Mawer Investment Management Ltd.
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
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ALPHABET INC | GOOG | $947.7M | 2,682,081 | +0.38pp | 31q | -17.9%-$206.4M | |
| AMAZON COM INC | AMZN | $721.7M | 3,028,097 | -0.01pp | 31q | -17.0%-$148.2M | |
| MICROSOFT CORP | MSFT | $626.6M | 1,679,876 | -1.29pp | 31q | -27.4%-$237.0M | |
| SHELL PLC | SHEL | $621.4M | 8,013,792 | -0.06pp | 16q | +12.5%+$69.3M | |
| NVIDIA CORPORATION | NVDA | $616.0M | 3,078,576 | +3.11pp | 7q | +223.5%+$425.6M | |
| VISA INC | V | $593.6M | 1,730,185 | +0.25pp | 31q | -10.7%-$70.9M | |
| WATERS CORP | WAT | $456.4M | 1,216,947 | +0.40pp | 31q | -13.3%-$70.0M | |
| CENCORA INC | COR | $421.3M | 1,488,843 | +0.77pp | 31q | +44.4%+$129.5M | |
| AMPHENOL CORP | APH | $415.8M | 2,358,285 | -0.43pp | 31q | -40.8%-$287.1M | |
| AON PLC | AON | $388.6M | 1,171,624 | -0.03pp | 25q | -8.3%-$35.0M | |
| AERCAP HOLDINGS NV | AER | $352.8M | 2,420,238 | +0.02pp | 5q | -9.7%-$37.8M | |
| WELLS FARGO & CO | WFC | $346.7M | 4,195,116 | -0.05pp | 4q | -10.2%-$39.3M | |
| NORTHROP GRUMMAN CORP | NOC | $339.7M | 667,069 | -0.71pp | 5q | -2.4%-$8.3M | |
| AMERICAN ELEC PWR CO INC | AEP | $312.5M | 2,283,858 | +0.99pp | 21q | +71.1%+$129.9M | |
| MARSH & MCLENNAN COS INC | MRSH | $311.9M | 1,871,159 | -1.78pp | 31q | -46.2%-$267.4M | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $310.8M | 415 | -0.25pp | 6q | -18.5%-$70.4M | |
| META PLATFORMS INC | META | $307.4M | 545,687 | -0.18pp | 5q | -11.0%-$37.8M | |
| JPMORGAN CHASE & CO | JPM | $303.7M | 927,802 | -0.06pp | 31q | -16.7%-$60.8M | |
| SOUTHERN CO | SO | $289.4M | 3,023,312 | -0.17pp | 21q | -11.6%-$38.1M | |
| TOWER SEMICONDUCTOR LTD | TSEM | $270.6M | 1,038,086 | +0.74pp | 2q | +7.6%+$19.0M | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $250.1M | 2,031,582 | -0.42pp | 31q | -2.4%-$6.0M | |
| MASTERCARD INCORPORATED | MA | $223.0M | 434,186 | +0.05pp | 31q | -4.0%-$9.3M | |
| CME GROUP INC | CME | $211.1M | 955,942 | -0.54pp | 31q | -7.3%-$16.6M | |
| S&P GLOBAL INC | SPGI | $174.5M | 428,573 | +0.13pp | 31q | +11.9%+$18.5M | |
| SPROTT INC | SII | $148.4M | 1,320,706 | -0.24pp | 5q | -2.3%-$3.4M | |
| UBER TECHNOLOGIES INC | UBER | $143.2M | 1,983,808 | -0.06pp | 4q | -10.4%-$16.6M | |
| MEDPACE HLDGS INC | MEDP | $141.5M | 267,175 | -0.42pp | 6q | -40.1%-$94.8M | |
| MARTIN MARIETTA MATLS INC | MLM | $139.3M | 241,545 | -0.03pp | 18q | -5.5%-$8.2M | |
| MCKESSON CORP | MCK | $136.3M | 180,449 | +0.45pp | 2q | +110.6%+$71.6M | |
| BWX TECHNOLOGIES INC | BWXT | $134.3M | 689,750 | -0.06pp | 19q | -6.0%-$8.6M | |
| CDW CORP | CDW | $133.5M | 949,381 | +0.08pp | 25q | -9.7%-$14.4M | |
| TEXAS INSTRS INC | TXN | $133.3M | 447,181 | +0.36pp | 31q | +2.2%+$2.8M | |
| BOOKING HOLDINGS INC | BKNG | $132.0M | 740,483 | -0.65pp | 31q | +1205.9%+$121.9M | |
| CORPAY INC | CPAY | $122.6M | 367,757 | -0.13pp | 10q | -28.4%-$48.6M | |
| GALLAGHER ARTHUR J & CO | AJG | $117.1M | 510,025 | -0.02pp | 26q | -12.3%-$16.4M | |
| PROCTER & GAMBLE CO | PG | $115.0M | 784,529 | -0.01pp | 31q | -7.8%-$9.8M | |
| FTI CONSULTING INC | FCN | $109.8M | 736,868 | -0.75pp | 22q | -43.8%-$85.6M | |
| ABBVIE INC | ABBV | $108.5M | 431,246 | +0.30pp | 11q | +39.2%+$30.5M | |
| AAON INC | AAON | $108.5M | 855,173 | +0.28pp | 6q | +0.8%+$836.0K | |
| ABBOTT LABORATORIES | ABT | $107.7M | 1,186,677 | -0.10pp | 21q | -5.3%-$6.1M | |
| AIRBNB INC | ABNB | $106.9M | 746,819 | +0.03pp | 6q | -12.7%-$15.6M | |
| CACI INTL INC | CACI | $104.1M | 224,720 | -0.08pp | 13q | HELD | |
| NOVANTA INC | NOVT | $95.7M | 589,573 | +0.28pp | 5q | +22.3%+$17.4M | |
| NU HLDGS LTD | NU | $95.6M | 7,155,847 | -0.07pp | 4q | -7.1%-$7.3M | |
| COGNEX CORP | CGNX | $94.5M | 1,305,175 | +0.27pp | 5q | +10.0%+$8.6M | |
| ITT INC | ITT | $83.6M | 422,873 | +0.01pp | 9q | -6.9%-$6.2M | |
| VERISK ANALYTICS INC | VRSK | $83.4M | 464,286 | +0.22pp | 31q | +62.7%+$32.1M | |
| JOHNSON & JOHNSON | JNJ | $81.9M | 322,477 | -0.02pp | 31q | -10.9%-$10.1M | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $72.4M | 187,293 | +0.13pp | 5q | -0.9%-$660.5K | |
| VERIZON COMMUNICATIONS INC | VZ | $71.0M | 1,676,590 | -0.40pp | 31q | -38.6%-$44.6M | |
| ESQUIRE FINL HLDGS INC | ESQ | $69.5M | 583,871 | -0.03pp | 7q | -19.5%-$16.8M | |
| HDFC BANK LTD | HDB | $67.8M | 2,624,709 | +0.03pp | 17q | -2.2%-$1.6M | |
| VALMONT INDS INC | VMI | $65.9M | 114,118 | - | new | NEW | |
| VEEVA SYS INC | VEEV | $63.1M | 355,389 | +0.42pp | 2q | +6368.7%+$62.1M | |
| DANAHER CORP DEL | DHR | $60.9M | 319,583 | flat | 28q | -5.7%-$3.7M | |
| TRADEWEB MKTS INC | TW | $57.7M | 579,425 | -0.08pp | 23q | -7.5%-$4.7M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $57.5M | 120,328 | +0.10pp | 31q | -10.4%-$6.7M | |
| SK TELECOM CO LTD | SKM | $54.9M | 1,708,146 | - | new | NEW | |
| UNITEDHEALTH GROUP INC | UNH | $54.0M | 129,954 | +0.11pp | 25q | -11.3%-$6.9M | |
| TENCENT MUSIC ENTMT GROUP | TME | $51.8M | 6,202,845 | -0.08pp | 10q | -14.0%-$8.4M | |
| LUMENTUM HLDGS INC | LITE | $49.5M | 57,680 | +0.30pp | 2q | +549.3%+$41.9M | |
| HERSHEY CO | HSY | $48.8M | 278,385 | -0.03pp | 31q | +4.8%+$2.3M | |
| BROADCOM INC | AVGO | $48.5M | 128,290 | - | new | NEW | |
| BARRETT BUSINESS SVCS INC | BBSI | $43.7M | 1,230,575 | -0.02pp | 9q | -27.7%-$16.7M | |
| INTER PARFUMS INC | IPAR | $43.2M | 386,090 | +0.11pp | 3q | +24.2%+$8.4M | |
| OPENLANE INC | OPLN | $41.3M | 1,000,262 | +0.08pp | 3q | -7.8%-$3.5M | |
| NIKE INC | NKE | $39.0M | 950,036 | -0.10pp | 31q | -11.2%-$4.9M | |
| SANDISK CORP | SNDK | $38.9M | 17,110 | +0.14pp | 3q | -44.0%-$30.5M | |
| AMETEK INC | AME | $35.6M | 147,117 | -0.03pp | 31q | -26.0%-$12.5M | |
| DORMAN PRODS INC | DORM | $35.2M | 257,897 | +0.07pp | 3q | +1.1%+$369.4K | |
| BECTON DICKINSON & CO | BDX | $35.1M | 231,895 | -0.12pp | 31q | -34.7%-$18.7M | |
| FERGUSON ENTERPRISES INC | FERG | $34.4M | 144,782 | -0.78pp | 8q | -78.5%-$125.1M | |
| SERVICENOW INC | NOW | $33.5M | 337,344 | - | new | NEW | |
| MEDLINE INC | MDLN | $33.2M | 840,566 | +0.12pp | 3q | +128.9%+$18.7M | |
| FORMFACTOR INC | FORM | $32.4M | 202,824 | - | new | NEW | |
| KLA CORP | KLAC | $32.2M | 106,797 | +0.13pp | 20q | +1034.2%+$29.4M | |
| WESCO INTL INC | WCC | $25.8M | 74,616 | - | new | NEW | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $25.4M | 50,850 | flat | 21q | -7.0%-$1.9M | |
| AUTODESK INC | ADSK | $25.3M | 130,248 | - | new | NEW | |
| APTARGROUP INC | ATR | $24.2M | 193,292 | -0.37pp | 31q | -70.6%-$58.1M | |
| VERTIV HOLDINGS CO | VRT | $24.1M | 72,028 | +0.11pp | 3q | +119.6%+$13.1M | |
| ATOUR LIFESTYLE HLDGS LTD | ATAT | $23.9M | 752,258 | +0.01pp | 3q | +16.1%+$3.3M | |
| PATHWARD FINANCIAL INC | CASH | $23.7M | 271,655 | +0.01pp | 9q | +1.2%+$270.9K | |
| BOSTON SCIENTIFIC CORP | BSX | $22.6M | 530,533 | -0.09pp | 3q | -10.0%-$2.5M | |
| BIO RAD LABS INC | BIO | $21.0M | 71,577 | -0.20pp | 23q | -62.1%-$34.4M | |
| SHARKNINJA INC | SN | $19.7M | 129,084 | +0.01pp | 12q | -29.1%-$8.1M | |
| BORGWARNER INC | BWA | $19.6M | 295,797 | -0.16pp | 13q | -64.5%-$35.8M | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $19.4M | 223,262 | -0.03pp | 10q | -39.6%-$12.7M | |
| ZOETIS INC | ZTS | $18.5M | 257,185 | -0.45pp | 5q | -65.9%-$35.6M | |
| RXO INC | RXO | $18.1M | 657,345 | - | new | NEW | |
| LPL FINL HLDGS INC | LPLA | $18.1M | 64,243 | +0.03pp | 11q | +31.9%+$4.4M | |
| RYAN SPECIALTY HOLDINGS INC | RYAN | $17.7M | 469,919 | +0.01pp | 20q | -6.2%-$1.2M | |
| TERADYNE INC | TER | $17.4M | 35,997 | - | new | NEW | |
| RESMED INC | RMD | $17.4M | 89,367 | flat | 11q | +6.4%+$1.0M | |
| KKR & CO INC | KKR | $17.4M | 189,608 | -0.01pp | 3q | -10.1%-$1.9M | |
| KINSALE CAP GROUP INC | KNSL | $17.3M | 52,521 | -0.01pp | 6q | -12.2%-$2.4M | |
| SHERWIN WILLIAMS CO | SHW | $16.7M | 48,595 | -0.10pp | 31q | -53.1%-$18.9M | |
| SPROUTS FMRS MKT INC | SFM | $15.7M | 185,380 | +0.04pp | 3q | +48.8%+$5.1M | |
| XPEL INC | XPEL | $15.4M | 310,200 | - | new | NEW | |
| DONNELLEY FINL SOLUTIONS INC | DFIN | $14.6M | 347,156 | -0.03pp | 15q | -18.1%-$3.2M | |
| ADVANCED DRAIN SYS INC DEL | WMS | $14.3M | 91,012 | +0.05pp | 10q | +68.7%+$5.8M | |
| VALVOLINE INC | VVV | $13.5M | 342,685 | -0.14pp | 19q | -68.5%-$29.4M | |
| BLOCK INC | XYZ | $13.1M | 172,805 | +0.02pp | 3q | -2.9%-$399.2K | |
| COMFORT SYS USA INC | FIX | $13.0M | 6,534 | +0.04pp | 3q | +25.8%+$2.7M | |
| GLOBAL E ONLINE LTD | GLBE | $11.8M | 340,500 | - | new | NEW | |
| INSPERITY INC | NSP | $11.4M | 275,434 | -0.05pp | 31q | -63.1%-$19.5M | |
| RB GLOBAL INC | RBA | $11.2M | 96,455 | +0.01pp | 12q | -3.2%-$376.8K | |
| MAPLEBEAR INC | CART | $10.9M | 230,600 | - | new | NEW | |
| TWIST BIOSCIENCE CORP | TWST | $10.2M | 99,251 | - | new | NEW | |
| WAYSTAR HLDG CORP | WAY | $9.9M | 480,069 | flat | 3q | +5.9%+$552.3K | |
| XPO INC | XPO | $9.7M | 47,204 | +0.02pp | 2q | +43.0%+$2.9M | |
| FLOOR & DECOR HLDGS INC | FND | $9.5M | 160,400 | - | new | NEW | |
| BBB FOODS INC | TBBB | $8.9M | 212,570 | - | new | NEW | |
| CSW INDUSTRIALS INC | CSW | $8.6M | 30,757 | +0.03pp | 3q | +62.6%+$3.3M | |
| SAIA INC | SAIA | $8.4M | 19,852 | +0.01pp | 2q | +5.3%+$424.5K | |
| GARRETT MOTION INC | GTX | $8.3M | 229,213 | +0.04pp | 2q | +27.7%+$1.8M | |
| MATERION CORP | MTRN | $8.0M | 26,872 | - | new | NEW | |
| VENTURE GLOBAL INC | VG | $8.0M | 714,711 | -0.02pp | 2q | -7.2%-$620.0K | |
| AMENTUM HOLDINGS INC | AMTM | $7.6M | 369,557 | flat | 2q | +10.7%+$739.3K | |
| MCEWEN INC. | MUX | $7.4M | 410,707 | -0.04pp | 3q | -41.9%-$5.4M | |
| BK TECHNOLOGIES CORPORATION | BKTI | $7.3M | 85,429 | -0.01pp | 2q | -26.9%-$2.7M | |
| LOCKHEED MARTIN CORP | LMT | $7.2M | 14,217 | - | new | NEW | |
| DIAMONDBACK ENERGY INC | FANG | $5.7M | 32,583 | -0.04pp | 2q | -45.7%-$4.8M | |
| PAR PAC HOLDINGS INC | PARR | $5.4M | 95,910 | - | new | NEW | |
| PEGASYSTEMS INC | PEGA | $5.1M | 170,958 | - | new | NEW | |
| CARLISLE COS INC | CSL | $5.1M | 14,082 | flat | 11q | -13.3%-$781.7K | |
| WILLSCOT HLDGS CORP | WSC | $4.9M | 170,479 | +0.01pp | 2q | -4.2%-$216.5K | |
| ALPHABET INC | GOOGL | $4.6M | 12,877 | flat | 31q | -30.7%-$2.0M | |
| VISTA ENERGY S.A.B. DE C.V. | VIST | $3.9M | 60,800 | - | new | NEW | |
| NEWMONT CORP | NEM | $2.8M | 30,271 | flat | 2q | -4.7%-$138.6K | |
| BRINKS CO | BCO | $2.7M | 28,917 | +0.01pp | 2q | +97.9%+$1.4M | |
| SEA LTD | SE | $2.7M | 27,785 | +0.01pp | 3q | +64.0%+$1.0M | |
| GENERAC HLDGS INC | GNRC | $2.1M | 7,249 | - | new | NEW | |
| APPLE INC | AAPL | $1.6M | 5,510 | flat | 15q | +43.8%+$485.3K | |
| HAMILTON LANE INC | HLNE | $1.1M | 13,400 | - | new | NEW | |
| KARAT PACKAGING INC | KRT | $1.0M | 31,084 | - | new | NEW | |
| ISHARES TR | IVV | $390.2K | 521 | - | new | NEW | |
| ROYAL BK CDA | RY | $309.4K | 1,495 | flat | 4q | HELD | |
| TORONTO DOMINION BK ONT | TD | $252.7K | 2,081 | - | new | NEW | |
| CATERPILLAR INC | CAT | $239.6K | 225 | - | new | NEW | |
| ISHARES TR | IEFA | $213.4K | 2,210 | - | new | NEW | |
| BANK MONTREAL MEDIUM | BMO | $211.2K | 1,195 | - | 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 | $2.2B | 15.2% |
| Business Services | $2.0B | 13.3% |
| Semiconductors & Electronics | $1.8B | 12.1% |
| Insurance | $1.3B | 8.9% |
| Banks & Lending | $1.1B | 7.2% |
| Retail & Consumer | $947.3M | 6.4% |
| Biotech & Pharma | $945.7M | 6.4% |
| Energy | $657.9M | 4.5% |
| Wholesale & Distribution | $617.8M | 4.2% |
| Capital Markets | $574.9M | 3.9% |
| Industrials | $415.9M | 2.8% |
| Autos & Aerospace | $410.1M | 2.8% |
| Other sectors | $1.5B | 10.1% |
| Not classified | $313.1M | 2.1% |
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 |
|---|---|---|---|---|
| Q2 2026 | +4.6% | +14.8% | -10.3% | 100% |
| Q1 2026 | -6.1% | -4.6% | -1.4% | 100% |
| Q4 2025 | +0.8% | +2.4% | -1.6% | 100% |
| Q3 2025 | +3.1% | +7.8% | -4.8% | 100% |
| Q2 2025 | +1.9% | +10.5% | -8.6% | 100% |
| Q1 2025 | -1.1% | -4.6% | +3.4% | 100% |
| Q4 2024 | -2.4% | +2.1% | -4.6% | 100% |
| Q3 2024 | +4.4% | +5.4% | -1.0% | 100% |
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 | $14.7B | 142 | 28 | 38 | 74 | 12 | 39.5% | 38 |
| Q1 2026 | $15.4B | 126 | 16 | 39 | 66 | 15 | 40.2% | 36 |
| Q4 2025 | $17.9B | 125 | 25 | 25 | 69 | 10 | 43.1% | 41 |
| Q3 2025 | $19.3B | 110 | 7 | 28 | 69 | 7 | 44.8% | 35 |
| Q2 2025 | $19.7B | 110 | 12 | 20 | 73 | 7 | 46.0% | 38 |
| Q1 2025 | $20.7B | 105 | 11 | 21 | 70 | 6 | 46.1% | 37 |
| Q4 2024 | $22.0B | 100 | 6 | 35 | 57 | 7 | 47.6% | 43 |
| Q3 2024 | $21.9B | 101 | 2 | 34 | 47 | 6 | 48.2% | 38 |
| Q2 2024 | $21.1B | 105 | 8 | 33 | 56 | 8 | 49.5% | 38 |
| Q1 2024 | $21.6B | 105 | 8 | 47 | 39 | 10 | 47.4% | 36 |
| Q4 2023 | $19.5B | 107 | 10 | 34 | 54 | 7 | 46.8% | 38 |
| Q3 2023 | $18.7B | 104 | 5 | 29 | 65 | 2 | 46.3% | 37 |
| Q2 2023 | $19.1B | 101 | 2 | 29 | 64 | 4 | 45.7% | 40 |
| Q1 2023 | $18.3B | 103 | 2 | 49 | 32 | 11 | 45.8% | 35 |
| Q4 2022 | $17.7B | 112 | 10 | 59 | 34 | 4 | 46.8% | 39 |
| Q3 2022 | $16.5B | 106 | 4 | 43 | 38 | 3 | 49.0% | 40 |
| Q2 2022 | $17.6B | 105 | 2 | 37 | 49 | 8 | 49.1% | 40 |
| Q1 2022 | $21.1B | 111 | 5 | 56 | 36 | 13 | 49.3% | 36 |
| Q4 2021 | $22.2B | 119 | 15 | 56 | 36 | 6 | 47.7% | 40 |
| Q3 2021 | $20.9B | 110 | 16 | 28 | 21 | 4 | 46.6% | 41 |
| Q2 2021 | $20.2B | 98 | 8 | 42 | 26 | 5 | 43.7% | 42 |
| Q1 2021 | $18.4B | 95 | 6 | 42 | 32 | 5 | 42.3% | 44 |
| Q4 2020 | $17.0B | 94 | 6 | 40 | 33 | 6 | 42.3% | 40 |
| Q3 2020 | $15.3B | 94 | 6 | 34 | 48 | 6 | 43.7% | 44 |
| Q2 2020 | $13.6B | 94 | 11 | 33 | 29 | 7 | 45.8% | 41 |
| Q1 2020 | $10.9B | 90 | 9 | 45 | 25 | 14 | 45.9% | 37 |
| Q4 2019 | $12.3B | 95 | 6 | 56 | 19 | 2 | 45.9% | 41 |
| Q3 2019 | $10.9B | 91 | 5 | 46 | 38 | 24 | 45.1% | 45 |
| Q2 2019 | $15.5B | 110 | 8 | 62 | 30 | 1 | 33.3% | 37 |
| Q1 2019 | $14.0B | 103 | 0 | 48 | 32 | 6 | 34.6% | 39 |
| Q4 2018 | $12.0B | 109 | 0 | 0 | 0 | 0 | 34.4% | 43 |
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.