HolderBook

FACTORY MUTUAL INSURANCE CO

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK
887818
Reported value
$10.6B
Positions
205
Top 10 weight
36.4%
Filed
2026-07-21
Days after quarter end
21

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
NVIDIA CORPORATIONNVDA$566.9M2,833,0985.33%-0.37pp31q-2.4%-$13.9M
ALPHABET INCGOOG$528.5M1,495,6714.97%+0.13pp31qHELD
APPLE INCAAPL$497.3M1,718,7214.67%-0.18pp31q+1.1%+$5.2M
DIMENSIONAL ETF TRUSTDFCF$426.1M10,093,8354.00%+1.85pp8q+122.4%+$234.5M
J P MORGAN EXCHANGE TRADED FJCPB$374.7M7,983,3143.52%+0.43pp6q+36.6%+$100.3M
MICROSOFT CORPMSFT$344.6M923,8183.24%-0.81pp31q-5.0%-$18.2M
AMAZON COM INCAMZN$329.7M1,383,4243.10%-0.12pp31q+0.7%+$2.2M
ISHARES TRAGG$291.1M2,940,9242.74%+0.70pp14q+61.3%+$110.7M
BROADCOM INCAVGO$272.2M720,5202.56%-0.05pp31q-3.9%-$11.2M
SELECT SECTOR SPDR TRXLE$236.4M4,450,4452.22%+0.37pp16q+65.9%+$93.9M
KLA CORPKLAC$179.2M593,8951.68%+0.62pp19q+827.6%+$159.9M
DIMENSIONAL ETF TRUSTDFAX$177.1M4,806,6301.66%-0.17pp8qHELD
MICRON TECHNOLOGY INCMU$174.4M151,0951.64%+0.99pp9q-11.6%-$22.8M
JPMORGAN CHASE & COJPM$169.1M516,5751.59%-0.13pp31q-0.5%-$867.4K
META PLATFORMS INCMETA$160.0M283,9911.50%-0.33pp31q-0.6%-$901.3K
TAIWAN SEMICONDUCTOR MANUFACTSM$151.2M316,6751.42%+0.17pp12q-3.6%-$5.6M
SELECT SECTOR SPDR TRXLU$144.2M3,181,4001.36%-0.30pp23q-0.9%-$1.2M
J P MORGAN EXCHANGE TRADED FJIRE$137.9M1,671,1301.30%-0.13pp3qHELD
VISA INCV$128.1M373,5161.20%-0.01pp31q+4.5%+$5.6M
ADVANCED MICRO DEVICES INCAMD$122.9M211,5721.16%+0.79pp12q+31.4%+$29.3M
BERKSHIRE HATHAWAY INC DELBRKB$117.8M235,4001.11%-0.17pp31q-0.7%-$800.6K
TESLA INCTSLA$112.5M267,5501.06%-0.07pp23q-0.7%-$778.1K
ASML HLDG NVASML$112.4M56,4911.06%+0.21pp10q-1.3%-$1.5M
UNITEDHEALTH GROUP INCUNH$109.0M262,1501.02%+0.22pp31qHELD
CADENCE DESIGN SYSTEM INCCDNS$101.1M269,4710.95%+0.04pp17q-7.6%-$8.4M
VANGUARD INDEX FDSVOO$99.6M145,0000.94%-newNEW
ISHARES TRHYDB$99.0M2,116,8150.93%-0.18pp4qHELD
ELI LILLY & COLLY$97.2M81,0000.91%+0.07pp26qHELD
INVESCO EXCHANGE TRADED FD TRSP$95.3M448,0710.90%-newNEW
ISHARES TRIWR$83.7M758,7000.79%-0.04pp20qHELD
AMPHENOL CORPAPH$72.2M409,6340.68%+0.08pp11q-2.6%-$1.9M
JOHNSON & JOHNSONJNJ$71.5M281,4100.67%-0.20pp31q-11.6%-$9.3M
PHILIP MORRIS INTL INCPM$71.3M394,2560.67%-0.13pp31q-8.4%-$6.6M
AMETEK INCAME$68.2M282,0000.64%+0.12pp14q+29.8%+$15.7M
CATERPILLAR INCCAT$68.2M64,0000.64%+0.13pp31qHELD
EXXON MOBIL CORPXOMXXXX$66.7M488,0540.63%-0.67pp31q-28.3%-$26.3M
SELECT SECTOR SPDR TRXLY$66.6M568,0000.63%-0.07pp21qHELD
MORGAN STANLEYMS$66.0M315,6200.62%+0.01pp31q-4.1%-$2.8M
EATON CORP PLCETN$64.7M151,9190.61%+0.04pp12q+8.4%+$5.0M
PERFORMANCE FOOD GROUP COPFGC$63.9M571,4500.60%+0.05pp4qHELD
CROWDSTRIKE HLDGS INCCRWD$62.8M82,3000.59%+0.18pp2q-12.0%-$8.6M
WALMART INCWMT$62.5M552,1260.59%-0.26pp31q-9.2%-$6.3M
SPDR GOLD TRGLD$62.1M168,5000.58%-0.23pp14qHELD
SELECT SECTOR SPDR TRXLI$61.6M332,3800.58%-0.23pp14q-25.0%-$20.5M
MARVELL TECHNOLOGY INCMRVL$58.7M197,2090.55%+0.41pp12q+55.5%+$21.0M
COCA COLA COKO$58.6M721,3500.55%-0.07pp31q-0.7%-$410.4K
DATADOG INCDDOG$58.5M224,7910.55%+0.16pp12q-22.6%-$17.1M
PROCTER & GAMBLE COPG$57.9M394,7870.54%-0.10pp31q-0.7%-$403.3K
UNION PAC CORPUNP$56.4M207,2000.53%-0.04pp31q-0.9%-$530.4K
ARISTA NETWORKS INCANET$55.1M324,3200.52%+0.06pp7q-2.9%-$1.6M
INTUITIVE SURGICAL INCISRG$52.8M132,8250.50%+0.14pp19q+95.0%+$25.7M
DEERE & CODE$52.7M83,1100.50%+0.12pp31q+41.1%+$15.4M
DANAHER CORP DELDHR$51.7M271,4000.49%+0.02pp13q+25.2%+$10.4M
ISHARES TRUSHY$50.2M1,355,0000.47%-0.09pp6qHELD
ISHARES TRIXUS$50.0M524,0000.47%-newNEW
GE AEROSPACEGE$49.4M132,2170.46%+0.04pp20q-0.8%-$392.4K
MONOLITHIC PWR SYS INCMPWR$49.0M35,4570.46%-0.03pp12q-11.3%-$6.2M
HOME DEPOT INCHD$48.5M137,5000.46%-0.06pp31q-0.7%-$317.4K
SELECT SECTOR SPDR TRXLB$47.9M943,0000.45%-newNEW
SYSCO CORPSYY$47.0M562,1350.44%+0.26pp6q+146.6%+$27.9M
ABBVIE INCABBV$46.9M186,2500.44%-0.02pp30qHELD
LINDE PLCLIN$45.7M88,1000.43%-0.14pp12q-13.2%-$7.0M
WELLTOWER INCWELL$43.1M190,0500.41%-0.02pp31q-1.0%-$419.9K
ISHARES TRIWM$41.3M137,5800.39%flat8qHELD
ISHARES TRFXI$41.3M1,306,2000.39%-newNEW
LAM RESEARCH CORPLRCX$40.5M93,5500.38%+0.24pp2q+57.5%+$14.8M
CHEVRON CORPORATIONCVX$39.5M238,1670.37%-0.47pp31q-34.4%-$20.7M
HUBBELL INCHUBB$39.5M75,4500.37%-0.02pp8q+5.4%+$2.0M
WELLS FARGO & COWFC$39.0M471,6340.37%-0.06pp31q-1.0%-$376.0K
SERVICENOW INCNOW$38.7M389,4500.36%-0.10pp15q-0.9%-$332.6K
TJX COS INC NEWTJX$38.5M254,3000.36%-0.10pp31qHELD
SLB LIMITEDSLB$37.3M801,6470.35%-0.04pp31q+19.9%+$6.2M
THERMO FISHER SCIENTIFIC INCTMO$37.2M74,1850.35%-0.03pp31q+8.6%+$3.0M
DIMENSIONAL ETF TRUSTDFAE$37.2M924,7000.35%-0.83pp9q-70.0%-$86.9M
AMERICAN TOWER CORPAMT$37.0M226,1500.35%-0.09pp31q-0.7%-$253.5K
MCDONALDS CORPMCD$36.4M134,8000.34%-0.13pp31q-1.0%-$378.4K
DEXCOM INCDXCM$36.2M537,8300.34%-0.04pp22qHELD
MERCK & CO INCMRK$36.0M280,0240.34%-0.04pp31qHELD
ALIGN TECHNOLOGY INCALGN$35.6M210,9230.33%-0.11pp19q-7.8%-$3.0M
VERIZON COMMUNICATIONS INCVZ$35.4M835,5660.33%-0.14pp31q-0.6%-$215.9K
RTX CORPORATIONRTX$35.3M186,0650.33%-0.15pp25q-16.1%-$6.8M
KKR & CO INCKKR$33.9M368,9250.32%-0.10pp11q-7.5%-$2.8M
GE VERNOVA INCGEV$33.7M28,6650.32%+0.04pp9qHELD
AMERICAN EXPRESS COAXP$33.6M99,4500.32%-0.03pp27q-1.0%-$355.2K
COREBRIDGE FINL INCCRBG$33.5M1,168,7500.31%+0.06pp12q+22.6%+$6.2M
TEXAS INSTRS INCTXN$32.4M108,6500.30%+0.07pp31q-0.5%-$163.9K
BANK OF AMER CORPBAC$30.4M532,9300.29%-0.01pp31qHELD
SELECT SECTOR SPDR TRXLRE$29.0M659,0000.27%-0.03pp11qHELD
GOLDMAN SACHS GROUP INCGS$28.6M28,3000.27%flat8q-1.0%-$303.4K
SIMON PPTY GROUP INC NEWSPG$28.5M127,5420.27%flat31qHELD
ECOLAB INCECL$27.9M100,3000.26%-0.04pp31q-1.1%-$306.5K
PALANTIR TECHNOLOGIES INCPLTR$27.9M239,4570.26%-0.15pp12q-4.2%-$1.2M
VERALTO CORPVLTO$27.7M312,3160.26%-0.05pp11q-0.7%-$181.8K
CHUBB LIMITEDCB$27.5M80,7000.26%-0.04pp10q-1.2%-$340.7K
COSTCO WHOLESALE CORPORATIONCOST$27.0M28,9000.25%-0.07pp31q-1.0%-$280.6K
CORTEVA INCCTVA$26.5M313,0080.25%-0.11pp29q-17.7%-$5.7M
PNC FINL SVCS GROUP INCPNC$26.2M106,5000.25%flat31qHELD
L3HARRIS TECHNOLOGIES INCLHX$25.7M88,5000.24%-0.20pp10q-23.0%-$7.7M
CVS HEALTH CORPCVS$24.9M241,0930.23%+0.04pp31q-0.7%-$170.7K
MONDELEZ INTL INCMDLZ$24.6M426,0000.23%-0.05pp31qHELD
MEDTRONIC PLCMDT$24.5M313,4900.23%-0.01pp12q+27.6%+$5.3M
INVESCO EXCH TRADED FD TR IIBKLN$24.4M1,200,0000.23%-0.05pp12qHELD
NETFLIX INCNFLX$24.2M339,6000.23%-0.14pp31q-0.7%-$171.4K
CANADIAN NAT RES LTD MED TERCNQ$24.1M610,4190.23%-0.20pp9q-21.0%-$6.4M
IDEXX LABS INCIDXX$24.1M45,7000.23%-0.06pp7qHELD
HYATT HOTELS CORPH$23.4M120,5480.22%+0.02pp17qHELD
AMGEN INCAMGN$23.2M64,1500.22%-0.04pp12q-1.0%-$235.4K
UNILEVER PLCUL$22.6M375,4570.21%-newNEW
LAS VEGAS SANDS CORPLVS$22.5M487,7500.21%-0.09pp23q-0.7%-$168.6K
INTEL CORPINTC$22.3M160,0000.21%+0.15pp2q+33.3%+$5.6M
BOOKING HOLDINGS INCBKNG$22.1M123,8750.21%-0.03pp31q+2400.0%+$21.2M
SANDISK CORPSNDK$21.9M9,6500.21%-newNEW
NORTHROP GRUMMAN CORPNOC$21.9M43,0500.21%-0.15pp31q-7.0%-$1.7M
GALLAGHER ARTHUR J & COAJG$21.4M93,2650.20%+0.04pp6q+44.6%+$6.6M
APOLLO GLOBAL MGMT INCAPO$20.5M173,2000.19%-0.03pp11qHELD
MASTERCARD INCORPORATEDMA$20.4M39,7000.19%-0.03pp31q-1.0%-$205.4K
BROOKFIELD CORPBN$20.3M476,5500.19%-0.03pp11q-0.8%-$155.5K
INTUITINTU$20.0M76,6000.19%-0.26pp7q-16.9%-$4.1M
ORACLE CORPORCL$19.9M135,6060.19%-0.10pp31q-20.6%-$5.2M
BLACKROCK INCBLK$19.7M20,5000.19%-0.04pp7q-1.0%-$192.3K
SPDR SERIES TRUSTKIE$19.0M311,8500.18%-0.02pp23q-0.9%-$164.7K
PROGRESSIVE CORPPGR$18.8M86,2000.18%-0.02pp17q-1.0%-$196.6K
DISNEY WALT CODIS$18.0M187,4560.17%-0.04pp31q-0.7%-$129.9K
ABBOTT LABORATORIESABT$17.8M196,2500.17%-0.06pp31q-1.0%-$186.0K
S&P GLOBAL INCSPGI$17.8M43,6500.17%-0.04pp14q-1.0%-$183.3K
UBER TECHNOLOGIES INCUBER$17.7M244,6000.17%-0.03pp9q-1.1%-$187.6K
FEDEX CORPFDX$17.4M55,5500.16%-0.18pp17q-35.9%-$9.7M
FABRINETFN$16.6M29,5500.16%+0.02pp2q+25.5%+$3.4M
ACCENTURE PLC IRELANDACN$16.0M128,2500.15%-0.30pp10q-36.7%-$9.2M
REGENERON PHARMACEUTICALSREGN$15.8M25,4000.15%-0.07pp7q-0.8%-$124.7K
BOEING COBA$15.2M70,4000.14%-0.02pp31q-1.0%-$151.5K
LOWES COS INCLOW$15.0M68,2500.14%-0.04pp31q-0.5%-$77.2K
ANALOG DEVICES INCADI$14.5M36,5000.14%-newNEW
DTE ENERGY CODTE$14.0M91,8000.13%-0.02pp2qHELD
BRITISH AMERN TOB PLCBTI$13.9M224,7950.13%+0.01pp4q+26.4%+$2.9M
NIKE INCNKE$13.7M333,4000.13%-0.07pp31q-0.6%-$82.1K
ISHARES TRIBB$13.5M71,0000.13%-0.01pp23qHELD
MARSH & MCLENNAN COS INCMRSH$13.1M78,6000.12%-0.03pp17q-1.0%-$133.3K
WYNDHAM HOTELS & RESORTS INCWH$13.0M153,9000.12%-0.02pp31q-0.5%-$67.4K
PPL CORPPPL$12.6M346,0000.12%-0.03pp2qHELD
LENNAR CORPLEN$12.6M138,7500.12%-0.02pp31q-0.5%-$67.9K
STARBUCKS CORPSBUX$12.4M121,3000.12%-0.01pp31qHELD
AON PLCAON$11.2M33,6500.10%-0.02pp12q-1.0%-$116.1K
DELTA AIR LINES INCDAL$10.9M116,7500.10%+0.01pp18q-1.1%-$117.1K
PFIZER INCPFE$10.5M437,6000.10%-0.04pp19q-1.1%-$115.6K
OREILLY AUTOMOTIVE INCORLY$10.4M112,5000.10%-0.02pp10qHELD
PEPSICO INCPEP$10.3M76,3500.10%-0.04pp31q-0.8%-$88.0K
AMERICAN INTL GROUP INCAIG$9.4M125,5000.09%-0.02pp17q-1.0%-$96.9K
OTIS WORLDWIDE CORPOTIS$9.3M130,2500.09%-0.03pp25qHELD
HONEYWELL INTL INCHON$9.2M40,9500.09%-newNEW
HONEYWELL AEROSPACE INCHONA$9.1M40,9500.09%-newNEW
T-MOBILE US INCTMUS$8.8M52,7500.08%-0.04pp26qHELD
NXP SEMICONDUCTORS N VNXPI$8.1M28,6500.08%-0.17pp9q-74.7%-$23.7M
INTERNATIONAL BUSINESS MACHSIBM$8.0M28,5000.08%flat11q-1.0%-$84.4K
WESTERN DIGITAL CORPWDC$7.7M12,1000.07%-newNEW
BHP BILLITON LIMITEDBHP$7.4M89,2520.07%flat4qHELD
HSBC HLDGS PLCHSBC$7.4M77,5520.07%flat4qHELD
BANCO SANTANDER S.A.SAN$7.1M515,3110.07%flat4qHELD
NOVARTIS AGNVS$7.1M45,0660.07%-0.01pp4qHELD
ISHARES TRACWX$6.8M90,0000.06%flat23qHELD
BLOOM ENERGY CORPBE$6.8M22,5000.06%+0.03pp3qHELD
EDWARDS LIFESCIENCES CORPEW$6.7M74,3000.06%flat17q-1.1%-$72.4K
MITSUBISHI UFJ FINANCIAL GROMUFG$6.3M315,4640.06%-0.02pp4q-20.0%-$1.6M
METLIFE INCMET$5.8M68,1000.05%flat17q-1.0%-$59.2K
SHELL PLCSHEL$5.5M71,2330.05%-0.02pp4qHELD
ALIBABA GROUP HLDG LTDBABA$5.5M57,1340.05%-0.02pp4q+9.0%+$451.9K
VISTRA CORPVST$5.4M34,3000.05%-0.01pp2qHELD
SUMITOMO MITSUI FIN GRP INCSMFG$5.4M230,4320.05%flat4qHELD
TOYOTA MOTOR CORPTM$4.5M26,6980.04%-0.02pp4qHELD
FEDEX FGHT HLDG CO INC$4.2M27,7750.04%-newNEW
ARM HOLDINGS PLCARM$3.9M11,1000.04%-newNEW
FOMENTO ECONOMICO MEXICANO SFMX$3.7M29,1510.04%flat4qHELD
GSK PLCGSK$3.7M70,1510.03%-0.01pp2qHELD
BOSTON SCIENTIFIC CORPBSX$3.6M84,6000.03%-0.03pp29qHELD
NATIONAL GRID PLCNGG$3.4M40,6380.03%-0.01pp4q-16.7%-$673.6K
SAP SESAP$3.0M19,3240.03%-0.01pp4qHELD
UBS GROUP AGUBS$2.9M57,8930.03%+0.01pp4q+58.4%+$1.1M
NOVO-NORDISK A SNVO$2.6M55,0230.02%flat4qHELD
MIZUHO FINANCIAL GROUP INCMFG$2.6M273,4410.02%flat2qHELD
LLOYDS BANKING GROUP PLCLYG$2.3M400,4420.02%-newNEW
SONY GROUP CORPSONY$2.2M107,4340.02%flat4qHELD
NU HLDGS LTDNU$2.0M147,8320.02%-0.01pp4qHELD
TOTALENERGIES SETTE$1.9M24,5500.02%-0.01pp3qHELD
BARRICK MNG CORPB$1.9M51,7420.02%-0.01pp4qHELD
HALEON PLCHLN$1.8M196,5370.02%flat2qHELD
HDFC BANK LTDHDB$1.8M69,9190.02%flat4qHELD
ALPHABET INCGOOGL$1.8M5,0000.02%flat31qHELD
VANGUARD INTL EQUITY INDEX FVWO$1.7M28,1000.02%flat23qHELD
GOLD FIELDS LTDGFI$1.6M48,9020.02%-0.01pp4qHELD
NEW ORIENTAL ED & TECHNOLOGYEDU$1.5M32,7190.01%-0.01pp4qHELD
MERCADOLIBRE INCMELI$1.4M8290.01%flat4q+29.7%+$322.5K
BANCO BRADESCO S ABBD$1.3M388,3130.01%flat2q+13.6%+$160.9K
SMITH & NEPHEW PLCSNN$1.2M39,9770.01%flat4qHELD
NOKIA CORPNOK$1.1M85,6610.01%-newNEW
SEA LTDSE$1.1M11,6010.01%flat4qHELD
VANGUARD INTL EQUITY INDEX FVEU$1.0M12,0000.01%flat23qHELD
BAIDU INCBIDU$865.2K7,5700.01%flat3qHELD
GILEAD SCIENCES INCGILD$758.0K6,0000.01%flat31qHELD
HUBSPOT INCHUBS$638.8K3,5000.01%flat4qHELD
PAN AMERN SILVER CORPPAAS$637.7K14,2370.01%flat2qHELD
TELEKOMUNIKASI INDTLK$584.3K43,5100.01%-0.01pp4q-50.0%-$584.3K
AEGON LTDAEG$501.3K59,3980.00%flat4qHELD
SELECT SECTOR SPDR TRXLP$473.5K5,7000.00%flat23qHELD
SALESFORCE INCCRM$454.3K2,9000.00%flat20q-12.1%-$62.7K
FISERV INCFISV$431.6K8,8000.00%flat23qHELD

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.

Semiconductors & Electronics 16.0%Software & IT Services 12.9%Computer Hardware 5.5%Retail & Consumer 5.5%Insurance 3.5%Instruments & Controls 3.4%Biotech & Pharma 3.4%Industrials 3.2%Banks & Lending 3.2%Business Services 2.5%Capital Markets 2.2%Autos & Aerospace 2.0%Other sectors 11.0%Not classified 25.8%
 
SectorValueShare
Semiconductors & Electronics$1.7B16.0%
Software & IT Services$1.4B12.9%
Computer Hardware$590.1M5.5%
Retail & Consumer$580.6M5.5%
Insurance$367.8M3.5%
Instruments & Controls$364.0M3.4%
Biotech & Pharma$357.1M3.4%
Industrials$338.5M3.2%
Banks & Lending$337.4M3.2%
Business Services$268.7M2.5%
Capital Markets$230.7M2.2%
Autos & Aerospace$215.2M2.0%
Other sectors$1.2B11.0%
Not classified$2.7B25.8%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$10.6B205153189636.4%21
Q1 2026$8.9B1961296451234.4%35
Q4 2025$9.9B196735102636.5%23
Q3 2025$10.3B195352328238.5%41
Q2 2025$9.1B16212826638.2%38
Q1 2025$8.6B167722291238.1%17
Q4 2024$9.2B17262040739.9%24
Q3 2024$9.7B17353958238.5%10
Q2 2024$8.8B17082850740.3%23
Q1 2024$8.7B1699977237.3%12
Q4 2023$8.1B16292821334.6%23
Q3 2023$7.2B156172627332.7%38
Q2 2023$6.8B14221528731.9%27
Q1 2023$6.4B14771173631.1%38
Q4 2022$6.6B14632732129.4%33
Q3 2022$6.1B14433547330.5%35
Q2 2022$6.1B144121967428.9%39
Q1 2022$7.4B13651862230.3%43
Q4 2021$6.9B13371499329.6%41
Q3 2021$8.0B12962178331.2%43
Q2 2021$8.2B126621941030.6%14
Q1 2021$7.8B13052485330.0%40
Q4 2020$7.4B128262656431.6%48
Q3 2020$6.2B10611116436.2%19
Q2 2020$5.8B10941065836.2%13
Q1 2020$5.3B11322852633.5%16
Q4 2019$6.8B11731046230.6%28
Q3 2019$6.5B116220411629.4%22
Q2 2019$8.4B13092539629.2%16
Q1 2019$8.5B12771545727.5%9
Q4 2018$7.8B127000026.0%14

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.