Marion Wealth Management
Reported holdings as of Q2 2026, from 19 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
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| VANGUARD SCOTTSDALE FDS | VCIT | $43.2M | 522,764 | -0.08pp | 19q | +8.1%+$3.2M | |
| ISHARES TR | IEFA | $33.2M | 343,708 | -0.05pp | 16q | +1.4%+$456.7K | |
| ISHARES INC | IEMG | $21.6M | 261,219 | +0.13pp | 19q | -5.5%-$1.3M | |
| VANGUARD INDEX FDS | VOT | $19.2M | 62,783 | +0.47pp | 19q | +4.0%+$736.6K | |
| WISDOMTREE TR | DON | $18.0M | 317,689 | +0.16pp | 19q | +5.9%+$1.0M | |
| UBS AG LONDON BRANCH | MLPB | $17.2M | 598,326 | -0.37pp | 19q | -0.7%-$116.3K | |
| INVESCO ACTVELY MNGD ETC FD | PDBC | $17.1M | 1,073,833 | -0.79pp | 19q | -3.2%-$571.3K | |
| VANGUARD WHITEHALL FDS | VWOB | $13.8M | 205,098 | -0.12pp | 16q | +2.1%+$290.1K | |
| VANGUARD SCOTTSDALE FDS | VGIT | $12.0M | 203,139 | +0.13pp | 11q | +16.0%+$1.7M | |
| APPLE INC | AAPL | $11.8M | 40,913 | +0.20pp | 19q | +4.1%+$464.4K | |
| VANGUARD INDEX FDS | VBK | $11.8M | 32,271 | +0.22pp | 19q | -1.0%-$121.8K | |
| ISHARES TR | IWN | $11.4M | 51,511 | +0.13pp | 19q | -1.1%-$125.9K | |
| VANGUARD SCOTTSDALE FDS | VCSH | $10.5M | 132,681 | -0.59pp | 19q | -14.5%-$1.8M | |
| INVESCO EXCHANGE TRADED FD T | PRF | $9.3M | 171,946 | +0.09pp | 19q | +0.6%+$53.2K | |
| SPDR SERIES TRUST | SPYG | $9.1M | 76,215 | +0.19pp | 19q | HELD | |
| VANGUARD SCOTTSDALE FDS | VMBS | $8.2M | 175,588 | -0.02pp | 11q | +8.0%+$611.9K | |
| DBX ETF TR | HYLB | $7.2M | 196,640 | -0.05pp | 16q | +4.2%+$287.8K | |
| ANALOG DEVICES INC | ADI | $7.1M | 17,944 | +0.08pp | 19q | -7.4%-$572.3K | |
| VANGUARD WORLD FD | VGT | $7.1M | 59,151 | +0.26pp | 19q | +676.6%+$6.2M | |
| FIRST TR EXCH TRADED FD III | FPE | $7.0M | 390,957 | -0.06pp | 11q | +3.5%+$235.8K | |
| VANGUARD SCOTTSDALE FDS | VCLT | $6.6M | 88,051 | -0.07pp | 11q | +3.1%+$198.8K | |
| ALPHABET INC | GOOGL | $6.5M | 18,179 | +0.07pp | 19q | -7.1%-$496.0K | |
| MICROSOFT CORP | MSFT | $6.3M | 16,999 | -0.08pp | 19q | +1.7%+$107.4K | |
| ISHARES TR | SGOV | $5.2M | 51,378 | -0.03pp | 11q | +5.6%+$276.1K | |
| JPMORGAN CHASE & CO | JPM | $5.1M | 15,540 | +0.04pp | 19q | +2.2%+$110.6K | |
| VANGUARD SCOTTSDALE FDS | VGSH | $4.9M | 84,523 | -0.25pp | 11q | -12.2%-$680.8K | |
| ELI LILLY & CO | LLY | $4.5M | 3,761 | +0.17pp | 11q | +2.7%+$119.9K | |
| META PLATFORMS INC | META | $4.3M | 7,668 | -0.07pp | 19q | +2.4%+$103.1K | |
| AMAZON COM INC | AMZN | $4.1M | 17,323 | +0.06pp | 19q | +2.8%+$113.9K | |
| NVIDIA CORPORATION | NVDA | $3.8M | 19,035 | flat | 19q | -5.4%-$217.1K | |
| ISHARES TR | IBB | $3.7M | 19,709 | +0.01pp | 19q | -2.1%-$82.2K | |
| SALESFORCE INC | CRM | $3.5M | 22,482 | -0.05pp | 10q | +20.9%+$608.2K | |
| SELECT SECTOR SPDR TR | XLV | $3.4M | 21,151 | +0.01pp | 19q | +2.4%+$78.2K | |
| MASTERCARD INCORPORATED | MA | $3.3M | 6,488 | flat | 19q | +5.8%+$182.3K | |
| SELECT SECTOR SPDR TR | XLC | $3.3M | 30,976 | -0.08pp | 19q | +1.1%+$36.1K | |
| SELECT SECTOR SPDR TR | XLY | $3.2M | 27,391 | flat | 19q | +1.0%+$33.3K | |
| QUANTA SVCS INC | PWR | $3.1M | 4,316 | +0.05pp | 11q | -9.7%-$334.8K | |
| TJX COS INC NEW | TJX | $3.1M | 20,233 | -0.10pp | 11q | -0.6%-$19.1K | |
| QUEST DIAGNOSTICS INC | DGX | $3.0M | 14,390 | +0.02pp | 5q | +3.2%+$94.7K | |
| PROFESIONALLY MANAGED PORTFO | AKRE | $2.9M | 54,031 | -0.06pp | 3q | -1.3%-$38.7K | |
| ACCENTURE PLC IRELAND | ACN | $2.9M | 23,008 | -0.27pp | 19q | +25.4%+$580.5K | |
| STARBUCKS CORP | SBUX | $2.9M | 28,005 | +0.54pp | 19q | +1099.9%+$2.6M | |
| HOME DEPOT INC | HD | $2.8M | 7,884 | +0.02pp | 19q | +5.9%+$154.8K | |
| BLACKROCK INC | BLK | $2.7M | 2,841 | -0.02pp | 7q | +4.9%+$127.9K | |
| CBOE GLOBAL MKTS INC | CBOE | $2.7M | 10,976 | -0.15pp | 19q | -0.7%-$18.2K | |
| COSTCO WHOLESALE CORPORATION | COST | $2.6M | 2,765 | -0.06pp | 16q | +4.3%+$106.6K | |
| BLACKSTONE INC | BX | $2.6M | 21,842 | -0.01pp | 17q | +4.7%+$115.0K | |
| MCKESSON CORP | MCK | $2.6M | 3,377 | -0.08pp | 5q | +8.4%+$198.7K | |
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $2.4M | 1,777 | +0.24pp | 17q | HELD | |
| DEERE & CO | DE | $2.4M | 3,812 | +0.01pp | 19q | -0.8%-$19.0K | |
| PHILLIPS 66 | PSX | $2.2M | 13,302 | -0.10pp | 19q | -3.1%-$71.5K | |
| COCA COLA CO | KO | $2.2M | 27,241 | +0.01pp | 10q | +3.6%+$76.6K | |
| SELECT SECTOR SPDR TR | XLI | $2.2M | 11,818 | +0.02pp | 19q | -1.0%-$22.8K | |
| T-MOBILE US INC | TMUS | $2.2M | 12,921 | -0.09pp | 5q | +12.3%+$237.5K | |
| PROCTER & GAMBLE CO | PG | $2.1M | 14,602 | flat | 16q | +6.5%+$131.1K | |
| SELECT SECTOR SPDR TR | XLE | $2.1M | 38,996 | -0.11pp | 19q | -1.2%-$25.0K | |
| EOG RES INC | EOG | $2.0M | 15,337 | -0.08pp | 19q | +0.6%+$10.9K | |
| CATERPILLAR INC | CAT | $2.0M | 1,847 | +0.11pp | 19q | HELD | |
| ALPHABET INC | GOOG | $1.9M | 5,383 | +0.01pp | 12q | -9.3%-$195.4K | |
| FLEXSTEEL INDS INC | FLXS | $1.9M | 25,525 | +0.05pp | 17q | -25.2%-$640.5K | |
| UNION PAC CORP | UNP | $1.9M | 6,873 | +0.02pp | 19q | +1.2%+$21.8K | |
| VANGUARD WORLD FD | VDC | $1.9M | 8,213 | -0.02pp | 19q | +2.4%+$43.1K | |
| BROADCOM INC | AVGO | $1.8M | 4,817 | +0.01pp | 10q | -8.4%-$167.7K | |
| ORACLE CORP | ORCL | $1.8M | 12,411 | -0.04pp | 13q | -2.3%-$42.5K | |
| CONOCOPHILLIPS | COP | $1.8M | 17,374 | -0.14pp | 17q | HELD | |
| NEXTERA ENERGY INC | NEE | $1.8M | 20,397 | -0.06pp | 19q | -0.7%-$12.5K | |
| PNC FINL SVCS GROUP INC | PNC | $1.8M | 7,213 | +0.02pp | 17q | -1.6%-$28.6K | |
| LINDE PLC | LIN | $1.7M | 3,285 | -0.01pp | 5q | HELD | |
| VANGUARD SCOTTSDALE FDS | VGLT | $1.7M | 30,475 | -0.02pp | 11q | +3.8%+$61.5K | |
| VULCAN MATLS CO | VMC | $1.6M | 5,545 | flat | 7q | -0.9%-$14.8K | |
| UNITED PARCEL SVCS INC | UPS | $1.6M | 14,946 | -0.06pp | 19q | -16.5%-$317.0K | |
| FIRST TR EXCHANGE-TRADED FD | IGLD | $1.6M | 76,289 | -0.09pp | 11q | +3.4%+$53.0K | |
| J P MORGAN EXCHANGE TRADED F | JMUB | $1.5M | 30,521 | -0.02pp | 11q | HELD | |
| AMERICAN ELEC PWR CO INC | AEP | $1.5M | 11,053 | flat | 6q | +4.3%+$62.1K | |
| NORTHROP GRUMMAN CORP | NOC | $1.5M | 2,926 | -0.13pp | 19q | +2.8%+$40.7K | |
| SPDR SERIES TRUST | BIL | $1.5M | 16,219 | +0.01pp | 3q | +11.3%+$151.3K | |
| ISHARES TR | IVV | $1.4M | 1,915 | flat | 19q | -4.2%-$62.9K | |
| EQUINIX INC | EQIX | $1.4M | 1,353 | -0.01pp | 19q | HELD | |
| VANGUARD INDEX FDS | VUG | $1.4M | 15,846 | +0.02pp | 19q | +484.9%+$1.1M | |
| ARISTA NETWORKS INC PUT | ANET | $1.2M | 6,260 | +0.07pp | 4q | -3.3%-$42.2K | |
| AMERICAN TOWER CORP | AMT | $1.2M | 7,053 | -0.02pp | 19q | +4.6%+$50.4K | |
| J P MORGAN EXCHANGE TRADED F | JMST | $1.0M | 20,326 | +0.02pp | 9q | +21.7%+$184.5K | |
| VANGUARD INDEX FDS | VBR | $1.0M | 4,261 | +0.01pp | 5q | HELD | |
| PALO ALTO NETWORKS INC CALL | PANW | $1.0M | 2,847 | +0.10pp | 8q | +2.2%+$21.5K | |
| DICKS SPORTING GOODS INC | DKS | $947.6K | 4,178 | +0.09pp | 7q | +75.3%+$407.1K | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $867.9K | 15,366 | -0.03pp | 13q | -5.7%-$52.1K | |
| EXXON MOBIL CORP | XOMXXXX | $841.7K | 6,156 | -0.08pp | 16q | -6.9%-$62.8K | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $834.5K | 1,187 | +0.02pp | 15q | +6.6%+$51.3K | |
| ISHARES TR | AOA | $825.1K | 8,454 | +0.01pp | 15q | +4.6%+$36.3K | |
| APPLIED MATLS INC | AMAT | $731.3K | 1,011 | +0.07pp | 3q | +3.5%+$24.6K | |
| VANGUARD BD INDEX FDS | BND | $701.1K | 9,551 | -0.01pp | 11q | +5.0%+$33.4K | |
| SPDR SERIES TRUST | SPIB | $678.9K | 20,290 | -0.01pp | 17q | +3.8%+$24.6K | |
| CONSTELLATION ENERGY CORP | CEG | $650.2K | 2,618 | -0.02pp | 10q | +6.7%+$40.7K | |
| INTEL CORP | INTC | $643.7K | 4,610 | +0.09pp | 3q | HELD | |
| VANGUARD INDEX FDS | VO | $592.0K | 7,348 | flat | 5q | +300.0%+$444.0K | |
| WISDOMTREE TR | HEDJ | $583.2K | 10,232 | flat | 3q | HELD | |
| ISHARES TR | EFA | $546.3K | 5,259 | -0.01pp | 10q | -4.8%-$27.6K | |
| CSX CORP | CSX | $539.0K | 11,340 | +0.01pp | 17q | HELD | |
| FIRST TR EXCHANGE-TRADED FD | KNG | $527.9K | 10,454 | flat | 11q | +2.6%+$13.2K | |
| GE AEROSPACE | GE | $516.5K | 1,382 | +0.03pp | 5q | +11.3%+$52.3K | |
| SPDR SERIES TRUST | SPSB | $485.2K | 16,167 | -0.01pp | 19q | HELD | |
| WISDOMTREE TR | DLN | $478.4K | 4,967 | flat | 19q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JEPQ | $437.1K | 7,112 | -0.01pp | 13q | -15.3%-$78.9K | |
| FOSTER L B CO | FSTR | $433.3K | 9,593 | +0.03pp | 5q | HELD | |
| JOHNSON & JOHNSON | JNJ | $426.9K | 1,681 | flat | 8q | HELD | |
| SNOWFLAKE INC | SNOW | $417.9K | 1,642 | - | new | NEW | |
| UNITED RENTALS INC | URI | $414.8K | 366 | +0.03pp | 8q | +6.1%+$23.8K | |
| GE VERNOVA INC | GEV | $411.4K | 350 | - | new | NEW | |
| CAPITAL ONE FINL CORP | COF | $399.8K | 1,993 | flat | 19q | HELD | |
| ADVANCED MICRO DEVICES INC | AMD | $395.0K | 680 | - | new | NEW | |
| WALMART INC | WMT | $385.5K | 3,404 | -0.02pp | 10q | HELD | |
| SPDR SERIES TRUST | SPMD | $383.6K | 5,678 | flat | 14q | -0.6%-$2.4K | |
| VANGUARD INDEX FDS | VTV | $382.9K | 1,757 | flat | 19q | -7.4%-$30.7K | |
| VISA INC | V | $379.5K | 1,106 | +0.01pp | 7q | +7.9%+$27.8K | |
| AMGEN INC | AMGN | $371.2K | 1,025 | flat | 17q | HELD | |
| VERIZON COMMUNICATIONS INC | VZ | $366.9K | 8,665 | -0.01pp | 19q | +9.9%+$32.9K | |
| ISHARES TR | EEM | $332.3K | 4,858 | +0.01pp | 8q | HELD | |
| AMPLIFY ETF TR | IDVO | $330.0K | 7,857 | +0.02pp | 2q | +37.0%+$89.0K | |
| COHERENT CORP | COHR | $313.2K | 794 | +0.02pp | 2q | -13.0%-$46.9K | |
| ISHARES U S ETF TR | COMT | $300.2K | 9,886 | -0.02pp | 7q | -4.9%-$15.4K | |
| BELDEN INC | BDC | $299.8K | 2,500 | flat | 14q | HELD | |
| SPDR SERIES TRUST | SPYV | $296.4K | 4,875 | flat | 13q | HELD | |
| ROBINHOOD MKTS INC | HOOD | $293.2K | 2,924 | - | new | NEW | |
| PPG INDS INC | PPG | $289.9K | 2,390 | flat | 16q | HELD | |
| WASTE MGMT INC DEL | WM | $287.7K | 1,291 | flat | 4q | +15.0%+$37.4K | |
| GENERAL DYNAMICS CORP | GD | $285.2K | 805 | - | new | NEW | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $281.7K | 563 | flat | 2q | HELD | |
| SELECT SECTOR SPDR TR | XLF | $281.6K | 5,252 | flat | 19q | HELD | |
| FORTINET INC | FTNT | $278.1K | 1,810 | - | new | NEW | |
| ISHARES TR | MUB | $277.3K | 2,577 | flat | 4q | HELD | |
| QUALCOMM INC | QCOM | $277.2K | 1,500 | - | new | NEW | |
| DEXCOM INC | DXCM | $276.0K | 4,098 | - | new | NEW | |
| ISHARES TR | SUB | $273.2K | 2,566 | - | new | NEW | |
| CAPITAL GRP FIXED INCM ETF T | CGIB | $272.5K | 10,672 | flat | 3q | HELD | |
| UBER TECHNOLOGIES INC | UBER | $268.7K | 3,724 | +0.01pp | 4q | +20.7%+$46.0K | |
| NETAPP INC | NTAP | $267.1K | 1,726 | - | new | NEW | |
| BLACKROCK ETF TRUST II | HIMU | $263.2K | 5,286 | +0.01pp | 3q | +17.3%+$38.9K | |
| EXELON CORP | EXC | $254.7K | 5,463 | -0.01pp | 8q | HELD | |
| S&P GLOBAL INC | SPGI | $253.8K | 623 | flat | 3q | +20.7%+$43.6K | |
| NEW YORK TIMES CO MTN BE | NYT | $244.5K | 3,494 | - | new | NEW | |
| INVESCO QQQ TR | QQQ | $243.8K | 331 | - | new | NEW | |
| SPDR SERIES TRUST | SPSM | $242.3K | 4,201 | flat | 4q | -3.0%-$7.4K | |
| NETFLIX INC | NFLX | $236.3K | 3,310 | -0.04pp | 7q | -23.2%-$71.4K | |
| INVESCO EXCH TRADED FD TR II | VRP | $233.7K | 9,615 | flat | 19q | HELD | |
| EATON CORP PLC | ETN | $233.1K | 547 | - | new | NEW | |
| NATIONAL FUEL GAS CO | NFG | $232.6K | 3,013 | -0.02pp | 6q | HELD | |
| MICRON TECHNOLOGY INC | MU | $221.6K | 192 | - | new | NEW | |
| ISHARES TR | IWR | $213.9K | 1,939 | flat | 5q | -11.4%-$27.5K | |
| INVESCO CURRENCYSHARES EURO | FXE | $212.4K | 2,014 | flat | 2q | HELD | |
| CVS HEALTH CORP | CVS | $211.6K | 2,045 | - | new | NEW | |
| PUBLIC SVC ENTERPRISE GROUP | PEG | $211.0K | 2,600 | flat | 8q | HELD | |
| SPDR SERIES TRUST | SDY | $208.6K | 1,371 | - | new | NEW | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $205.4K | 430 | - | new | NEW | |
| SERVICENOW INC | NOW | $205.3K | 2,068 | -0.01pp | 5q | -7.3%-$16.2K | |
| PUTNAM ETF TRUST | FTNJ | $201.2K | 22,753 | - | new | NEW | |
| TRULIEVE CANNABIS CORP | TRLV | $98.3K | 10,000 | - | new | NEW |
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 |
|---|---|---|
| Software & IT Services | $25.0M | 5.1% |
| Banks & Lending | $24.5M | 5.0% |
| Retail & Consumer | $16.8M | 3.4% |
| Semiconductors & Electronics | $16.2M | 3.3% |
| Computer Hardware | $14.6M | 3.0% |
| Capital Markets | $8.5M | 1.7% |
| Business Services | $7.5M | 1.5% |
| Other sectors | $54.8M | 11.2% |
| Not classified | $323.7M | 65.9% |
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 | +6.1% | +14.8% | -8.8% | 100% |
| Q1 2026 | +0.5% | -4.6% | +5.1% | 98% |
| Q4 2025 | +0.7% | +2.4% | -1.7% | 100% |
| Q3 2025 | +4.7% | +7.8% | -3.2% | 100% |
| Q2 2025 | +4.6% | +10.5% | -5.8% | 100% |
| Q1 2025 | -1.2% | -4.6% | +3.4% | 100% |
| Q4 2024 | -1.9% | +2.1% | -4.0% | 100% |
| Q3 2024 | +5.3% | +5.4% | -0.1% | 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 | $491.5M | 156 | 19 | 65 | 41 | 6 | 42.1% | 16 |
| Q1 2026 | $451.3M | 143 | 7 | 59 | 44 | 8 | 43.0% | 42 |
| Q4 2025 | $450.0M | 144 | 10 | 80 | 20 | 2 | 43.1% | 26 |
| Q3 2025 | $421.6M | 136 | 8 | 58 | 21 | 3 | 43.2% | 10 |
| Q2 2025 | $399.5M | 131 | 12 | 71 | 19 | 9 | 43.9% | 36 |
| Q1 2025 | $374.4M | 128 | 3 | 65 | 38 | 7 | 44.2% | 8 |
| Q4 2024 | $377.1M | 132 | 12 | 74 | 12 | 6 | 42.4% | 13 |
| Q3 2024 | $375.0M | 126 | 9 | 89 | 10 | 2 | 43.2% | 7 |
| Q2 2024 | $340.5M | 119 | 2 | 77 | 17 | 4 | 43.6% | 9 |
| Q1 2024 | $335.0M | 121 | 7 | 61 | 24 | 4 | 43.9% | 8 |
| Q4 2023 | $312.8M | 118 | 22 | 44 | 39 | 13 | 42.5% | 10 |
| Q3 2023 | $284.0M | 109 | 4 | 74 | 11 | 1 | 49.1% | 18 |
| Q2 2023 | $281.5M | 106 | 6 | 69 | 13 | 5 | 49.1% | 24 |
| Q1 2023 | $268.1M | 105 | 6 | 68 | 11 | 3 | 50.1% | 24 |
| Q4 2022 | $237.2M | 102 | 4 | 76 | 12 | 3 | 48.6% | 19 |
| Q3 2022 | $194.8M | 101 | 7 | 69 | 15 | 6 | 50.6% | 41 |
| Q2 2022 | $190.9M | 100 | 15 | 51 | 24 | 10 | 44.3% | 27 |
| Q1 2022 | $204.8M | 95 | 0 | 60 | 14 | 2 | 47.4% | 8 |
| Q4 2021 | $211.0M | 97 | 0 | 0 | 0 | 0 | 46.7% | 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.