MRA Advisory Group
Reported holdings as of Q3 2026, from 24 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| PIMCO ETF TR | BOND | $17.0M | 195,843 | +2.37pp | 6q | +63.4%+$6.6M | |
| INVESCO EXCHANGE TRADED FD T | DJD | $15.7M | 250,046 | +0.07pp | 18q | -1.1%-$173.0K | |
| SSGA ACTIVE ETF TR | SRLN | $15.0M | 372,258 | +1.83pp | 15q | +43.4%+$4.6M | |
| JANUS DETROIT STR TR | JAAA | $15.0M | 296,425 | +1.07pp | 6q | +19.8%+$2.5M | |
| VANGUARD INTL EQUITY INDEX F | VGK | $13.1M | 150,580 | -1.48pp | 6q | -24.1%-$4.1M | |
| ISHARES TR | IVV | $8.7M | 11,372 | +0.14pp | 17q | -1.1%-$101.1K | |
| FIRST TR EXCHANGE-TRADED FD | LMBS | $8.3M | 170,684 | +0.42pp | 24q | +15.2%+$1.1M | |
| DIREXION SHARES ETF TRUST | QQQE | $8.0M | 66,597 | -0.22pp | 14q | -8.4%-$734.8K | |
| VANGUARD WHITEHALL FDS | VWOB | $7.2M | 114,604 | +0.59pp | 3q | +31.9%+$1.8M | |
| SPDR SERIES TRUST | KBE | $7.1M | 112,569 | -0.12pp | 4q | HELD | |
| ISHARES TR | ITA | $7.1M | 34,109 | -0.69pp | 19q | -10.1%-$797.0K | |
| VANGUARD WORLD FD | VDC | $6.6M | 30,215 | - | new | NEW | |
| INVESCO EXCH TRADED FD TR II | SPMO | $6.1M | 40,320 | - | new | NEW | |
| NVIDIA CORPORATION | NVDA | $6.0M | 26,409 | +1.47pp | 12q | +144.2%+$3.6M | |
| SELECT SECTOR SPDR TR | XLE | $5.4M | 87,995 | +0.41pp | 5q | +5.2%+$265.1K | |
| ISHARES TR | ISCG | $5.2M | 84,769 | -0.69pp | 3q | -23.5%-$1.6M | |
| MICROSOFT CORP | MSFT | $4.9M | 9,551 | +0.74pp | 24q | +17.9%+$743.7K | |
| APPLE INC | AAPL | $4.9M | 14,618 | +0.25pp | 24q | -2.5%-$124.9K | |
| ISHARES INC | EWY | $4.6M | 25,280 | -1.77pp | 5q | -47.1%-$4.1M | |
| META PLATFORMS INC | META | $4.6M | 6,350 | +1.10pp | 14q | +108.3%+$2.4M | |
| GLOBAL X FDS | PAVE | $4.5M | 86,434 | -0.16pp | 8q | -0.8%-$38.0K | |
| FIRST TR EXCHANGE TRADED FD | AIRR | $4.3M | 41,943 | -0.38pp | 22q | +1.3%+$53.9K | |
| VANGUARD WORLD FD | VPU | $4.3M | 25,244 | -0.10pp | 8q | +4.5%+$184.0K | |
| AMAZON COM INC | AMZN | $4.1M | 16,600 | +0.29pp | 24q | +13.8%+$501.8K | |
| ALPHABET INC | GOOGL | $3.5M | 10,065 | +1.08pp | 24q | +509.3%+$2.9M | |
| BLOOM ENERGY CORP | BE | $2.6M | 9,373 | -0.15pp | 4q | -8.1%-$227.9K | |
| EATON VANCE TAX ADVT DIV INC | EVT | $2.5M | 89,773 | +0.04pp | 24q | +0.7%+$17.8K | |
| LUMENTUM HLDGS INC | LITE | $2.2M | 2,296 | +0.20pp | 6q | +13.0%+$256.4K | |
| GUARDANT HEALTH INC | GH | $2.2M | 12,218 | +0.16pp | 7q | +1.6%+$34.2K | |
| DIGITALOCEAN HLDGS INC | DOCN | $1.8M | 13,570 | +0.15pp | 2q | +46.0%+$570.0K | |
| DBX ETF TR | HYDW | $1.7M | 36,288 | -0.01pp | 4q | -1.9%-$31.5K | |
| PGIM ETF TR | PHYL | $1.6M | 48,949 | -0.02pp | 4q | -1.7%-$28.2K | |
| BROADCOM INC | AVGO | $1.6M | 4,536 | -0.05pp | 20q | -3.4%-$55.8K | |
| ASTERA LABS INC | ALAB | $1.5M | 4,299 | -0.06pp | 2q | +19.6%+$251.0K | |
| VERTIV HOLDINGS CO | VRT | $1.5M | 6,172 | -0.08pp | 7q | +17.8%+$225.4K | |
| ENPRO INC | NPO | $1.5M | 4,860 | -0.11pp | 19q | HELD | |
| PIMCO DYNAMIC INCOME FD | PDI | $1.4M | 100,739 | -0.06pp | 24q | +2.7%+$37.3K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $1.3M | 1,685 | +0.03pp | 24q | +1.0%+$13.0K | |
| WALMART INC | WMT | $1.3M | 12,094 | -0.35pp | 17q | -39.1%-$807.6K | |
| JPMORGAN CHASE & CO | JPM | $1.2M | 3,752 | +0.11pp | 24q | +27.1%+$265.0K | |
| UNITEDHEALTH GROUP INC | UNH | $1.1M | 3,122 | +0.06pp | 24q | +29.0%+$257.3K | |
| VIASAT INC | VSAT | $1.1M | 16,052 | +0.22pp | 2q | +163.4%+$700.9K | |
| AXON ENTERPRISE INC CALL | AXON | $1.1M | 2,074 | -0.10pp | 17q | +3.4%+$35.7K | |
| CATERPILLAR INC | CAT | $1.1M | 1,322 | -0.11pp | 24q | HELD | |
| ALPHABET INC | GOOG | $1.1M | 3,102 | -0.49pp | 15q | -55.2%-$1.3M | |
| ELI LILLY & CO | LLY | $994.0K | 859 | +0.25pp | 12q | +194.2%+$656.1K | |
| MODINE MFG CO | MOD | $993.0K | 5,304 | -0.05pp | 6q | +22.7%+$183.8K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $980.7K | 5,243 | +0.14pp | 8q | HELD | |
| CREDO TECHNOLOGY GROUP HOLDI | CRDO | $931.8K | 4,784 | -0.18pp | 2q | -11.5%-$121.0K | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $918.7K | 16,341 | +0.01pp | 15q | HELD | |
| EXXONMOBIL HOLDINGS CORP COM SHS | XOM | $860.9K | 5,290 | - | new | NEW | |
| BRIGHTSPRING HEALTH SVCS INC | BTSG | $857.3K | 15,107 | flat | 2q | +18.5%+$133.9K | |
| PUBLIC SVC ENTERPRISE GROUP | PEG | $845.8K | 12,560 | -0.05pp | 24q | HELD | |
| VICTORIAS SECRET AND CO | VSXY | $769.6K | 8,700 | - | new | NEW | |
| HINGE HEALTH INC | HNGE | $754.9K | 7,763 | - | new | NEW | |
| ISHARES TR | QUAL | $743.5K | 3,346 | -3.89pp | 24q | -93.6%-$10.9M | |
| HALOZYME THERAPEUTICS INC | HALO | $741.1K | 6,713 | - | new | NEW | |
| FORMFACTOR INC | FORM | $740.8K | 4,961 | +0.04pp | 2q | +20.5%+$126.2K | |
| VERIZON COMMUNICATIONS INC | VZ | $734.8K | 16,020 | +0.04pp | 24q | +2.6%+$18.8K | |
| GE VERNOVA INC | GEV | $712.1K | 749 | -0.11pp | 2q | -14.7%-$122.7K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $704.2K | 1,544 | - | new | NEW | |
| XOMETRY INC | XMTR | $681.4K | 6,625 | - | new | NEW | |
| PROVIDENT FINL SVCS INC | PFS | $661.5K | 29,867 | -0.01pp | 3q | +1.0%+$6.6K | |
| SITIME CORP | SITM | $619.1K | 950 | - | new | NEW | |
| MERCK & CO INC | MRK | $614.2K | 4,227 | +0.02pp | 24q | -4.4%-$28.0K | |
| HANCOCK JOHN TAX-ADVANTAGED | HTD | $611.9K | 27,586 | -0.03pp | 24q | HELD | |
| AMGEN INC | AMGN | $607.5K | 1,441 | -0.33pp | 10q | -66.1%-$1.2M | |
| ABBVIE INC | ABBV | $581.7K | 2,224 | -0.50pp | 24q | -71.8%-$1.5M | |
| INVESCO QQQ TR | QQQ | $574.2K | 776 | +0.01pp | 14q | HELD | |
| VANECK ETF TRUST | SMH | $571.2K | 938 | -0.02pp | 9q | -4.7%-$28.0K | |
| ADVANCED ENERGY INDS | AEIS | $567.7K | 2,014 | -0.03pp | 2q | +11.4%+$58.1K | |
| ALTRIA GROUP INC | MO | $565.0K | 8,390 | -0.55pp | 2q | -71.3%-$1.4M | |
| ELANCO ANIMAL HEALTH INC | ELAN | $557.6K | 24,905 | -0.07pp | 2q | -21.0%-$147.9K | |
| AMPHENOL CORP | APH | $552.9K | 6,559 | -0.11pp | 6q | +31.2%+$131.6K | |
| NETFLIX INC | NFLX | $547.1K | 7,863 | +0.13pp | 12q | +162.8%+$338.9K | |
| CHEVRON CORPORATION | CVX | $541.1K | 2,650 | -0.38pp | 22q | -72.7%-$1.4M | |
| COCA COLA CO | KO | $527.1K | 6,123 | -0.36pp | 16q | -67.7%-$1.1M | |
| FIRST TR EXCHANGE-TRADED FD | FTSL | $514.5K | 11,544 | +0.01pp | 14q | HELD | |
| LOCKHEED MARTIN CORP | LMT | $506.1K | 994 | -0.01pp | 19q | -8.1%-$44.8K | |
| MICRON TECHNOLOGY INC | MU | $504.2K | 473 | - | new | NEW | |
| ISHARES TR | IYH | $496.6K | 6,939 | +0.02pp | 24q | HELD | |
| JOHNSON & JOHNSON | JNJ | $489.7K | 1,850 | +0.01pp | 24q | HELD | |
| ISHARES TR | DSI | $465.1K | 3,182 | +0.01pp | 12q | +1.8%+$8.0K | |
| VISA INC | V | $461.5K | 1,284 | +0.01pp | 24q | HELD | |
| WELLS FARGO & CO | WFC | $461.2K | 5,762 | - | new | NEW | |
| HOME DEPOT INC | HD | $457.9K | 1,609 | -0.39pp | 24q | -63.5%-$797.6K | |
| MASTERCARD INCORPORATED | MA | $426.0K | 773 | -0.02pp | 13q | -21.0%-$113.5K | |
| PROCTER & GAMBLE CO | PG | $419.7K | 2,889 | - | new | NEW | |
| ANALOG DEVICES INC | ADI | $410.1K | 1,034 | flat | 10q | HELD | |
| APPLIED DIGITAL CORP | APLD | $407.4K | 16,717 | -0.07pp | 5q | +2.4%+$9.7K | |
| MONDELEZ INTL INC | MDLZ | $407.3K | 7,045 | flat | 24q | HELD | |
| ISHARES TR | IVW | $392.1K | 2,756 | +0.01pp | 12q | HELD | |
| OKLO INC | OKLO | $384.3K | 10,382 | -0.05pp | 7q | -0.6%-$2.4K | |
| SPDR SERIES TRUST | SPYX | $384.2K | 6,149 | +0.01pp | 12q | HELD | |
| CISCO SYS INC | CSCO | $372.7K | 3,463 | -0.62pp | 4q | -80.7%-$1.6M | |
| UNITED PARCEL SVCS INC | UPS | $368.8K | 3,947 | -0.04pp | 24q | -13.7%-$58.3K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $365.1K | 1,660 | -0.03pp | 18q | HELD | |
| AUTOMATIC DATA PROCESSING IN | ADP | $359.0K | 1,391 | - | new | NEW | |
| BRISTOL-MYERS SQUIBB CO | BMY | $352.3K | 5,646 | -0.36pp | 2q | -76.1%-$1.1M | |
| PROGRESSIVE CORP | PGR | $352.1K | 1,699 | flat | 13q | HELD | |
| ISHARES TR | SHYG | $351.3K | 8,516 | flat | 24q | +0.5%+$1.9K | |
| CHUBB LIMITED | CB | $348.8K | 1,072 | - | new | NEW | |
| NORTHERN LTS FD TR IV | IBD | $343.2K | 14,923 | flat | 3q | +1.3%+$4.5K | |
| KRATOS DEFENSE & SEC SOLUTIO | KTOS | $339.4K | 7,950 | -0.02pp | 8q | -0.8%-$2.6K | |
| DEERE & CO | DE | $337.3K | 502 | +0.01pp | 7q | HELD | |
| COMCAST CORP NEW | CMCSA | $334.6K | 15,376 | +0.03pp | 9q | +51.1%+$113.2K | |
| SPDR INDEX SHS FDS | FEZ | $328.6K | 4,882 | -0.01pp | 5q | -5.8%-$20.2K | |
| GE AEROSPACE | GE | $325.7K | 1,043 | -0.32pp | 11q | -68.3%-$702.2K | |
| ABBOTT LABORATORIES | ABT | $323.8K | 3,276 | - | new | NEW | |
| NET POWER INC | NPWR | $320.2K | 214,893 | - | new | NEW | |
| PEPSICO INC | PEP | $313.9K | 2,477 | flat | 2q | +7.5%+$21.8K | |
| CONOCOPHILLIPS | COP | $303.1K | 2,422 | -0.29pp | 2q | -77.3%-$1.0M | |
| WISDOMTREE TR | WTAI | $293.1K | 6,709 | -0.01pp | 2q | HELD | |
| SPDR GOLD TR | GLD | $291.3K | 765 | +0.01pp | 5q | HELD | |
| NORTHERN LTS FD TR IV | PTL | $286.1K | 1,051 | -0.04pp | 5q | -24.9%-$95.0K | |
| INVESCO EXCHANGE TRADED FD T | PWV | $285.4K | 3,740 | flat | 22q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $284.6K | 313 | flat | 11q | +4.3%+$11.8K | |
| ADVANCED MICRO DEVICES INC | AMD | $282.0K | 461 | -0.03pp | 2q | -30.2%-$121.7K | |
| TEXAS INSTRS INC | TXN | $276.4K | 987 | -0.04pp | 2q | -28.0%-$107.3K | |
| AT&T INC | T | $271.8K | 11,137 | +0.02pp | 7q | +0.5%+$1.4K | |
| VANGUARD WHITEHALL FDS | VYM | $271.3K | 1,748 | flat | 24q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $268.1K | 538 | - | new | NEW | |
| QUALCOMM INC | QCOM | $267.7K | 1,455 | - | new | NEW | |
| GABELLI DIVID & INCOME TR | GDV | $262.1K | 9,266 | flat | 24q | +0.7%+$1.9K | |
| CALAMOS ETF TR | CAIQ | $239.8K | 9,158 | +0.02pp | 2q | +22.1%+$43.4K | |
| FRANKLIN TEMPLETON HOLDINGS | FGDL | $238.0K | 4,307 | flat | 4q | -7.5%-$19.4K | |
| PFIZER INC | PFE | $234.5K | 8,221 | +0.01pp | 5q | -9.9%-$25.9K | |
| FIRST TR EXCHANGE TRADED FD | FXL | $230.5K | 1,043 | flat | 2q | HELD | |
| ISHARES TR | USMV | $223.0K | 2,289 | flat | 3q | HELD | |
| RAYTHEON COMPANY | $220.9K | 1,190 | flat | 2q | HELD | ||
| ISHARES TR | IJR | $219.4K | 1,613 | flat | 3q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JEPQ | $218.9K | 3,573 | flat | 2q | +2.9%+$6.1K | |
| SPDR INDEX SHS FDS | QEFA | $216.7K | 4,046 | - | new | NEW | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $213.4K | 325 | flat | 3q | HELD | |
| INVESCO EXCH TRADED FD TR II | KBWB | $213.2K | 2,444 | flat | 2q | HELD | |
| TJX COS INC NEW | TJX | $211.7K | 1,600 | -0.02pp | 12q | -12.2%-$29.5K | |
| CITIGROUP INC | C | $209.9K | 1,621 | -0.41pp | 3q | -83.1%-$1.0M | |
| MARATHON PETE CORP | MPC | $205.5K | 520 | - | new | NEW | |
| EQUINIX INC | EQIX | $203.4K | 201 | flat | 2q | HELD | |
| LAM RESEARCH CORP | LRCX | $200.4K | 610 | -0.03pp | 3q | -4.5%-$9.5K | |
| BLACKROCK CORPOR HI YLD FD I | HYT | $193.8K | 24,714 | -0.01pp | 24q | -1.2%-$2.3K | |
| CALAMOS GBL DYN INCOME FUND | CHW | $159.4K | 19,750 | flat | 11q | +1.4%+$2.2K | |
| WESTERN ASSET HIGH YIELD OPP | HYI | $129.7K | 13,153 | flat | 9q | +0.6% | |
| BLACKROCK CR ALLOCATION | BTZ | $124.0K | 13,317 | flat | 11q | +0.6% | |
| NUVEEN DYNAMIC MUN OPPORTUNI | NDMO | $115.8K | 13,095 | -0.01pp | 15q | +1.2%+$1.4K | |
| VOYA GLBL EQTY DIV & PREM OP | IGD | $106.9K | 17,290 | flat | 24q | +2.4%+$2.5K | |
| NEUBERGER HIGH YIELD ST FD I | NHS | $104.3K | 19,236 | flat | 9q | +1.2%+$1.2K | |
| WESTERN ASSET HIGH INCOM FD | HIX | $102.1K | 28,912 | flat | 14q | +4.0%+$3.9K | |
| MIDCAP FINANCIAL INVSTMNT CO | MFIC | $99.9K | 11,432 | flat | 5q | +2.2%+$2.2K | |
| LIBERTY ALL STAR EQUITY FD | USA | $86.8K | 15,041 | flat | 19q | +2.8%+$2.4K | |
| PIMCO STRATEGIC INCOME FD | RCS | $61.8K | 12,216 | flat | 21q | 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 |
|---|---|---|
| Semiconductors & Electronics | $22.7M | 8.5% |
| Software & IT Services | $18.3M | 6.9% |
| Funds & ETFs | $8.1M | 3.0% |
| Retail & Consumer | $7.1M | 2.7% |
| Computer Hardware | $5.6M | 2.1% |
| Biotech & Pharma | $5.5M | 2.1% |
| Other sectors | $24.8M | 9.3% |
| Not classified | $175.1M | 65.5% |
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 | +10.0% | +14.8% | -4.8% | 100% |
| Q1 2026 | -1.2% | -4.6% | +3.5% | 100% |
| Q4 2025 | +0.8% | +2.4% | -1.6% | 100% |
| Q3 2025 | +6.1% | +7.8% | -1.7% | 100% |
| Q2 2025 | +9.6% | +10.5% | -0.9% | 100% |
| Q1 2025 | -3.2% | -4.6% | +1.3% | 100% |
| Q4 2024 | +1.4% | +2.1% | -0.7% | 100% |
| Q3 2024 | +5.1% | +5.4% | -0.4% | 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 |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $267.2M | 151 | 20 | 54 | 46 | 26 | 43.1% | 7 |
| Q2 2026 | $275.8M | 157 | 39 | 49 | 46 | 22 | 41.8% | 8 |
| Q1 2026 | $245.3M | 140 | 12 | 75 | 20 | 7 | 42.4% | 22 |
| Q4 2025 | $238.2M | 135 | 13 | 58 | 44 | 18 | 49.2% | 16 |
| Q3 2025 | $229.3M | 140 | 14 | 50 | 53 | 11 | 54.0% | 38 |
| Q2 2025 | $213.5M | 137 | 28 | 53 | 37 | 21 | 55.8% | 8 |
| Q1 2025 | $187.4M | 130 | 30 | 43 | 39 | 23 | 58.0% | 11 |
| Q4 2024 | $188.7M | 123 | 21 | 49 | 38 | 17 | 56.7% | 14 |
| Q3 2024 | $182.9M | 119 | 15 | 40 | 40 | 8 | 58.0% | 4 |
| Q2 2024 | $174.9M | 112 | 17 | 39 | 36 | 11 | 58.4% | 37 |
| Q1 2024 | $167.5M | 106 | 15 | 44 | 35 | 16 | 57.2% | 33 |
| Q4 2023 | $151.7M | 107 | 23 | 41 | 31 | 34 | 56.4% | 43 |
| Q3 2023 | $140.1M | 118 | 13 | 57 | 36 | 31 | 34.3% | 39 |
| Q2 2023 | $145.3M | 136 | 17 | 47 | 54 | 15 | 37.7% | 17 |
| Q1 2023 | $138.6M | 134 | 41 | 37 | 41 | 12 | 37.4% | 13 |
| Q4 2022 | $127.2M | 105 | 8 | 42 | 37 | 4 | 41.1% | 33 |
| Q3 2022 | $117.4M | 101 | 8 | 69 | 13 | 11 | 43.4% | 14 |
| Q2 2022 | $114.4M | 104 | 10 | 29 | 43 | 19 | 40.7% | 39 |
| Q1 2022 | $131.8M | 113 | 13 | 45 | 31 | 19 | 44.4% | 40 |
| Q4 2021 | $129.3M | 119 | 14 | 59 | 25 | 19 | 34.8% | 33 |
| Q3 2021 | $117.7M | 124 | 12 | 51 | 28 | 11 | 29.6% | 28 |
| Q2 2021 | $116.6M | 123 | 24 | 32 | 51 | 7 | 32.2% | 29 |
| Q1 2021 | $106.2M | 106 | 13 | 47 | 28 | 10 | 35.2% | 34 |
| Q4 2020 | $101.7M | 103 | 0 | 0 | 0 | 0 | 35.0% | 32 |
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.