Banco BTG Pactual S.A.
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ISHARES INC CALL+PUT | EWZ | $176.2M | 1,115,073 | -4.77pp | 4q | +48.5%+$57.5M | |
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $89.6M | 93,600 | +1.88pp | 9q | +33.7%+$22.6M | |
| ISHARES TR | HYG | $60.1M | 751,373 | +0.11pp | 2q | +5.4%+$3.1M | |
| VANGUARD INDEX FDS | VOO | $48.7M | 70,918 | +0.98pp | 2q | +18.3%+$7.5M | |
| ISHARES TR | IWM | $48.1M | 160,000 | -3.75pp | 2q | +14.3%+$6.0M | |
| ISHARES INC | EWW | $46.0M | 611,127 | +0.52pp | 2q | +19.6%+$7.5M | |
| TESLA INC PUT | TSLA | $42.5M | 77,042 | +1.11pp | 2q | +48.0%+$13.8M | |
| ECOPETROL S A CALL+PUT | EC | $41.8M | 402,757 | +3.28pp | 2q | +116.6%+$22.5M | |
| INVESCO QQQ TR CALL | QQQ | $40.1M | 15,000 | - | new | NEW | |
| META PLATFORMS INC CALL+PUT | META | $36.5M | 381 | - | new | NEW | |
| NVIDIA CORPORATION CALL+PUT | NVDA | $30.0M | 14,867 | -0.64pp | 12q | +161.0%+$18.5M | |
| SPACE EXPLORATION TECHN CORP CALL+PUT | SPCX | $27.6M | 51,707 | - | new | NEW | |
| INTEL CORP CALL+PUT | INTC | $27.2M | 50,000 | - | new | NEW | |
| BROADCOM INC | AVGO | $26.6M | 70,366 | -2.64pp | 9q | HELD | |
| GRUPO CIBEST SA CALL | CIB | $25.9M | 323,276 | +1.65pp | 2q | +288.5%+$19.2M | |
| SELECT SECTOR SPDR TR | XLP | $23.7M | 285,500 | -1.22pp | 2q | -19.3%-$5.7M | |
| SELECT SECTOR SPDR TR | XLE | $22.9M | 431,202 | +0.56pp | 2q | +68.8%+$9.3M | |
| MICROSOFT CORP CALL+PUT | MSFT | $19.0M | 3,022 | flat | 13q | +89.3%+$9.0M | |
| YPF SOCIEDAD ANONIMA CALL+PUT | YPF | $18.5M | 7,433 | - | new | NEW | |
| JANUS DETROIT STR TR | JAAA | $17.3M | 342,802 | -0.43pp | 2q | -20.2%-$4.4M | |
| RIO TINTO PLC | RIO | $16.2M | 170,511 | +1.32pp | 2q | +2839.8%+$15.6M | |
| WALMART INC | WMT | $14.6M | 128,500 | +0.33pp | 2q | +54.8%+$5.2M | |
| APPLE INC CALL | AAPL | $13.6M | 37,004 | +1.01pp | 2q | +1563.8%+$12.8M | |
| COPA HOLDINGS SA | CPA | $13.2M | 85,000 | +0.27pp | 4q | HELD | |
| VANECK ETF TRUST | SMH | $12.9M | 19,609 | +0.26pp | 3q | +333.0%+$9.9M | |
| NU HLDGS LTD | NU | $12.6M | 939,839 | -2.09pp | 6q | +290.4%+$9.3M | |
| JANUS DETROIT STR TR | JBBB | $12.5M | 264,830 | +0.18pp | 2q | +22.7%+$2.3M | |
| SPDR SERIES TRUST | KRE | $11.2M | 150,000 | +0.09pp | 2q | HELD | |
| SPDR SERIES TRUST | XRT | $10.7M | 122,000 | -0.15pp | 2q | -18.7%-$2.5M | |
| ISHARES TR CALL | IGV | $10.2M | 50,000 | - | new | NEW | |
| GE VERNOVA INC | GEV | $8.4M | 7,160 | -1.88pp | 7q | HELD | |
| CADENCE DESIGN SYSTEM INC CALL+PUT | CDNS | $7.5M | options only | - | new | OPTIONS | |
| BROOKFIELD CORP | BN | $6.7M | 157,392 | +0.01pp | 9q | HELD | |
| ALIBABA GROUP HLDG LTD PUT | BABA | $5.8M | 518 | - | new | NEW | |
| QUALCOMM INC | QCOM | $5.5M | 30,015 | - | new | NEW | |
| FREEPORT-MCMORAN INC | FCX | $5.3M | 85,000 | - | new | NEW | |
| ENEL CHILE S.A. | ENIC | $5.1M | 1,138,705 | +0.32pp | 3q | +260.3%+$3.7M | |
| AURA MINERALS INC | AUGO | $4.8M | 76,777 | -0.14pp | 4q | HELD | |
| ISHARES INC | ECH | $4.7M | 118,993 | -0.07pp | 2q | -11.2%-$595.5K | |
| AMAZON COM INC | AMZN | $4.3M | 18,233 | -1.41pp | 12q | +4.3%+$178.0K | |
| ADVANCED MICRO DEVICES INC | AMD | $4.3M | 7,346 | +0.08pp | 2q | -53.0%-$4.8M | |
| UBER TECHNOLOGIES INC | UBER | $4.0M | 56,103 | -0.47pp | 7q | +1118.3%+$3.7M | |
| ISHARES INC CALL | EWY | $4.0M | options only | -0.06pp | 2q | OPTIONS | |
| SEAGATE TECHNOLOGY HLDNGS PL CALL+PUT | STX | $3.9M | options only | +0.24pp | 2q | OPTIONS | |
| PERSHING SQUARE USA LTD | PSUS | $3.5M | 92,625 | - | new | NEW | |
| ISHARES BITCOIN TRUST ETF PUT | IBIT | $3.4M | 81,705 | -1.79pp | 6q | +379.3%+$2.7M | |
| KKR & CO INC CALL+PUT | KKR | $3.4M | 9,923 | +0.26pp | 2q | +209.0%+$2.3M | |
| T-MOBILE US INC CALL+PUT | TMUS | $3.3M | options only | - | new | OPTIONS | |
| LISTED FDS TR CALL | MAGS | $3.2M | options only | - | new | OPTIONS | |
| VANGUARD STAR FDS | VXUS | $3.1M | 36,552 | +0.02pp | 2q | HELD | |
| CBRE GROUP INC CALL+PUT | CBRE | $3.0M | options only | - | new | OPTIONS | |
| VANECK ETF TRUST | GDX | $3.0M | 40,000 | - | new | NEW | |
| VANECK MERK GOLD ETF | OUNZ | $2.5M | 65,795 | +0.10pp | 2q | +136.7%+$1.5M | |
| EXPAND ENERGY CORPORATION PUT | EXE | $2.5M | 7,400 | -0.17pp | 2q | -8.6%-$235.0K | |
| NEOS ETF TRUST | QQQI | $2.5M | 43,865 | +0.09pp | 2q | +53.2%+$865.0K | |
| INTER & CO INC | INTR | $2.4M | 439,845 | - | new | NEW | |
| ISHARES GOLD TR | IAU | $2.4M | 31,440 | -0.04pp | 2q | +0.7%+$16.6K | |
| JBS N.V. | JBS | $2.3M | 191,081 | -0.11pp | 2q | HELD | |
| VANGUARD BD INDEX FDS | BND | $2.1M | 29,112 | -0.30pp | 2q | -60.9%-$3.3M | |
| EXXON MOBIL CORP | XOMXXXX | $2.1M | 15,428 | -0.05pp | 2q | -1.0%-$20.8K | |
| LABCORP HOLDINGS INC CALL+PUT | LH | $2.1M | options only | - | new | OPTIONS | |
| GRUPO FINANCIERO GALICIA S.A | GGAL | $2.0M | 40,294 | +0.15pp | 3q | +669.0%+$1.8M | |
| TARGA RES CORP CALL+PUT | TRGP | $2.0M | options only | -0.20pp | 2q | OPTIONS | |
| CENTRAL PUERTO S A | CEPU | $2.0M | 135,312 | - | new | NEW | |
| GLOBAL X FDS CALL | COLO | $1.9M | 2,700 | - | new | NEW | |
| CROWDSTRIKE HLDGS INC | CRWD | $1.7M | 2,201 | +0.07pp | 3q | HELD | |
| THE CIGNA GROUP CALL+PUT | CI | $1.7M | options only | -0.60pp | 2q | OPTIONS | |
| ISHARES TR | LQD | $1.7M | 15,144 | +0.11pp | 2q | +447.3%+$1.3M | |
| ANHEUSER BUSCH INBEV SA/NV | BUD | $1.6M | 20,000 | +0.02pp | 2q | HELD | |
| XP INC | XP | $1.6M | 100,180 | - | new | NEW | |
| VALE S A | VALE | $1.6M | 103,124 | -0.02pp | 2q | -4.5%-$73.3K | |
| EQUINIX INC PUT | EQIX | $1.5M | 556 | +0.01pp | 2q | +36.9%+$409.5K | |
| COMFORT SYS USA INC PUT | FIX | $1.5M | 251 | - | new | NEW | |
| BHP BILLITON LIMITED | BHP | $1.5M | 17,856 | +0.04pp | 2q | +35.3%+$387.9K | |
| VANECK ETF TRUST | REMX | $1.4M | 16,236 | - | new | NEW | |
| SEMPRA CALL | SRE | $1.4M | options only | - | new | OPTIONS | |
| VANECK ETF TRUST | NLR | $1.4M | 11,921 | +0.08pp | 2q | +335.5%+$1.1M | |
| WYNN RESORTS LTD PUT | WYNN | $1.4M | 6,028 | -0.28pp | 2q | HELD | |
| ISHARES SILVER TR CALL+PUT | SLV | $1.4M | options only | -0.09pp | 2q | OPTIONS | |
| NEOS ETF TRUST | SPYI | $1.4M | 25,519 | -0.06pp | 2q | -37.7%-$821.4K | |
| OREILLY AUTOMOTIVE INC PUT | ORLY | $1.2M | 3,281 | - | new | NEW | |
| VANGUARD ADMIRAL FDS INC | VIOV | $1.2M | 10,159 | +0.08pp | 2q | +294.7%+$889.9K | |
| VANGUARD INTL EQUITY INDEX F | VT | $1.2M | 7,405 | -0.15pp | 2q | -64.1%-$2.1M | |
| MCKESSON CORP PUT | MCK | $1.1M | 510 | - | new | NEW | |
| GRUPO AVAL ACCIONES Y VALORE | AVAL | $1.1M | 226,559 | +0.04pp | 2q | +67.4%+$458.9K | |
| VANECK ETF TRUST | ESPO | $1.0M | 11,392 | -0.07pp | 2q | -40.9%-$706.8K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $1.0M | 8,675 | - | new | NEW | |
| DRAFTKINGS INC NEW | DKNG | $1.0M | 40,000 | -0.27pp | 3q | HELD | |
| BBB FOODS INC | TBBB | $1.0M | 24,000 | - | new | NEW | |
| NEOS ETF TRUST | BTCI | $950.1K | 35,373 | +0.05pp | 2q | +192.0%+$624.7K | |
| ETFS GOLD TR | SGOL | $908.3K | 23,760 | - | new | NEW | |
| ABRDN SILVER ETF TRUST | SIVR | $873.8K | 15,543 | - | new | NEW | |
| INTERACTIVE BROKERS GROUP IN CALL | IBKR | $870.4K | options only | - | new | OPTIONS | |
| CITIGROUP INC CALL | C | $839.8K | options only | - | new | OPTIONS | |
| VANGUARD INTL EQUITY INDEX F | VWO | $832.4K | 13,946 | - | new | NEW | |
| MASTERCARD INCORPORATED | MA | $816.6K | 1,590 | -0.27pp | 5q | +66.1%+$325.1K | |
| NEBIUS GROUP N.V. | NBIS | $778.8K | 2,820 | - | new | NEW | |
| THERMO FISHER SCIENTIFIC INC | TMO | $766.1K | 1,528 | +0.02pp | 4q | +52.0%+$262.2K | |
| VANGUARD CHARLOTTE FDS | BNDX | $695.5K | 14,360 | -0.08pp | 2q | -57.4%-$937.3K | |
| VISA INC | V | $683.8K | 1,993 | -0.32pp | 4q | +182.3%+$441.6K | |
| VANGUARD WORLD FD | VGT | $675.6K | 5,653 | -0.07pp | 2q | +168.7%+$424.2K | |
| BANK OF AMER CORP PUT | BAC | $663.4K | 3,643 | +0.01pp | 7q | HELD | |
| SPDR SERIES TRUST | XME | $630.9K | 5,900 | flat | 2q | HELD | |
| NETFLIX INC | NFLX | $628.7K | 8,805 | -0.06pp | 2q | -33.1%-$310.4K | |
| PERSHING SQUARE INC | $608.7K | 18,525 | - | new | NEW | ||
| VENTAS INC | VTR | $548.3K | 6,174 | -0.18pp | 2q | -49.1%-$529.3K | |
| ALPHABET INC CALL | GOOGL | $536.1K | options only | - | new | OPTIONS | |
| VANGUARD INDEX FDS | VNQ | $518.3K | 5,375 | +0.01pp | 2q | +15.0%+$67.5K | |
| SELECT SECTOR SPDR TR | XLB | $513.7K | 10,106 | flat | 2q | HELD | |
| TRANSDIGM GROUP INC | TDG | $510.2K | 383 | - | new | NEW | |
| ZETA GLOBAL HOLDINGS CORP | ZETA | $499.7K | 25,389 | -0.02pp | 2q | -39.5%-$326.1K | |
| ISHARES TR | ACWI | $467.5K | 2,978 | - | new | NEW | |
| ALPHABET INC | GOOG | $453.7K | 1,284 | -0.83pp | 12q | HELD | |
| SERVICENOW INC | NOW | $437.3K | 4,405 | +0.02pp | 2q | +113.1%+$232.1K | |
| MERCADOLIBRE INC | MELI | $434.5K | 256 | -0.04pp | 3q | -49.4%-$424.3K | |
| SPDR SERIES TRUST | XBI | $413.0K | 2,610 | +0.01pp | 2q | HELD | |
| TRIMBLE INC CALL | TRMB | $409.4K | options only | - | new | OPTIONS | |
| PAYCHEX INC PUT | PAYX | $393.3K | options only | - | new | OPTIONS | |
| VANECK BITCOIN ETF | HODL | $383.4K | 23,085 | -0.02pp | 2q | -28.4%-$152.4K | |
| GOLDMAN SACHS PHYSICAL GOLD | AAAU | $361.0K | 9,124 | flat | 2q | +31.5%+$86.6K | |
| NEOS ETF TRUST | XBCI | $356.2K | 11,998 | -0.07pp | 2q | -58.9%-$510.4K | |
| INTUITIVE SURGICAL INC | ISRG | $344.4K | 866 | - | new | NEW | |
| COINBASE GLOBAL INC | COIN | $343.8K | 2,352 | -0.01pp | 2q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $339.6K | 711 | -2.67pp | 21q | -91.4%-$3.6M | |
| SOMNIGROUP INTERNATIONAL INC | SGI | $329.2K | 4,199 | - | new | NEW | |
| SHARONAI HOLDINGS INC | SHAZ | $322.9K | 3,814 | - | new | NEW | |
| BLACKSTONE INC | BX | $310.2K | 2,636 | flat | 2q | +2.0%+$6.0K | |
| SOUTHERN COPPER CORP | SCCO | $307.7K | 1,766 | flat | 2q | +9.0%+$25.4K | |
| ELECTRONIC ARTS INC | EA | $307.6K | 1,500 | - | new | NEW | |
| ISHARES ETHEREUM TR | ETHA | $307.2K | 25,834 | - | new | NEW | |
| S&P GLOBAL INC | SPGI | $302.6K | 743 | - | new | NEW | |
| APOLLO GLOBAL MGMT INC | APO | $291.9K | 2,467 | flat | 2q | -9.0%-$28.7K | |
| GENERAL MTRS CO | GM | $285.2K | 3,700 | - | new | NEW | |
| FORD MTR CO | F | $282.2K | 20,300 | - | new | NEW | |
| PARKER-HANNIFIN CORP | PH | $275.8K | 282 | flat | 2q | -8.1%-$24.5K | |
| HOME DEPOT INC | HD | $270.5K | 767 | - | new | NEW | |
| GUIDEWIRE SOFTWARE INC | GWRE | $270.1K | 2,195 | - | new | NEW | |
| JPMORGAN CHASE & CO | JPM | $249.4K | 762 | - | new | NEW | |
| ELI LILLY & CO | LLY | $248.3K | 207 | -0.14pp | 3q | HELD | |
| PALO ALTO NETWORKS INC | PANW | $247.2K | 725 | - | new | NEW | |
| MOODYS CORP | MCO | $240.5K | 531 | - | new | NEW | |
| DANAHER CORP DEL | DHR | $240.4K | 1,262 | - | new | NEW | |
| ISHARES TR | SOXX | $240.3K | 375 | - | new | NEW | |
| COUPANG INC | CPNG | $238.2K | 13,711 | - | new | NEW | |
| SCHWAB CHARLES CORP | SCHW | $221.2K | 2,397 | - | new | NEW | |
| VEEVA SYS INC | VEEV | $220.8K | 1,244 | - | new | NEW | |
| SALESFORCE INC | CRM | $217.6K | 1,389 | - | new | NEW | |
| LIBERTY MEDIA CORP DEL | FWONK | $211.6K | 2,224 | - | new | NEW | |
| ARES MANAGEMENT CORPORATION | ARES | $200.5K | 1,801 | - | new | NEW | |
| PAGSEGURO DIGITAL LTD | PAGS | $188.5K | 20,828 | flat | 2q | HELD | |
| BLUE OWL CAPITAL CORPORATION | OBDC | $115.3K | 10,608 | flat | 2q | -4.8%-$5.8K | |
| DEFI TECHNOLOGIES INC | DEFT | $5.9K | 11,516 | - | 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 | $129.9M | 11.0% |
| Semiconductors & Electronics | $102.4M | 8.6% |
| Software & IT Services | $70.0M | 5.9% |
| Energy | $64.8M | 5.5% |
| Banks & Lending | $46.1M | 3.9% |
| Autos & Aerospace | $43.6M | 3.7% |
| Mining & Metals | $29.7M | 2.5% |
| Retail & Consumer | $21.6M | 1.8% |
| Capital Markets | $19.3M | 1.6% |
| Other sectors | $83.4M | 7.0% |
| Not classified | $574.6M | 48.5% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2026 | -7.8% | -4.6% | -3.2% | 98% |
| Q4 2025 | +1.5% | +2.4% | -0.8% | 101% |
| Q3 2025 | +6.7% | +7.8% | -1.2% | 100% |
| Q2 2025 | +20.3% | +10.5% | +9.9% | 99% |
| Q1 2025 | -4.8% | -4.6% | -0.2% | 98% |
| Q4 2024 | +4.2% | +2.1% | +2.1% | 99% |
| Q3 2024 | +5.9% | +5.4% | +0.5% | 69% |
| Q2 2024 | +0.5% | +4.0% | -3.5% | 68% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.2B | 152 | 61 | 43 | 25 | 36 | 53.1% | 38 |
| Q1 2026 | $1.1B | 127 | 87 | 10 | 29 | 121 | 59.0% | 43 |
| Q4 2025 | $585.1M | 161 | 79 | 38 | 32 | 73 | 47.6% | 43 |
| Q3 2025 | $684.9M | 155 | 74 | 43 | 30 | 72 | 55.9% | 44 |
| Q2 2025 | $491.5M | 153 | 57 | 44 | 44 | 69 | 45.1% | 45 |
| Q1 2025 | $404.9M | 165 | 63 | 41 | 47 | 52 | 35.2% | 44 |
| Q4 2024 | $429.6M | 154 | 67 | 36 | 38 | 51 | 46.1% | 43 |
| Q3 2024 | $388.6M | 138 | 50 | 37 | 34 | 51 | 43.7% | 38 |
| Q2 2024 | $640.8M | 139 | 45 | 44 | 30 | 61 | 45.0% | 45 |
| Q1 2024 | $592.3M | 155 | 66 | 34 | 34 | 30 | 48.2% | 39 |
| Q4 2023 | $801.1M | 119 | 48 | 37 | 19 | 39 | 67.0% | 43 |
| Q3 2023 | $415.9M | 110 | 70 | 14 | 18 | 48 | 68.1% | 45 |
| Q2 2023 | $259.4M | 88 | 44 | 12 | 26 | 59 | 64.0% | 59 |
| Q1 2023 | $270.1M | 103 | 50 | 20 | 25 | 77 | 50.2% | 40 |
| Q4 2022 | $174.7M | 130 | 70 | 17 | 35 | 29 | 44.6% | 39 |
| Q3 2022 | $180.3M | 89 | 43 | 25 | 18 | 50 | 59.7% | 45 |
| Q2 2022 | $154.2M | 96 | 59 | 11 | 18 | 75 | 67.3% | 43 |
| Q1 2022 | $290.9M | 112 | 77 | 12 | 16 | 14 | 66.5% | 42 |
| Q4 2021 | $133.1M | 49 | 19 | 10 | 11 | 75 | 81.1% | 132 |
| Q3 2021 | $252.9M | 105 | 42 | 21 | 19 | 30 | 67.9% | 46 |
| Q2 2021 | $151.6M | 93 | 38 | 27 | 16 | 48 | 55.8% | 47 |
| Q1 2021 | $294.8M | 103 | 66 | 13 | 14 | 23 | 66.0% | 47 |
| Q4 2020 | $247.7M | 60 | 24 | 16 | 8 | 23 | 59.4% | 47 |
| Q3 2020 | $95.9M | 59 | 29 | 10 | 15 | 23 | 61.6% | 47 |
| Q2 2020 | $242.0M | 53 | 21 | 14 | 11 | 39 | 88.8% | 44 |
| Q1 2020 | $96.4M | 71 | 41 | 11 | 12 | 32 | 62.3% | 43 |
| Q4 2019 | $236.5M | 62 | 24 | 14 | 16 | 22 | 76.2% | 45 |
| Q3 2019 | $260.7M | 60 | 17 | 19 | 14 | 19 | 68.6% | 45 |
| Q2 2019 | $229.5M | 62 | 26 | 17 | 4 | 18 | 72.9% | 45 |
| Q1 2019 | $347.7M | 54 | 26 | 9 | 9 | 21 | 78.0% | 44 |
| Q4 2018 | $134.9M | 49 | 0 | 0 | 0 | 0 | 64.5% | 45 |
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.