NEW
AKAMAI TECHNOLOGIES INC OPT	AKAM	$484.7K	options only	0.00%	-0.30pp	3q	OPTIONS
FORD MTR CO OPT	F	$483.7K	options only	0.00%	-0.05pp	3q	OPTIONS
COINBASE GLOBAL INC OPT	COIN	$482.4K	options only	0.00%	-0.04pp	4q	OPTIONS
SNAP INC OPT	SNAP	$453.3K	options only	0.00%	-0.01pp	3q	OPTIONS
AEROVIRONMENT INC OPT	AVAV	$429.2K	options only	0.00%	flat	3q	OPTIONS
RIVIAN AUTOMOTIVE INC OPT	RIVN	$426.4K	6,179	0.00%	-	new	NEW
PETROLEO BRASILEIRO S A	PBR	$409.0K	25,312	0.00%	-0.01pp	2q	+1.2%+$5.0K
QUANTUMSCAPE CORP OPT	QS	$400.1K	7,223	0.00%	-	new	NEW
HP INC OPT	HPQ	$383.1K	6,059	0.00%	-0.01pp	3q	HELD
LABCORP HOLDINGS INC OPT	LH	$367.9K	114	0.00%	-	new	NEW
INTERNATIONAL BUSINESS MACHS	IBM	$365.9K	1,301	0.00%	-0.09pp	5q	-80.8%-$1.5M
THE TRADE DESK INC OPT	TTD	$361.6K	options only	0.00%	-	new	OPTIONS
COEUR MNG INC OPT	CDE	$350.9K	options only	0.00%	-	new	OPTIONS
PLANET LABS PBC OPT	PL	$341.7K	1,513	0.00%	-0.02pp	2q	HELD
THERMO FISHER SCIENTIFIC INC	TMO	$336.9K	672	0.00%	-0.05pp	2q	-75.0%-$1.0M
STUBHUB HLDGS INC	STUB	$321.8K	25,000	0.00%	-	new	NEW
GE AEROSPACE	GE	$318.0K	851	0.00%	-	new	NEW
ALLY FINL INC	ALLY	$316.1K	6,880	0.00%	-	new	NEW
FASTLY INC OPT	FSLY	$314.7K	6,043	0.00%	-	new	NEW
BALL CORP OPT	BALL	$312.0K	options only	0.00%	-0.06pp	2q	OPTIONS
AERCAP HOLDINGS NV OPT	AER	$308.0K	113	0.00%	-	new	NEW
COUPANG INC OPT	CPNG	$297.0K	options only	0.00%	-	new	OPTIONS
NAVITAS SEMICONDUCTOR CORP OPT	NVTS	$269.6K	9,042	0.00%	-	new	NEW
IONQ INC	IONQ	$250.1K	4,696	0.00%	-	new	NEW
D-WAVE QUANTUM INC	QBTS	$249.3K	10,390	0.00%	-	new	NEW
CARNIVAL CORP LTD	CCL	$237.7K	8,319	0.00%	-	new	NEW
REGIONS FINANCIAL CORP NEW OPT	RF	$233.2K	4,822	0.00%	-	new	NEW
RUBRIK INC.	RBRK	$222.7K	2,774	0.00%	-	new	NEW
AMPHENOL CORP	APH	$218.5K	1,239	0.00%	-0.08pp	3q	-83.4%-$1.1M
VICTORIAS SECRET AND CO OPT	VSXY	$213.5K	158	0.00%	-0.01pp	2q	-95.9%-$4.9M
PINTEREST INC	PINS	$203.7K	9,684	0.00%	-	new	NEW
SHARPLINK INC OPT	SBET	$140.6K	9,998	0.00%	-	new	NEW
STELLANTIS N.V OPT	STLA	$135.9K	7,970	0.00%	flat	2q	-18.1%-$30.0K
WEBULL CORP	BULL	$102.0K	15,640	0.00%	-	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
Funds & ETFs	$3.5B	33.9%
Semiconductors & Electronics	$1.1B	10.8%
Software & IT Services	$1.0B	10.0%
Retail & Consumer	$586.5M	5.6%
Computer Hardware	$538.9M	5.2%
Biotech & Pharma	$387.5M	3.7%
Energy	$384.3M	3.7%
Banks & Lending	$307.5M	2.9%
Insurance	$270.4M	2.6%
Chemicals	$217.8M	2.1%
Business Services	$190.5M	1.8%
Mining & Metals	$178.6M	1.7%
Other sectors	$1.1B	10.4%
Not classified	$599.2M	5.7%

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$10.5B	375	98	38	149	86	48.1%	45
Q1 2026	$5.8B	363	122	60	63	117	19.5%	45
Q4 2025	$4.3B	358	225	21	25	10	47.8%	48
Q3 2025	$1.2B	143	83	8	18	14	47.1%	45
Q2 2025	$549.2M	74	67	0	2	4	82.9%	45
Q1 2025	$1.2B	11	8	0	1	12	99.9%	45
Q4 2024	$632.7M	15	8	3	0	4	99.2%	45
Q3 2024	$672.5M	11	6	1	1	11	99.9%	45
Q2 2024	$579.6M	16	12	0	0	13	96.6%	45
Q1 2024	$353.0M	17	11	0	1	13	94.3%	45
Q4 2023	$273.9M	19	8	1	6	85	93.2%	45
Q3 2023	$1.3B	96	35	53	6	3	56.3%	45
Q2 2023	$823.0M	64	47	1	12	6	82.2%	45
Q1 2023	$895.8M	23	11	3	9	2	90.0%	45
Q4 2022	$682.2M	14	1	12	1	9	96.0%	45
Q3 2022	$315.4M	22	15	1	1	4	86.9%	45
Q2 2022	$345.3M	11	9	0	1	3	99.7%	41
Q1 2022	$131.5M	5	4	1	0	2	100.0%	46
Q4 2021	$157.9M	3	1	1	0	1	100.0%	40
Q3 2021	$157.6M	3	2	0	1	4	100.0%	46
Q2 2021	$180.3M	5	3	1	1	3	100.0%	47
Q1 2021	$122.2M	5	3	0	2	3	100.0%	47
Q4 2020	$183.6M	5	4	0	0	9	100.0%	47
Q3 2020	$745.1M	10	9	0	1	1	100.0%	47
Q2 2020	$6.5M	2	0	1	1	1	100.0%	45
Q1 2020	$49.8M	3	1	1	1	6	100.0%	45
Q4 2019	$11.9M	8	4	1	3	4	100.0%	41
Q3 2019	$33.0M	8	7	0	1	1	100.0%	45
Q2 2019	$5.1M	2	0	1	1	3	100.0%	45
Q1 2019	$55.7M	5	0	0	0	0	100.0%	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.