HolderBook

Advisors Preferred, LLC

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK
1598841
Reported value
$645.6M
Positions
220
Top 10 weight
31.2%
Filed
2026-08-11
Days after quarter end
42

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
ISHARES TRSHY$33.7M411,8605.23%+0.23pp2qHELD
INVESCO EXCH TRADED FD TR IIQQQM$32.5M110,6405.03%+1.16pp12qHELD
SCHWAB STRATEGIC TRSCHD$23.7M731,7303.67%+0.13pp12q-6.7%-$1.7M
BONDBLOXX ETF TRUSTXHLF$19.0M378,3002.94%+0.87pp8q+35.6%+$5.0M
VANGUARD SPECIALIZED FUNDSVIG$16.3M68,4972.53%+0.76pp21q+22.4%+$3.0M
SELECT SECTOR SPDR TRXLF$16.2M291,8272.51%-newNEW
ISHARES TRSGOV$16.2M161,2802.51%-0.36pp16q-16.6%-$3.2M
INVESCO EXCHANGE TRADED FD TRSP$15.1M70,2492.34%+1.84pp21q+298.8%+$11.3M
VANGUARD SCOTTSDALE FDSVONG$14.4M115,5902.23%-0.25pp12q-24.9%-$4.8M
ISHARES TREEM$14.4M219,0862.23%+1.94pp2q+535.1%+$12.1M
SELECT SECTOR SPDR TRXLI$13.6M74,1452.11%-newNEW
NVIDIA CORPORATIONNVDA$12.9M66,0001.99%+0.30pp6qHELD
BNY MELLON ETF TRUSTBKLC$12.8M89,6431.99%+0.34pp12qHELD
COSTCO WHOLESALE CORPORATIONCOST$12.5M13,1381.94%+0.84pp6q+75.8%+$5.4M
VANGUARD INDEX FDSVTV$11.7M53,4001.81%+0.27pp12qHELD
PROSHARES TRQLD$11.2M124,1511.74%-newNEW
CATERPILLAR INCCAT$10.7M11,0561.65%+0.53pp6q+2.9%+$299.7K
VANGUARD WORLD FDVGT$10.1M88,3421.57%-newNEW
SELECT SECTOR SPDR TRXLK$10.1M55,8391.56%-newNEW
ISHARES TRIWN$9.9M44,9531.54%+1.49pp4q+2403.0%+$9.6M
BROADCOM INCAVGO$9.9M27,4851.53%+0.62pp3q+37.7%+$2.7M
APPLE INCAAPL$9.8M31,7771.52%-0.06pp6q-24.8%-$3.2M
SPDR SERIES TRUSTSPYM$8.8M100,0051.36%+0.23pp12qHELD
SPDR SERIES TRUSTCWB$8.7M83,1031.34%-0.34pp8q-33.6%-$4.4M
ALPHABET INCGOOGL$8.3M23,0501.28%+0.11pp6q-17.1%-$1.7M
SPDR SERIES TRUSTBIL$8.2M89,2901.26%-0.42pp16q-28.3%-$3.2M
MICROSOFT CORPMSFT$7.9M20,3501.23%+0.05pp6q-6.4%-$542.8K
DIREXION SHARES ETF TRUSTSPUU$7.7M36,1521.20%-newNEW
INVESCO EXCH TRADED FD TR IIPCY$7.7M355,2321.19%-0.38pp4q-30.5%-$3.4M
ISHARES TRMBB$7.7M81,2761.18%+0.44pp3q+52.9%+$2.6M
ALPS ETF TRAMLP$7.6M145,3251.17%+0.09pp2q+4.0%+$293.9K
ISHARES TRTLT$6.9M80,6081.07%+0.21pp31q+20.2%+$1.2M
GE VERNOVA INCGEV$6.4M5,7280.99%+0.34pp3q+13.6%+$762.5K
GOLDMAN SACHS ETF TRGSEW$6.3M66,0000.97%-0.27pp6q-34.0%-$3.2M
AMAZON COM INCAMZN$6.1M25,3000.95%+0.17pp6qHELD
DARLING INGREDIENTS INCDAR$6.0M105,5500.92%+0.36pp2q+69.0%+$2.4M
WISDOMTREE TRDLN$5.7M58,3810.88%-0.73pp4q-52.3%-$6.2M
NEUROCRINE BIOSCIENCES INCNBIX$5.4M31,0740.84%-newNEW
VANGUARD SCOTTSDALE FDSVCSH$5.3M67,6870.83%-newNEW
JAZZ PHARMACEUTICALS PLCJAZZ$5.1M20,8610.79%-newNEW
ISHARES TRIWS$4.9M29,6440.76%-0.06pp2q-22.6%-$1.4M
TEXAS INSTRS INCTXN$4.5M15,4870.70%-newNEW
AMPHENOL CORPAPH$4.3M26,0000.66%+0.18pp6qHELD
JPMORGAN CHASE & COJPM$4.2M12,5000.65%+0.11pp6qHELD
INVESCO QQQ TRQQQ$3.8M5,4010.60%+0.33pp31q+75.0%+$1.6M
META PLATFORMS INCMETA$3.7M6,3000.57%+0.04pp6qHELD
VISA INCV$3.6M9,9690.56%+0.31pp6q+74.9%+$1.5M
VISTRA CORPVST$3.5M23,1070.54%-newNEW
SMURFIT WESTROCK PLCSW$3.4M75,0370.53%+0.15pp3q+14.5%+$436.4K
VANGUARD WHITEHALL FDSVIGI$3.4M35,6980.52%+0.16pp21q+28.9%+$759.8K
TD SYNNEX CORPORATIONSNX$3.4M13,8360.52%+0.01pp2q-32.7%-$1.6M
ISHARES TRIEF$3.3M34,5370.50%-1.63pp8q-77.3%-$11.0M
WALMART INCWMT$3.2M28,2000.49%-0.03pp6qHELD
BANK OF AMER CORPBAC$3.0M51,2000.47%+0.07pp6q-7.7%-$252.5K
JOHNSON & JOHNSONJNJ$2.9M11,0640.45%+0.11pp9q+16.5%+$411.4K
ARROW ELECTRS INCARW$2.9M14,5370.44%-newNEW
HOME DEPOT INCHD$2.8M7,8000.43%+0.05pp6qHELD
STATE STR SPDR S&P 500 ETF TSPY$2.7M3,5830.41%-11.91pp4q-97.2%-$93.2M
SEAGATE TECHNOLOGY HLDNGS PLSTX$2.6M3,1630.40%+0.17pp2q-21.2%-$696.3K
WESTERN DIGITAL CORPWDC$2.6M4,8080.40%+0.18pp2q-13.4%-$402.1K
BERKSHIRE HATHAWAY INC DELBRKB$2.6M5,1000.40%+0.04pp6qHELD
WILLIAMS COS INCWMB$2.5M34,4000.39%+0.02pp6qHELD
MICROCHIP TECHNOLOGY INC.MCHP$2.5M29,5400.39%-newNEW
KENNAMETAL INCKMT$2.4M72,7470.38%-0.10pp2q-19.1%-$575.1K
LYONDELLBASELL INDUSTRIES NVLYB$2.4M45,4150.38%-newNEW
GOLDMAN SACHS GROUP INCGS$2.4M2,3700.37%+0.05pp6q-8.8%-$234.8K
MORGAN STANLEYMS$2.4M11,3000.37%+0.10pp6qHELD
MASCO CORPMAS$2.3M27,5000.35%+0.11pp6qHELD
MATSON INCMATX$2.2M11,0310.35%-newNEW
PROCTER & GAMBLE COPG$2.2M14,6260.34%+0.01pp6q-7.1%-$169.6K
BLACKROCK INCBLK$2.2M2,2000.34%+0.03pp6qHELD
KODIAK GAS SVCS INCKGS$2.0M29,2380.31%-0.22pp3q-52.0%-$2.1M
TJX COS INC NEWTJX$2.0M12,8620.31%-0.02pp6q-6.2%-$131.4K
SALESFORCE INCCRM$2.0M11,9000.31%-0.02pp6qHELD
RYDER SYS INCR$2.0M7,5710.31%-newNEW
VANGUARD BD INDEX FDSBSV$1.9M24,0150.29%-newNEW
KIMBERLY-CLARK CORPKMB$1.8M15,9930.28%-newNEW
ISHARES TRTIP$1.8M16,4830.28%-newNEW
AMGEN INCAMGN$1.8M4,7000.27%+0.03pp6qHELD
FREEPORT-MCMORAN INCFCX$1.7M28,1360.27%-newNEW
TESLA INCTSLA$1.7M4,2000.26%+0.03pp6qHELD
THERMO FISHER SCIENTIFIC INCTMO$1.6M3,1000.25%+0.03pp6qHELD
LITMAN GREGORY FDS TRDBMF$1.6M52,3710.25%+0.16pp3q+185.7%+$1.0M
WERNER ENTERPRISES INCWERN$1.5M35,8320.24%-newNEW
ORACLE CORPORCL$1.5M11,0000.24%flat6qHELD
GXO LOGISTICS INCORPORATEDGXO$1.5M29,5430.24%-newNEW
INTERCONTINENTAL EXCHANGE INICE$1.5M11,3500.23%-0.50pp6q-78.2%-$5.4M
ENERSYSENS$1.5M7,1990.23%-newNEW
PATTERSON-UTI ENERGY INCPTEN$1.5M167,5490.22%-newNEW
ROGERS CORPROG$1.4M9,9260.22%-newNEW
STRYKER CORPORATIONSYK$1.4M4,3000.22%+0.01pp6qHELD
CAPITAL ONE FINL CORPCOF$1.4M6,8000.22%+0.03pp6qHELD
SPDR GOLD TRGLD$1.3M3,5460.21%-0.15pp18q-37.8%-$816.4K
NETFLIX INCNFLX$1.3M17,0000.20%-0.04pp6qHELD
KAISER ALUMINIUM CORPORATIONKALU$1.2M7,0380.19%-newNEW
ABBOTT LABORATORIESABT$1.2M13,0000.19%flat6qHELD
ISHARES TRICVT$1.2M10,5470.19%+0.13pp6q+141.4%+$725.5K
ALCOA CORPAA$1.2M24,2560.18%-0.05pp2qHELD
MATERION CORPMTRN$1.1M4,2820.18%-newNEW
EXXONMOBIL HOLDINGS CORP COM SHSXOM$1.1M8,2000.17%-newNEW
CHEVRON CORPORATIONCVX$1.1M6,6000.17%-0.03pp6qHELD
PALO ALTO NETWORKS INCPANW$1.1M3,2000.17%+0.10pp6qHELD
HONEYWELL AEROSPACE INCHONA$1.1M4,5000.17%-newNEW
ALLEGIANT TRAVEL COALGT$1.1M9,0170.17%+0.04pp3q-16.4%-$209.6K
LUMENTUM HLDGS INCLITE$1.1M1,4570.16%+0.01pp3q-2.0%-$21.1K
HONEYWELL INTL INCHON$1.0M4,5000.16%-newNEW
HARBOR ETF TRUSTHGER$1.0M34,5710.16%-newNEW
ALBEMARLE CORPALB$941.5K6,9450.15%-newNEW
WASTE MGMT INC DELWM$918.8K3,9880.14%-0.63pp6q+73.7%+$389.8K
PEPSICO INCPEP$903.7K6,2660.14%-0.10pp18q-40.0%-$602.8K
VANECK ETF TRUSTHAP$854.2K12,3620.13%+0.11pp3q+449.4%+$698.7K
ELI LILLY & COLLY$801.2K6600.12%-newNEW
S&P GLOBAL INCSPGI$791.8K1,8000.12%-newNEW
INSULET CORPPODD$739.3K4,4950.11%-newNEW
FIRST TR EXCHANGE TRAD FD VIFAAR$712.7K22,6710.11%+0.07pp2q+199.8%+$475.0K
MORNINGSTAR INCMORN$706.7K4,2590.11%-newNEW
ISHARES TRIDV$696.6K16,6610.11%-newNEW
FIDELITY COVINGTON TRUSTFRNW$682.9K28,8400.11%-newNEW
MOSAIC COMOS$658.3K31,1550.10%-newNEW
FIDELITY COVINGTON TRUSTFDVV$640.4K10,4510.10%+0.05pp4q+67.4%+$257.9K
ENPHASE ENERGY INCENPH$635.8K14,7620.10%-newNEW
NEW YORK LIFE INVESTMENTS ETQAI$622.8K17,1380.10%+0.09pp5q+4727.6%+$609.9K
SIMPLIFY EXCHANGE TRADED FUNCTA$600.0K23,3550.09%+0.06pp2q+189.8%+$393.0K
SOLAREDGE TECHNOLOGIES INCSEDG$576.5K11,0060.09%-newNEW
GUIDEWIRE SOFTWARE INCGWRE$570.8K4,2450.09%-newNEW
ALPS ETF TRIDOG$564.0K13,5980.09%-newNEW
SHERWIN WILLIAMS COSHW$564.0K1,6000.09%-newNEW
SELECT SECTOR SPDR TRXLV$556.7K3,4000.09%-newNEW
DIREXION SHARES ETF TRUSTLINT$542.0K2,8860.08%-newNEW
GLOBAL X FDSPAVE$514.4K9,0000.08%-newNEW
ISHARES TRSMMD$508.3K5,6000.08%-newNEW
SPDR SERIES TRUSTXHB$506.5K4,5000.08%-newNEW
DIREXION SHARES ETF TRUSTMUU$505.3K6780.08%-newNEW
DIREXION SHARES ETF TRUSTMRVU$461.8K3,0380.07%-newNEW
DIREXION SHS ETF TRPALU$433.9K8,0820.07%-newNEW
HANOVER INS GROUP INCTHG$428.4K1,9330.07%-newNEW
ALLSTATE CORPALL$428.1K1,7100.07%-newNEW
MOTOROLA SOLUTIONS INCMSI$423.5K1,0020.07%-0.01pp4q-17.3%-$88.3K
CINTAS CORPCTAS$422.2K2,3280.07%-0.01pp4q-20.2%-$106.8K
DIREXION SHARES ETF TRUSTAMUU$420.0K1,8220.07%-newNEW
VERALTO CORPVLTO$416.5K4,5000.06%-0.01pp7q-21.1%-$111.6K
PRIMERICA INCPRI$406.4K1,3680.06%-newNEW
ILLINOIS TOOL WKS INCITW$402.9K1,4770.06%-0.01pp3q-22.6%-$117.8K
LAMAR ADVERTISING COLAMR$401.5K2,5480.06%-0.01pp2q-33.8%-$205.3K
GREIF INCGEF$401.2K5,3360.06%-newNEW
MERCK & CO INCMRK$400.6K3,0920.06%-newNEW
HARTFORD INSURANCE GROUP INCHIG$400.3K2,9040.06%-newNEW
SPDR INDEX SHS FDSGNR$396.7K5,8370.06%+0.04pp2q+281.0%+$292.6K
UNION PAC CORPUNP$388.4K1,3760.06%-0.01pp3q-34.0%-$200.4K
STARWOOD PPTY TR INCSTWD$386.8K23,4700.06%-newNEW
COCA COLA COKO$386.4K4,5920.06%-0.02pp27q-33.8%-$196.9K
GAMING & LEISURE PGLPI$384.9K8,7570.06%-newNEW
RENAISSANCERE HLDGS LTDRNR$378.5K1,1600.06%-newNEW
NATIONAL BEVERAGE CORPFIZZ$376.9K11,3090.06%-newNEW
ELLINGTON FINANCIAL INCEFC$368.1K27,3300.06%-0.02pp3q-38.9%-$234.4K
SIMON PPTY GROUP INC NEWSPG$366.9K1,6230.06%-0.02pp3q-43.8%-$286.0K
ANNALY CAPITAL MANAGEMENT INNLY$365.2K16,1900.06%-0.02pp3q-30.5%-$160.1K
FEDERATED HERMES INCFHI$363.4K6,4200.06%-0.02pp5q-27.2%-$136.0K
HALEON PLCHLN$363.0K36,9610.06%-newNEW
FIRST TR EXCHANGE-TRADED FDTDIV$357.2K3,2120.06%-newNEW
NEUBERGER BERMAN ETF TRUSTNBCM$336.0K12,6600.05%-newNEW
ISHARES TRIEZ$333.0K12,8780.05%+0.05pp2q+842.8%+$297.7K
DIREXION SHARES ETF TRUSTCSCL$313.8K5,5000.05%-newNEW
ETF OPPORTUNITIES TRUSTWLTG$308.6K8,2990.05%-newNEW
BP PLCBP$282.7K7,5580.04%-newNEW
PETROLEO BRASILEIRO S APBR$281.8K17,4910.04%-0.03pp4q-23.0%-$84.2K
DIREXION SHARES ETF TRUSTASMU$268.0K8,0490.04%-newNEW
SASOL LTDSSL$252.6K26,0670.04%-newNEW
SPDR SERIES TRUSTXOP$248.4K1,6060.04%+0.03pp2q+360.2%+$194.4K
VANECK ETF TRUSTOIH$239.1K6650.04%+0.03pp2q+775.0%+$211.8K
ENI S P AE$238.9K5,0970.04%-0.13pp4q-74.2%-$685.8K
EQUINOR ASAEQNR$235.5K7,3500.04%-newNEW
ISHARES TRIYW$227.4K9340.04%-newNEW
LATTICE STRATEGIES TRROSC$227.2K4,0720.04%-newNEW
CAMBRIA ETF TRGVAL$222.6K6,1700.03%-newNEW
ECOPETROL S AEC$203.7K13,8550.03%-newNEW
SHELL PLCSHEL$180.5K2,3130.03%-newNEW
SOLSTICE ADVANCED MATLS INCSOLS$180.4K2,2500.03%flat3qHELD
FIRST TR EXCHANGE TRADED FDCIBR$155.4K1,7140.02%-newNEW
TRUST FOR PROFESSIONAL MANAGCLSE$140.8K4,2340.02%+0.02pp4q+167.8%+$88.2K
SMITH & NEPHEW PLCSNN$130.9K4,3270.02%-newNEW
PETROLEO BRASILEIRO S APBRA$130.3K8,9740.02%-newNEW
VISTA ENERGY S.A.B. DE C.V.VIST$126.2K2,0910.02%-newNEW
ISHARES U S ETF TRCMDY$122.6K2,2240.02%flat2q-18.7%-$28.2K
SPDR SERIES TRUSTCNRG$118.5K1,1290.02%+0.01pp4q+35.9%+$31.3K
VANECK ETF TRUSTPIT$110.6K1,6820.02%-newNEW
VANECK ETF TRUSTSLX$110.4K1,1240.02%-newNEW
NOVARTIS AGNVS$106.2K6640.02%-0.04pp3q-74.9%-$316.8K
KT CORPKT$102.3K5,7830.02%-newNEW
ULTRAPAR PARTICIPACOES SAUGP$102.2K20,1670.02%-newNEW
TIDAL TRUST ISFY$102.0K6950.02%-newNEW
GLOBAL X FDSDTCR$96.4K3,3860.01%-newNEW
TRIP COM GROUP LTDTCOM$94.9K2,3150.01%-newNEW
MINISO GROUP HLDG LTDMNSO$92.7K7,9090.01%-newNEW
LATTICE STRATEGIES TRROAM$86.7K2,4550.01%-newNEW
BANCO SANTANDER BRASIL S ABSBR$85.3K16,4350.01%-newNEW
ITAU UNIBANCO HLDG S AITUB$84.2K10,3700.01%-0.03pp2q-72.1%-$217.4K
TIM S ATIMB$83.9K3,8640.01%-newNEW
YALLA GROUP LTDYALA$83.8K15,2960.01%-newNEW
VIPSHOP HLDGS LTDVIPS$83.4K6,2910.01%-newNEW
ISHARES TRMXI$73.5K6820.01%-newNEW
TELEKOMUNIKASI INDTLK$71.1K5,1200.01%-0.12pp3q-89.3%-$595.3K
MELCO RESORTS AND ENTMNT LTDMLCO$69.1K12,8280.01%-newNEW
HSBC HLDGS PLCHSBC$63.7K6580.01%-0.04pp4q-83.0%-$311.8K
ISHARES TRIWM$59.5K2000.01%-newNEW
ATOUR LIFESTYLE HLDGS LTDATAT$58.6K1,8190.01%-0.06pp4q-85.4%-$342.0K
CEMEX SA EURO MTN BE 144ACX$58.1K4,7240.01%-newNEW
ISHARES TRIXN$56.9K4170.01%-newNEW
SAP SESAP$56.6K3480.01%-newNEW
ALIBABA GROUP HLDG LTDBABA$53.0K5510.01%-0.02pp2q-68.7%-$116.5K
TAIWAN SEMICONDUCTOR MANUFACTSM$52.5K1210.01%-0.12pp4q-95.2%-$1.0M
INVESCO EXCH TRADED FD TR IITAN$45.4K8060.01%flat2q-25.6%-$15.6K
GLOBAL X FDSLIT$43.5K5690.01%flat3q+150.7%+$26.2K
VANECK ETF TRUSTSMH$39.1K660.01%-newNEW
MOBILITY GLOBAL INCMBGL$35.6K1,8000.01%-newNEW
ARM HOLDINGS PLCARM$25.2K800.00%-newNEW
SPDR SERIES TRUSTXES$24.2K2270.00%-newNEW
FIRST TR EXCHANGE-TRADED FDIGLD$15.2K7180.00%-newNEW
SPDR SERIES TRUSTXME$11.8K1120.00%-newNEW
GLOBAL X FDSCOPX$4.0K520.00%-newNEW

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.

Semiconductors & Electronics 6.9%Retail & Consumer 4.3%Software & IT Services 3.7%Industrials 3.5%Biotech & Pharma 2.7%Computer Hardware 2.5%Capital Markets 1.7%Energy 1.6%Other sectors 11.4%Not classified 61.6%
 
SectorValueShare
Semiconductors & Electronics$44.7M6.9%
Retail & Consumer$27.7M4.3%
Software & IT Services$24.1M3.7%
Industrials$22.6M3.5%
Biotech & Pharma$17.7M2.7%
Computer Hardware$16.1M2.5%
Capital Markets$10.9M1.7%
Energy$10.2M1.6%
Other sectors$73.9M11.4%
Not classified$397.5M61.6%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$645.6M220107335010231.2%42
Q1 2026$679.0M2157878258938.9%35
Q4 2025$614.3M2268951529632.9%33
Q3 2025$677.4M23311339387041.3%41
Q2 2025$606.3M19070155511840.6%36
Q1 2025$744.8M238157482811342.8%36
Q4 2024$621.5M194120145311050.3%28
Q3 2024$656.4M18411349228338.0%15
Q2 2024$577.9M1548439309249.7%30
Q1 2024$593.7M16265335712951.3%38
Q4 2023$603.5M22611343628250.4%24
Q3 2023$307.9M19510252347347.9%38
Q2 2023$405.2M16681373311260.2%35
Q1 2023$292.2M19710623657265.9%33
Q4 2022$234.7M1638642317061.4%40
Q3 2022$195.2M1476124625275.4%38
Q2 2022$383.9M1386229457066.6%42
Q1 2022$1.2B1466340438269.9%39
Q4 2021$1.0B1657352338560.9%38
Q3 2021$719.7M1776345666858.0%27
Q2 2021$1.0B1827454535658.8%26
Q1 2021$700.9M1645649585867.3%37
Q4 2020$537.8M1667938495149.1%34
Q3 2020$502.0M1383773273369.6%43
Q2 2020$358.2M1347344176166.6%42
Q1 2020$162.9M12274183017749.1%20
Q4 2019$368.9M225157382914271.4%21
Q3 2019$400.1M210115554011866.9%43
Q2 2019$294.1M213128353910467.1%37
Q1 2019$316.0M18913930207171.2%33
Q4 2018$82.5M121000053.5%16

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.