FIDUCIENT ADVISORS LLC
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 |
|---|---|---|---|---|---|---|---|
| ISHARES TR | IVV | $72.6M | 96,974 | +1.88pp | 31q | -2.8%-$2.1M | |
| ISHARES TR | EFA | $55.3M | 532,654 | +1.28pp | 23q | +1.9%+$1.0M | |
| PACCAR INC | PCAR | $44.0M | 365,929 | +0.77pp | 7q | HELD | |
| ISHARES TR | IJR | $41.9M | 282,414 | +1.34pp | 23q | -1.6%-$661.9K | |
| VANGUARD SCOTTSDALE FDS | VCIT | $35.2M | 425,525 | +0.75pp | 14q | +7.5%+$2.5M | |
| VANGUARD INDEX FDS | VOO | $32.2M | 46,914 | +1.29pp | 31q | +10.3%+$3.0M | |
| VANGUARD SCOTTSDALE FDS | VCLT | $27.9M | 371,100 | +0.55pp | 14q | +5.0%+$1.3M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $21.9M | 43,695 | +0.29pp | 23q | -3.7%-$830.1K | |
| ISHARES INC | IEMG | $20.7M | 249,798 | +0.38pp | 12q | -11.6%-$2.7M | |
| ISHARES TR | USRT | $20.4M | 306,909 | +0.64pp | 31q | +4.0%+$790.8K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $18.5M | 24,727 | +0.55pp | 23q | +0.6%+$107.5K | |
| ISHARES TR | EFV | $16.2M | 211,734 | +0.32pp | 5q | +2.7%+$420.3K | |
| VANGUARD INDEX FDS | VBR | $15.9M | 65,357 | +0.59pp | 9q | +10.5%+$1.5M | |
| ISHARES TR | AGG | $14.8M | 149,252 | -0.06pp | 22q | -11.1%-$1.8M | |
| VANGUARD INDEX FDS | VO | $12.0M | 148,381 | -0.36pp | 31q | +168.4%+$7.5M | |
| VANGUARD INDEX FDS | VTI | $10.0M | 27,019 | +0.49pp | 24q | +20.4%+$1.7M | |
| APPLE INC | AAPL | $8.6M | 29,666 | flat | 23q | -20.1%-$2.2M | |
| ISHARES TR | IWB | $7.8M | 19,102 | +0.19pp | 15q | -4.5%-$371.8K | |
| WORLD GOLD TR | GLDM | $7.7M | 96,619 | -0.07pp | 5q | HELD | |
| VANGUARD INDEX FDS | VB | $7.0M | 23,231 | +0.04pp | 31q | -18.2%-$1.6M | |
| ISHARES TR | EEM | $6.9M | 101,251 | +0.26pp | 12q | +2.8%+$188.1K | |
| EA SERIES TRUST | GEW | $6.9M | 126,131 | +0.16pp | 4q | HELD | |
| ILLINOIS TOOL WKS INC | ITW | $6.6M | 24,216 | +0.11pp | 10q | HELD | |
| ISHARES TR | IEFA | $6.5M | 67,204 | -0.53pp | 12q | -45.5%-$5.4M | |
| VANGUARD TAX-MANAGED FDS | VEA | $6.5M | 90,579 | +0.12pp | 31q | -5.4%-$366.3K | |
| UBER TECHNOLOGIES INC | UBER | $6.3M | 87,328 | -0.26pp | 16q | -29.3%-$2.6M | |
| NVIDIA CORPORATION | NVDA | $6.0M | 29,814 | -0.14pp | 13q | -31.6%-$2.7M | |
| VANGUARD INTL EQUITY INDEX F | VEU | $5.7M | 68,613 | +0.18pp | 12q | +5.6%+$303.3K | |
| VANGUARD INTL EQUITY INDEX F | VWO | $5.7M | 95,200 | +0.13pp | 11q | -2.2%-$128.4K | |
| AON PLC | AON | $5.0M | 15,135 | -7.02pp | 9q | -91.7%-$55.8M | |
| VANGUARD INDEX FDS | VUG | $4.7M | 54,729 | +0.16pp | 9q | +508.9%+$3.9M | |
| RTX CORPORATION | RTX | $4.3M | 22,858 | +0.04pp | 9q | HELD | |
| BYLINE BANCORP INC | BY | $4.2M | 110,850 | +0.13pp | 8q | -3.0%-$128.9K | |
| VANGUARD INDEX FDS | VV | $4.1M | 11,863 | +0.12pp | 9q | HELD | |
| EA SERIES TRUST | $4.0M | 77,334 | - | new | NEW | ||
| ISHARES TR | IWM | $3.8M | 12,546 | +0.08pp | 12q | -11.5%-$488.2K | |
| VANGUARD INDEX FDS | VXF | $3.7M | 15,124 | - | new | NEW | |
| ISHARES TR | IWF | $3.7M | 29,962 | +0.10pp | 12q | +287.8%+$2.8M | |
| VANGUARD SCOTTSDALE FDS | VTWG | $3.7M | 12,911 | - | new | NEW | |
| VANGUARD STAR FDS | VXUS | $3.7M | 43,095 | +0.16pp | 31q | +18.9%+$586.1K | |
| VANGUARD INTL EQUITY INDEX F | VSS | $3.6M | 23,054 | - | new | NEW | |
| VANGUARD BD INDEX FDS | BND | $3.4M | 46,890 | +0.05pp | 31q | +1.8%+$60.4K | |
| AMAZON COM INC | AMZN | $3.4M | 14,365 | +0.04pp | 13q | -12.5%-$490.0K | |
| VANGUARD INTL EQUITY INDEX F | VT | $3.2M | 20,411 | +0.01pp | 6q | -17.1%-$662.8K | |
| MICROSOFT CORP | MSFT | $2.9M | 7,729 | +0.03pp | 23q | -2.7%-$78.7K | |
| ENTERPRISE PRODS PARTNERS L | EPD | $2.7M | 73,904 | +0.02pp | 10q | HELD | |
| ISHARES TR | IJH | $2.6M | 33,655 | +0.07pp | 12q | HELD | |
| ALPHABET INC | GOOGL | $2.5M | 7,102 | +0.09pp | 12q | -3.5%-$91.5K | |
| DIAMONDBACK ENERGY INC | FANG | $2.4M | 13,874 | -5.81pp | 5q | -94.2%-$39.4M | |
| FLEXSHARES TR | GUNR | $2.3M | 47,369 | +0.17pp | 23q | +112.6%+$1.2M | |
| ISHARES TR | IGM | $2.3M | 14,264 | +0.11pp | 9q | HELD | |
| SCHWAB STRATEGIC TR | SCHD | $2.3M | 73,330 | +0.05pp | 10q | +5.5%+$120.7K | |
| SCHWAB STRATEGIC TR | SCHP | $2.2M | 84,803 | +0.03pp | 6q | +1.2%+$25.9K | |
| ALPHABET INC | GOOG | $2.2M | 6,241 | -0.06pp | 13q | -37.5%-$1.3M | |
| ISHARES TR | IGF | $2.0M | 30,303 | +0.20pp | 8q | +191.5%+$1.3M | |
| BLACK STONE MINERALS L P | BSM | $2.0M | 142,237 | flat | 8q | HELD | |
| INVESCO EXCHANGE TRADED FD T | RPG | $2.0M | 30,985 | +0.09pp | 10q | HELD | |
| ISHARES TR | IVW | $2.0M | 14,185 | +0.06pp | 31q | -5.7%-$118.7K | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $1.9M | 2,767 | +0.05pp | 9q | -0.9%-$16.9K | |
| GOLDMAN SACHS GROUP INC | GS | $1.7M | 1,728 | +0.06pp | 5q | HELD | |
| SCHWAB STRATEGIC TR | SCHF | $1.7M | 62,710 | +0.03pp | 15q | -9.2%-$176.5K | |
| INVESCO QQQ TR | QQQ | $1.7M | 2,330 | -0.96pp | 8q | -85.5%-$10.1M | |
| ISHARES TR | TIP | $1.7M | 15,338 | +0.02pp | 9q | HELD | |
| ISHARES TR | LQD | $1.6M | 14,791 | +0.02pp | 9q | HELD | |
| ISHARES TR | AGZ | $1.6M | 14,577 | +0.02pp | 9q | HELD | |
| ISHARES TR | IEF | $1.6M | 16,630 | +0.02pp | 9q | HELD | |
| VISA INC | V | $1.6M | 4,555 | +0.04pp | 10q | -1.3%-$20.6K | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $1.5M | 2 | +0.03pp | 10q | HELD | |
| VANGUARD INDEX FDS | VOE | $1.4M | 7,043 | - | new | NEW | |
| ALPS ETF TR | AMLP | $1.3M | 25,390 | +0.02pp | 9q | +1.9%+$24.6K | |
| META PLATFORMS INC | META | $1.2M | 2,215 | -0.02pp | 12q | -16.9%-$254.0K | |
| INVESCO EXCHANGE TRADED FD T | PWV | $1.2M | 15,465 | +0.03pp | 9q | HELD | |
| ISHARES TR | IWD | $1.1M | 4,502 | +0.02pp | 20q | -9.0%-$107.9K | |
| ISHARES TR | ACWI | $1.0M | 6,486 | +0.02pp | 15q | -8.2%-$91.5K | |
| JOHNSON & JOHNSON | JNJ | $1.0M | 3,973 | +0.02pp | 9q | -0.7%-$6.9K | |
| VANGUARD INDEX FDS | VBK | $988.7K | 2,704 | +0.04pp | 9q | +1.3%+$12.8K | |
| FLEXSHARES TR | TILT | $966.2K | 3,500 | - | new | NEW | |
| T ROWE PRICE EXCHANGE-TRADED | TCHP | $961.7K | 19,200 | flat | 5q | -20.9%-$254.0K | |
| JPMORGAN CHASE & CO | JPM | $947.9K | 2,896 | +0.01pp | 12q | -9.0%-$93.9K | |
| CITIGROUP INC | C | $937.9K | 6,701 | +0.03pp | 10q | HELD | |
| FLEXSHARES TR | GQRE | $910.3K | 14,224 | - | new | NEW | |
| ABBVIE INC | ABBV | $909.7K | 3,615 | +0.03pp | 12q | +0.7%+$6.0K | |
| MICRON TECHNOLOGY INC | MU | $888.8K | 770 | +0.08pp | 3q | -34.2%-$461.7K | |
| EA SERIES TRUST | USEW | $857.9K | 15,366 | +0.02pp | 3q | HELD | |
| VANGUARD SCOTTSDALE FDS | VONE | $832.6K | 2,458 | - | new | NEW | |
| ISHARES TR | IWR | $825.1K | 7,479 | +0.03pp | 31q | +3.8%+$30.4K | |
| ISHARES TR | ACWX | $796.2K | 10,462 | +0.01pp | 9q | -6.4%-$54.7K | |
| VANGUARD WHITEHALL FDS | VYM | $752.8K | 4,764 | +0.02pp | 15q | +5.5%+$39.0K | |
| VANGUARD INDEX FDS | VTV | $732.6K | 3,362 | +0.02pp | 3q | HELD | |
| VANGUARD SCOTTSDALE FDS | VCSH | $721.4K | 9,128 | -0.01pp | 15q | -17.2%-$150.0K | |
| ISHARES TR | IWO | $704.9K | 1,789 | +0.05pp | 11q | +46.4%+$223.4K | |
| EAGLEROCK LD LLC | $637.7K | 30,008 | - | new | NEW | ||
| VANGUARD INDEX FDS | VNQ | $636.6K | 6,602 | +0.01pp | 12q | HELD | |
| ISHARES TR | DVY | $608.9K | 3,896 | -0.08pp | 12q | -54.3%-$723.7K | |
| ISHARES TR | SHY | $605.5K | 7,374 | +0.01pp | 9q | HELD | |
| BROADCOM INC | AVGO | $576.8K | 1,527 | +0.04pp | 5q | +42.7%+$172.6K | |
| SPDR GOLD TR | GLD | $566.2K | 1,537 | -0.01pp | 3q | HELD | |
| SCHWAB STRATEGIC TR | SCHX | $543.8K | 18,477 | +0.03pp | 6q | +33.1%+$135.2K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $523.5K | 9,085 | - | new | NEW | |
| ISHARES TR | IWN | $490.3K | 2,216 | +0.02pp | 9q | HELD | |
| PACER FDS TR | COWZ | $488.6K | 7,856 | +0.01pp | 8q | +1.1%+$5.3K | |
| SCHWAB STRATEGIC TR | SCHB | $485.7K | 16,772 | +0.01pp | 6q | -5.6%-$28.6K | |
| ISHARES TR | USHY | $456.9K | 12,341 | -0.10pp | 21q | -64.4%-$826.8K | |
| VANGUARD SCOTTSDALE FDS | VONV | $447.4K | 4,208 | +0.01pp | 2q | -5.9%-$27.9K | |
| TRUIST FINL CORP | TFC | $444.1K | 8,915 | +0.01pp | 27q | HELD | |
| ISHARES TR | SHV | $442.7K | 4,012 | +0.01pp | 2q | +7.2%+$29.7K | |
| M & T BK CORP | MTB | $421.3K | 1,770 | +0.01pp | 9q | HELD | |
| SPDR SERIES TRUST | SPYM | $412.2K | 4,690 | +0.01pp | 4q | HELD | |
| INTERNATIONAL BUSINESS MACHS | IBM | $411.4K | 1,463 | +0.01pp | 12q | -5.0%-$21.7K | |
| BNY MELLON ETF TRUST II | BKDV | $410.8K | 12,265 | flat | 2q | -19.0%-$96.3K | |
| TWILIO INC | TWLO | $405.2K | 1,964 | +0.03pp | 10q | HELD | |
| PROCTER & GAMBLE CO | PG | $398.7K | 2,719 | +0.01pp | 12q | HELD | |
| PALO ALTO NETWORKS INC | PANW | $390.5K | 1,145 | +0.03pp | 12q | -10.9%-$47.7K | |
| GOLDMAN SACHS ETF TR | GSLC | $371.5K | 2,618 | - | new | NEW | |
| ELI LILLY & CO | LLY | $361.0K | 301 | +0.02pp | 5q | HELD | |
| ISHARES TR | IVE | $358.5K | 1,579 | flat | 10q | -21.0%-$95.4K | |
| BNY MELLON ETF TRUST | BKLC | $357.8K | 2,495 | +0.01pp | 9q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $352.7K | 377 | flat | 4q | HELD | |
| CATERPILLAR INC | CAT | $351.4K | 330 | +0.02pp | 3q | HELD | |
| BONDBLOXX ETF TRUST | TAXX | $328.8K | 6,481 | flat | 6q | +0.6%+$2.1K | |
| PITNEY BOWES INC | PBI | $323.5K | 18,463 | +0.02pp | 8q | HELD | |
| QUALCOMM INC | QCOM | $314.5K | 1,702 | - | new | NEW | |
| ISHARES TR | IEI | $308.4K | 2,626 | flat | 9q | HELD | |
| SELECT SECTOR SPDR TR | XLK | $304.0K | 1,596 | +0.02pp | 5q | HELD | |
| SCHWAB STRATEGIC TR | SCHE | $301.4K | 8,313 | +0.01pp | 5q | HELD | |
| MORGAN STANLEY | MS | $299.8K | 1,434 | +0.01pp | 12q | -7.1%-$23.0K | |
| TEXAS INSTRS INC | TXN | $294.2K | 987 | - | new | NEW | |
| COCA COLA CO | KO | $276.4K | 3,379 | +0.01pp | 12q | HELD | |
| CISCO SYS INC | CSCO | $267.1K | 2,274 | - | new | NEW | |
| STATE STR SPDR DOW JONES IND | DIA | $264.5K | 504 | +0.01pp | 3q | HELD | |
| NORFOLK SOUTHN CORP | NSC | $262.3K | 834 | +0.01pp | 2q | HELD | |
| ADVANCED MICRO DEVICES INC | AMD | $257.9K | 444 | - | new | NEW | |
| HARBOR ETF TRUST | HGER | $253.4K | 8,637 | - | new | NEW | |
| MERCK & CO INC | MRK | $242.1K | 1,872 | +0.01pp | 12q | HELD | |
| ISHARES INC | EMXC | $235.3K | 2,300 | - | new | NEW | |
| KEURIG DR PEPPER INC | KDP | $234.9K | 7,128 | - | new | NEW | |
| AMERICAN CENTY ETF TR | AVEM | $234.8K | 2,433 | - | new | NEW | |
| ISHARES TR | MUB | $234.7K | 2,181 | flat | 4q | HELD | |
| ON SEMICONDUCTOR CORP | ON | $234.5K | 2,480 | - | new | NEW | |
| WALMART INC | WMT | $226.4K | 1,999 | flat | 12q | HELD | |
| PAYCHEX INC | PAYX | $224.8K | 2,286 | flat | 9q | +0.7%+$1.5K | |
| MCDONALDS CORP | MCD | $222.5K | 823 | flat | 12q | HELD | |
| CAPITAL ONE FINL CORP | COF | $220.7K | 1,100 | flat | 6q | -4.2%-$9.6K | |
| HOME DEPOT INC | HD | $215.8K | 612 | - | new | NEW | |
| BANK OF NY MELLON CORP | BNY | $210.8K | 1,458 | - | new | NEW | |
| ISHARES TR | IJT | $209.9K | 1,175 | - | new | NEW | |
| MASTERCARD INCORPORATED | MA | $208.5K | 406 | -0.04pp | 4q | -59.9%-$311.2K | |
| DOMINION ENERGY INC | D | $207.1K | 3,032 | - | new | NEW | |
| OREILLY AUTOMOTIVE INC | ORLY | $200.3K | 2,175 | flat | 2q | HELD | |
| AMERICAS GOLD AND SILVER COR | USAS | $188.8K | 40,000 | flat | 4q | HELD | |
| ALBERTSONS COMPANIES INC | ACI | $171.2K | 12,650 | flat | 8q | HELD | |
| SABLE OFFSHORE CORP | SOC | $148.8K | 48,300 | -0.08pp | 5q | HELD | |
| AURORA INNOVATION INC | AUR | $68.2K | 10,000 | flat | 5q | 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 |
|---|---|---|
| Autos & Aerospace | $48.3M | 6.9% |
| Insurance | $28.4M | 4.1% |
| Funds & ETFs | $22.4M | 3.2% |
| Other sectors | $77.5M | 11.1% |
| Not classified | $521.9M | 74.7% |
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 | +7.9% | +14.8% | -6.9% | 100% |
| Q1 2026 | +0.6% | -4.6% | +5.2% | 100% |
| Q4 2025 | +1.3% | +2.4% | -1.1% | 100% |
| Q3 2025 | +5.0% | +7.8% | -2.8% | 100% |
| Q2 2025 | +2.2% | +10.5% | -8.2% | 100% |
| Q1 2025 | +1.4% | -4.6% | +5.9% | 100% |
| Q4 2024 | -1.1% | +2.1% | -3.2% | 100% |
| Q3 2024 | +7.9% | +5.4% | +2.5% | 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 | $698.4M | 153 | 24 | 32 | 47 | 10 | 53.3% | 38 |
| Q1 2026 | $765.0M | 139 | 5 | 31 | 51 | 36 | 53.1% | 41 |
| Q4 2025 | $806.8M | 170 | 34 | 56 | 41 | 21 | 47.6% | 41 |
| Q3 2025 | $855.7M | 157 | 20 | 57 | 37 | 16 | 53.0% | 30 |
| Q2 2025 | $817.0M | 153 | 26 | 44 | 39 | 27 | 54.8% | 43 |
| Q1 2025 | $800.2M | 154 | 30 | 56 | 38 | 18 | 61.9% | 45 |
| Q4 2024 | $809.9M | 142 | 15 | 44 | 44 | 18 | 60.5% | 44 |
| Q3 2024 | $865.8M | 145 | 22 | 45 | 43 | 20 | 61.9% | 25 |
| Q2 2024 | $724.2M | 143 | 34 | 61 | 27 | 21 | 64.7% | 37 |
| Q1 2024 | $505.2M | 130 | 33 | 41 | 34 | 16 | 65.1% | 40 |
| Q4 2023 | $533.5M | 113 | 15 | 38 | 39 | 10 | 71.3% | 36 |
| Q3 2023 | $1.8B | 108 | 61 | 26 | 12 | 4 | 85.7% | 34 |
| Q2 2023 | $326.8M | 51 | 8 | 24 | 10 | 5 | 85.4% | 33 |
| Q1 2023 | $308.6M | 48 | 7 | 7 | 20 | 133 | 85.1% | 38 |
| Q4 2022 | $339.8M | 174 | 121 | 29 | 13 | 6 | 64.8% | 34 |
| Q3 2022 | $210.6M | 59 | 5 | 4 | 36 | 26 | 84.0% | 38 |
| Q2 2022 | $266.2M | 80 | 24 | 34 | 12 | 6 | 77.6% | 35 |
| Q1 2022 | $265.0M | 62 | 9 | 19 | 19 | 4 | 83.5% | 39 |
| Q4 2021 | $329.7M | 57 | 7 | 11 | 28 | 46 | 86.2% | 42 |
| Q3 2021 | $330.5M | 96 | 21 | 11 | 25 | 2 | 79.1% | 34 |
| Q2 2021 | $322.6M | 77 | 7 | 9 | 37 | 11 | 81.8% | 43 |
| Q1 2021 | $309.1M | 81 | 7 | 23 | 25 | 6 | 81.5% | 44 |
| Q4 2020 | $269.1M | 80 | 58 | 12 | 3 | 0 | 81.6% | 42 |
| Q3 2020 | $177.7M | 22 | 4 | 5 | 8 | 0 | 97.1% | 43 |
| Q2 2020 | $165.2M | 18 | 0 | 6 | 12 | 2 | 97.7% | 42 |
| Q1 2020 | $169.4M | 20 | 3 | 9 | 4 | 5 | 96.4% | 38 |
| Q4 2019 | $183.3M | 22 | 3 | 6 | 9 | 1 | 96.5% | 45 |
| Q3 2019 | $175.6M | 20 | 1 | 5 | 8 | 0 | 96.9% | 43 |
| Q2 2019 | $167.0M | 19 | 0 | 2 | 14 | 2 | 96.9% | 44 |
| Q1 2019 | $202.7M | 21 | 3 | 6 | 8 | 2 | 95.3% | 40 |
| Q4 2018 | $174.3M | 20 | 0 | 0 | 0 | 0 | 95.0% | 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.