HolderBook

LM Advisors LLC

Reported holdings as of Q2 2026, from 11 quarterly filings.

CIK
2011314
Reported value
$866.4K
Positions
224
Top 10 weight
51.2%
Filed
2026-08-12
Days after quarter end
43

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
INVESCO QQQ TRQQQ$70.3K95,4408.11%+6.85pp10q+107.0%+$36.3K
VANGUARD INDEX FDSVOO$66.2K96,4577.64%+6.15pp11q+71.9%+$27.7K
STATE STR SPDR S&P 500 ETF TSPY$61.1K325,1787.05%+2.03pp11q+522.6%+$51.3K
AMAZON COM INCAMZN$58.1K243,3646.70%+2.62pp11q+353.9%+$45.3K
ALPHABET INCGOOG$47.8K135,2765.51%+3.35pp11q+246.3%+$34.0K
INVESCO EXCH TRD SLF IDX FDOMFL$39.3K574,5674.54%-4.87pp11q+1508.3%+$36.9K
APPLE INCAAPL$29.1K100,8353.36%+1.73pp11q+287.1%+$21.6K
BERKSHIRE HATHAWAY INC DELBRKB$26.1K52,2783.02%+2.40pp11q+177.8%+$16.7K
VANGUARD SPECIALIZED FUNDSVIG$23.8K100,5702.75%+1.15pp11q+362.5%+$18.6K
STATE STR SPDR DOW JONES INDDIA$22.0K42,1662.54%+1.97pp11q+150.6%+$13.2K
ALPHABET INCGOOGL$16.7K46,8301.93%+1.16pp11q+235.6%+$11.7K
PROSHARES TRTQQQ$16.1K198,8721.86%+1.38pp4q+15759.0%+$16.0K
MICROSOFT CORPMSFT$15.2K40,6791.75%+1.15pp11q+190.5%+$9.9K
INVESCO EXCHANGE TRADED FD TRSP$13.1K61,5671.51%+0.49pp11q+397.7%+$10.5K
VANGUARD INDEX FDSVTI$12.5K33,8731.45%+0.89pp11q+201.9%+$8.4K
VANGUARD WORLD FDVHT$9.3K30,9011.07%+0.57pp11q+263.9%+$6.7K
META PLATFORMS INCMETA$8.9K15,7151.02%+0.76pp11q+67.1%+$3.6K
ISHARES TRIWV$8.2K19,3340.95%+0.78pp11q+390.1%+$6.6K
DIREXION SHARES ETF TRUSTSPXL$8.2K30,3400.95%+0.89pp4q+4161.2%+$8.0K
SPDR GOLD TRGLD$7.8K21,2430.90%+0.70pp11q+293.2%+$5.8K
BROADCOM INCAVGO$7.5K19,9740.87%+0.61pp7q+290.0%+$5.6K
NVIDIA CORPORATIONNVDA$7.5K37,4220.86%+0.28pp11q+479.8%+$6.2K
PALO ALTO NETWORKS INCPANW$7.4K21,8710.86%+0.50pp9q+503.8%+$6.2K
WISDOMTREE TRDGRW$7.0K73,4170.81%-0.30pp11q+1090.3%+$6.4K
ELI LILLY & COLLY$6.8K5,6490.78%+0.70pp11q+20.4%+$1.2K
BERKSHIRE HATHAWAY INC DELBRKA$6.7K90.78%+0.78pp11q-99.9%-$5.4M
ISHARES INCIEMG$5.9K71,5070.68%-0.37pp11q+1448.4%+$5.5K
FIRST TR EXCHNG TRADED FD VIYSEP$5.5K199,6170.63%-2.55pp11q+3689.2%+$5.4K
WALMART INCWMT$5.4K47,4120.62%-0.10pp11q+731.4%+$4.7K
FIRST TR EXCHNG TRADED FD VIFFEB$5.3K87,2760.61%-0.83pp11q+1611.0%+$5.0K
PALANTIR TECHNOLOGIES INCPLTR$5.0K42,7780.58%-0.11pp11q+573.4%+$4.2K
COSTCO WHOLESALE CORPORATIONCOST$5.0K5,2580.57%+0.49pp11q-1.8%
ISHARES TRIEFA$4.9K51,0230.57%-0.13pp11q+1168.6%+$4.5K
JPMORGAN CHASE & COJPM$4.6K13,9180.53%+0.30pp11q+237.7%+$3.2K
ISHARES INCEEMV$4.5K60,2390.51%-0.43pp4q+1284.8%+$4.1K
TESLA INCTSLA$4.4K10,4340.50%+0.35pp11q+193.6%+$2.9K
GOLDMAN SACHS GROUP INCGS$4.2K4,1900.49%+0.42pp11q+15.7%
FIRST TR EXCHNG TRADED FD VIXJUN$4.1K92,0630.47%-1.00pp11q+2199.9%+$3.9K
NUVEEN CA DIVI ADV MUNNAC$4.1K334,7290.47%-4.76pp2q+8589.7%+$4.0K
WELLS FARGO & COWFCPRL$4.0K3,4580.46%+0.41pp9q-13.4%
VANGUARD INTL EQUITY INDEX FVWO$4.0K66,8630.46%-0.61pp11q+1726.9%+$3.8K
FIRST TR EXCHANGE-TRADED FDSDVY$3.8K88,4290.44%-0.96pp8q+2439.6%+$3.7K
ISHARES GOLD TRIAU$3.8K50,4520.44%-0.37pp11q+1013.0%+$3.5K
SELECT SECTOR SPDR TRXLF$3.7K69,7910.43%-0.20pp11q+3421.2%+$3.6K
PROSHARES TRUPRO$3.7K25,8980.42%+0.27pp4q+2711.9%+$3.5K
NUVEEN QUALITY MUNCP INCOMENAD$3.6K300,8450.42%-4.29pp2q+8699.2%+$3.6K
VANGUARD INDEX FDSVTV$3.6K16,5860.42%+0.15pp11q+402.1%+$2.9K
SELECT SECTOR SPDR TRXLV$3.6K22,3500.41%+0.03pp11q+528.5%+$3.0K
ISHARES BITCOIN TRUST ETFIBIT$3.2K95,2850.37%-1.05pp10q+2662.7%+$3.1K
BANK OF AMER CORPBAC$3.2K55,3370.36%-0.44pp11q+2130.4%+$3.0K
ISHARES INCEWJ$3.0K32,2440.35%-0.14pp11q+1127.9%+$2.8K
INVESCO EXCH TRADED FD TR IISPHD$2.9K57,5340.34%-0.56pp11q+1931.6%+$2.8K
VISA INCV$2.7K8,0070.32%+0.19pp11q+228.2%+$1.9K
FIRST TR EXCHNG TRADED FD VIGJAN$2.7K60,8410.32%-0.66pp11q+2243.6%+$2.6K
ISHARES TRIHI$2.7K55,1970.32%-0.60pp11q+1685.7%+$2.6K
STATE STR SPDR S&P MIDCAP 40MDY$2.7K3,8720.31%+0.25pp11q+60.9%+$1.0K
CITIGROUP INCC$2.7K19,3530.31%+0.01pp11q+787.3%+$2.4K
PROSHARES TRUDOW$2.7K38,7570.31%+0.10pp4q+5701.9%+$2.7K
SALESFORCE INCCRM$2.7K17,1010.31%+0.03pp11q+408.1%+$2.2K
DIREXION SHARES ETF TRUSTSOXL$2.6K9,7500.30%+0.18pp3q+2528.0%+$2.5K
FIRST TR EXCHNG TRADED FD VIFJUN$2.6K42,6680.30%-0.37pp7q+1684.5%+$2.4K
COLUMBIA ETF TR IRECS$2.5K58,0300.29%-0.55pp11q+2721.1%+$2.4K
EA SERIES TRUSTDIVD$2.4K57,1580.28%-0.54pp11q+2589.8%+$2.3K
PERSHING SQUARE USA LTDPSUS$2.4K63,9500.28%-newNEW
QUALCOMM INCQCOM$2.3K12,5390.27%+0.07pp11q+682.2%+$2.0K
ORACLE CORPORCL$2.3K15,7010.27%+0.03pp11q+631.3%+$2.0K
ADVANCED MICRO DEVICES INCAMD$2.3K4,1000.26%+0.09pp8q+84.5%+$1.0K
JOHNSON & JOHNSONJNJ$2.3K9,0220.26%+0.12pp11q+309.2%+$1.7K
VANGUARD WORLD FDVGT$2.0K17,0750.24%+0.20pp11q+1046.7%+$1.9K
ISHARES TRIVV$2.0K2,7070.23%+0.19pp11q+51.5%
BLUE OWL CAPITAL CORPORATIONOBDC$1.9K174,2170.22%-2.61pp6q+8465.2%+$1.9K
ASML HLDG NVASML$1.9K9550.22%+0.20pp11q-26.9%
TAIWAN SEMICONDUCTOR MANUFACTSM$1.9K3,9530.22%+0.16pp6q+222.7%+$1.3K
BLACKROCK MUNIHOLDINGS FD INMHD$1.8K154,4560.21%-2.26pp2q+8651.0%+$1.8K
SOFI TECHNOLOGIES INCSOFI$1.8K101,4590.21%-1.44pp11q+6012.0%+$1.8K
BLACKSTONE INCBX$1.8K15,5490.21%-0.10pp11q+597.0%+$1.6K
MERCK & CO INCMRK$1.8K14,0000.21%-0.02pp11q+710.7%+$1.6K
ESSEX PPTY TR INCESS$1.7K5,8430.20%+0.11pp11q+306.6%+$1.3K
SELECT SECTOR SPDR TRXLU$1.6K35,1120.18%-0.65pp11q+1352.1%+$1.5K
UNITEDHEALTH GROUP INCUNH$1.6K3,8230.18%+0.12pp11q+260.7%+$1.2K
CONSTELLATION ENERGY CORPCEG$1.6K6,4080.18%-newNEW
FIRST TR EXCHNG TRADED FD VIYMAR$1.6K54,8590.18%-0.73pp9q+3383.1%+$1.5K
MASTERCARD INCORPORATEDMA$1.6K3,0550.18%+0.12pp11q+65.9%
ISHARES TRIWF$1.6K12,6440.18%+0.13pp11q+906.7%+$1.4K
ISHARES TRSHV$1.6K14,0500.18%-0.02pp11q+902.9%+$1.4K
SHOPIFY INCSHOP$1.4K12,4190.16%flat11q+892.7%+$1.3K
LIFE TIME GROUP HOLDINGS INCLTH$1.4K34,0000.16%-0.38pp4q+3611.8%+$1.4K
NETFLIX INCNFLX$1.4K19,2420.16%-0.16pp11q+881.2%+$1.2K
NEXTERA ENERGY INCNEE$1.4K15,5890.16%-0.09pp11q+972.1%+$1.2K
MORGAN STANLEY DIRECT LENDINMSDL$1.3K84,1120.15%-1.00pp8q+7895.4%+$1.3K
CROWDSTRIKE HLDGS INCCRWD$1.3K1,7220.15%+0.12pp11q+98.4%
FIRST TR EXCHNG TRADED FD VIGJUN$1.3K31,2900.15%-0.35pp11q+2448.0%+$1.2K
MORGAN STANLEYMS$1.3K6,1200.15%+0.05pp11q+507.7%+$1.1K
DISNEY WALT CODIS$1.3K13,2210.15%-0.05pp11q+1001.8%+$1.2K
ISHARES TRIBB$1.3K6,6240.15%+0.04pp11q+497.3%+$1.0K
SERVICENOW INCNOW$1.2K12,5840.14%-0.02pp11q+1030.6%+$1.1K
SELECT SECTOR SPDR TRXLE$1.2K23,5170.14%+0.04pp8q+5566.7%+$1.2K
FIRST TR EXCHANGE TRADED FDCIBR$1.2K13,1000.14%-0.06pp11q+1577.3%+$1.1K
MICRON TECHNOLOGY INCMU$1.1K9910.13%-newNEW
BLACKROCK SCIENCE & TECHNOLOBSTZ$1.1K37,5910.13%-0.48pp11q+4281.2%+$1.1K
VANECK ETF TRUSTSMH$1.1K1,6920.13%+0.10pp6q+163.6%
INVESCO EXCHANGE TRADED FD TPPA$1.1K6,0000.12%+0.03pp11q+503.6%
EATON CORP PLCETN$1.1K2,4900.12%+0.08pp7q+167.7%
SPDR SERIES TRUSTXBI$1.1K6,6400.12%flat11q+595.3%
COLUMBIA ETF TR IMUST$1.0K49,8780.12%-0.65pp11q+4877.8%+$1.0K
HOME DEPOT INCHD$1.0K2,8850.12%+0.07pp11q+210.9%
VERIZON COMMUNICATIONS INCVZ$1.0K23,9130.12%-0.26pp11q+1871.4%
MARVELL TECHNOLOGY INCMRVL$1.0K3,5310.12%+0.06pp4q+880.8%
REALTY INCOME CORPO$99215,8830.11%-0.05pp11q+2413.1%
ISHARES TRCMF$97316,8720.11%-0.15pp2q+1659.3%
INVESCO EXCHANGE TRADED FD TRSPH$96929,1890.11%-0.36pp8q+3143.2%
EXXON MOBIL CORPXOMXXXX$9657,0660.11%-0.02pp11q+404.0%
ISHARES TRITA$9593,9570.11%+0.05pp11q+356.9%
ISHARES TRIGV$93810,3550.11%-0.05pp4q+1212.4%
ISHARES TRSOXX$9141,4260.11%+0.07pp11q+119.0%
VANECK ETF TRUSTCLOI$90417,0650.10%-newNEW
ADOBE INCADBE$8934,3510.10%+0.02pp11q+248.9%
COCA COLA COKO$85210,4770.10%-0.09pp11q+1038.8%
RTX CORPORATIONRTX$8344,4010.10%+0.03pp11q+423.3%
AMERICAN EXPRESS COAXP$8192,4230.09%+0.06pp11q+230.1%
LOCKHEED MARTIN CORPLMT$8131,5970.09%+0.06pp11q+37.4%
FIRST TR EXCHNG TRADED FD VIFSEP$80514,6220.09%-0.14pp5q+1886.7%
KLA CORPKLAC$7962,8530.09%+0.09pp11q+579.3%
VANGUARD BD INDEX FDSBSV$79210,1610.09%-1.09pp11q+73.5%
BLACKROCK INCBLK$7698000.09%+0.07pp7q-18.7%
VANGUARD INTL EQUITY INDEX FVGK$7558,5340.09%-0.05pp11q+1113.9%
INVESCO EXCH TRD SLF IDX FDIIGD$75430,8140.09%-0.38pp11q+4173.8%
PFIZER INCPFE$73930,5680.09%-0.37pp11q+3716.2%
THERMO FISHER SCIENTIFIC INCTMO$7331,4590.08%+0.06pp11q+101.5%
ISHARES TRIJH$7269,4550.08%-0.07pp11q+1382.0%
GOLUB CAP BDC INCGBDC$72156,0000.08%-0.86pp3q+7327.1%
GE VERNOVA INCGEV$7206120.08%+0.07pp4q+5.3%
ISHARES TRIWM$7192,3980.08%+0.04pp11q+284.9%
VANGUARD INDEX FDSVXF$7152,9160.08%+0.04pp11q+386.0%
ENTERPRISE FINL SVCS CORPEFSC$71410,8320.08%-0.09pp11q+1748.5%
FIRST TR EXCHNG TRADED FD VIFJUL$71312,0000.08%-0.11pp11q+1757.6%
ISHARES TRIWD$7132,9410.08%+0.04pp11q+368.3%
IREN LIMITEDIREN$68214,9130.08%-0.14pp4q+3093.4%
BLACKSTONE SECD LENDING FDBXSL$66627,2160.08%-0.30pp11q+4536.5%
FIRST TR EXCHNG TRADED FD VIFMAR$66212,6700.08%-0.12pp9q+1963.5%
FIRST TR EXCHNG TRADED FD VIXMAR$65615,3800.08%-0.17pp11q+2400.8%
CHEVRON CORPORATIONCVX$6153,6930.07%-0.01pp11q+262.1%
NIKE INCNKE$61514,9570.07%flat11q+5906.8%
FIRST TR EXCHNG TRADED FD VITDEC$60923,1900.07%-0.31pp2q+3857.3%
SPACE EXPLORATION TECHN CORPSPCX$5963,4880.07%-newNEW
APPLOVIN CORPAPP$5901,1460.07%+0.01pp3q-18.7%
S&P GLOBAL INCSPGI$5861,4360.07%+0.04pp11q+134.6%
GE AEROSPACEGE$5711,5280.07%+0.04pp6q+232.9%
VANGUARD MUN BD FDSVTEB$56511,1550.07%-0.11pp11q+1902.7%
MERCADOLIBRE INCMELI$5533260.06%+0.06pp11q-20.5%
FIRST TR EXCHANGE-TRADED FDACYN$52625,3000.06%-newNEW
LULULEMON ATHLETICA INCLULU$5224,5680.06%-newNEW
AIRBNB INCABNB$5133,5690.06%+0.02pp4q+988.1%
BANK OF NY MELLON CORPBNY$5063,4960.06%flat11q+742.4%
ISHARES TRIGM$4803,0000.06%+0.01pp11q+742.7%
ALEXANDRIA REAL ESTATE EQ INARE$4788,7380.06%-0.18pp3q+1157.3%
TARGET CORPTGT$4633,4990.05%flat10q+710.0%
NUVEEN DYNAMIC MUN OPPORTUNINDMO$45243,4430.05%-0.63pp2q+9618.8%
ABRDN INCOME CREDIT STRATEGIACP$44485,3360.05%-1.34pp8q+18863.6%
LISTED FDS TRINFL$4428,8600.05%-0.07pp5q+2148.7%
MCDONALDS CORPMCD$4381,6240.05%+0.02pp11q+220.3%
ISHARES TRLQD$4353,9790.05%-0.01pp5q+816.8%
BOEING COBA$4311,9940.05%+0.01pp11q+337.3%
GENERAL MTRS COGM$4215,4640.05%-0.03pp7q+1422.0%
ISHARES TRAGG$4154,1860.05%-0.02pp5q+913.6%
INTEL CORPINTC$4132,9640.05%-newNEW
ISHARES TREEM$4136,0950.05%-0.05pp11q+1703.3%
MCKESSON CORPMCK$4055410.05%+0.04pp5q+15.4%
STATE STR CORPSTT$3962,3370.05%+0.01pp8q+689.5%
CISCO SYS INCCSCO$3953,3610.05%-newNEW
J P MORGAN EXCHANGE TRADED FBBJP$3955,2440.05%-0.04pp7q+1356.7%
J P MORGAN EXCHANGE TRADED FJMUB$3937,7680.05%-0.08pp2q+1902.1%
CATERPILLAR INCCAT$3883650.04%+0.04pp2q+41.5%
INTERNATIONAL BUSINESS MACHSIBM$3871,3770.04%+0.01pp11q+142.4%
RUSH STREET INTERACTIVE INCRSI$38713,0000.04%-0.16pp4q+4493.6%
ISHARES TRITOT$3822,3280.04%+0.01pp11q+601.2%
SNOWFLAKE INCSNOW$3821,5000.04%+0.01pp2q+395.0%
INVESCO EXCH TRADED FD TR IIKBWB$3724,0000.04%-0.02pp7q+1207.2%
ISHARES TRIXJ$3703,7480.04%-0.02pp7q+967.8%
FIRST TR EXCHNG TRADED FD VIGMAR$3658,2480.04%-0.09pp11q+2297.7%
ISHARES TRDGRO$3554,6840.04%-0.03pp11q+1323.7%
ISHARES INCURTH$3541,7460.04%+0.02pp4q+528.1%
VANGUARD INDEX FDSVOT$3521,1500.04%+0.02pp9q+288.5%
BARCLAYS BANK PLCDJP$3508,0000.04%-0.09pp4q+1977.9%
REDDIT INCRDDT$3502,0100.04%-newNEW
PROCTER & GAMBLE COPG$3302,2510.04%flat11q+590.5%
SPDR SERIES TRUSTSDY$3192,0950.04%flat11q+591.4%
ELEVANCE HEALTH INC FORMERLYELV$3118020.04%+0.02pp6q+239.8%
ABBVIE INCABBV$3001,1900.03%-newNEW
CORNING INCGLW$3001,1760.03%-newNEW
INVESCO EXCHANGE TRADED FD TRSPG$3003,0660.03%-0.01pp5q+812.5%
SCHWAB CHARLES CORPSCHW$2973,2800.03%-0.02pp2q+934.7%
VANECK ETF TRUSTGDX$2963,9230.03%-0.03pp2q+992.8%
PHILLIPS 66PSX$2951,7420.03%+0.01pp11q+449.5%
VANECK ETF TRUSTMOAT$2952,8420.03%-0.01pp4q+972.5%
BOSTON SCIENTIFIC CORPBSX$2946,7850.03%-0.03pp8q+2394.5%
HOWMET AEROSPACE INCHWM$2901,0790.03%+0.02pp4q+335.1%
ISHARES TRIJR$2891,9570.03%flat11q+705.3%
DOORDASH INCDASH$2801,5170.03%+0.01pp3q+574.2%
UBER TECHNOLOGIES INCUBER$2803,7710.03%-0.03pp2q+1291.5%
CONOCOPHILLIPSCOP$2772,6600.03%-0.01pp7q+655.7%
VANGUARD INTL EQUITY INDEX FVPL$2762,3850.03%-0.01pp4q+923.6%
OREILLY AUTOMOTIVE INCORLY$2703,0000.03%-0.02pp11q+983.0%
ETF SER SOLUTIONSQTUM$2681,6450.03%-newNEW
VANGUARD INDEX FDSVUG$2683,1080.03%+0.02pp2q+1275.2%
SELECT SECTOR SPDR TRXLK$2671,4090.03%-newNEW
HILTON WORLDWIDE HLDGS INCHLT$2637960.03%+0.02pp5q+228.9%
FIRST TR EXCHNG TRADED FD VIGSEP$2556,2180.03%-0.07pp4q+2523.6%
VANGUARD TAX-MANAGED FDSVEA$2443,4250.03%-0.03pp4q+1463.9%
PROLOGIS INC.PLD$2431,7850.03%flat11q+656.4%
TEXAS INSTRS INCTXN$2418100.03%-newNEW
BLACKROCK MUNIHLDNGS CALIMUC$24021,8040.03%-0.32pp11q+9505.3%
ALIBABA GROUP HLDG LTDBABA$2372,4460.03%-0.01pp4q+786.2%
ISHARES ETHEREUM TRETHA$23519,7280.03%-0.28pp5q+6223.1%
ENTERPRISE PRODS PARTNERS LEPD$2346,3550.03%-0.07pp3q+2547.9%
PAYPAL HLDGS INCPYPL$2335,3910.03%-0.07pp11q+1919.1%
WISDOMTREE TREPI$2335,4540.03%-0.06pp3q+2413.4%
VANGUARD INDEX FDSVNQ$2302,3890.03%-0.01pp11q+947.8%
NOVO-NORDISK A SNVO$2234,6550.03%-newNEW
FLUTTER ENTMT PLCFLUT$2202,1500.03%-0.05pp3q+353.6%
ABBOTT LABORATORIESABT$2122,3320.02%-0.01pp11q+867.6%
PNC FINL SVCS GROUP INCPNC$2128620.02%-newNEW
SPDR INDEX SHS FDSSPDW$2124,2130.02%-newNEW
WELLTOWER INCWELL$2059020.02%-newNEW

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$866.4K224191987751.2%43
Q1 2026$6.3M21214891011240.8%44
Q4 2025$5.6M2101581871239.4%44
Q3 2025$694.2K207285341551.3%44
Q2 2025$776.9K1841548644663.0%45
Q1 2025$555.4K215368549747.0%43
Q4 2024$558.9K1863066431550.2%57
Q3 2024$492.0K1711417863651.0%38
Q2 2024$61.8M1932138706087.8%45
Q1 2024$629.9K23242675454547.5%45
Q4 2023$497.2M735000046.6%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.