Cladis Investment Advisory, LLC
Reported holdings as of Q2 2026, from 19 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| APPLE INC | AAPL | $15.3M | 52,922 | -0.32pp | 19q | -1.1%-$174.5K | |
| NVIDIA CORPORATION | NVDA | $9.4M | 47,218 | -0.19pp | 16q | -1.7%-$160.3K | |
| GE VERNOVA INC | GEV | $5.7M | 4,825 | +0.33pp | 9q | HELD | |
| GE AEROSPACE | GE | $5.6M | 14,927 | +0.21pp | 19q | -2.6%-$149.5K | |
| AMAZON COM INC | AMZN | $5.1M | 21,335 | -0.06pp | 19q | HELD | |
| ELI LILLY & CO | LLY | $5.0M | 4,143 | +0.23pp | 19q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $4.9M | 10,300 | +0.38pp | 19q | HELD | |
| MICROSOFT CORP | MSFT | $4.4M | 11,911 | -0.24pp | 19q | +4.7%+$200.7K | |
| INVESCO QQQ TR | QQQ | $4.4M | 5,980 | +0.23pp | 19q | +3.8%+$161.3K | |
| CATERPILLAR INC | CAT | $4.2M | 3,938 | +0.30pp | 19q | -7.7%-$348.2K | |
| SELECT SECTOR SPDR TR | XLK | $4.1M | 21,616 | +0.37pp | 19q | +1.9%+$75.1K | |
| ADVANCED MICRO DEVICES INC | AMD | $4.1M | 7,055 | +1.01pp | 19q | -12.5%-$583.8K | |
| FIRST INTST BANCSYSTEM INC | FIBK | $3.2M | 83,865 | -0.05pp | 19q | -1.3%-$42.0K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $3.1M | 11,121 | -0.03pp | 19q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $3.0M | 3,198 | -0.36pp | 19q | HELD | |
| EXXON MOBIL CORP | XOMXXXX | $2.9M | 21,199 | -0.63pp | 19q | HELD | |
| ORACLE CORP | ORCL | $2.6M | 17,897 | +0.19pp | 3q | +40.0%+$749.9K | |
| VERTIV HOLDINGS CO | VRT | $2.6M | 7,635 | +0.12pp | 6q | -1.9%-$50.2K | |
| INTEL CORP | INTC | $2.5M | 17,705 | +0.57pp | 19q | -27.2%-$921.6K | |
| JPMORGAN CHASE & CO | JPM | $2.4M | 7,203 | -0.06pp | 19q | HELD | |
| DELL TECHNOLOGIES INC | DELL | $2.2M | 5,145 | +0.38pp | 8q | -29.7%-$936.3K | |
| NEXTERA ENERGY INC | NEE | $2.2M | 24,500 | -0.20pp | 19q | +4.3%+$87.8K | |
| VERIZON COMMUNICATIONS INC | VZ | $2.1M | 50,042 | -0.42pp | 19q | -2.1%-$46.4K | |
| SELECT SECTOR SPDR TR | XLE | $2.1M | 39,795 | -0.36pp | 19q | -0.6%-$13.3K | |
| ALPHABET INC | GOOG | $2.1M | 5,961 | +0.51pp | 19q | +100.0%+$1.1M | |
| QXO INC | QXO | $2.1M | 120,965 | -0.13pp | 5q | +16.8%+$300.8K | |
| EVERUS CONSTR GROUP | ECG | $2.1M | 12,543 | +0.16pp | 7q | HELD | |
| UBER TECHNOLOGIES INC | UBER | $2.0M | 28,286 | +0.21pp | 3q | +50.3%+$683.0K | |
| SNOWFLAKE INC | SNOW | $2.0M | 7,967 | +0.31pp | 18q | +2.9%+$57.8K | |
| UNITED PARCEL SVCS INC | UPS | $2.0M | 18,271 | -0.14pp | 19q | -6.6%-$139.6K | |
| SELECT SECTOR SPDR TR | XLF | $1.9M | 35,877 | -0.03pp | 19q | +5.4%+$98.1K | |
| UNITEDHEALTH GROUP INC | UNH | $1.9M | 4,599 | +0.11pp | 19q | -12.7%-$278.5K | |
| MERCK & CO INC | MRK | $1.8M | 14,225 | -0.08pp | 19q | +0.7%+$13.0K | |
| AT&T INC | T | $1.8M | 86,465 | -0.55pp | 19q | -0.7%-$12.4K | |
| KNIFE RIVER CORP | KNF | $1.8M | 21,267 | -0.15pp | 13q | -2.3%-$41.8K | |
| MICRON TECHNOLOGY INC | MU | $1.8M | 1,524 | +0.52pp | 5q | -5.9%-$109.7K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $1.7M | 2,314 | +0.15pp | 19q | +25.3%+$348.7K | |
| FTAI AVIATION LTD | FTAI | $1.6M | 6,000 | -0.12pp | 15q | -7.7%-$135.3K | |
| SELECT SECTOR SPDR TR | XLU | $1.6M | 35,754 | -0.11pp | 19q | +4.0%+$62.0K | |
| FORD MTR CO | F | $1.6M | 114,315 | -0.05pp | 19q | -8.2%-$141.7K | |
| NIKE INC | NKE | $1.6M | 38,637 | -0.12pp | 10q | +30.5%+$370.3K | |
| META PLATFORMS INC | META | $1.6M | 2,815 | -0.10pp | 19q | +5.7%+$85.1K | |
| DISNEY WALT CO | DIS | $1.6M | 16,139 | -0.13pp | 19q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $1.6M | 3,098 | -0.11pp | 19q | -1.6%-$25.0K | |
| VANGUARD WORLD FD | VFH | $1.5M | 11,755 | -0.06pp | 19q | HELD | |
| CROWDSTRIKE HLDGS INC | CRWD | $1.5M | 1,993 | +0.28pp | 19q | HELD | |
| PFIZER INC | PFE | $1.5M | 61,551 | -0.27pp | 19q | -0.8%-$12.0K | |
| GLACIER BANCORP INC NEW | GBCI | $1.5M | 28,298 | -0.01pp | 19q | HELD | |
| ISHARES TR | ARTY | $1.4M | 18,535 | +0.15pp | 6q | -6.4%-$96.0K | |
| NETFLIX INC | NFLX | $1.4M | 19,585 | -0.23pp | 14q | +17.5%+$208.5K | |
| WALMART INC | WMT | $1.4M | 12,211 | -0.19pp | 19q | HELD | |
| SELECT SECTOR SPDR TR | XLC | $1.4M | 12,817 | -0.09pp | 19q | +6.9%+$88.7K | |
| PALO ALTO NETWORKS INC | PANW | $1.3M | 3,870 | +0.30pp | 10q | +6.9%+$85.3K | |
| SELECT SECTOR SPDR TR | XLV | $1.2M | 7,805 | -0.02pp | 14q | +4.6%+$54.7K | |
| SPDR SERIES TRUST | KRE | $1.2M | 16,100 | -0.01pp | 6q | HELD | |
| STARBUCKS CORP | SBUX | $1.2M | 11,780 | -0.02pp | 5q | HELD | |
| PHILLIPS 66 | PSX | $1.2M | 7,079 | -0.15pp | 19q | HELD | |
| ONTERRIS INC | ONT | $1.1M | 56,800 | -0.10pp | 7q | +7.4%+$78.8K | |
| GE HEALTHCARE TECHNOLOGIES I | GEHC | $1.1M | 17,623 | -0.15pp | 14q | +2.7%+$29.1K | |
| DIMENSIONAL ETF TRUST | DFAS | $1.1M | 13,180 | +0.04pp | 19q | +10.3%+$100.9K | |
| HOME DEPOT INC | HD | $1.1M | 3,041 | -0.05pp | 19q | HELD | |
| GOLDMAN SACHS GROUP INC | GS | $1.0M | 1,030 | -0.04pp | 10q | -8.8%-$101.1K | |
| ISHARES TR | IBB | $984.2K | 5,175 | -0.03pp | 10q | -1.9%-$19.0K | |
| WELLS FARGO & CO | WFC | $969.2K | 11,728 | -0.06pp | 19q | HELD | |
| FEDEX CORP | FDX | $939.4K | 3,000 | -0.15pp | 19q | HELD | |
| JOHNSON & JOHNSON | JNJ | $926.9K | 3,650 | -0.06pp | 16q | HELD | |
| COINBASE GLOBAL INC | COIN | $926.8K | 6,340 | -0.09pp | 4q | +15.7%+$125.7K | |
| PHILIP MORRIS INTL INC | PM | $906.2K | 5,009 | +0.22pp | 13q | +126.8%+$506.5K | |
| TEXAS INSTRS INC | TXN | $894.2K | 3,000 | +0.10pp | 19q | HELD | |
| BLACKSTONE INC | BX | $882.5K | 7,500 | -0.06pp | 17q | HELD | |
| BOEING CO | BA | $882.1K | 4,075 | -0.03pp | 19q | HELD | |
| BRISTOL-MYERS SQUIBB CO | BMY | $881.6K | 15,300 | -0.10pp | 19q | HELD | |
| VALERO ENERGY CORP | VLO | $868.3K | 3,334 | -0.06pp | 19q | -2.9%-$26.0K | |
| CHESAPEAKE UTILS CORP | CPK | $857.4K | 7,000 | -0.16pp | 19q | -12.5%-$122.5K | |
| INTUITIVE SURGICAL INC | ISRG | $843.1K | 2,120 | -0.09pp | 4q | +11.3%+$85.5K | |
| CITIGROUP INC | C | $827.3K | 5,911 | +0.02pp | 19q | HELD | |
| CLEVELAND-CLIFFS INC NEW | CLF | $820.2K | 87,350 | -0.07pp | 19q | -9.6%-$87.3K | |
| SERVICENOW INC | NOW | $786.8K | 7,925 | +0.04pp | 19q | +39.2%+$221.4K | |
| ALTRIA GROUP INC | MO | $785.3K | 10,914 | +0.01pp | 19q | +10.1%+$71.9K | |
| MDU RES GROUP INC | MDU | $779.0K | 36,730 | -0.32pp | 19q | -39.0%-$498.1K | |
| BANK OF AMER CORP | BAC | $759.5K | 13,330 | flat | 19q | HELD | |
| QNITY ELECTRONICS INC | Q | $745.7K | 4,566 | +0.09pp | 3q | +11.3%+$75.9K | |
| PEPSICO INC | PEP | $714.9K | 5,280 | -0.12pp | 19q | HELD | |
| CUMMINS INC | CMI | $713.2K | 1,000 | +0.04pp | 16q | HELD | |
| CHEVRON CORPORATION | CVX | $713.1K | 4,302 | -0.16pp | 19q | HELD | |
| ARM HOLDINGS PLC | ARM | $709.1K | 2,000 | +0.16pp | 11q | HELD | |
| BYRNA TECHNOLOGIES INC | BYRN | $694.5K | 103,500 | flat | 4q | +62.0%+$265.7K | |
| COCA COLA CO | KO | $692.4K | 8,520 | -0.03pp | 19q | HELD | |
| MARATHON PETE CORP | MPC | $683.7K | 2,674 | -0.04pp | 16q | HELD | |
| PROCTER & GAMBLE CO | PG | $670.8K | 4,574 | -0.05pp | 19q | HELD | |
| SELECT SECTOR SPDR TR | XLI | $669.3K | 3,613 | +0.02pp | 8q | +9.0%+$55.2K | |
| VANGUARD INDEX FDS | VUG | $653.8K | 7,590 | flat | 16q | +500.0%+$544.8K | |
| CISCO SYS INC | CSCO | $621.2K | 5,289 | +0.06pp | 19q | HELD | |
| VANGUARD INDEX FDS | VNQ | $616.2K | 6,390 | -0.02pp | 7q | HELD | |
| DIMENSIONAL ETF TRUST | DFUS | $587.3K | 7,167 | -0.02pp | 19q | -5.0%-$31.1K | |
| 3M CO | MMM | $574.8K | 3,550 | -0.02pp | 16q | HELD | |
| CONOCOPHILLIPS | COP | $573.7K | 5,518 | -0.13pp | 19q | HELD | |
| VANGUARD INDEX FDS | VTV | $566.6K | 2,600 | -0.02pp | 19q | HELD | |
| MCDONALDS CORP | MCD | $564.4K | 2,088 | -0.11pp | 19q | -4.6%-$27.0K | |
| TARGET CORP | TGT | $556.7K | 4,263 | -0.02pp | 19q | HELD | |
| DEERE & CO | DE | $547.8K | 864 | -0.01pp | 12q | HELD | |
| REDDIT INC | RDDT | $538.1K | 3,100 | +0.02pp | 3q | HELD | |
| CAL MAINE FOODS INC | CALM | $523.6K | 6,500 | -0.12pp | 5q | -21.7%-$145.0K | |
| NEWMONT CORP | NEM | $513.7K | 5,500 | -0.09pp | 10q | -1.8%-$9.3K | |
| VANGUARD INDEX FDS | VO | $512.4K | 6,360 | -0.01pp | 12q | +300.0%+$384.3K | |
| VISA INC | V | $499.7K | 1,456 | +0.04pp | 8q | +28.2%+$109.8K | |
| SOUTHERN CO | SO | $493.9K | 5,160 | -0.04pp | 19q | HELD | |
| TWILIO INC | TWLO | $484.9K | 2,350 | +0.06pp | 7q | HELD | |
| COREWEAVE INC | CRWV | $469.8K | 4,720 | +0.10pp | 2q | +68.6%+$191.1K | |
| CVS HEALTH CORP | CVS | $467.2K | 4,516 | +0.04pp | 19q | HELD | |
| HOWMET AEROSPACE INC | HWM | $447.9K | 1,666 | flat | 6q | HELD | |
| IREN LIMITED | IREN | $434.4K | 9,500 | - | new | NEW | |
| AMERICAN ELEC PWR CO INC | AEP | $432.0K | 3,158 | -0.03pp | 19q | HELD | |
| DUKE ENERGY CORP NEW | DUK | $411.0K | 3,247 | -0.04pp | 19q | HELD | |
| SPDR SERIES TRUST | XOP | $400.0K | 2,593 | -0.08pp | 19q | -3.2%-$13.1K | |
| ABBVIE INC | ABBV | $395.8K | 1,573 | flat | 18q | +1.0%+$3.8K | |
| WILLIS TOWERS WATSON PLC LTD | WTW | $394.7K | 1,510 | -0.06pp | 19q | HELD | |
| ISHARES TR | IWO | $394.0K | 1,000 | +0.01pp | 6q | HELD | |
| DIMENSIONAL ETF TRUST | DFAX | $384.7K | 10,443 | -0.02pp | 2q | HELD | |
| CORNING INC | GLW | $383.1K | 1,500 | +0.07pp | 2q | HELD | |
| DELTA AIR LINES INC | DAL | $374.6K | 4,000 | +0.03pp | 4q | HELD | |
| HALLIBURTON CO | HAL | $359.9K | 10,600 | +0.02pp | 4q | +51.4%+$122.2K | |
| HONEYWELL INTL INC | HON | $356.9K | 1,594 | - | new | NEW | |
| HONEYWELL AEROSPACE INC | HONA | $352.4K | 1,594 | - | new | NEW | |
| PTC THERAPEUTICS INC | PTCT | $342.6K | 4,200 | flat | 6q | HELD | |
| SIMON PPTY GROUP INC NEW | SPG | $335.5K | 1,500 | flat | 4q | HELD | |
| ALPHABET INC | GOOGL | $332.6K | 931 | -0.47pp | 4q | -76.5%-$1.1M | |
| ISHARES TR | IWN | $331.8K | 1,500 | flat | 5q | HELD | |
| KINROSS GOLD CORP | KGC | $330.7K | 14,000 | -0.06pp | 2q | +7.7%+$23.6K | |
| CATALYST PHARMACEUTICALS INC | CPRX | $314.9K | 10,020 | +0.01pp | 3q | HELD | |
| ISHARES TR | SOXX | $311.8K | 487 | - | new | NEW | |
| AGNICO EAGLE MINES LTD | AEM | $310.3K | 2,000 | +0.03pp | 2q | +100.0%+$155.1K | |
| MP MATERIALS CORP | MP | $302.5K | 5,400 | flat | 11q | HELD | |
| MOTOROLA SOLUTIONS INC | MSI | $302.3K | 728 | -0.03pp | 3q | HELD | |
| VANGUARD INDEX FDS | VV | $297.5K | 865 | flat | 10q | HELD | |
| METLIFE INC | MET | $296.1K | 3,500 | flat | 12q | HELD | |
| LULULEMON ATHLETICA INC | LULU | $285.4K | 2,500 | +0.01pp | 3q | +66.7%+$114.2K | |
| ENBRIDGE INC | ENB | $280.4K | 5,172 | +0.02pp | 2q | +35.0%+$72.6K | |
| J P MORGAN EXCHANGE TRADED F | JBND | $280.1K | 5,235 | - | new | NEW | |
| VERTEX PHARMACEUTICALS INC | VRTX | $277.7K | 559 | flat | 3q | +3.1%+$8.4K | |
| MONDELEZ INTL INC | MDLZ | $273.9K | 4,736 | -0.04pp | 15q | -9.5%-$28.9K | |
| BROADCOM INC | AVGO | $272.0K | 720 | flat | 4q | HELD | |
| ISHARES TR | HYG | $271.9K | 3,400 | -0.02pp | 6q | HELD | |
| ISHARES TR | IFRA | $271.1K | 4,300 | -0.01pp | 3q | HELD | |
| SPDR GOLD TR | GLD | $262.3K | 712 | -0.05pp | 6q | HELD | |
| WISDOMTREE TR | AIVL | $262.3K | 2,000 | flat | 8q | HELD | |
| AMGEN INC | AMGN | $258.9K | 715 | -0.02pp | 2q | HELD | |
| SOUTHWEST AIRLS CO | LUV | $257.1K | 5,000 | -0.07pp | 4q | -44.4%-$205.7K | |
| SCHWAB STRATEGIC TR | SCHG | $255.0K | 7,536 | flat | 5q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $253.9K | 4,495 | - | new | NEW | |
| GENERAL MILLS INC | GIS | $250.9K | 7,210 | - | new | NEW | |
| GENERAL MTRS CO | GM | $250.4K | 3,248 | -0.02pp | 3q | HELD | |
| ISHARES TR | IWM | $242.8K | 808 | flat | 2q | HELD | |
| WASTE CONNECTIONS INC | WCN | $240.7K | 1,444 | -0.02pp | 11q | HELD | |
| NOVO-NORDISK A S | NVO | $239.7K | 5,000 | flat | 2q | -12.3%-$33.6K | |
| VALVOLINE INC | VVV | $237.2K | 6,000 | flat | 2q | HELD | |
| FEDEX FGHT HLDG CO INC | $226.5K | 1,500 | - | new | NEW | ||
| BIOGEN INC | BIIB | $224.7K | 1,040 | - | new | NEW | |
| MASTERCARD INCORPORATED | MA | $220.1K | 429 | -0.01pp | 8q | HELD | |
| DIMENSIONAL ETF TRUST | DFAI | $219.0K | 5,308 | - | new | NEW | |
| MOHAWK INDS INC | MHK | $218.4K | 1,800 | - | new | NEW | |
| DIMENSIONAL ETF TRUST | DFUV | $214.5K | 3,900 | - | new | NEW | |
| SCHWAB STRATEGIC TR | SCHF | $213.8K | 7,720 | - | new | NEW | |
| SLB LIMITED | SLB | $211.3K | 4,546 | -0.03pp | 3q | HELD | |
| MARVELL TECHNOLOGY INC | MRVL | $208.5K | 700 | - | new | NEW | |
| XPO INC | XPO | $205.3K | 1,000 | - | new | NEW | |
| TRIMBLE INC | TRMB | $204.7K | 4,000 | -0.05pp | 19q | HELD | |
| US BANCORP | USB | $204.1K | 3,379 | - | new | NEW | |
| ARK ETF TR | ARKK | $204.1K | 2,525 | - | new | NEW | |
| ROBINHOOD MKTS INC | HOOD | $203.1K | 2,025 | - | new | NEW | |
| WIPRO LTD | WIT | $44.3K | 19,680 | flat | 3q | HELD | |
| B2GOLD CORP | BTG | $37.4K | 10,000 | - | new | NEW | |
| NEW FOUND GOLD CORP | NFGC | $15.4K | 10,000 | flat | 3q | 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 | $40.3M | 18.8% |
| Computer Hardware | $22.6M | 10.6% |
| Software & IT Services | $17.0M | 7.9% |
| Retail & Consumer | $13.4M | 6.2% |
| Biotech & Pharma | $11.8M | 5.5% |
| Banks & Lending | $11.2M | 5.2% |
| Telecom & Media | $6.9M | 3.2% |
| Funds & ETFs | $6.1M | 2.9% |
| Mining & Metals | $5.7M | 2.7% |
| Energy | $5.7M | 2.7% |
| Business Services | $5.5M | 2.6% |
| Industrials | $5.5M | 2.5% |
| Other sectors | $30.7M | 14.4% |
| Not classified | $31.6M | 14.8% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $214.0M | 173 | 19 | 41 | 36 | 5 | 29.9% | 44 |
| Q1 2026 | $181.7M | 159 | 12 | 30 | 49 | 7 | 29.4% | 45 |
| Q4 2025 | $182.7M | 154 | 16 | 31 | 44 | 7 | 31.8% | 44 |
| Q3 2025 | $174.7M | 145 | 11 | 22 | 41 | 13 | 32.1% | 44 |
| Q2 2025 | $159.6M | 147 | 15 | 43 | 23 | 5 | 31.6% | 42 |
| Q1 2025 | $138.2M | 137 | 12 | 29 | 29 | 6 | 31.9% | 43 |
| Q4 2024 | $141.0M | 131 | 7 | 30 | 44 | 11 | 33.4% | 45 |
| Q3 2024 | $144.3M | 135 | 10 | 0 | 124 | 11 | 33.3% | 45 |
| Q2 2024 | $257.4M | 136 | 9 | 31 | 32 | 11 | 35.5% | 45 |
| Q1 2024 | $253.7M | 138 | 10 | 29 | 49 | 15 | 32.8% | 43 |
| Q4 2023 | $238.0M | 143 | 13 | 33 | 33 | 4 | 32.9% | 45 |
| Q3 2023 | $213.8M | 134 | 9 | 41 | 30 | 11 | 33.8% | 44 |
| Q2 2023 | $214.5M | 136 | 7 | 41 | 38 | 10 | 31.9% | 42 |
| Q1 2023 | $207.8M | 139 | 11 | 41 | 34 | 4 | 29.9% | 45 |
| Q4 2022 | $100.6M | 132 | 11 | 40 | 43 | 4 | 28.6% | 45 |
| Q3 2022 | $170.4M | 125 | 10 | 34 | 34 | 16 | 30.7% | 49 |
| Q2 2022 | $185.4M | 131 | 5 | 32 | 36 | 22 | 29.5% | 40 |
| Q1 2022 | $227.9M | 148 | 16 | 11 | 119 | 15 | 27.6% | 40 |
| Q4 2021 | $343.2M | 147 | 0 | 0 | 0 | 0 | 28.7% | 130 |
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.