X-Square Capital, LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| AST SPACEMOBILE INC | ASTS | $22.4K | 251,520 | +4.22pp | 5q | +385.6%+$17.7K | |
| ADVANCED MICRO DEVICES INC | AMD | $21.4K | 36,872 | +2.31pp | 31q | -19.2%-$5.1K | |
| MICRON TECHNOLOGY INC | MU | $16.2K | 14,017 | +1.95pp | 31q | -25.8%-$5.6K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $15.6K | 20,879 | -0.47pp | 25q | +3.4% | |
| IREN LIMITED | IREN | $14.8K | 322,645 | +0.16pp | 3q | +4.1% | |
| HIMS & HERS HEALTH INC | HIMS | $14.8K | 425,519 | +0.80pp | 9q | +1.1% | |
| APPLOVIN CORP | APP | $11.0K | 21,343 | +0.54pp | 8q | +27.2%+$2.4K | |
| VISTA ENERGY S.A.B. DE C.V. | VIST | $8.7K | 136,988 | - | new | NEW | |
| META PLATFORMS INC | META | $6.3K | 11,098 | -1.23pp | 31q | -23.9%-$2.0K | |
| SUNCOR ENERGY INC NEW | SU | $6.2K | 114,749 | -0.40pp | 21q | +30.4%+$1.4K | |
| UNITED RENTALS INC | URI | $5.9K | 5,181 | +0.25pp | 24q | +2.3% | |
| AMAZON COM INC | AMZN | $5.8K | 24,253 | -0.05pp | 31q | +12.0% | |
| NVIDIA CORPORATION | NVDA | $5.6K | 27,839 | -0.22pp | 26q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $5.3K | 10,606 | -0.25pp | 31q | +7.1% | |
| NU HLDGS LTD | NU | $5.2K | 391,437 | -0.42pp | 2q | +8.6% | |
| TJX COS INC NEW | TJX | $5.1K | 33,786 | -0.47pp | 11q | +2.6% | |
| MERCADOLIBRE INC | MELI | $5.1K | 3,002 | -0.41pp | 25q | +2.5% | |
| PETROLEO BRASILEIRO S A | PBR | $5.0K | 309,923 | - | new | NEW | |
| DUOLINGO INC | DUOL | $5.0K | 43,186 | -0.17pp | 5q | HELD | |
| XPO INC | XPO | $4.9K | 24,078 | -0.29pp | 19q | +2.3% | |
| SERVICENOW INC | NOW | $4.9K | 49,555 | - | new | NEW | |
| GENERAC HLDGS INC | GNRC | $4.7K | 15,965 | +0.17pp | 13q | +3.2% | |
| JPMORGAN CHASE & CO | JPM | $4.2K | 12,742 | -0.16pp | 31q | +3.8% | |
| GENERAL DYNAMICS CORP | GD | $4.1K | 11,669 | -0.26pp | 31q | +3.1% | |
| ALPHABET INC | GOOG | $4.1K | 11,690 | -0.09pp | 31q | HELD | |
| AMGEN INC | AMGN | $4.0K | 10,908 | -0.24pp | 28q | +3.8% | |
| SUPER MICRO COMPUTER INC | SMCI | $3.8K | 128,600 | +0.74pp | 7q | +351.3%+$2.9K | |
| ABBVIE INC | ABBV | $3.8K | 14,964 | -0.09pp | 15q | +5.3% | |
| ORACLE CORP | ORCL | $3.8K | 25,700 | -0.29pp | 8q | +2.2% | |
| BOOKING HOLDINGS INC | BKNG | $3.4K | 18,910 | -0.17pp | 10q | +2511.9%+$3.2K | |
| PHILIP MORRIS INTL INC | PM | $3.3K | 18,412 | -0.17pp | 31q | +1.5% | |
| EXPEDIA GROUP INC | EXPE | $3.2K | 12,664 | -0.12pp | 10q | +4.1% | |
| APPLE INC | AAPL | $3.1K | 10,842 | -0.22pp | 31q | -8.4% | |
| TRANSDIGM GROUP INC | TDG | $3.1K | 2,313 | -0.09pp | 10q | +3.8% | |
| ISHARES BITCOIN TRUST ETF | IBIT | $3.1K | 92,310 | -0.42pp | 10q | HELD | |
| TESLA INC | TSLA | $2.9K | 6,978 | -0.12pp | 10q | +1.2% | |
| CROCS INC | CROX | $2.9K | 24,293 | +0.08pp | 7q | +2.6% | |
| MICROSOFT CORP | MSFT | $2.9K | 7,640 | -0.09pp | 31q | +17.6% | |
| INVESCO QQQ TR | QQQ | $2.8K | 3,795 | +0.02pp | 11q | +6.8% | |
| VALE S A | VALE | $2.7K | 179,109 | -0.23pp | 21q | +4.8% | |
| COSTCO WHOLESALE CORPORATION | COST | $2.6K | 2,782 | -0.24pp | 31q | +3.4% | |
| COPART INC | CPRT | $2.6K | 90,655 | -0.22pp | 25q | +16.6% | |
| ASML HLDG NV | ASML | $2.5K | 1,264 | +0.10pp | 7q | +4.5% | |
| PEABODY ENGR CORP | BTU | $2.5K | 106,829 | +0.11pp | 2q | +130.6%+$1.4K | |
| WALMART INC | WMT | $2.5K | 21,632 | -0.22pp | 28q | +7.8% | |
| OFG BANCORP | OFG | $2.4K | 49,081 | -0.06pp | 31q | -0.5% | |
| FIRST BANCORP CORPORATION | FBP | $2.4K | 92,096 | -0.05pp | 31q | HELD | |
| OREILLY AUTOMOTIVE INC | ORLY | $2.2K | 23,832 | -0.16pp | 10q | +3.8% | |
| XSQUARE SER TR | ZTAX | $2.2K | 86,277 | -0.17pp | 11q | +1.1% | |
| CHIPOTLE MEXICAN GRILL INC | CMG | $2.1K | 62,891 | -0.03pp | 13q | +18.8% | |
| ROSS STORES INC | ROST | $2.1K | 9,935 | -0.18pp | 2q | +1.0% | |
| ALTRIA GROUP INC | MO | $2.1K | 29,313 | -0.10pp | 31q | +2.3% | |
| PAYPAL HLDGS INC | PYPL | $2.0K | 47,465 | -0.10pp | 31q | +16.2% | |
| TEXAS PACIFIC LAND CORPORATI | TPL | $2.0K | 4,677 | -0.21pp | 22q | +2.5% | |
| RTX CORPORATION | RTX | $2.0K | 10,718 | -0.14pp | 25q | +5.6% | |
| COMFORT SYS USA INC | FIX | $2.0K | 1,020 | -0.14pp | 9q | -27.7% | |
| PEPSICO INC | PEP | $1.9K | 14,171 | -0.20pp | 5q | +8.7% | |
| TEVA PHARMACEUTICAL INDS LTD | TEVA | $1.9K | 56,230 | -0.09pp | 26q | HELD | |
| DOLLAR GEN CORP | DG | $1.9K | 16,467 | -0.17pp | 24q | +1.7% | |
| NORTHROP GRUMMAN CORP | NOC | $1.9K | 3,655 | -0.32pp | 10q | +6.0% | |
| YPF SOCIEDAD ANONIMA | YPF | $1.8K | 40,000 | - | new | NEW | |
| JOHNSON & JOHNSON | JNJ | $1.8K | 7,053 | -0.11pp | 31q | +3.4% | |
| QXO INC | QXO | $1.8K | 103,533 | -0.04pp | 6q | +37.5% | |
| VALERO ENERGY CORP | VLO | $1.7K | 6,668 | -0.08pp | 31q | +5.9% | |
| BJS WHSL CLUB HLDGS INC | BJ | $1.7K | 19,492 | -0.21pp | 10q | +1.3% | |
| OCCIDENTAL PETE CORP | OXY | $1.7K | 34,766 | -0.33pp | 10q | HELD | |
| LENNAR CORP | LEN | $1.7K | 18,496 | -0.10pp | 25q | +3.2% | |
| ONDAS INC | ONDS | $1.6K | 200,000 | - | new | NEW | |
| FASTENAL CO | FAST | $1.6K | 33,869 | -0.11pp | 24q | +1.6% | |
| STRIVE INC | ASST | $1.6K | 148,124 | -0.03pp | 2q | +13.0% | |
| DOMINOS PIZZA INC | DPZ | $1.6K | 5,438 | -0.21pp | 24q | +6.1% | |
| COCA-COLA FEMSA SAB DE CV | KOF | $1.6K | 14,630 | -0.07pp | 3q | +2.9% | |
| UNITEDHEALTH GROUP INC | UNH | $1.5K | 3,582 | +0.06pp | 4q | +1.8% | |
| RH | RH | $1.5K | 8,939 | -0.03pp | 18q | +4.6% | |
| ISHARES INC | EWZ | $1.5K | 42,186 | +0.20pp | 22q | +219.1% | |
| PULTE GROUP INC | PHM | $1.4K | 10,467 | -0.05pp | 25q | HELD | |
| FERRARI N V | RACE | $1.4K | 3,759 | -0.07pp | 3q | HELD | |
| VISA INC | V | $1.4K | 4,073 | -0.11pp | 3q | -10.5% | |
| FORTINET INC | FTNT | $1.4K | 9,035 | +0.11pp | 21q | +3.5% | |
| COCA COLA CO | KO | $1.3K | 16,582 | -0.05pp | 25q | +8.7% | |
| HOME DEPOT INC | HD | $1.3K | 3,744 | -0.08pp | 24q | -0.6% | |
| LULULEMON ATHLETICA INC | LULU | $1.3K | 11,170 | -0.24pp | 8q | +2.2% | |
| CHUBB LIMITED | CB | $1.3K | 3,714 | -0.08pp | 21q | +2.1% | |
| LOCKHEED MARTIN CORP | LMT | $1.3K | 2,472 | -0.17pp | 31q | +2.4% | |
| GARMIN LTD | GRMN | $1.2K | 5,176 | -0.08pp | 28q | +2.1% | |
| BRASKEM S A | BAK | $1.2K | 500,900 | -0.31pp | 11q | HELD | |
| SELECT SECTOR SPDR TR | XLE | $1.2K | 22,703 | -0.12pp | 25q | +9.6% | |
| MONGODB INC | MDB | $1.2K | 3,545 | - | new | NEW | |
| SHOPIFY INC | SHOP | $1.2K | 10,357 | -0.11pp | 25q | +2.1% | |
| VANGUARD INDEX FDS | VTV | $1.1K | 5,242 | -0.04pp | 11q | +4.8% | |
| LEMONADE INC | LMND | $1.1K | 17,333 | -0.08pp | 5q | HELD | |
| EXXON MOBIL CORP | XOMXXXX | $1.1K | 8,193 | -0.19pp | 18q | HELD | |
| BANK OF AMER CORP | BAC | $1.1K | 19,559 | -0.03pp | 31q | +3.3% | |
| ALPHABET INC | GOOGL | $1.1K | 2,968 | -0.09pp | 21q | -20.2% | |
| ALLY FINL INC | ALLY | $1.1K | 23,075 | -0.04pp | 26q | HELD | |
| VALARIS LTD | VAL | $1.0K | 14,190 | -0.22pp | 3q | -2.7% | |
| EMCOR GROUP INC | EME | $1.0K | 1,221 | -0.05pp | 9q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $1.0K | 2,121 | +0.02pp | 14q | HELD | |
| CUMMINS INC | CMI | $1.0K | 1,408 | flat | 8q | HELD | |
| FREEPORT-MCMORAN INC | FCX | $973 | 15,478 | -0.07pp | 21q | -3.7% | |
| BORR DRILLING LTD | BORR | $938 | 227,094 | -0.01pp | 11q | +76.8% | |
| ALPHA METALLURGICAL RESOUR I | AMR | $912 | 5,530 | -0.15pp | 9q | HELD | |
| EMBRAER S.A. | EMBJ | $887 | 13,907 | - | new | NEW | |
| VANGUARD INDEX FDS | VUG | $873 | 10,136 | -0.01pp | 11q | +547.3% | |
| CANADIAN NAT RES LTD MED TER | CNQ | $869 | 22,000 | - | new | NEW | |
| POPULAR INC | BPOP | $859 | 5,230 | -0.06pp | 28q | -15.4% | |
| MORGAN STANLEY | MS | $855 | 4,090 | -0.01pp | 21q | HELD | |
| MASTERCARD INCORPORATED | MA | $819 | 1,594 | -0.07pp | 20q | -2.4% | |
| GLOBAL X FDS | URA | $808 | 18,500 | -0.10pp | 2q | HELD | |
| TRUIST FINL CORP | TFC | $773 | 15,521 | -0.04pp | 23q | +1.2% | |
| RIO TINTO PLC | RIO | $764 | 8,050 | -0.05pp | 14q | +3.4% | |
| EXPAND ENERGY CORPORATION | EXE | $754 | 8,267 | -0.11pp | 20q | +3.0% | |
| PROCTER & GAMBLE CO | PG | $739 | 5,037 | -0.02pp | 31q | +17.6% | |
| BOOZ ALLEN HAMILTON HLDG COR | BAH | $693 | 11,420 | -0.12pp | 13q | +2.7% | |
| RELMADA THERAPEUTICS INC | RLMD | $692 | 100,000 | - | new | NEW | |
| EOG RES INC | EOG | $691 | 5,325 | -0.08pp | 20q | +3.4% | |
| CONSTELLATION ENERGY CORP | CEG | $677 | 2,727 | -0.09pp | 4q | HELD | |
| CENOVUS ENERGY INC | CVE | $665 | 26,788 | +0.05pp | 2q | +94.6% | |
| KIMBERLY-CLARK CORP | KMB | $647 | 5,892 | -0.02pp | 22q | +2.8% | |
| AKAMAI TECHNOLOGIES INC | AKAM | $646 | 5,469 | -0.04pp | 21q | +4.2% | |
| SIBANYE STILLWATER LTD | SBSW | $637 | 75,000 | - | new | NEW | |
| GLOBALFOUNDRIES INC | GFS | $617 | 7,491 | +0.04pp | 2q | -3.3% | |
| BRITISH AMERN TOB PLC | BTI | $608 | 9,844 | -0.04pp | 22q | HELD | |
| MOSAIC CO | MOS | $578 | 27,300 | -0.09pp | 2q | HELD | |
| CITIGROUP INC | C | $574 | 4,104 | -0.01pp | 23q | -1.3% | |
| MERCK & CO INC | MRK | $572 | 4,449 | -0.02pp | 28q | +7.2% | |
| TRACTOR SUPPLY CO | TSCO | $558 | 17,649 | -0.12pp | 22q | +3.3% | |
| VOYAGER TECHNOLOGIES INC | VOYG | $548 | 16,980 | +0.01pp | 5q | HELD | |
| RXO INC | RXO | $542 | 19,658 | +0.05pp | 8q | +9.0% | |
| T-MOBILE US INC | TMUS | $505 | 3,010 | -0.09pp | 21q | -1.1% | |
| SASOL LTD | SSL | $497 | 50,577 | -0.09pp | 2q | +4.0% | |
| COINBASE GLOBAL INC | COIN | $485 | 3,319 | -0.03pp | 9q | +25.2% | |
| MNTN INC | MNTN | $478 | 52,000 | -0.03pp | 2q | HELD | |
| ELI LILLY & CO | LLY | $456 | 380 | +0.01pp | 7q | +16.2% | |
| VANGUARD WORLD FD | VDC | $452 | 2,006 | flat | 2q | +32.8% | |
| CIPHER DIGITAL INC | CIFR | $441 | 18,000 | -0.83pp | 4q | -91.7%-$4.9K | |
| APPLIED MATLS INC | AMAT | $434 | 600 | +0.04pp | 2q | HELD | |
| DUPONT DE NEMOURS INC | DD | $428 | 3,159 | -0.03pp | 2q | -64.7% | |
| LYONDELLBASELL INDUSTRIES NV | LYB | $422 | 8,017 | -0.10pp | 2q | +4.1% | |
| TECNOGLASS INC | TGLS | $418 | 8,920 | -0.02pp | 10q | +6.9% | |
| STATE STR SPDR DOW JONES IND | DIA | $362 | 692 | flat | 2q | +17.9% | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $361 | 2,929 | -0.06pp | 8q | +5.5% | |
| VANGUARD WORLD FD | VGT | $361 | 3,022 | +0.01pp | 4q | +775.9% | |
| BAKKT INC | BKKT | $351 | 45,000 | +0.03pp | 2q | +80.0% | |
| MOBILEYE GLOBAL INC | MBLY | $338 | 34,918 | flat | 3q | HELD | |
| DIAMONDBACK ENERGY INC | FANG | $331 | 1,885 | -0.04pp | 23q | HELD | |
| VANECK ETF TRUST | OIH | $330 | 888 | -0.04pp | 22q | HELD | |
| PAMPA ENERGIA S A | PAM | $329 | 4,000 | - | new | NEW | |
| QUALCOMM INC | QCOM | $315 | 1,703 | +0.01pp | 11q | HELD | |
| PHILLIPS 66 | PSX | $314 | 1,859 | -0.03pp | 18q | +3.2% | |
| MCDONALDS CORP | MCD | $311 | 1,152 | -0.03pp | 29q | +10.0% | |
| WELLS FARGO & CO | WFC | $309 | 3,745 | -0.02pp | 22q | HELD | |
| CHEVRON CORPORATION | CVX | $289 | 1,741 | -0.03pp | 2q | +23.6% | |
| SATELLOGIC INC | SATL | $286 | 50,000 | - | new | NEW | |
| BLAIZE HLDGS INC | BZAI | $276 | 200,000 | -0.05pp | 3q | HELD | |
| NUTRIEN LTD | NTR | $268 | 4,250 | -0.04pp | 2q | HELD | |
| CARDIFF ONCOLOGY INC | CRDF | $267 | 205,700 | - | new | NEW | |
| PALANTIR TECHNOLOGIES INC | PLTR | $265 | 2,274 | -0.05pp | 4q | -1.3% | |
| RBB FD INC | TMFC | $265 | 3,475 | -0.01pp | 3q | HELD | |
| MARKETAXESS HLDGS INC | MKTX | $264 | 2,330 | -0.05pp | 8q | +6.6% | |
| SCHWAB STRATEGIC TR | SCHD | $262 | 8,267 | - | new | NEW | |
| ISHARES TR | SOXX | $251 | 392 | -0.13pp | 5q | -78.1% | |
| CISCO SYS INC | CSCO | $248 | 2,115 | - | new | NEW | |
| VANECK ETF TRUST | GDX | $243 | 3,224 | -0.04pp | 4q | HELD | |
| DIREXION SHARES ETF TRUST | ERX | $225 | 2,957 | - | new | NEW | |
| NIKE INC | NKE | $220 | 5,358 | -0.07pp | 3q | -24.7% | |
| PRIMERICA INC | PRI | $209 | 735 | - | new | NEW | |
| ALIBABA GROUP HLDG LTD | BABA | $205 | 2,134 | -0.04pp | 24q | HELD | |
| BLACKSTONE INC | BX | $203 | 1,722 | - | new | NEW | |
| GENERAL MTRS CO | GM | $203 | 2,630 | - | new | NEW | |
| BANCO SANTANDER S.A. | SAN | $181 | 13,127 | flat | 31q | HELD | |
| VOLATILITY SHS TR | BITX | $147 | 14,281 | -0.15pp | 10q | -62.9% | |
| ABRDN PLATINUM ETF TRUST | PPLT | $141 | 10,000 | - | new | NEW | |
| BAUSCH HEALTH COS INC | BHC | $88 | 17,950 | -0.01pp | 26q | HELD | |
| COTY INC | COTY | $60 | 27,804 | flat | 27q | HELD | |
| NEW FORTRESS ENERGY INC | NFE | $33 | 91,967 | -0.01pp | 14q | HELD |
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 |
|---|---|---|
| Not classified | $2.2K | 100.0% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $394.1K | 176 | 20 | 95 | 22 | 8 | 34.8% | 43 |
| Q1 2026 | $296.7K | 164 | 20 | 79 | 36 | 16 | 26.8% | 45 |
| Q4 2025 | $305.2K | 160 | 14 | 54 | 62 | 16 | 30.5% | 42 |
| Q3 2025 | $320.2K | 162 | 13 | 49 | 36 | 11 | 32.8% | 41 |
| Q2 2025 | $278.1K | 160 | 19 | 62 | 33 | 13 | 28.5% | 36 |
| Q1 2025 | $232.6K | 154 | 5 | 77 | 35 | 14 | 27.7% | 39 |
| Q4 2024 | $243.3K | 163 | 14 | 43 | 30 | 12 | 26.4% | 43 |
| Q3 2024 | $227.6K | 161 | 16 | 71 | 26 | 12 | 26.0% | 22 |
| Q2 2024 | $215.7K | 157 | 14 | 50 | 40 | 10 | 25.7% | 37 |
| Q1 2024 | $211.0K | 153 | 28 | 55 | 50 | 30 | 24.4% | 44 |
| Q4 2023 | $181.2K | 155 | 30 | 36 | 62 | 17 | 24.4% | 40 |
| Q3 2023 | $148.8K | 142 | 0 | 0 | 0 | 0 | 25.3% | 44 |
| Q2 2023 | $148.8K | 142 | 11 | 14 | 91 | 23 | 25.3% | 45 |
| Q1 2023 | $169.5K | 154 | 16 | 18 | 81 | 15 | 23.6% | 41 |
| Q4 2022 | $175.6K | 153 | 11 | 55 | 30 | 7 | 23.9% | 33 |
| Q3 2022 | $157.4M | 149 | 3 | 39 | 31 | 9 | 23.3% | 35 |
| Q2 2022 | $166.2M | 155 | 8 | 57 | 38 | 8 | 23.8% | 36 |
| Q1 2022 | $192.4M | 155 | 14 | 71 | 34 | 11 | 23.5% | 42 |
| Q4 2021 | $199.0M | 152 | 8 | 40 | 58 | 11 | 24.4% | 45 |
| Q3 2021 | $193.4M | 155 | 23 | 78 | 29 | 3 | 25.5% | 43 |
| Q2 2021 | $210.6M | 135 | 26 | 69 | 21 | 11 | 30.6% | 47 |
| Q1 2021 | $216.4M | 120 | 19 | 53 | 31 | 5 | 45.5% | 43 |
| Q4 2020 | $185.3M | 106 | 21 | 49 | 17 | 9 | 46.6% | 43 |
| Q3 2020 | $138.8M | 94 | 20 | 24 | 38 | 16 | 46.1% | 33 |
| Q2 2020 | $140.8M | 90 | 27 | 40 | 6 | 15 | 53.1% | 44 |
| Q1 2020 | $100.3M | 78 | 11 | 29 | 19 | 12 | 52.2% | 49 |
| Q4 2019 | $169.9M | 79 | 8 | 34 | 13 | 4 | 60.2% | 43 |
| Q3 2019 | $158.7M | 75 | 14 | 15 | 36 | 7 | 61.2% | 45 |
| Q2 2019 | $156.9M | 68 | 8 | 32 | 1 | 9 | 61.9% | 45 |
| Q1 2019 | $145.9M | 69 | 6 | 24 | 9 | 7 | 58.1% | 45 |
| Q4 2018 | $127.4M | 70 | 0 | 0 | 0 | 0 | 60.0% | 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.