Select Equity Group, L.P.
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| VIKING HOLDINGS LTD | VIK | $900.3M | 8,601,393 | +0.39pp | 9q | -20.4%-$230.4M | |
| LIVE NATION ENTERTAINMENT IN | LYV | $828.4M | 4,523,826 | -0.08pp | 31q | -15.4%-$150.3M | |
| SOMNIGROUP INTERNATIONAL INC | SGI | $697.2M | 8,892,691 | -0.06pp | 18q | -4.1%-$29.9M | |
| ITT INC | ITT | $685.5M | 3,466,371 | -0.43pp | 15q | -11.4%-$88.4M | |
| WABTEC | WAB | $652.9M | 2,421,552 | -0.51pp | 21q | -17.2%-$135.4M | |
| MARKEL GROUP INC | MKL | $647.8M | 331,679 | -0.50pp | 6q | -12.2%-$89.8M | |
| MARTIN MARIETTA MATLS INC | MLM | $583.2M | 1,011,255 | -0.23pp | 31q | -2.1%-$12.8M | |
| LABCORP HOLDINGS INC | LH | $554.9M | 1,981,948 | -0.23pp | 9q | -8.9%-$54.0M | |
| ISHARES TR OPT | IWM | $540.8M | options only | +2.22pp | 4q | OPTIONS | |
| CRH PLC | CRH | $489.8M | 4,577,115 | -0.19pp | 11q | -5.8%-$30.0M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $489.1M | 1,024,189 | +0.64pp | 30q | HELD | |
| TRANSDIGM GROUP INC | TDG | $470.5M | 353,230 | +2.04pp | 2q | +636.8%+$406.7M | |
| ENTEGRIS INC | ENTG | $448.6M | 2,493,913 | +1.57pp | 25q | +144.3%+$264.9M | |
| NASDAQ INC | NDAQ | $445.0M | 5,646,320 | -0.22pp | 5q | +1.5%+$6.6M | |
| HUBBELL INC | HUBB | $437.0M | 835,260 | +1.22pp | 2q | +123.1%+$241.2M | |
| STERIS PLC | STE | $399.0M | 1,894,646 | -0.45pp | 28q | -11.6%-$52.4M | |
| AMAZON COM INC OPT | AMZN | $391.3M | 932,301 | +1.59pp | 11q | +185.8%+$254.3M | |
| ALCON AG | ALC | $390.3M | 5,766,342 | -0.21pp | 8q | +1.6%+$6.1M | |
| CANADIAN PACIFIC KANSAS CITY | CP | $376.8M | 4,346,986 | -0.13pp | 8q | -12.3%-$52.8M | |
| VISA INC | V | $355.8M | 1,037,159 | +0.58pp | 31q | +35.8%+$93.8M | |
| EMCOR GROUP INC | EME | $348.4M | 419,806 | -0.38pp | 12q | -24.5%-$112.9M | |
| BWX TECHNOLOGIES INC | BWXT | $331.7M | 1,704,008 | +0.88pp | 5q | +134.6%+$190.3M | |
| BROWN & BROWN INC | BRO | $313.9M | 4,892,500 | -1.13pp | 31q | -39.0%-$200.8M | |
| CORE & MAIN INC | CNM | $281.8M | 5,840,259 | -0.44pp | 20q | -19.5%-$68.2M | |
| NVIDIA CORPORATION | NVDA | $279.5M | 1,396,937 | +0.58pp | 5q | +54.6%+$98.7M | |
| PACKAGING CORP AMER | PKG | $267.0M | 1,120,539 | +0.21pp | 7q | +9.5%+$23.2M | |
| TRIMBLE INC | TRMB | $260.0M | 5,080,354 | -0.59pp | 22q | -9.4%-$26.9M | |
| SERVICE CORP INTL | SCI | $252.7M | 3,326,683 | -1.33pp | 31q | -45.6%-$211.7M | |
| SPOTIFY TECHNOLOGY S A | SPOT | $246.5M | 536,831 | +0.31pp | 3q | +46.7%+$78.5M | |
| CORPAY INC | CPAY | $239.2M | 717,626 | -0.40pp | 7q | -32.6%-$115.4M | |
| PAYCHEX INC | PAYX | $228.1M | 2,320,215 | -0.60pp | 31q | -36.8%-$132.7M | |
| AMPHENOL CORP | APH | $220.4M | 1,249,958 | +0.31pp | 31q | +4.2%+$8.8M | |
| IRON MTN INC DEL OPT | IRM | $219.4M | options only | +0.15pp | 2q | OPTIONS | |
| CLEAN HARBORS INC | CLH | $217.6M | 728,374 | -0.59pp | 14q | -35.6%-$120.5M | |
| C H ROBINSON WORLDWIDE IN | CHRW | $215.7M | 1,145,388 | -0.60pp | 3q | -41.6%-$153.9M | |
| SIGNET JEWELERS LIMITED | SIG | $210.1M | 2,436,873 | -0.38pp | 31q | -25.6%-$72.2M | |
| INTEL CORP | INTC | $209.9M | 1,503,056 | +0.71pp | 5q | +4.4%+$8.9M | |
| ROLLINS INC | ROL | $178.8M | 4,283,955 | -0.42pp | 6q | -10.1%-$20.2M | |
| THERMO FISHER SCIENTIFIC INC | TMO | $176.8M | 352,700 | +0.12pp | 31q | +17.8%+$26.7M | |
| CAE INC | CAE | $175.7M | 7,018,338 | -0.23pp | 8q | -14.9%-$30.9M | |
| WORKDAY INC | WDAY | $163.1M | 1,331,948 | +0.37pp | 15q | +104.0%+$83.1M | |
| ALPHABET INC OPT | GOOG | $158.7M | 279,019 | +0.26pp | 31q | +52.1%+$54.4M | |
| VERISK ANALYTICS INC | VRSK | $158.0M | 879,881 | +0.37pp | 2q | +109.1%+$82.4M | |
| BLOOM ENERGY CORP OPT | BE | $155.5M | 10 | +0.40pp | 3q | -44.4%-$124.4M | |
| LIBERTY MEDIA CORP DEL | FWONK | $152.0M | 1,598,060 | +0.20pp | 2q | +26.6%+$31.9M | |
| TRACTOR SUPPLY CO | TSCO | $137.1M | 4,336,775 | -2.41pp | 26q | -67.4%-$283.2M | |
| APOLLO GLOBAL MGMT INC | APO | $136.6M | 1,154,448 | +0.15pp | 18q | +26.3%+$28.4M | |
| SALESFORCE INC | CRM | $129.8M | 828,563 | +0.02pp | 18q | +65.1%+$51.2M | |
| MICROSOFT CORP | MSFT | $128.7M | 345,152 | +0.24pp | 31q | +64.7%+$50.6M | |
| CRANE COMPANY | CR | $127.5M | 571,432 | +0.09pp | 9q | -7.2%-$9.9M | |
| S&P GLOBAL INC | SPGI | $99.6M | 244,596 | +0.26pp | 22q | +131.7%+$56.6M | |
| MIDDLEBY CORP | MIDD | $97.8M | 568,621 | -0.53pp | 21q | -62.1%-$160.3M | |
| TELEDYNE TECHNOLOGIES INC | TDY | $97.8M | 146,635 | -0.13pp | 31q | -26.3%-$34.9M | |
| BROADCOM INC | AVGO | $97.1M | 257,148 | +0.16pp | 8q | +27.6%+$21.0M | |
| DESCARTES SYS GROUP INC | DSGX | $89.4M | 1,290,947 | +0.05pp | 3q | +19.5%+$14.6M | |
| FRANCO NEV CORP | FNV | $86.9M | 416,544 | -0.10pp | 5q | HELD | |
| ST JOE CO | JOE | $84.0M | 1,341,063 | +0.01pp | 5q | +5.2%+$4.1M | |
| DICKS SPORTING GOODS INC | DKS | $79.7M | 351,353 | -0.17pp | 5q | -36.9%-$46.6M | |
| ECOLAB INC | ECL | $76.9M | 276,003 | - | new | NEW | |
| FORTIVE CORP | FTV | $74.3M | 1,215,882 | -0.12pp | 31q | -29.0%-$30.4M | |
| CHEFS WHSE INC | CHEF | $73.6M | 765,435 | +0.20pp | 18q | +38.7%+$20.5M | |
| LIFE TIME GROUP HOLDINGS INC | LTH | $70.6M | 1,729,280 | - | new | NEW | |
| AGILENT TECHNOLOGIES INC | A | $68.4M | 515,094 | +0.22pp | 2q | +146.1%+$40.6M | |
| COREWEAVE INC OPT | CRWV | $68.2M | options only | +0.06pp | 3q | OPTIONS | |
| QXO INC | QXO | $66.7M | 3,860,354 | +0.07pp | 5q | +48.6%+$21.8M | |
| ONESPAWORLD HOLDINGS LIMITED | OSW | $60.8M | 2,154,478 | +0.11pp | 22q | +29.5%+$13.8M | |
| CASELLA WASTE SYS INC | CWST | $54.6M | 563,031 | +0.11pp | 22q | +43.6%+$16.6M | |
| DANAHER CORP DEL | DHR | $50.9M | 267,153 | +0.01pp | 31q | +6.2%+$3.0M | |
| ESCO TECHNOLOGIES INC | ESE | $48.0M | 137,044 | +0.17pp | 3q | +190.0%+$31.4M | |
| CSW INDUSTRIALS INC | CSW | $47.8M | 171,599 | +0.08pp | 11q | +51.3%+$16.2M | |
| FORMFACTOR INC | FORM | $45.7M | 285,686 | +0.10pp | 7q | +11.0%+$4.5M | |
| CDW CORP | CDW | $44.2M | 314,460 | -0.52pp | 31q | -73.7%-$123.9M | |
| CLOUDFLARE INC OPT | NET | $43.3M | 38 | -1.02pp | 6q | -100.0%-$973.6B | |
| MOOG INC | MOGA | $42.5M | 100,313 | +0.06pp | 2q | HELD | |
| KIRBY CORP | KEX | $41.3M | 304,102 | -0.05pp | 9q | -19.1%-$9.8M | |
| LINDBLAD EXPEDITIONS HLDGS I | LIND | $41.0M | 1,452,792 | +0.11pp | 2q | +37.3%+$11.1M | |
| UNITED STS LIME & MINERALS I | USLM | $39.8M | 380,570 | -0.07pp | 8q | -6.2%-$2.6M | |
| WILLIAMS SONOMA INC | WSM | $37.7M | 161,830 | -0.03pp | 26q | -30.6%-$16.6M | |
| MCCORMICK & CO INC | MKC | $37.1M | 735,626 | - | new | NEW | |
| POOL CORP | POOL | $34.3M | 159,803 | - | new | NEW | |
| SOLSTICE ADVANCED MATLS INC | SOLS | $34.1M | 384,351 | - | new | NEW | |
| CADRE HLDGS INC | CDRE | $33.7M | 1,181,921 | +0.05pp | 8q | +57.9%+$12.4M | |
| OKLO INC OPT | OKLO | $33.4M | options only | flat | 3q | OPTIONS | |
| SHOPIFY INC | SHOP | $33.3M | 291,826 | +0.02pp | 13q | +23.8%+$6.4M | |
| ZURN ELKAY WATER SOLNS CORP | ZWS | $33.0M | 653,188 | +0.06pp | 4q | +52.2%+$11.3M | |
| FORTUNE BRANDS INNOVATIONS I OPT | FBIN | $33.0M | 718 | -0.15pp | 16q | -99.9%-$41.0B | |
| FRANKLIN ELEC INC | FELE | $32.4M | 302,669 | +0.06pp | 6q | +43.3%+$9.8M | |
| MYR GROUP INC | MYRG | $32.3M | 64,563 | +0.09pp | 13q | +26.2%+$6.7M | |
| KADANT INC | KAI | $31.9M | 101,551 | +0.03pp | 23q | +14.6%+$4.1M | |
| FORGENT POWER SOLUTIONS INC | FPS | $30.4M | 544,263 | +0.10pp | 2q | +47.8%+$9.8M | |
| BADGER METER INC | BMI | $29.6M | 199,278 | +0.07pp | 19q | +117.0%+$15.9M | |
| ARCOSA INC | ACA | $29.3M | 201,450 | +0.07pp | 6q | +37.6%+$8.0M | |
| MIRION TECHNOLOGIES INC | MIR | $28.3M | 1,576,023 | +0.04pp | 14q | +49.3%+$9.3M | |
| EVERUS CONSTR GROUP | ECG | $27.9M | 168,221 | +0.07pp | 4q | +47.7%+$9.0M | |
| LOAR HOLDINGS INC | LOAR | $27.4M | 339,976 | +0.08pp | 9q | +67.0%+$11.0M | |
| ADEIA INC | ADEA | $26.4M | 803,196 | +0.07pp | 12q | +56.4%+$9.5M | |
| ALKAMI TECHNOLOGY INC | ALKT | $26.3M | 1,450,006 | +0.05pp | 19q | +47.4%+$8.4M | |
| ALLIANCE LAUNDRY HLDGS INC | ALH | $23.8M | 898,085 | +0.06pp | 3q | +58.6%+$8.8M | |
| API GROUP CORP | APG | $23.8M | 560,842 | -0.03pp | 11q | -23.0%-$7.1M | |
| BOOT BARN HLDGS INC | BOOT | $23.7M | 144,492 | +0.05pp | 18q | +56.5%+$8.6M | |
| MOODYS CORP | MCO | $23.6M | 52,073 | +0.01pp | 9q | +5.1%+$1.1M | |
| MSCI INC | MSCI | $23.5M | 42,048 | +0.01pp | 9q | +7.1%+$1.6M | |
| OUTFRONT MEDIA INC | OUT | $22.3M | 680,906 | +0.05pp | 6q | +47.8%+$7.2M | |
| LAMAR ADVERTISING CO | LAMR | $21.9M | 140,364 | -0.20pp | 26q | -70.2%-$51.7M | |
| ALARM COM HLDGS INC | ALRM | $21.6M | 462,015 | +0.02pp | 12q | +17.8%+$3.3M | |
| WINMARK CORP | WINA | $21.5M | 50,929 | +0.04pp | 8q | +67.5%+$8.7M | |
| UNION PAC CORP | UNP | $21.5M | 79,100 | -0.05pp | 3q | -36.4%-$12.3M | |
| CARGURUS INC | CARG | $20.7M | 606,281 | +0.02pp | 13q | +32.0%+$5.0M | |
| WAYSTAR HLDG CORP | WAY | $20.6M | 1,003,417 | -0.01pp | 5q | +8.7%+$1.6M | |
| MERCURY SYS INC | MRCY | $20.2M | 165,257 | +0.07pp | 6q | +98.0%+$10.0M | |
| NIKE INC | NKE | $19.5M | 475,410 | -0.03pp | 3q | +5.7%+$1.0M | |
| GLOBALFOUNDRIES INC | GFS | $19.1M | 231,783 | +0.05pp | 5q | +20.7%+$3.3M | |
| LIQUIDITY SVCS INC | LQDT | $19.0M | 484,791 | +0.02pp | 4q | +4.9%+$881.1K | |
| NEPTUNE INS HLDGS INC | NP | $18.5M | 588,809 | +0.06pp | 3q | +127.6%+$10.4M | |
| META PLATFORMS INC | META | $17.6M | 31,322 | flat | 10q | +8.7%+$1.4M | |
| LEMAITRE VASCULAR INC | LMAT | $17.4M | 181,015 | +0.03pp | 2q | +80.2%+$7.7M | |
| TELEFLEX INCORPORATED | TFX | $17.3M | 136,796 | +0.08pp | 2q | +951.5%+$15.7M | |
| NIQ GLOBAL INTELLIGENCE PLC | NIQ | $16.7M | 1,782,894 | -0.06pp | 4q | -25.5%-$5.7M | |
| CARDINAL INFRASTRUCTURE GROU | CDNL | $16.5M | 174,683 | - | new | NEW | |
| CELLEBRITE DI LTD | CLBT | $16.1M | 1,105,877 | +0.02pp | 5q | +37.5%+$4.4M | |
| ARES MANAGEMENT CORPORATION | ARES | $14.3M | 128,741 | -0.01pp | 2q | -12.5%-$2.0M | |
| GE AEROSPACE | GE | $14.0M | 37,562 | +0.01pp | 5q | -4.3%-$636.5K | |
| ON HLDG AG OPT | ONON | $13.7M | 64 | -0.43pp | 4q | -100.0%-$529.5B | |
| ALLEGION PLC | ALLE | $13.7M | 97,198 | - | new | NEW | |
| BUILDERS FIRSTSOURCE INC OPT | BLDR | $12.9M | options only | +0.03pp | 3q | OPTIONS | |
| OCTAVE INTELLIGENCE PLC | OCTLF | $12.8M | 784,917 | - | new | NEW | |
| FIRST AMERN FINL CORP | FAF | $11.5M | 168,238 | - | new | NEW | |
| UBER TECHNOLOGIES INC | UBER | $11.4M | 158,066 | +0.01pp | 6q | +37.1%+$3.1M | |
| METTLER TOLEDO INTERNATIONAL | MTD | $10.8M | 8,480 | -0.01pp | 5q | -16.6%-$2.2M | |
| COHERENT CORP | COHR | $10.8M | 27,408 | +0.05pp | 16q | +322.7%+$8.3M | |
| HONEYWELL AEROSPACE INC | HONA | $10.8M | 48,763 | - | new | NEW | |
| ENPRO INC | NPO | $10.5M | 27,863 | - | new | NEW | |
| ARXIS INC | ARXS | $10.0M | 216,695 | - | new | NEW | |
| NOVANTA INC | NOVT | $9.9M | 60,724 | - | new | NEW | |
| MOHAWK INDS INC | MHK | $9.0M | 74,123 | - | new | NEW | |
| BROOKFIELD CORP | BN | $8.8M | 206,886 | -0.11pp | 8q | -73.0%-$23.8M | |
| TRANSUNION | TRU | $8.0M | 110,466 | -0.01pp | 2q | -12.4%-$1.1M | |
| ARCHROCK INC | AROC | $7.5M | 184,340 | - | new | NEW | |
| ROBLOX CORP OPT | RBLX | $7.3M | 206 | -0.16pp | 2q | +1484.6%+$6.9M | |
| KARMAN HLDGS INC | KRMN | $6.4M | 128,543 | +0.02pp | 6q | +254.1%+$4.6M | |
| PELOTON INTERACTIVE INC | PTON | $5.9M | 998,069 | -0.01pp | 5q | -44.8%-$4.8M | |
| DPC HOLDINGS PLC | DPC | $3.7M | 75,000 | - | new | NEW | |
| ROPER TECHNOLOGIES INC | ROP | $2.7M | 8,109 | - | new | NEW | |
| V F CORP OPT | VFC | $2.0M | 325 | -0.01pp | 18q | -34.7%-$1.1M | |
| POLARIS INC OPT | PII | $1.2M | 149 | flat | 9q | -52.1%-$1.3M | |
| BROOKFIELD INFRASTRUCTURE PA | BIP | $701.1K | 19,213 | -0.01pp | 30q | -69.5%-$1.6M | |
| PORTILLOS INC | PTLO | $663.8K | 140,035 | -0.03pp | 19q | -87.9%-$4.8M | |
| ALPHABET INC | GOOGL | $12.9K | 36 | flat | 2q | +38.5%+$3.6K |
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 |
|---|---|---|
| Semiconductors & Electronics | $2.3B | 11.3% |
| Industrials | $1.7B | 8.3% |
| Construction & Building | $1.6B | 8.1% |
| Transport & Logistics | $1.6B | 7.9% |
| Business Services | $1.5B | 7.3% |
| Telecom & Media | $1.4B | 6.8% |
| Autos & Aerospace | $1.3B | 6.2% |
| Software & IT Services | $1.1B | 5.5% |
| Insurance | $991.7M | 4.9% |
| Retail & Consumer | $969.9M | 4.8% |
| Medical Devices | $857.6M | 4.2% |
| Mining & Metals | $709.9M | 3.5% |
| Other sectors | $3.7B | 18.2% |
| Not classified | $578.1M | 2.9% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $20.2B | 148 | 17 | 72 | 51 | 36 | 32.5% | 45 |
| Q1 2026 | $19.5B | 167 | 27 | 64 | 63 | 32 | 34.9% | 45 |
| Q4 2025 | $23.2B | 172 | 33 | 56 | 76 | 21 | 36.0% | 48 |
| Q3 2025 | $24.3B | 160 | 18 | 66 | 70 | 7 | 33.2% | 45 |
| Q2 2025 | $23.9B | 149 | 23 | 60 | 60 | 24 | 34.0% | 45 |
| Q1 2025 | $23.2B | 150 | 26 | 67 | 51 | 25 | 33.6% | 45 |
| Q4 2024 | $25.2B | 149 | 20 | 40 | 80 | 18 | 35.2% | 45 |
| Q3 2024 | $27.8B | 147 | 21 | 45 | 75 | 27 | 37.1% | 45 |
| Q2 2024 | $25.4B | 153 | 24 | 62 | 61 | 21 | 39.2% | 45 |
| Q1 2024 | $28.3B | 150 | 16 | 39 | 87 | 20 | 40.0% | 45 |
| Q4 2023 | $28.1B | 154 | 18 | 53 | 81 | 29 | 37.8% | 45 |
| Q3 2023 | $24.4B | 165 | 22 | 50 | 72 | 14 | 38.9% | 45 |
| Q2 2023 | $26.9B | 157 | 19 | 59 | 75 | 21 | 37.2% | 45 |
| Q1 2023 | $28.1B | 159 | 17 | 74 | 62 | 31 | 37.1% | 45 |
| Q4 2022 | $26.6B | 173 | 29 | 64 | 73 | 27 | 37.1% | 45 |
| Q3 2022 | $28.7B | 171 | 31 | 54 | 68 | 13 | 42.5% | 45 |
| Q2 2022 | $31.2B | 153 | 15 | 84 | 47 | 23 | 39.0% | 46 |
| Q1 2022 | $30.9B | 161 | 31 | 72 | 54 | 32 | 37.3% | 46 |
| Q4 2021 | $36.7B | 162 | 25 | 76 | 56 | 13 | 39.3% | 45 |
| Q3 2021 | $29.8B | 150 | 13 | 76 | 55 | 14 | 37.0% | 46 |
| Q2 2021 | $29.2B | 151 | 21 | 72 | 56 | 22 | 36.6% | 47 |
| Q1 2021 | $27.5B | 152 | 38 | 74 | 39 | 23 | 35.8% | 47 |
| Q4 2020 | $24.4B | 137 | 25 | 54 | 57 | 39 | 37.6% | 47 |
| Q3 2020 | $20.3B | 151 | 22 | 66 | 53 | 20 | 37.5% | 47 |
| Q2 2020 | $17.4B | 149 | 61 | 37 | 45 | 25 | 36.7% | 45 |
| Q1 2020 | $14.5B | 113 | 32 | 51 | 24 | 22 | 32.8% | 45 |
| Q4 2019 | $15.9B | 103 | 17 | 42 | 37 | 17 | 35.6% | 45 |
| Q3 2019 | $14.8B | 103 | 17 | 37 | 43 | 14 | 34.3% | 45 |
| Q2 2019 | $14.7B | 100 | 17 | 27 | 46 | 9 | 35.0% | 45 |
| Q1 2019 | $14.8B | 92 | 14 | 18 | 52 | 17 | 35.6% | 45 |
| Q4 2018 | $13.2B | 95 | 0 | 0 | 0 | 0 | 34.7% | 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.