Bramshill Investments, LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| VANGUARD BD INDEX FDS | VUSB | $155.0M | 3,112,942 | -1.45pp | 6q | HELD | |
| SPDR SERIES TRUST | SJNK | $151.9M | 6,067,585 | - | new | NEW | |
| ISHARES U S ETF TR | NEAR | $132.0M | 2,605,312 | -0.40pp | 28q | +8.7%+$10.6M | |
| INVESCO EXCH TRADED FD TR II | PGX | $124.6M | 11,489,931 | -0.11pp | 3q | +11.8%+$13.1M | |
| PIMCO ETF TR | MINT | $101.3M | 1,005,246 | -0.14pp | 16q | +10.3%+$9.5M | |
| INVESCO ACTIVELY MANAGED EXC | GSY | $99.7M | 1,988,756 | -0.92pp | 4q | HELD | |
| ISHARES TR | SHYG | $89.4M | 2,108,580 | -0.78pp | 6q | +0.8%+$729.3K | |
| J P MORGAN EXCHANGE TRADED F | JPST | $64.9M | 1,282,964 | -0.62pp | 15q | HELD | |
| PIMCO MUN INCOME FD II | PML | $59.1M | 7,767,525 | -0.42pp | 4q | +2.5%+$1.4M | |
| ISHARES TR | SLQD | $50.8M | 1,008,271 | -0.45pp | 14q | +1.1%+$567.6K | |
| FIRST TR EXCHANGE-TRADED FD | FTSM | $39.4M | 659,483 | -0.36pp | 2q | +0.6%+$219.9K | |
| INVESCO SR INCOME TR | VVR | $25.2M | 8,391,783 | +0.06pp | 3q | +24.9%+$5.0M | |
| VANGUARD SCOTTSDALE FDS | VCLT | $22.8M | 303,536 | -0.27pp | 9q | -3.3%-$777.1K | |
| VANECK ETF TRUST | MLN | $22.1M | 1,244,176 | -0.25pp | 4q | -3.6%-$828.0K | |
| SSGA ACTIVE ETF TR | SRLN | $19.1M | 473,743 | -0.35pp | 6q | -9.7%-$2.1M | |
| ISHARES TR | PFF | $10.5M | 344,817 | +0.67pp | 4q | +581.9%+$9.0M | |
| SERIES PORTFOLIOS TR | HEDG | $6.8M | 227,986 | flat | 3q | +8.8%+$553.9K | |
| SPDR GOLD TR | GLD | $4.7M | 12,842 | +0.32pp | 2q | +945.8%+$4.3M | |
| VANECK ETF TRUST | SMH | $3.0M | 4,500 | -0.02pp | 7q | -40.0%-$2.0M | |
| INVESCO QQQ TR | QQQ | $2.9M | 3,935 | +0.02pp | 9q | -1.5%-$44.9K | |
| ANNALY CAPITAL MANAGEMENT IN | NLY | $2.4M | 107,085 | -0.01pp | 16q | +1.2%+$28.0K | |
| AGNC INVT CORP | AGNC | $2.1M | 196,596 | flat | 31q | +1.2%+$25.2K | |
| ETF SER SOLUTIONS | QTUM | $2.1M | 12,500 | +0.04pp | 3q | HELD | |
| CHENIERE ENERGY PARTNERS LP | CQP | $1.9M | 31,069 | -0.03pp | 11q | +1.1%+$20.7K | |
| ENERGY TRANSFER L P | ET | $1.9M | 97,266 | +0.02pp | 11q | +31.8%+$448.6K | |
| MPLX LP | MPLX | $1.8M | 32,578 | +0.01pp | 11q | +27.5%+$395.4K | |
| J P MORGAN EXCHANGE TRADED F | JMST | $1.8M | 34,847 | -0.02pp | 5q | HELD | |
| SPDR SERIES TRUST | XBI | $1.7M | 11,000 | flat | 6q | -8.3%-$158.2K | |
| SIMON PPTY GROUP INC NEW | SPG | $1.7M | 7,631 | +0.03pp | 30q | +22.6%+$315.1K | |
| INVESCO MORTGAGE CAPITAL INC | IVR | $1.7M | 211,265 | -0.02pp | 4q | +1.2%+$19.3K | |
| ANGLOGOLD ASHANTI PLC | AU | $1.6M | 20,249 | -0.04pp | 4q | +1.2%+$19.4K | |
| CVR PARTNERS LP/CVR NITROGEN | UAN | $1.6M | 14,505 | -0.03pp | 11q | +1.3%+$20.8K | |
| SELECT SECTOR SPDR TR | XLV | $1.6M | 10,169 | +0.02pp | 3q | +21.9%+$289.9K | |
| INVESCO EXCHANGE TRADED FD T | RSPT | $1.6M | 25,000 | -0.01pp | 2q | -28.6%-$645.0K | |
| DYNEX CAP INC | DX | $1.6M | 120,880 | -0.01pp | 5q | +1.2%+$18.1K | |
| DELEK LOGISTICS PARTNERS LP | DKL | $1.5M | 29,668 | -0.01pp | 11q | +1.5%+$22.9K | |
| VANGUARD INDEX FDS | VNQ | $1.5M | 15,500 | +0.05pp | 8q | +72.2%+$626.8K | |
| RIO TINTO PLC | RIO | $1.5M | 15,741 | -0.01pp | 9q | +1.2%+$17.6K | |
| BLACKSTONE SECD LENDING FD | BXSL | $1.5M | 61,710 | -0.01pp | 13q | +1.2%+$17.3K | |
| ARES CAPITAL CORP | ARCC | $1.4M | 77,871 | -0.01pp | 31q | +1.2%+$17.1K | |
| KINETIK HOLDINGS INC | KNTK | $1.4M | 29,411 | -0.01pp | 10q | +0.9%+$13.1K | |
| HESS MIDSTREAM LP | HESM | $1.4M | 36,836 | -0.02pp | 27q | +1.2%+$15.9K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $1.4M | 2,710 | -0.02pp | 2q | -5.8%-$83.6K | |
| ISHARES TR | EEM | $1.4M | 19,757 | +0.02pp | 2q | +20.5%+$229.7K | |
| SELECT SECTOR SPDR TR | XLC | $1.3M | 12,500 | -0.01pp | 8q | +4.2%+$53.6K | |
| PLAINS ALL AMERN PIPELINE L | PAA | $1.3M | 56,532 | -0.01pp | 10q | +1.1%+$13.8K | |
| STARWOOD PPTY TR INC | STWD | $1.3M | 76,682 | -0.02pp | 26q | +1.2%+$14.3K | |
| USA COMPRESSION PARTNERS LP | USAC | $1.3M | 47,573 | -0.01pp | 11q | +1.1%+$13.7K | |
| VIPER ENERGY INC | VNOM | $1.2M | 29,480 | -0.02pp | 2q | +0.7%+$8.2K | |
| NVIDIA CORPORATION | NVDA | $1.2M | 6,000 | +0.05pp | 11q | +100.0%+$600.3K | |
| APPLE INC | AAPL | $1.2M | 4,000 | -0.01pp | 3q | -11.1%-$144.7K | |
| SELECT SECTOR SPDR TR | XLU | $1.1M | 25,000 | -0.01pp | 7q | +2.0%+$22.7K | |
| INVESCO EXCH TRADED FD TR II | CQQQ | $1.1M | 19,833 | - | new | NEW | |
| SPDR SERIES TRUST | KRE | $1.1M | 15,000 | flat | 2q | HELD | |
| PEPSICO INC | PEP | $1.1M | 8,216 | - | new | NEW | |
| REALTY INCOME CORP | O | $1.1M | 17,952 | -0.01pp | 2q | +1.2%+$13.7K | |
| TXO PARTNERS LP | TXO | $1.1M | 88,123 | +0.02pp | 2q | +46.0%+$347.2K | |
| MACH NATURAL RESOURCES LP | MNR | $1.1M | 87,085 | +0.02pp | 2q | +73.7%+$467.1K | |
| ALPHABET INC | GOOGL | $1.1M | 3,064 | -0.03pp | 5q | -32.9%-$536.1K | |
| EXTRA SPACE STORAGE INC | EXR | $1.1M | 7,529 | - | new | NEW | |
| KIMBELL RTY PARTNERS LP | KRP | $1.1M | 75,161 | +0.01pp | 11q | +32.1%+$265.2K | |
| ENTERPRISE PRODS PARTNERS L | EPD | $1.1M | 28,786 | -0.01pp | 11q | +1.6%+$17.0K | |
| IRON MTN INC DEL | IRM | $1.1M | 8,323 | +0.01pp | 9q | +1.0%+$10.1K | |
| SELECT SECTOR SPDR TR | XLP | $1.0M | 12,500 | +0.04pp | 2q | +108.3%+$540.0K | |
| ETFIS SER TR I | PFFA | $1.0M | 50,000 | - | new | NEW | |
| NUVEEN PFD & INCOME OPPORTUN | JPC | $994.2K | 126,165 | +0.03pp | 16q | +67.5%+$400.6K | |
| FIRST TR EXCHANGE TRADED FD | CIBR | $988.4K | 11,000 | - | new | NEW | |
| AGNICO EAGLE MINES LTD | AEM | $960.9K | 6,194 | -0.03pp | 5q | +0.9%+$9.0K | |
| ISHARES INC | EWZ | $958.4K | 27,780 | -0.02pp | 2q | HELD | |
| BLACK STONE MINERALS L P | BSM | $956.3K | 68,451 | -0.01pp | 11q | +5.2%+$46.9K | |
| SELECT SECTOR SPDR TR | XLK | $952.6K | 5,000 | +0.01pp | 8q | -9.1%-$95.3K | |
| SELECT SECTOR SPDR TR | XLI | $951.7K | 5,138 | +0.01pp | 8q | +20.9%+$164.5K | |
| ALLIANCE RESOURCE PARTNERS L | ARLP | $948.2K | 39,541 | -0.01pp | 11q | +11.9%+$100.7K | |
| CROWN CASTLE INC | CCI | $910.7K | 12,026 | - | new | NEW | |
| HOME DEPOT INC | HD | $881.7K | 2,500 | +0.04pp | 7q | +150.0%+$529.0K | |
| SELECT SECTOR SPDR TR | XLY | $879.6K | 7,500 | -0.04pp | 3q | -34.8%-$469.1K | |
| HIGHWOODS PPTYS INC | HIW | $873.4K | 28,960 | - | new | NEW | |
| TRINITY CAP INC | TRIN | $863.5K | 48,268 | +0.01pp | 3q | +1.2%+$10.1K | |
| FRONTLINE PLC | FRO | $848.6K | 24,393 | -0.01pp | 13q | +1.2%+$10.1K | |
| NEWMONT CORP | NEM | $842.7K | 9,023 | -0.04pp | 6q | -19.1%-$199.5K | |
| NEUBERGER HIGH YIELD ST FD I | NHS | $834.8K | 133,785 | +0.01pp | 5q | +35.0%+$216.4K | |
| MORGAN STANLEY EMERGING MKTS | EDD | $833.0K | 141,666 | flat | 9q | +1.1%+$8.9K | |
| DIGITAL RLTY TR INC | DLR | $830.9K | 4,627 | -0.01pp | 18q | +1.2%+$9.7K | |
| GLOBAL PARTNERS LP | GLP | $826.0K | 17,730 | flat | 11q | +1.5%+$12.2K | |
| NIKE INC | NKE | $821.0K | 20,000 | - | new | NEW | |
| JPMORGAN CHASE & CO | JPM | $818.3K | 2,500 | flat | 6q | HELD | |
| BLACKROCK CAP ALLOCATION TER | BCAT | $816.7K | 51,268 | flat | 2q | +1.2%+$9.4K | |
| NYLI CBRE GBL INFR MEGTRNDS | MEGI | $815.8K | 53,668 | flat | 10q | +1.4%+$11.2K | |
| SELECT SECTOR SPDR TR | XLF | $804.1K | 15,000 | flat | 8q | HELD | |
| BARRICK MNG CORP | B | $799.4K | 21,764 | -0.01pp | 6q | +1.4%+$10.9K | |
| OMEGA HEALTHCARE INVS INC | OHI | $791.2K | 16,595 | - | new | NEW | |
| WESTERN MIDSTREAM PARTNERS L | WES | $789.6K | 18,043 | flat | 11q | +1.1%+$8.4K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $781.4K | 13,561 | - | new | NEW | |
| BLACKROCK CORE BD TR | BHK | $765.3K | 83,461 | - | new | NEW | |
| ARMOUR RESIDENTIAL REIT INC | ARR | $757.2K | 43,393 | flat | 2q | +1.2%+$9.1K | |
| TEMPLETON EMERGING MKTS INCO | TEI | $750.6K | 111,370 | flat | 8q | +1.2%+$9.3K | |
| PAYCHEX INC | PAYX | $742.9K | 7,555 | - | new | NEW | |
| SCHWAB CHARLES CORP | SCHW | $742.6K | 8,048 | -0.01pp | 2q | +1.2%+$8.8K | |
| FORD MTR CO | F | $732.8K | 52,722 | -0.01pp | 2q | -14.2%-$121.3K | |
| GENCO SHIPPING & TRADING LTD | GNK | $732.4K | 29,558 | -0.04pp | 10q | -39.1%-$470.6K | |
| FIRST TR INTER DURATN PFD & | FPF | $726.8K | 40,000 | - | new | NEW | |
| OMNICOM GROUP INC | OMC | $723.4K | 9,933 | - | new | NEW | |
| NUVEEN CR STRATEGIES INCOME | JQC | $722.3K | 148,612 | -0.01pp | 31q | +1.1%+$7.7K | |
| EASTMAN CHEM CO | EMN | $714.8K | 10,672 | - | new | NEW | |
| WALMART INC | WMT | $707.9K | 6,250 | flat | 7q | +25.0%+$141.6K | |
| PFIZER INC | PFE | $707.7K | 29,388 | -0.01pp | 3q | +7.8%+$51.3K | |
| NEXTERA ENERGY INC | NEE | $702.2K | 8,000 | flat | 4q | +14.3%+$87.8K | |
| CITIGROUP INC | C | $699.8K | 5,000 | -0.01pp | 3q | -23.1%-$209.9K | |
| PIMCO DYNAMIC INCOME OPRNTS | PDO | $696.6K | 52,693 | flat | 11q | +1.1%+$7.6K | |
| SELECT SECTOR SPDR TR | XLB | $686.2K | 13,500 | +0.03pp | 2q | +125.0%+$381.2K | |
| OLIN CORP | OLN | $683.1K | 34,464 | -0.02pp | 2q | +16.7%+$97.8K | |
| HP INC | HPQ | $682.8K | 31,123 | -0.02pp | 3q | -24.9%-$226.2K | |
| VALE S A | VALE | $669.8K | 44,532 | -0.01pp | 2q | +1.2%+$8.0K | |
| GAMCO GLOBAL GOLD NAT RES & | GGN | $663.3K | 137,042 | -0.01pp | 2q | +1.2%+$7.9K | |
| ISHARES TR | IYT | $650.6K | 7,500 | +0.03pp | 2q | +150.0%+$390.4K | |
| FLEX LNG LTD | FLNG | $645.4K | 23,001 | -0.05pp | 15q | -42.2%-$470.5K | |
| WESTERN ASSET DIVERSIFIED IN | WDI | $642.9K | 47,408 | -0.01pp | 8q | +1.1%+$7.1K | |
| PIMCO ACCESS INCOME FUND | PAXS | $642.7K | 44,174 | -0.01pp | 10q | +1.1%+$7.1K | |
| WISDOMTREE TR | WCLD | $641.1K | 20,000 | - | new | NEW | |
| AMAZON COM INC | AMZN | $638.3K | 2,678 | -0.03pp | 9q | -35.9%-$356.8K | |
| DORIAN LPG LTD | LPG | $628.4K | 18,068 | -0.04pp | 5q | -39.7%-$413.8K | |
| MORGAN STANLEY EMKT DBT FD I | MSD | $620.9K | 85,048 | flat | 8q | +1.1%+$6.8K | |
| ROCKWELL AUTOMATION INC | ROK | $618.9K | 1,250 | flat | 2q | -16.7%-$123.8K | |
| MICROSOFT CORP | MSFT | $559.5K | 1,500 | - | new | NEW | |
| VISTRA CORP | VST | $555.2K | 3,500 | - | new | NEW | |
| BOEING CO | BA | $541.2K | 2,500 | flat | 7q | HELD | |
| KKR INCOME OPPORTUNITIES FD | KIO | $536.6K | 47,659 | flat | 10q | +1.1%+$5.9K | |
| ALPS ETF TR | AMLP | $528.5K | 10,193 | flat | 11q | +1.9%+$10.0K | |
| QUANTA SVCS INC | PWR | $504.0K | 700 | +0.01pp | 6q | +40.0%+$144.0K | |
| GRUPO CIBEST SA | CIB | $500.4K | 6,300 | - | new | NEW | |
| ECOPETROL S A | EC | $498.4K | 35,000 | - | new | NEW | |
| ISHARES TR | IHI | $494.1K | 10,000 | -0.03pp | 6q | -28.6%-$197.6K | |
| ALIBABA GROUP HLDG LTD | BABA | $479.9K | 5,000 | - | new | NEW | |
| GLOBAL X FDS | BOTZ | $474.2K | 12,500 | +0.02pp | 2q | +78.6%+$208.7K | |
| OREILLY AUTOMOTIVE INC | ORLY | $460.4K | 5,000 | -0.02pp | 3q | -23.1%-$138.1K | |
| HILTON WORLDWIDE HLDGS INC | HLT | $413.1K | 1,250 | - | new | NEW | |
| ANALOG DEVICES INC | ADI | $397.2K | 1,000 | flat | 8q | -20.0%-$99.3K | |
| MARATHON PETE CORP | MPC | $383.5K | 1,500 | -0.01pp | 7q | -25.0%-$127.8K | |
| PROCURE ETF TRUST II | UFO | $380.0K | 7,500 | flat | 3q | -6.2%-$25.3K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $369.7K | 495 | flat | 6q | HELD | |
| ISHARES TR | TLT | $362.0K | 4,189 | -0.03pp | 13q | -48.1%-$336.0K | |
| ISHARES TR | IAK | $351.4K | 2,500 | - | new | NEW | |
| Exxon Mobil Corp. UNVERIFIED ID | $341.8K | 2,500 | - | new | NEW | ||
| ISHARES TR | ITA | $337.0K | 1,390 | -0.07pp | 18q | -71.6%-$848.5K | |
| JFROG LTD | FROG | $318.1K | 3,500 | - | new | NEW | |
| ISHARES TR | IGV | $317.1K | 3,500 | -0.02pp | 6q | -50.0%-$317.1K | |
| ISHARES TR | IEF | $298.4K | 3,155 | flat | 5q | -4.1%-$12.9K | |
| COHERENT CORP | COHR | $295.9K | 750 | - | new | NEW | |
| META PLATFORMS INC | META | $281.6K | 500 | - | new | NEW | |
| HONEYWELL INTL INC | HON | $279.9K | 1,250 | - | new | NEW | |
| WARBY PARKER INC | WRBY | $273.1K | 9,000 | - | new | NEW | |
| HANCOCK JOHN PREM DIVID FD | PDT | $259.0K | 20,000 | - | new | NEW | |
| VERTEX PHARMACEUTICALS INC | VRTX | $248.4K | 500 | flat | 2q | HELD | |
| CHENIERE ENERGY INC | LNG | $239.0K | 1,000 | - | new | NEW | |
| APPLIED OPTOELECTRONICS INC | AAOI | $222.2K | 1,500 | - | new | NEW | |
| ORION GROUP HLDGS INC | ORN | $168.2K | 10,000 | - | new | NEW | |
| INVESCO QUALITY MUN INCOME T | IQI | $154.7K | 15,291 | flat | 7q | +35.3%+$40.4K |
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 | $102.8M | 7.9% |
| Other sectors | $81.0M | 6.2% |
| Not classified | $1.1B | 85.9% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.3B | 157 | 34 | 81 | 30 | 32 | 78.7% | 45 |
| Q1 2026 | $1.2B | 155 | 44 | 31 | 72 | 36 | 75.8% | 45 |
| Q4 2025 | $1.8B | 147 | 31 | 77 | 30 | 34 | 80.7% | 48 |
| Q3 2025 | $1.5B | 150 | 24 | 28 | 84 | 24 | 84.2% | 45 |
| Q2 2025 | $956.2M | 150 | 25 | 42 | 46 | 11 | 83.7% | 45 |
| Q1 2025 | $979.6M | 136 | 25 | 30 | 22 | 20 | 83.9% | 45 |
| Q4 2024 | $636.5M | 131 | 33 | 25 | 66 | 35 | 81.5% | 45 |
| Q3 2024 | $913.0M | 133 | 29 | 23 | 54 | 65 | 87.2% | 44 |
| Q2 2024 | $919.1M | 169 | 65 | 21 | 58 | 19 | 87.4% | 45 |
| Q1 2024 | $849.3M | 123 | 42 | 13 | 56 | 100 | 84.8% | 45 |
| Q4 2023 | $1.0B | 181 | 58 | 30 | 55 | 13 | 72.0% | 45 |
| Q3 2023 | $860.3M | 136 | 18 | 23 | 76 | 31 | 74.4% | 44 |
| Q2 2023 | $1.1B | 149 | 18 | 31 | 62 | 14 | 69.8% | 41 |
| Q1 2023 | $836.1M | 145 | 17 | 73 | 27 | 14 | 61.1% | 41 |
| Q4 2022 | $852.1M | 142 | 31 | 52 | 36 | 24 | 55.6% | 45 |
| Q3 2022 | $705.1M | 135 | 19 | 52 | 54 | 67 | 58.3% | 41 |
| Q2 2022 | $839.6M | 183 | 72 | 71 | 26 | 10 | 60.5% | 46 |
| Q1 2022 | $722.1M | 121 | 33 | 41 | 43 | 33 | 57.8% | 46 |
| Q4 2021 | $1.0B | 121 | 21 | 43 | 11 | 26 | 59.8% | 45 |
| Q3 2021 | $1.2B | 126 | 18 | 58 | 27 | 19 | 58.0% | 46 |
| Q2 2021 | $1.3B | 127 | 18 | 79 | 12 | 73 | 54.1% | 48 |
| Q1 2021 | $1.6B | 182 | 64 | 67 | 35 | 26 | 37.6% | 47 |
| Q4 2020 | $1.4B | 144 | 46 | 69 | 17 | 18 | 39.9% | 47 |
| Q3 2020 | $715.5M | 116 | 18 | 53 | 36 | 28 | 59.3% | 47 |
| Q2 2020 | $633.2M | 126 | 21 | 66 | 34 | 32 | 58.9% | 45 |
| Q1 2020 | $530.5M | 137 | 57 | 26 | 19 | 34 | 57.8% | 45 |
| Q4 2019 | $479.2M | 114 | 15 | 22 | 20 | 11 | 66.0% | 45 |
| Q3 2019 | $450.4M | 110 | 17 | 20 | 27 | 11 | 68.9% | 45 |
| Q2 2019 | $715.6M | 104 | 17 | 33 | 16 | 19 | 65.1% | 45 |
| Q1 2019 | $605.7M | 106 | 24 | 27 | 15 | 97 | 63.5% | 45 |
| Q4 2018 | $634.4M | 179 | 0 | 0 | 0 | 0 | 73.7% | 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.