13F

Investor

Topsail Wealth Management, LLC

CIK 0002056627 · filed 2026-04-21 · SEC filing

13F book

$677.9M

Positions

294

28 new · 2 sold

Largest name

24.0%

Vanguard Index Fds

Est. mark

−$16.6M

Price effect on 266 names still held. Flow $11.6M.
NameTickerSharesValueWeightEst. markChange
Vanguard Index Fds507.2K$162.7M24.0%−$7.33MCut−$7.61M
Vanguard Mun Bd Fds1.1M$54.9M8.1%−$440.3KCut−$702.9K
Vanguard Star Fds688.4K$53.1M7.8%$1.13MAdded$2.17M
Vanguard Index Fds85.2K$50.9M7.5%−$2.52MCut−$2.58M
Vanguard Intl Equity Index F644.3K$48.4M7.1%$992.2KCut$648.4K
Cincinnati Finl Corp297.6K$46.8M6.9%−$2.04MHeld
Vanguard Mun Bd Fds384.2K$28.9M4.3%−$137.2KAdded$4.17M
Vanguard Tax-Managed Fds265.5K$17M2.5%$427.5KCut$418.2K
Vanguard Scottsdale Fds199.6K$16.5M2.4%−$186.5KAdded$893.3K
Vanguard Index Fds68.9K$14.2M2.1%−$228.6KAdded−$226.1K
Vanguard Bd Index Fds178.4K$13.1M1.9%−$73.2KAdded$536.5K
Vanguard Charlotte Fds202K$9.7M1.4%−$54.5KCut−$147K
Dimensional Etf Trust126.2K$8.95M1.3%−$332.4KAdded$1.39M
Spdr S&P 500 Etf Tr12.5K$8.14M1.2%−$395.1KHeld
Apple Inc.AAPL26.1K$6.62M1.0%−$465.4KAdded−$379.8K
Microsoft CorpMSFT17.2K$6.36M0.9%−$1.95MCut−$2.11M
Vanguard Wellington Fd51.1K$5.17M0.8%−$22.3KAdded−$22.1K
Ishares Tr40.7K$4.32M0.6%−$32.2KAdded$720.9K
Vanguard World Fd13.9K$3.29M0.5%−$206.5KHeld
Alphabet Inc11K$3.17M0.5%−$280.4KCut−$298.2K
Schwab Strategic Tr121K$3.04M0.4%−$136.4KAdded−$130.7K
Berkshire Hathaway Inc Del4$2.87M0.4%−$146.6KHeld
Dimensional Etf Trust83.1K$2.82M0.4%$97.2KAdded$254.8K
Amazon Com IncAMZN12.2K$2.54M0.4%−$268.2KAdded−$202.4K
Vanguard Mun Bd Fds32.3K$2.46M0.4%−$5.17KAdded$4.45K
Ishares Tr24.3K$2.36M0.3%$26.6KAdded$36.3K
Vanguard Scottsdale Fds29.6K$2.35M0.3%−$13.6KAdded−$5.03K
Vanguard Index Fds11.7K$2.3M0.3%$61.1KCut$60.2K
Spdr S&P Midcap 400 Etf Tr3.55K$2.19M0.3%$46.8KAdded$89.9K
Visa Inc.V7.2K$2.18M0.3%−$339.8KAdded−$282.1K
Nvidia CorpNVDA12.5K$2.17M0.3%−$150.2KAdded−$145.7K
Ishares Tr8.31K$2.06M0.3%$15.2KAdded$23.2K
Jpmorgan Chase & Co.6.99K$2.06M0.3%−$192.4KAdded−$152.1K
Invesco Qqq Tr3.43K$1.98M0.3%−$127.3KHeld
Vanguard Index Fds9.07K$1.97M0.3%$49.5KHeld
Meta Platforms, Inc.META3.36K$1.92M0.3%−$292.1KAdded−$270.9K
Vanguard Malvern Fds24.6K$1.91M0.3%−$12.4KAdded$26.9K
Procter And Gamble CoPG13K$1.88M0.3%$14.3KAdded$61.9K
First Tr Exchange Traded Fd24K$1.64M0.2%−$28KAdded$20.7K
Invesco Exchange Traded Fd T8.02K$1.54M0.2%$2.57KAdded$76.5K
Texas Instrs Inc7.76K$1.51M0.2%$160.3KCut$160.1K
Ishares Tr21.9K$1.5M0.2%$29.4KHeld
Vanguard Scottsdale Fds19.5K$1.46M0.2%−$21.9KAdded−$9.23K
Vanguard Intl Equity Index F26.1K$1.41M0.2%$7.57KCut−$139.6K
Vanguard Index Fds5.34K$1.4M0.2%$21.3KCut−$79.3K
Berkshire Hathaway Inc Del2.6K$1.25M0.2%−$54.3KAdded$81.8K
Alphabet Inc4.31K$1.24M0.2%−$116.1KCut−$117.3K
Amphenol Corp New9.23K$1.17M0.2%−$81.6KAdded−$57K
Dimensional Etf Trust29K$1.13M0.2%$24KAdded$54.8K
Vanguard Scottsdale Fds14.7K$1.13M0.2%−$11.9KCut−$21.7K
Ishares Tr2.49K$1.06M0.2%−$116.6KHeld
AbbVie Inc.ABBV4.59K$997.6K0.1%−$50.4KAdded−$50K
Vanguard World Fd1.39K$967.6K0.1%−$78.1KAdded−$77.4K
First Tr Exchange Traded Fd15.6K$944.2K0.1%−$38.1KAdded−$18.3K
Profesionally Managed Portfo17.6K$932.1K0.1%−$223.3KCut−$950.4K
First Tr Exchange-Traded Fd19.8K$929.8K0.1%$18.1KAdded$48.5K
Ishares Tr8.69K$874.5K0.1%$32.5KHeld
Qnity Electronics, Inc.Q7.49K$864.4K0.1%$252.7KHeld
Home Depot, Inc.HD2.57K$845.2K0.1%−$37.1KAdded$5.3K
Ishares Tr2.33K$832.2K0.1%−$39.4KHeld
Eli Lilly & CoLLY884$813.1K0.1%−$136.9KCut−$240.1K
Vanguard Specialized Funds3.65K$784.6K0.1%−$17.1KCut−$27.8K
Walmart Inc.WMT6.14K$764.5K0.1%$71.2KAdded$147.6K
Lockheed Martin CorpLMT1.21K$733.7K0.1%$136.9KAdded$185.2K
First Tr Exchange-Traded Fd3.12K$729.9K0.1%−$109.6KCut−$120.4K
Ishares Tr1.93K$715.8K0.1%−$31.2KHeld
DuPont de Nemours, Inc.DD15K$686.5K0.1%$83.9KHeld
Unitedhealth Group IncUNH2.48K$670K0.1%−$146.4KAdded−$141.8K
Mcdonalds CorpMCD2.11K$655.1K0.1%$10.8KAdded$15.5K
Exxon Mobil Corp3.81K$645.9K0.1%$187.8KCut$164.5K
Dow Inc.DOW15.2K$632.8K0.1%$277.6KHeld
Merck & Co., Inc.MRK5.1K$617.9K0.1%$76.7KHeld
Morgan Stanley3.69K$606.4K0.1%−$47.8KHeld
Invesco Exch Trd Slf Idx Fd27.9K$585.9K0.1%−$12.4KAdded$23.5K
Gambling Com Group Limited148.5K$576.2K0.1%−$234.6KHeld
Ishares Tr4.22K$540.7K0.1%−$37.2KCut−$39.3K
RTX CorpRTX2.8K$540.3K0.1%$26.6KHeld
Idexx Labs Inc950$533.8K0.1%−$108.3KAdded−$105.5K
Spdr Series Trust5.92K$504.3K0.1%$2.49KAdded$24.6K
Broadcom Inc.AVGO1.63K$503K0.1%−$58.6KAdded−$51.1K
Vanguard Malvern Fds6.39K$495.6K0.1%New
First Tr Exchange-Traded Fd9.69K$492.3K0.1%$62.6KCut$60.4K
Invesco Exch Trd Slf Idx Fd22.6K$490.1K0.1%−$6.67KAdded$24.6K
First Tr Exchange-Traded Fd27.4K$488.5K0.1%$6.22KAdded$135.4K
Ishares Tr3.66K$484.9K0.1%$3.33KHeld
Select Sector Spdr Tr3.61K$480K0.1%−$40KHeld
Vanguard Growth Etf1.1K$479.2K0.1%−$56KHeld
BlackRock, Inc.BLK498$478.9K0.1%−$54.1KCut−$103.3K
Vanguard Index Fds1.66K$477.1K0.1%−$5.01KCut−$147.8K
Thermo Fisher Scientific Inc.TMO968$475.8K0.1%−$78.5KAdded−$39.7K
Nextera Energy Inc5.07K$470.5K0.1%$63.8KHeld
Ge Aerospace1.61K$456.6K0.1%−$36.9KAdded−$11.6K
Invesco Exch Trd Slf Idx Fd20.3K$454.7K0.1%−$5.07KHeld
Blackstone Inc.BX3.94K$453.6K0.1%−$154.4KCut−$163.7K
Ishares Tr3.08K$449.5K0.1%$14.5KHeld
Cisco Sys Inc5.73K$444.9K0.1%$3.21KCut−$25.8K
Dimensional Etf Trust11.4K$443.3K0.1%−$73Added$439.3K
Schwab Strategic Tr14.1K$433.9K0.1%$46KHeld
Costco Whsl Corp New430$428.5K0.1%$40.9KAdded$165.5K
GE Vernova Inc.GEV484$422.5K0.1%$86.4KAdded$165K
Johnson & JohnsonJNJ1.7K$415.3K0.1%$63.7KCut−$121.7K
Invesco Exch Traded Fd Tr Ii6.93K$413.7K0.1%$27KAdded$28.5K
Spdr Series Trust4.36K$412.6K0.1%$14.4KAdded$46.5K
Goldman Sachs Group Inc479$405.2K0.1%−$15.8KHeld
Vanguard Bd Index Fds5.07K$397.1K0.1%−$2.02KAdded$415
Enbridge Inc7.3K$395.3K0.1%$46.1KHeld
Bank America Corp8.08K$393.9K0.1%−$43.4KAdded$11.8K
Coca Cola CoKO5.14K$393.7K0.1%$33.6KAdded$41K
Spdr Series Trust4.27K$391.2K0.1%$9.92KHeld
Asml Holding N V295$389.6K0.1%$74KHeld
Vanguard Scottsdale Fds6.94K$384.1K0.1%−$3.12KCut−$20.4K
NIKE, Inc.NKE7.03K$374.1K0.1%−$76.5KCut−$189.8K
S&P Global Inc.SPGI869$369.6K0.1%−$84.5KCut−$89.2K
International Business Machs1.51K$366.7K0.1%−$81.4KCut−$87.7K
Abbott LabsABT3.54K$363.9K0.1%−$80.2KCut−$92.7K
Invesco Exch Trd Slf Idx Fd14.1K$362K0.1%−$5.75KAdded$70.8K
Accenture Plc Ireland1.81K$358.9K0.1%−$118.7KAdded−$95.9K
Crh Plc3.4K$358.8K0.1%−$65.6KCut−$66.2K
First Tr Exch Traded Fd Iii19.8K$350.7K0.1%−$9.29KCut−$17.5K
Ishares Tr3.42K$339.6K0.1%−$2.14KAdded$48
Spdr Series Trust3.46K$339.2K0.1%−$30.4KHeld
Lam Research CorpLRCX1.57K$335.7K0.1%$63.5KAdded$79.7K
Pepsico IncPEP2.13K$331.5K0.0%$22KAdded$22.5K
Micron Technology IncMU975$329.4K0.0%$46.2KAdded$77.3K
First Tr Exchange-Traded Fd6.61K$322K0.0%−$2.94KHeld
Palantir Technologies Inc.PLTR2.16K$315.5K0.0%−$65.2KAdded−$52.8K
Mastercard IncMA628$313.8K0.0%−$39KAdded$1.51K
Dollar Tree, Inc.DLTR2.77K$303.1K0.0%−$37.4KHeld
Apollo Global Mgmt Inc2.71K$301.6K0.0%−$90.3KCut−$91.6K
Qualcomm Inc2.32K$298.3K0.0%−$97.9KCut−$144.1K
Applied Matls Inc855$292.2K0.0%$72.5KCut$15.7K
Johnson Ctls Intl Plc2.19K$286.3K0.0%$23.6KHeld
Honeywell Intl Inc1.24K$280.1K0.0%$34.6KAdded$61.9K
Oracle Corp1.9K$279.9K0.0%−$87.3KAdded−$76.2K
Union Pac Corp1.13K$275.1K0.0%$10.9KAdded$51K
Colgate Palmolive CoCL3.17K$270.5K0.0%$19.7KAdded$20.3K
Lowes Cos Inc1.13K$267.9K0.0%−$5.28KAdded$6.77K
Intuitive Surgical IncISRG574$264.6K0.0%−$59.3KAdded−$54.3K
Northrop Grumman Corp386$263.3K0.0%$43.2KHeld
Tesla, Inc.TSLA706$262.5K0.0%−$52KAdded−$37.5K
Caterpillar IncCAT366$259.3K0.0%$49.6KHeld
Quanta Svcs Inc465$255.3K0.0%New
Spdr Dow Jones Indl Average550$254.8K0.0%−$10.1KHeld
Ishares Tr3.73K$251.8K0.0%$5.72KAdded$5.86K
Spdr Series Trust5.24K$250.6K0.0%−$839Held
First Tr Exchng Traded Fd Vi4.82K$249.6K0.0%−$5.63KHeld
Air Prods & Chems Inc830$241.1K0.0%$36KAdded$36.6K
First Tr Exchange-Traded Fd1.11K$240.8K0.0%−$15.9KHeld
American Tower Corp New1.39K$240.4K0.0%−$3.85KAdded$14.4K
Vanguard Whitehall Fds3.63K$238.2K0.0%−$6.22KAdded−$4.25K
Dimensional Etf Trust3.19K$229.7K0.0%New
Mckesson CorpMCK263$227.8K0.0%$11.8KAdded$13.5K
Ishares Tr1.5K$227.1K0.0%$15.4KHeld
Cvs Health CorpCVS3.15K$226.5K0.0%−$23.8KHeld
Bank America Corp189$225.2K0.0%−$11.4KHeld
Norfolk Southn Corp768$220.4K0.0%−$1.32KHeld
Schwab Strategic Tr7.08K$219.2K0.0%$6.3KHeld
Vanguard Whitehall Fds1.48K$219K0.0%$6.77KHeld
Spdr Series Trust2.27K$217.8K0.0%$7.99KHeld
Deere & CoDE385$216.9K0.0%New
Salesforce, Inc.CRM1.16K$216.4K0.0%−$72.4KAdded−$28K
Dimensional Etf Trust6.09K$216.3K0.0%$3.02KAdded$119.5K
Schwab Strategic Tr7.41K$215.4K0.0%$4.44KHeld
Comcast Corp New7.44K$213.6K0.0%−$8.63KAdded−$5.04K
Oneok Inc /New/OKE2.33K$210.2K0.0%New
Ishares Tr1.68K$208.6K0.0%$6.9KAdded$7.03K
Waste Mgmt Inc Del904$207.7K0.0%New
Spdr Index Shs Fds4.41K$206.9K0.0%$431Added$5.12K
Spdr Gold Tr470$202.2K0.0%New
Ishares Tr2.08K$201.8K0.0%$1.99KHeld
Spdr Series Trust3.45K$195.2K0.0%−$753Added$9.15K
First Tr Exchange Traded Fd7.2K$181.9K0.0%$3.17KHeld
First Tr Exch Trd Alphdx Fd3K$163.8K0.0%$2.57KHeld
Select Sector Spdr Tr3.47K$159.2K0.0%$11.1KHeld
Ishares Tr823$156K0.0%$6.9KHeld
Spdr Series Trust1.6K$154.3K0.0%$3.88KHeld
First Tr Exchng Traded Fd Vi6.53K$151.2K0.0%−$3.33KHeld
Ishares Tr2.65K$150.6K0.0%$5.52KHeld
Spdr Series Trust1K$145.9K0.0%$6.78KHeld
Vanguard Intl Equity Index F1.04K$143.5K0.0%−$2.84KHeld
First Tr Exchange Traded Fd1.2K$131.3K0.0%−$4.85KHeld
First Tr Exchng Traded Fd Vi4.28K$130.9K0.0%−$4.55KHeld
First Tr Exchange-Traded Fd5.09K$130.2K0.0%−$1.72KAdded$64.6K
Ishares Tr604$127.5K0.0%−$555Held
Invesco Exch Traded Fd Tr Ii3.46K$125.1K0.0%−$2.21KHeld
Dimensional Etf Trust2.66K$119.9K0.0%New
Ishares Tr174$113.7K0.0%−$5.52KHeld
First Tr Exchange-Traded Fd5.33K$111.8K0.0%−$1.44KHeld
Vanguard Index Fds1.26K$111.8K0.0%$265Held
Spdr Series Trust2.17K$104.9K0.0%$3.17KHeld
First Tr Exchng Traded Fd Vi2.8K$103.7K0.0%−$2.24KHeld
Select Sector Spdr Tr2K$98.7K0.0%−$10.8KHeld
First Tr Exchange-Traded Fd2.2K$98.6K0.0%−$2.38KHeld
Dimensional Etf Trust2.85K$98.5K0.0%$1.96KAdded$54.4K
First Tr Exch Trd Alphdx Fd1.12K$97.1K0.0%$5.37KAdded$40.1K
First Tr Exchange Traded Fd1.5K$95.7K0.0%−$6.5KCut−$64.2K
Vanguard Scottsdale Fds1.59K$93.2K0.0%−$271Cut−$10.1K
Dimensional Etf Trust1.93K$92.4K0.0%New
First Tr Exchng Traded Fd Vi2.75K$85.9K0.0%−$1.63KHeld
Select Sector Spdr Tr1.4K$85.8K0.0%$23.2KHeld
Ishares Tr576$83.4K0.0%$2.05KHeld
Dimensional Etf Trust1.93K$81.4K0.0%New
Vanguard Whitehall Fds842$79.3K0.0%$3.57KCut−$33.6K
First Tr Exchange-Traded Fd1.8K$78.6K0.0%$10.4KHeld
First Tr Exchange-Traded Fd1.85K$75.1K0.0%−$2.39KHeld
Ishares Tr349$74.6K0.0%$1.16KHeld
First Tr Exchng Traded Fd Vi1.65K$72.4K0.0%−$1.56KCut−$1.65K
First Tr Exchange Traded Fd623$68.1K0.0%−$12.9KHeld
Ishares Tr532$63K0.0%$2.52KHeld
First Tr Exchange-Traded Fd3.7K$62.1K0.0%−$64Added$59.5K
First Tr Exchange-Traded Fd3.6K$60.4K0.0%−$36Added$57.8K
First Tr Exchng Traded Fd Vi1.91K$60K0.0%−$2.04KHeld
Invesco Exch Trd Slf Idx Fd3.04K$59.6K0.0%−$349Held
First Tr Exchange Traded Fd2.6K$58.4K0.0%$15.6KHeld
First Tr Exchng Traded Fd Vi1.14K$57.5K0.0%−$1.41KHeld
Ishares Tr1.88K$56.9K0.0%−$1.2KHeld
Dimensional Etf Trust1.01K$54.9K0.0%New
Dimensional Etf Trust1.63K$52.5K0.0%$653Added$16.3K
Dimensional Etf Trust1.48K$51.7K0.0%New
Dimensional Etf Trust1.37K$50.3K0.0%New
First Tr Exchange Traded Fd1K$49.6K0.0%$4.58KHeld
First Tr Exchng Traded Fd Vi1K$48.1K0.0%−$937Held
Vanguard Intl Equity Index F575$47.4K0.0%−$679Held
First Tr Exchng Traded Fd Vi1K$47K0.0%−$303Held
Invesco Exch Trd Slf Idx Fd2.4K$44.8K0.0%−$262Added$16.5K
Dimensional Etf Trust846$44.4K0.0%New
Invesco Exchange Traded Fd T750$41.1K0.0%$1.78KHeld
First Tr Exchng Traded Fd Vi650$36.3K0.0%−$500Held
Spdr Series Trust1.16K$35.7K0.0%−$997Held
Vanguard Index Fds138$35.5K0.0%−$3.01KHeld
Invesco Exch Trd Slf Idx Fd1.73K$35.3K0.0%−$235Added$7.93K
First Tr Exchng Traded Fd Vi800$34.8K0.0%−$633Held
Dimensional Etf Trust958$34.2K0.0%$1.44KHeld
First Tr Exchng Traded Fd Vi1.5K$33K0.0%−$687Held
First Tr Exchng Traded Fd Vi790$32.5K0.0%New
First Tr Exchng Traded Fd Vi800$31.1K0.0%−$626Held
Select Sector Spdr Tr210$30.8K0.0%−$1.72KHeld
Vanguard Scottsdale Fds101$29K0.0%−$1.29KHeld
Spdr Series Trust355$28.1K0.0%−$1.22KHeld
First Tr Exchng Traded Fd Vi700$27.1K0.0%−$387Held
First Tr Exchng Traded Fd Vi800$26.9K0.0%$495Held
First Tr Exchng Traded Fd Vi1.2K$26.6K0.0%New
First Tr Exchng Traded Fd Vi1.05K$24.9K0.0%New
First Tr Exchng Traded Fd Vi1K$24.8K0.0%$96Held
Ishares Tr75$24.6K0.0%$2.06KHeld
Dimensional Etf Trust908$24.1K0.0%New
First Tr Exchng Traded Fd Vi500$23.8K0.0%−$655Held
First Tr Exchng Traded Fd Vi500$23.4K0.0%−$415Held
Invesco Exch Trd Slf Idx Fd870$22.6K0.0%New
First Tr Exchng Traded Fd Vi500$22.1K0.0%−$405Held
Vanguard Scottsdale Fds215$21.5K0.0%$140Held
Ishares Tr300$21.3K0.0%−$318Held
Vanguard Index Fds62$18.5K0.0%−$989Held
Schwab Strategic Tr561$16.3K0.0%New
Schwab Strategic Tr630$16.2K0.0%−$800Held
First Tr Exchange-Traded Fd344$16K0.0%$646Held
Spdr Index Shs Fds349$15.9K0.0%$433Held
Invesco Exch Trd Slf Idx Fd950$15.9K0.0%New
Dimensional Etf Trust396$15.6K0.0%New
Spdr Series Trust600$15K0.0%−$204Cut−$18.8K
First Tr Exchange Traded Fd400$14.5K0.0%−$648Held
Ishares Tr134$13.7K0.0%−$38Held
Dimensional Etf Trust397$13.4K0.0%New
Ishares Tr256$13.1K0.0%−$138Held
Ishares Tr40$12.7K0.0%−$996Held
Invesco Exch Traded Fd Tr Ii560$11.4K0.0%−$330Held
Spdr Series Trust189$11.2K0.0%$248Held
First Tr Exchng Traded Fd Vi200$10.9K0.0%−$239Held
First Tr Exchange-Traded Fd450$9.34K0.0%−$202Held
Dimensional Etf Trust247$8.84K0.0%New
First Tr Exchange Traded Fd135$8.6K0.0%$410Held
Dimensional Etf Trust247$8.35K0.0%New
Invesco Exch Trd Slf Idx Fd500$8.23K0.0%New
First Tr Exchng Traded Fd Vi168$7.96K0.0%−$59Held
First Tr Exchng Traded Fd Vi125$6.21K0.0%−$183Held
Schwab Us Tips Etf224$5.96K0.0%$27Held
Ishares Tr67$4.98K0.0%$197Held
First Tr Exchng Traded Fd Vi200$4.71K0.0%$141Held
Ishares Tr36$4.01K0.0%−$92Held
First Tr Exchng Traded Fd Vi150$3.65K0.0%$34Held
Invesco Exch Trd Slf Idx Fd150$2.93K0.0%−$6Held
Dimensional Etf Trust71$2.39K0.0%$52Held
Spdr Series Trust31$2.37K0.0%−$114Held
Ishares Tr24$2.28K0.0%−$6Held
Vanguard World Fd20$2.25K0.0%−$174Held
Vanguard Scottsdale Fds33$1.97K0.0%−$13Held
Ishares Tr12$1.71K0.0%−$75Held
Vanguard Scottsdale Fds22$1.49K0.0%−$1Held
Schwab Strategic Tr60$1.49K0.0%New
Ishares Tr15$1.19K0.0%−$16Held
Ishares Tr10$1.09K0.0%−$12Cut−$16.1K
Vanguard Scottsdale Fds5$8360.0%New
Ishares Tr5$4130.0%−$1Held
Vanguard Index Fds2$3690.0%$14Held

Positions as of Q1 2026. 13F filings arrive up to 45 days after quarter-end and omit shorts. Values are quarter-end marks, as filed. Estimated mark is the price effect on shares still held — not realized P&L or investment advice.