KG Capital Management
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 |
|---|---|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | SPY | $12.8M | 17,075 | -0.48pp | 31q | -1.3%-$162.1K | |
| JPMORGAN CHASE & CO | JPM | $9.5M | 28,885 | -0.57pp | 31q | -3.6%-$349.3K | |
| SPDR SERIES TRUST | BIL | $6.8M | 74,141 | -0.54pp | 9q | +6.3%+$403.7K | |
| GOLDMAN SACHS ETF TR | GBIL | $5.2M | 52,149 | +0.33pp | 9q | +34.8%+$1.3M | |
| EXXON MOBIL CORP | XOMXXXX | $5.0M | 36,428 | -2.01pp | 31q | -12.1%-$683.7K | |
| VANGUARD INDEX FDS | VUG | $5.0M | 57,470 | +0.07pp | 28q | +526.2%+$4.2M | |
| ALPHABET INC | GOOGL | $4.7M | 13,260 | +0.18pp | 31q | +3.5%+$159.4K | |
| APPLE INC | AAPL | $4.2M | 14,511 | -0.19pp | 31q | -3.5%-$151.6K | |
| FIDELITY MERRIMACK STR TR | FBND | $4.2M | 91,717 | +0.04pp | 5q | +22.9%+$777.5K | |
| ISHARES TR | AGG | $3.0M | 30,758 | -0.46pp | 31q | -3.5%-$111.5K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $3.0M | 6,203 | +0.36pp | 12q | +7.5%+$206.8K | |
| ISHARES TR | EFA | $2.8M | 26,624 | -0.09pp | 31q | +6.8%+$176.2K | |
| CUMMINS INC | CMI | $2.7M | 3,745 | +0.19pp | 11q | +2.0%+$52.8K | |
| SPDR SERIES TRUST | SJNK | $2.5M | 98,996 | +0.05pp | 11q | +24.7%+$491.0K | |
| MICROSOFT CORP | MSFT | $2.4M | 6,537 | -0.28pp | 31q | HELD | |
| ISHARES TR | LQD | $2.3M | 21,473 | -0.22pp | 31q | +4.0%+$90.0K | |
| WALMART INC | WMT | $2.2M | 19,820 | -0.47pp | 31q | -2.3%-$52.4K | |
| INVESCO QQQ TR | QQQ | $2.2M | 3,035 | +0.11pp | 17q | +2.7%+$58.9K | |
| JOHNSON & JOHNSON | JNJ | $2.1M | 8,256 | -0.24pp | 31q | -5.2%-$114.0K | |
| SCHWAB STRATEGIC TR | SCHD | $2.0M | 63,845 | +0.10pp | 6q | +27.2%+$433.4K | |
| OREILLY AUTOMOTIVE INC | ORLY | $1.8M | 20,079 | -0.15pp | 11q | +6.5%+$112.3K | |
| ISHARES TR | IJH | $1.8M | 22,862 | -0.06pp | 31q | -0.6%-$10.8K | |
| JANUS DETROIT STR TR | JAAA | $1.8M | 34,701 | +0.09pp | 6q | +31.6%+$420.4K | |
| COCA COLA CONS INC | COKE | $1.7M | 8,988 | -0.13pp | 13q | +6.9%+$111.3K | |
| KLA CORP | KLAC | $1.7M | 5,599 | +0.56pp | 4q | +1220.5%+$1.6M | |
| VANGUARD INDEX FDS | VTV | $1.6M | 7,457 | +0.23pp | 11q | +43.1%+$489.5K | |
| LAM RESEARCH CORP | LRCX | $1.6M | 3,713 | - | new | NEW | |
| INVESCO EXCH TRADED FD TR II | BAB | $1.6M | 57,981 | -0.15pp | 31q | +4.0%+$59.8K | |
| ISHARES TR | IVV | $1.6M | 2,074 | -0.12pp | 31q | -6.9%-$115.3K | |
| MCKESSON CORP | MCK | $1.5M | 1,926 | +0.04pp | 15q | +44.8%+$450.3K | |
| ELI LILLY & CO | LLY | $1.4M | 1,195 | +0.06pp | 25q | HELD | |
| ISHARES TR | IJR | $1.4M | 9,616 | flat | 31q | +1.4%+$19.1K | |
| BANK OF NY MELLON CORP | BNY | $1.4M | 9,754 | +0.23pp | 5q | +36.2%+$374.5K | |
| AMAZON COM INC | AMZN | $1.3M | 5,468 | -0.12pp | 31q | -8.4%-$119.4K | |
| GE VERNOVA INC | GEV | $1.3M | 1,102 | +0.26pp | 4q | +35.2%+$337.2K | |
| INVESCO EXCH TRADED FD TR II | PGX | $1.3M | 116,480 | -0.18pp | 31q | -2.1%-$26.5K | |
| VANECK ETF TRUST | SMH | $1.2M | 1,877 | +0.33pp | 9q | +29.1%+$277.5K | |
| UNION PAC CORP | UNP | $1.2M | 4,476 | -0.06pp | 31q | -0.6%-$7.6K | |
| NVIDIA CORPORATION | NVDA | $1.2M | 5,918 | -0.09pp | 24q | -6.3%-$79.6K | |
| SIMON PPTY GROUP INC NEW | SPG | $1.2M | 5,161 | -0.13pp | 24q | -21.3%-$313.1K | |
| CATERPILLAR INC | CAT | $1.1M | 1,040 | - | new | NEW | |
| GE AEROSPACE | GE | $1.1M | 2,913 | +0.15pp | 5q | +18.9%+$173.4K | |
| JANUS DETROIT STR TR | JBBB | $1.1M | 22,867 | -0.12pp | 6q | HELD | |
| RBB FD INC | TBIL | $1.1M | 21,392 | -0.13pp | 10q | HELD | |
| VERTIV HOLDINGS CO | VRT | $1.1M | 3,166 | - | new | NEW | |
| INVESCO EXCHANGE TRADED FD T | XLG | $1.1M | 17,273 | -0.06pp | 11q | -1.3%-$14.2K | |
| ISHARES TR | FLOT | $1.1M | 20,692 | -0.13pp | 7q | HELD | |
| AUTOZONE INC | AZO | $1.1M | 330 | -0.23pp | 11q | -7.0%-$79.9K | |
| SIMPLIFY EXCHANGE TRADED FUN | AGGH | $1.0M | 51,793 | -0.17pp | 6q | -4.5%-$49.0K | |
| HCA HEALTHCARE INC | HCA | $1.0M | 2,629 | -0.32pp | 11q | -4.3%-$46.0K | |
| MICRON TECHNOLOGY INC | MU | $1.0M | 887 | - | new | NEW | |
| PROGRESSIVE CORP | PGR | $997.4K | 4,566 | -0.04pp | 9q | +2.4%+$23.8K | |
| META PLATFORMS INC | META | $970.0K | 1,722 | -0.10pp | 28q | +5.0%+$46.2K | |
| ISHARES TR | PFF | $951.7K | 31,213 | +0.02pp | 12q | +24.4%+$187.0K | |
| APPLIED MATLS INC | AMAT | $924.8K | 1,279 | +0.26pp | 16q | +8.8%+$74.5K | |
| ADVANCED MICRO DEVICES INC | AMD | $906.8K | 1,561 | +0.30pp | 22q | -4.5%-$43.0K | |
| UNITEDHEALTH GROUP INC | UNH | $899.4K | 2,164 | +0.13pp | 4q | +3.7%+$32.0K | |
| PROCTER & GAMBLE CO | PG | $862.6K | 5,882 | -0.09pp | 31q | +2.4%+$20.4K | |
| SELECT SECTOR SPDR TR | XLK | $818.7K | 4,297 | +0.09pp | 31q | +2.9%+$23.2K | |
| HOWMET AEROSPACE INC | HWM | $788.8K | 2,934 | -0.02pp | 5q | HELD | |
| VALERO ENERGY CORP | VLO | $786.5K | 3,020 | +0.20pp | 6q | +96.4%+$386.0K | |
| GOLDMAN SACHS GROUP INC | GS | $775.5K | 767 | -0.02pp | 31q | -13.4%-$120.3K | |
| ASML HLDG NV | ASML | $762.0K | 383 | +0.12pp | 12q | +8.5%+$59.7K | |
| CHEVRON CORPORATION | CVX | $748.8K | 4,517 | -0.36pp | 31q | -19.9%-$186.5K | |
| QUALCOMM INC | QCOM | $719.9K | 3,896 | +0.06pp | 31q | -2.7%-$20.1K | |
| SELECT SECTOR SPDR TR | XLF | $717.3K | 13,380 | -0.07pp | 31q | -4.7%-$35.0K | |
| ISHARES TR | IEF | $715.0K | 7,560 | -0.10pp | 9q | -1.6%-$11.9K | |
| FIRST TR EXCHNG TRADED FD VI | FIXD | $709.3K | 16,264 | +0.03pp | 11q | +30.9%+$167.5K | |
| STATE STR SPDR DOW JONES IND | DIA | $695.6K | 1,332 | -0.12pp | 18q | -17.1%-$143.6K | |
| ROUNDHILL ETF TRUST | $685.0K | 9,275 | - | new | NEW | ||
| BANK OF AMER CORP | BAC | $648.7K | 11,385 | flat | 31q | +4.2%+$26.3K | |
| MASTERCARD INCORPORATED | MA | $628.1K | 1,223 | -0.08pp | 24q | -4.5%-$29.3K | |
| DEERE & CO | DE | $627.9K | 990 | -0.18pp | 31q | -34.5%-$330.5K | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $619.1K | 7,113 | +0.21pp | 8q | +119.2%+$336.7K | |
| LINCOLN EDL SVCS CORP | LINC | $596.9K | 11,962 | - | new | NEW | |
| VANGUARD WHITEHALL FDS | VYM | $596.9K | 3,777 | -0.05pp | 31q | -1.6%-$9.5K | |
| COSTCO WHOLESALE CORPORATION | COST | $596.8K | 638 | flat | 6q | +27.1%+$127.2K | |
| BHP BILLITON LIMITED | BHP | $585.3K | 7,025 | - | new | NEW | |
| VANGUARD INDEX FDS | VNQ | $584.0K | 6,056 | -0.03pp | 31q | +1.8%+$10.3K | |
| PHILIP MORRIS INTL INC | PM | $562.8K | 3,111 | -0.24pp | 8q | -36.3%-$320.4K | |
| AMGEN INC | AMGN | $555.1K | 1,533 | +0.08pp | 21q | +57.4%+$202.4K | |
| GSK PLC | GSK | $554.0K | 10,568 | +0.14pp | 15q | +117.9%+$299.7K | |
| SELECT SECTOR SPDR TR | XLE | $549.5K | 10,346 | -0.18pp | 25q | -10.6%-$65.4K | |
| NLIGHT INC | LASR | $547.6K | 7,865 | - | new | NEW | |
| TJX COS INC NEW | TJX | $546.3K | 3,606 | -0.05pp | 11q | +11.1%+$54.7K | |
| JOHNSON CONTROLS INTERNATION | JCI | $530.1K | 3,628 | - | new | NEW | |
| SELECT SECTOR SPDR TR | XLP | $523.5K | 6,302 | -0.03pp | 31q | +7.8%+$38.0K | |
| VANGUARD INTL EQUITY INDEX F | VWO | $522.9K | 8,761 | -0.02pp | 24q | +3.5%+$17.6K | |
| SPDR INDEX SHS FDS | FEZ | $517.9K | 7,541 | -0.03pp | 4q | -1.1%-$5.8K | |
| BROADCOM INC | AVGO | $511.5K | 1,354 | +0.02pp | 16q | +6.7%+$32.1K | |
| SELECT SECTOR SPDR TR | XLU | $473.8K | 10,451 | -0.05pp | 15q | +2.2%+$10.2K | |
| AMKOR TECHNOLOGY INC | AMKR | $463.8K | 5,379 | - | new | NEW | |
| SEAGATE TECHNOLOGY HLDNGS PL | STX | $457.4K | 474 | - | new | NEW | |
| QUANTA SVCS INC | PWR | $439.9K | 611 | - | new | NEW | |
| NEWMONT CORP | NEM | $439.0K | 4,700 | - | new | NEW | |
| VANGUARD WORLD FD | VDC | $431.9K | 1,916 | -0.05pp | 31q | HELD | |
| ISHARES TR | TIP | $428.0K | 3,911 | -0.05pp | 2q | HELD | |
| VISA INC | V | $423.1K | 1,233 | -0.03pp | 23q | -6.2%-$27.8K | |
| SHELL PLC | SHEL | $415.1K | 5,353 | +0.06pp | 2q | +91.5%+$198.3K | |
| CIENA CORP | CIEN | $390.5K | 796 | - | new | NEW | |
| TAPESTRY INC | TPR | $384.2K | 2,625 | - | new | NEW | |
| STONEX GROUP INC | SNEX | $382.8K | 3,230 | - | new | NEW | |
| PDF SOLUTIONS INC | PDFS | $367.9K | 5,197 | - | new | NEW | |
| MARVELL TECHNOLOGY INC | MRVL | $357.8K | 1,201 | - | new | NEW | |
| LYONDELLBASELL INDUSTRIES NV | LYB | $357.4K | 6,788 | -0.23pp | 31q | -9.3%-$36.9K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $344.5K | 1,225 | -0.02pp | 31q | -5.3%-$19.1K | |
| COCA COLA CO | KO | $333.9K | 4,109 | -0.02pp | 31q | +1.0%+$3.3K | |
| SELECT SECTOR SPDR TR | XLV | $327.8K | 2,066 | -0.05pp | 26q | -9.8%-$35.5K | |
| ISHARES TR | EMB | $327.4K | 3,395 | - | new | NEW | |
| NOVARTIS AG | NVS | $320.6K | 2,046 | - | new | NEW | |
| LOWES COS INC | LOW | $317.3K | 1,439 | -0.06pp | 24q | -3.8%-$12.6K | |
| HOME DEPOT INC | HD | $303.6K | 861 | -0.02pp | 31q | +2.3%+$6.7K | |
| MAREX GROUP PLC | MRX | $299.2K | 4,909 | - | new | NEW | |
| ALLSTATE CORP | ALL | $298.5K | 1,255 | -0.01pp | 7q | HELD | |
| VANECK ETF TRUST | GDX | $290.6K | 3,852 | -0.08pp | 4q | -1.3%-$3.8K | |
| RTX CORPORATION | RTX | $283.0K | 1,492 | -0.10pp | 13q | -22.1%-$80.4K | |
| SOUTHERN CO | SO | $280.7K | 2,932 | -0.05pp | 15q | -9.7%-$30.1K | |
| WELLS FARGO & CO | WFC | $273.8K | 3,313 | -0.15pp | 31q | -56.8%-$359.5K | |
| BUSINESS FIRST BANCSHARES IN | BFST | $271.4K | 8,831 | -0.01pp | 8q | HELD | |
| SPDR GOLD TR | GLD | $270.8K | 735 | -0.07pp | 21q | HELD | |
| ENERGY TRANSFER L P | ET | $268.6K | 14,050 | -0.04pp | 9q | -2.1%-$5.7K | |
| INVESCO EXCHANGE TRADED FD T | PPA | $264.8K | 1,499 | -0.03pp | 4q | -6.0%-$16.8K | |
| VERIZON COMMUNICATIONS INC | VZ | $262.0K | 6,187 | -0.08pp | 30q | -8.9%-$25.7K | |
| SELECT SECTOR SPDR TR | XLI | $254.6K | 1,375 | -0.02pp | 23q | -7.8%-$21.5K | |
| CISCO SYS INC | CSCO | $254.3K | 2,165 | - | new | NEW | |
| SPDR SERIES TRUST | KRE | $252.4K | 3,372 | -0.01pp | 25q | -1.7%-$4.3K | |
| SLB LIMITED | SLB | $247.9K | 5,333 | -0.18pp | 18q | -36.0%-$139.5K | |
| HONEYWELL INTL INC | HON | $243.2K | 1,086 | - | new | NEW | |
| TKO GROUP HOLDINGS INC | TKO | $240.2K | 1,193 | -0.02pp | 3q | +8.5%+$18.7K | |
| KRONOS WORLDWIDE INC | KRO | $237.4K | 37,500 | -0.05pp | 5q | -5.1%-$12.7K | |
| ISHARES GOLD TR | IAU | $234.2K | 3,102 | -0.07pp | 6q | -6.1%-$15.2K | |
| HONEYWELL AEROSPACE INC | HONA | $229.0K | 1,036 | - | new | NEW | |
| S&P GLOBAL INC | $218.7K | 537 | - | new | NEW | ||
| ARCH CAP GROUP LTD | ACGL | $212.9K | 2,193 | -0.13pp | 13q | -41.1%-$148.5K | |
| MORGAN STANLEY | MS | $206.3K | 987 | - | new | NEW | |
| BRISTOL-MYERS SQUIBB CO | BMY | $206.2K | 3,578 | - | new | NEW | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $205.2K | 410 | -0.03pp | 26q | -10.3%-$23.5K | |
| PAPA JOHNS INTL INC | PZZA | $202.2K | 5,500 | - | new | NEW | |
| CONAGRA BRANDS INC | CAG | $150.8K | 11,200 | -0.04pp | 2q | -4.3%-$6.7K | |
| GREEN DOT CORP | GDOT | $147.8K | 10,938 | flat | 2q | HELD | |
| AMERICAN BITCOIN CORP. | ABTC | $140.5K | 206,329 | -0.07pp | 3q | -12.7%-$20.4K | |
| FULL HSE RESORTS INC | FLL | $92.1K | 33,000 | flat | 8q | 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 |
|---|---|---|
| Funds & ETFs | $15.7M | 9.3% |
| Semiconductors & Electronics | $13.4M | 8.0% |
| Banks & Lending | $12.3M | 7.3% |
| Retail & Consumer | $8.8M | 5.2% |
| Software & IT Services | $8.5M | 5.1% |
| Industrials | $7.3M | 4.3% |
| Computer Hardware | $5.3M | 3.1% |
| Biotech & Pharma | $5.2M | 3.1% |
| Capital Markets | $2.8M | 1.7% |
| Food, Drink & Tobacco | $2.8M | 1.6% |
| Insurance | $2.6M | 1.6% |
| Other sectors | $15.5M | 9.2% |
| Not classified | $67.9M | 40.4% |
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 | +8.0% | +14.8% | -6.8% | 101% |
| Q1 2026 | -3.3% | -4.6% | +1.3% | 98% |
| Q4 2025 | +2.5% | +2.4% | +0.1% | 98% |
| Q3 2025 | +8.0% | +7.8% | +0.2% | 100% |
| Q2 2025 | +10.8% | +10.5% | +0.3% | 100% |
| Q1 2025 | -2.8% | -4.6% | +1.8% | 100% |
| Q4 2024 | +1.3% | +2.1% | -0.8% | 100% |
| Q3 2024 | +4.5% | +5.4% | -0.9% | 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 | $168.1M | 142 | 28 | 49 | 52 | 9 | 35.9% | 38 |
| Q1 2026 | $139.5M | 123 | 4 | 20 | 94 | 90 | 39.5% | 23 |
| Q4 2025 | $403.5M | 209 | 26 | 103 | 67 | 14 | 39.2% | 23 |
| Q3 2025 | $373.7M | 197 | 24 | 66 | 96 | 14 | 37.9% | 22 |
| Q2 2025 | $338.8M | 187 | 21 | 71 | 81 | 27 | 38.2% | 17 |
| Q1 2025 | $308.6M | 193 | 28 | 84 | 65 | 20 | 36.8% | 23 |
| Q4 2024 | $311.0M | 185 | 16 | 79 | 77 | 20 | 37.9% | 24 |
| Q3 2024 | $310.0M | 189 | 27 | 77 | 72 | 20 | 36.6% | 29 |
| Q2 2024 | $289.1M | 182 | 24 | 85 | 67 | 15 | 38.1% | 23 |
| Q1 2024 | $251.8M | 173 | 11 | 73 | 72 | 12 | 38.8% | 25 |
| Q4 2023 | $239.2M | 174 | 33 | 78 | 54 | 9 | 41.4% | 24 |
| Q3 2023 | $207.2M | 150 | 13 | 72 | 56 | 18 | 43.5% | 19 |
| Q2 2023 | $208.5M | 155 | 25 | 50 | 69 | 6 | 43.3% | 20 |
| Q1 2023 | $190.6M | 136 | 14 | 51 | 54 | 7 | 44.4% | 20 |
| Q4 2022 | $173.0M | 129 | 15 | 29 | 75 | 14 | 45.4% | 19 |
| Q3 2022 | $177.1M | 128 | 14 | 53 | 46 | 10 | 42.1% | 24 |
| Q2 2022 | $185.3M | 124 | 4 | 56 | 53 | 23 | 42.3% | 22 |
| Q1 2022 | $239.8M | 143 | 12 | 60 | 57 | 12 | 40.5% | 32 |
| Q4 2021 | $248.1M | 143 | 16 | 72 | 39 | 10 | 40.2% | 19 |
| Q3 2021 | $228.0M | 137 | 11 | 62 | 46 | 8 | 38.8% | 14 |
| Q2 2021 | $219.4M | 134 | 12 | 66 | 44 | 7 | 38.3% | 15 |
| Q1 2021 | $200.9M | 129 | 14 | 51 | 52 | 17 | 39.9% | 14 |
| Q4 2020 | $183.4M | 132 | 21 | 58 | 47 | 14 | 41.9% | 19 |
| Q3 2020 | $159.7M | 125 | 32 | 63 | 24 | 4 | 44.5% | 13 |
| Q2 2020 | $130.1M | 97 | 15 | 45 | 28 | 5 | 45.8% | 9 |
| Q1 2020 | $100.5M | 87 | 11 | 50 | 25 | 14 | 49.6% | 9 |
| Q4 2019 | $118.0M | 90 | 7 | 49 | 23 | 10 | 48.4% | 13 |
| Q3 2019 | $110.4M | 93 | 9 | 47 | 30 | 5 | 50.0% | 11 |
| Q2 2019 | $104.8M | 89 | 8 | 37 | 37 | 2 | 49.8% | 15 |
| Q1 2019 | $99.1M | 83 | 7 | 41 | 30 | 5 | 48.3% | 36 |
| Q4 2018 | $89.4M | 81 | 0 | 0 | 0 | 0 | 48.7% | 87 |
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.