Osbon Capital Management

BOSTON, MAfiles as Osbon Capital Management LLC

$127m in 421 US stocks at the end of 30 June 2026. The top 10 are 61.1% of the money. It changed about 16.5% of the portfolio this quarter.

Value

$127m

Stocks

421

Top 10 share

61.1%

Turnover

16.5%

What changed this quarter

New

Bought for the first time this quarter.

Direxion Shares ETF TrustTECL
0.9% of the fund
Himax TechnologiesHIMX
0.3% of the fund
Delek Logistics Partners LPDKL
<0.1% of the fund
Energy Transfer L PET
<0.1% of the fund
Mplx LPMPLX
<0.1% of the fund
Cheniere Energy Partners L PCQP
<0.1% of the fund
CVR Partners Lp/cvr NitrogenUAN
<0.1% of the fund
Invesco Mortgage CapitalIVR
<0.1% of the fund
AngloGold AshantiAU
<0.1% of the fund
Rio TintoRIO
<0.1% of the fund
Avery DennisonAVY
<0.1% of the fund
Plains ALL Amern Pipeline LPAA
<0.1% of the fund
Extra Space StorageEXR
<0.1% of the fund
USA Compression Partners LPUSAC
<0.1% of the fund
TXO Partners LPTXO
<0.1% of the fund
Kinetik HoldingsKNTK
<0.1% of the fund
Mach Natural Resources LPMNR
<0.1% of the fund
Global Partners LPGLP
<0.1% of the fund
NYLI CBRE Global Infrastructure Megatrends Term FundMEGI
<0.1% of the fund
Alliance Resource Partners LARLP
<0.1% of the fund
Barrick MiningB
<0.1% of the fund
Highwoods PropertiesHIW
<0.1% of the fund
Black Stone Minerals L PBSM
<0.1% of the fund
Trinity CapitalTRIN
<0.1% of the fund
Neuberger High Yield Strategies FundNHS
<0.1% of the fund

Added

Bought more of a stock they already held.

CloudflareNET
5.7% of the fund
+80%
Blackstone Secured Lending FundBXSL
1.7% of the fund
+2%
AlphabetGOOG
1.1% of the fund
+21%
Valkyrie ETF Trust IIWGMI
0.4% of the fund
+18%
QXOQXO
0.4% of the fund
+170%
Select Sector Spdr TRXLK
0.2% of the fund
+16%
Circle Internet GroupCRCL
0.2% of the fund
+326%
Apollo Global ManagementAPO
0.2% of the fund
+3%
Sixth Street Specialty LendingTSLX
0.2% of the fund
+392%
First TR Exchange-Traded FDGRID
<0.1% of the fund
+21%
Bristol-Myers SquibbBMY
<0.1% of the fund
+18%
Brightstar LotteryBRSL
<0.1% of the fund
+50%
Iron MountainIRM
<0.1% of the fund
+65%
Simon Property GroupSPG
<0.1% of the fund
+59%
PfizerPFE
<0.1% of the fund
+37%
Ford MotorF
<0.1% of the fund
+70%
Enterprise Products Partners L.P.EPD
<0.1% of the fund
+582%
PaychexPAYX
<0.1% of the fund
+110%
Charles SchwabSCHW
<0.1% of the fund
+102%
Hess Midstream LPHESM
<0.1% of the fund
+109%
NewmontNEM
<0.1% of the fund
+463%
Eastman ChemicalEMN
<0.1% of the fund
+75%
GAMCO Global Gold, Natural Resources & Income TrustGGN
<0.1% of the fund
+188%
Western Asset Diversified Income Fund (WDI)WDI
<0.1% of the fund
+6%
Morgan Stanley Emerging Markets Debt FundMSD
<0.1% of the fund
+719%

Cut

Sold some of their stake.

Vanguard World FDVGT
12.5% of the fund
-5%
Invesco QQQ TRQQQ
10.6% of the fund
-6%
Vanguard Index FDSVTI
10.0% of the fund
-8%
Ishares TRIWF
6.8% of the fund
-6%
Wisdomtree TRDGRW
3.0% of the fund
-5%
Vanguard Index FDSVB
2.5% of the fund
-21%
State STR Spdr S&P 500 ETF TSPY
2.5% of the fund
-45%
AppleAAPL
1.2% of the fund
-3%
State STR Spdr DOW Jones INDDIA
1.1% of the fund
-59%
ARK ETF TRARKK
1.0% of the fund
-5%
CelesticaCLS
0.7% of the fund
-3%
ARK ETF TRARKW
0.7% of the fund
-3%
First TR Exchange-Traded FDSKYY
0.6% of the fund
-26%
Meta PlatformsMETA
0.6% of the fund
-4%
VisaV
0.5% of the fund
-8%
Select Sector Spdr TRXLV
0.5% of the fund
-28%
Strategic TrustRUNN
0.4% of the fund
-26%
Vanguard Index FDSVUG
0.3% of the fund
-64%
Butterfly NetworkBFLY
0.3% of the fund
-14%
Invesco Exchange Traded FD TPKW
0.3% of the fund
-13%
Palantir TechnologiesPLTR
0.2% of the fund
-8%
AdobeADBE
0.2% of the fund
-3%
Wisdomtree TRWCLD
0.2% of the fund
-20%
Core ScientificCORZ
0.2% of the fund
-42%
Blue Owl CapitalOBDC
0.1% of the fund
-11%

Sold out

Sold their entire stake.

Vanguard World FDVIS
-100%
Vanguard World FDVOX
-100%
Simplify Exchange Traded FUNMTBA
-100%
Select Sector Spdr TRXLI
-100%
Forward IndustriesFWDI
-100%
Vanguard World FDVFH
-100%
Spdr Series TrustSDY
-100%
AppLovinAPP
-100%
Etfis SER TR IPFFA
-100%
Pimco Corporate & Income Opportunity FundPTY
-100%
abrdn World Healthcare FundTHW
-100%
Tidal Trust IFMKT
-100%
abrdn Healthcare InvestorsHQH
-100%
American Airlines GroupAAL
-100%
Apollo Commercial Real Estate FinanceARI
-100%
PIMCO Dynamic Income FundPDI
-100%
BrightSpire CapitalBRSP
-100%
abrdn Global Premier Properties FundAWP
-100%
John Hancock Financial Opportunities FundBTO
-100%
Reaves Utility Income FundUTG
-100%
abrdn Healthcare Opportunities FundTHQ
-100%
Select Sector Spdr TRXLE
-100%
Liberty ALL Star Equity FundUSA
-100%
SLR InvestmentSLRC
-100%
Rithm CapitalRITM
-100%

Holdings

Vanguard World FDVGT
Share
12.5%
Value
$16m
Shares
133,586
-5%
Invesco QQQ TRQQQ
Share
10.6%
Value
$13m
Shares
18,303
-6%
Vanguard Index FDSVTI
Share
10.0%
Value
$13m
Shares
34,464
-8%
Ishares TRIWF
Share
6.8%
Value
$9m
Shares
69,840
-6%
CloudflareNET
Share
5.7%
Value
$7m
Shares
29,840
+80%
Ishares TRSOXX
Share
5.0%
Value
$6m
Shares
9,857
Held
Wisdomtree TRDGRW
Share
3.0%
Value
$4m
Shares
39,795
-5%
Vanguard Index FDSVB
Share
2.5%
Value
$3m
Shares
10,589
-21%
State STR Spdr S&P 500 ETF TSPY
Share
2.5%
Value
$3m
Shares
4,269
-45%
Vaneck ETF TrustSMH
Share
2.4%
Value
$3m
Shares
4,755
Held
Blackstone Secured Lending FundBXSL
Share
1.7%
Value
$2m
Shares
93,016
+2%
AppleAAPL
Share
1.2%
Value
$2m
Shares
5,194
-3%
Golub Capital BDCGBDC
Share
1.1%
Value
$1m
Shares
111,755
Held
State STR Spdr DOW Jones INDDIA
Share
1.1%
Value
$1m
Shares
2,704
-59%
AlphabetGOOG
Share
1.1%
Value
$1m
Shares
3,926
+21%
Sphere EntertainmentSPHR
Share
1.1%
Value
$1m
Shares
7,750
Held
Vanguard Index FDSVOO
Share
1.0%
Value
$1m
Shares
1,928
Held
MicrosoftMSFT
Share
1.0%
Value
$1m
Shares
3,550
Held
TeslaTSLA
Share
1.0%
Value
$1m
Shares
2,995
Held
ARK ETF TRARKK
Share
1.0%
Value
$1m
Shares
15,556
-5%
AmgenAMGN
Share
1.0%
Value
$1m
Shares
3,344
Held
Direxion Shares ETF TrustTECL
Share
0.9%
Value
$1m
Shares
5,174
New
Amazon.comAMZN
Share
0.8%
Value
$1m
Shares
4,428
Held
Etfs Gold TRSGOL
Share
0.8%
Value
$1m
Shares
26,658
Held
CelesticaCLS
Share
0.7%
Value
$903,629
Shares
2,477
-3%
NvidiaNVDA
Share
0.7%
Value
$891,943
Shares
4,457
Held
Fidelity Wise Origin BitcoinFBTC
Share
0.7%
Value
$863,853
Shares
16,921
Held
ARK ETF TRARKW
Share
0.7%
Value
$851,428
Shares
5,877
-3%
Planet Labs PBCPL
Share
0.7%
Value
$842,090
Shares
25,417
Held
First TR Exchange-Traded FDSKYY
Share
0.6%
Value
$812,586
Shares
6,038
-26%
Meta PlatformsMETA
Share
0.6%
Value
$757,589
Shares
1,344
-4%
CrowdStrike HoldingsCRWD
Share
0.6%
Value
$706,667
Shares
926
Held
AlphabetGOOGL
Share
0.5%
Value
$698,139
Shares
1,953
Held
VisaV
Share
0.5%
Value
$686,074
Shares
1,999
-8%
Spdr Gold TRGLD
Share
0.5%
Value
$596,263
Shares
1,618
Held
Select Sector Spdr TRXLV
Share
0.5%
Value
$589,945
Shares
3,718
-28%
NextpowerNXT
Share
0.4%
Value
$539,176
Shares
4,525
Held
Strategic TrustRUNN
Share
0.4%
Value
$536,267
Shares
16,553
-26%
Valkyrie ETF Trust IIWGMI
Share
0.4%
Value
$499,276
Shares
7,916
+18%
QXOQXO
Share
0.4%
Value
$486,934
Shares
28,179
+170%
ASML Holding NVASML
Share
0.3%
Value
$446,032
Shares
224
Held
Costco WholesaleCOST
Share
0.3%
Value
$442,206
Shares
472
Held
Vanguard Index FDSVUG
Share
0.3%
Value
$424,449
Shares
4,927
-64%
Butterfly NetworkBFLY
Share
0.3%
Value
$404,842
Shares
48,081
-14%
IsharesEIS
Share
0.3%
Value
$395,759
Shares
3,278
Held
Invesco Exchange Traded FD TPKW
Share
0.3%
Value
$386,444
Shares
2,727
-13%
Taiwan Semiconductor ManufacturingTSM
Share
0.3%
Value
$382,402
Shares
800
Held
Ishares TRIWO
Share
0.3%
Value
$382,197
Shares
970
Held
Ishares TRIJR
Share
0.3%
Value
$337,701
Shares
2,277
Held
Himax TechnologiesHIMX
Share
0.3%
Value
$331,675
Shares
21,621
New
Berkshire HathawayBRK-B
Share
0.3%
Value
$323,051
Shares
645
Held
Select Sector Spdr TRXLK
Share
0.2%
Value
$302,358
Shares
1,587
+16%
Circle Internet GroupCRCL
Share
0.2%
Value
$293,397
Shares
4,684
+326%
MerckMRK
Share
0.2%
Value
$279,095
Shares
2,171
Held
Apollo Global ManagementAPO
Share
0.2%
Value
$273,813
Shares
2,314
+3%
MastercardMA
Share
0.2%
Value
$273,760
Shares
533
Held
BroadcomAVGO
Share
0.2%
Value
$272,735
Shares
721
Held
Palantir TechnologiesPLTR
Share
0.2%
Value
$256,201
Shares
2,195
-8%
SymboticSYM
Share
0.2%
Value
$252,417
Shares
5,615
Held
Advanced Micro DevicesAMD
Share
0.2%
Value
$245,220
Shares
422
Held
AdobeADBE
Share
0.2%
Value
$238,233
Shares
1,162
-3%
Sixth Street Specialty LendingTSLX
Share
0.2%
Value
$231,618
Shares
13,489
+392%
AmphenolAPH
Share
0.2%
Value
$221,810
Shares
1,258
Held
DatadogDDOG
Share
0.2%
Value
$221,261
Shares
849
Held
Schwab Strategic TRSCHX
Share
0.2%
Value
$220,077
Shares
7,478
Held
Wisdomtree TRWCLD
Share
0.2%
Value
$218,862
Shares
6,827
-20%
Ishares TRIJH
Share
0.2%
Value
$217,835
Shares
2,825
Held
UnitedHealth GroupUNH
Share
0.2%
Value
$209,477
Shares
504
Held
Core ScientificCORZ
Share
0.2%
Value
$206,105
Shares
8,054
-42%
Ishares TREFG
Share
0.2%
Value
$205,997
Shares
1,655
Held
Blue Owl CapitalOBDC
Share
0.1%
Value
$185,662
Shares
17,080
-11%
Micron TechnologyMU
Share
0.1%
Value
$182,377
Shares
158
Held
Johnson & JohnsonJNJ
Share
0.1%
Value
$179,237
Shares
705
Held
NetflixNFLX
Share
0.1%
Value
$179,214
Shares
2,510
Held
CoreWeaveCRWV
Share
0.1%
Value
$178,543
Shares
1,793
Held
Vanguard Intl Equity Index FVT
Share
0.1%
Value
$177,777
Shares
1,132
Held
3MMMM
Share
0.1%
Value
$172,596
Shares
1,066
Held
Morgan Stanley Direct Lending FundMSDL
Share
0.1%
Value
$169,433
Shares
11,205
-5%
IsharesEWJ
Share
0.1%
Value
$168,259
Shares
1,804
Held
ShopifySHOP
Share
0.1%
Value
$168,187
Shares
1,473
Held
GE VernovaGEV
Share
0.1%
Value
$166,830
Shares
142
Held
Goldman Sachs BDCGSBD
Share
0.1%
Value
$163,757
Shares
17,273
Held
Vanguard Index FDSVTV
Share
0.1%
Value
$159,981
Shares
734
-70%
DoorDashDASH
Share
0.1%
Value
$159,915
Shares
866
-6%
IntelINTC
Share
0.1%
Value
$153,593
Shares
1,100
-67%
Ishares TRIEV
Share
0.1%
Value
$149,693
Shares
2,054
Held
Hyliion HoldingsHYLN
Share
0.1%
Value
$148,621
Shares
28,526
-17%
Applied MaterialsAMAT
Share
0.1%
Value
$144,600
Shares
200
Held
Vanguard Index FDSVXF
Share
0.1%
Value
$143,081
Shares
581
Held
APi GroupAPG
Share
0.1%
Value
$140,686
Shares
3,322
Held
General ElectricGE
Share
0.1%
Value
$134,916
Shares
361
Held
Vanguard Tax-Managed FDSVEA
Share
0.1%
Value
$134,805
Shares
1,892
Held
JPMorgan ChaseJPM
Share
0.1%
Value
$134,181
Shares
409
Held
ExxonMobil HoldingsXOM
Share
0.1%
Value
$131,437
Shares
961
Held
Wisdomtree TREPI
Share
0.1%
Value
$130,375
Shares
3,047
Held
SeaSE
Share
<0.1%
Value
$118,276
Shares
1,234
-13%
IdexIEX
Share
<0.1%
Value
$116,068
Shares
511
Held
First TR Exchange-Traded FDGRID
Share
<0.1%
Value
$111,023
Shares
579
+21%
Trilogy MetalsTMQ
Share
<0.1%
Value
$110,343
Shares
31,436
Held
BoeingBA
Share
<0.1%
Value
$108,451
Shares
501
-9%

Company	Share of fund	Value	Shares	Change
Vanguard World FDVGT	12.5%	$16m	133,586	-5%
Invesco QQQ TRQQQ	10.6%	$13m	18,303	-6%
Vanguard Index FDSVTI	10.0%	$13m	34,464	-8%
Ishares TRIWF	6.8%	$9m	69,840	-6%
CloudflareNET	5.7%	$7m	29,840	+80%
Ishares TRSOXX	5.0%	$6m	9,857	Held
Wisdomtree TRDGRW	3.0%	$4m	39,795	-5%
Vanguard Index FDSVB	2.5%	$3m	10,589	-21%
State STR Spdr S&P 500 ETF TSPY	2.5%	$3m	4,269	-45%
Vaneck ETF TrustSMH	2.4%	$3m	4,755	Held
Blackstone Secured Lending FundBXSL	1.7%	$2m	93,016	+2%
AppleAAPL	1.2%	$2m	5,194	-3%
Golub Capital BDCGBDC	1.1%	$1m	111,755	Held
State STR Spdr DOW Jones INDDIA	1.1%	$1m	2,704	-59%
AlphabetGOOG	1.1%	$1m	3,926	+21%
Sphere EntertainmentSPHR	1.1%	$1m	7,750	Held
Vanguard Index FDSVOO	1.0%	$1m	1,928	Held
MicrosoftMSFT	1.0%	$1m	3,550	Held
TeslaTSLA	1.0%	$1m	2,995	Held
ARK ETF TRARKK	1.0%	$1m	15,556	-5%
AmgenAMGN	1.0%	$1m	3,344	Held
Direxion Shares ETF TrustTECL	0.9%	$1m	5,174	New
Amazon.comAMZN	0.8%	$1m	4,428	Held
Etfs Gold TRSGOL	0.8%	$1m	26,658	Held
CelesticaCLS	0.7%	$903,629	2,477	-3%
NvidiaNVDA	0.7%	$891,943	4,457	Held
Fidelity Wise Origin BitcoinFBTC	0.7%	$863,853	16,921	Held
ARK ETF TRARKW	0.7%	$851,428	5,877	-3%
Planet Labs PBCPL	0.7%	$842,090	25,417	Held
First TR Exchange-Traded FDSKYY	0.6%	$812,586	6,038	-26%
Meta PlatformsMETA	0.6%	$757,589	1,344	-4%
CrowdStrike HoldingsCRWD	0.6%	$706,667	926	Held
AlphabetGOOGL	0.5%	$698,139	1,953	Held
VisaV	0.5%	$686,074	1,999	-8%
Spdr Gold TRGLD	0.5%	$596,263	1,618	Held
Select Sector Spdr TRXLV	0.5%	$589,945	3,718	-28%
NextpowerNXT	0.4%	$539,176	4,525	Held
Strategic TrustRUNN	0.4%	$536,267	16,553	-26%
Valkyrie ETF Trust IIWGMI	0.4%	$499,276	7,916	+18%
QXOQXO	0.4%	$486,934	28,179	+170%
ASML Holding NVASML	0.3%	$446,032	224	Held
Costco WholesaleCOST	0.3%	$442,206	472	Held
Vanguard Index FDSVUG	0.3%	$424,449	4,927	-64%
Butterfly NetworkBFLY	0.3%	$404,842	48,081	-14%
IsharesEIS	0.3%	$395,759	3,278	Held
Invesco Exchange Traded FD TPKW	0.3%	$386,444	2,727	-13%
Taiwan Semiconductor ManufacturingTSM	0.3%	$382,402	800	Held
Ishares TRIWO	0.3%	$382,197	970	Held
Ishares TRIJR	0.3%	$337,701	2,277	Held
Himax TechnologiesHIMX	0.3%	$331,675	21,621	New
Berkshire HathawayBRK-B	0.3%	$323,051	645	Held
Select Sector Spdr TRXLK	0.2%	$302,358	1,587	+16%
Circle Internet GroupCRCL	0.2%	$293,397	4,684	+326%
MerckMRK	0.2%	$279,095	2,171	Held
Apollo Global ManagementAPO	0.2%	$273,813	2,314	+3%
MastercardMA	0.2%	$273,760	533	Held
BroadcomAVGO	0.2%	$272,735	721	Held
Palantir TechnologiesPLTR	0.2%	$256,201	2,195	-8%
SymboticSYM	0.2%	$252,417	5,615	Held
Advanced Micro DevicesAMD	0.2%	$245,220	422	Held
AdobeADBE	0.2%	$238,233	1,162	-3%
Sixth Street Specialty LendingTSLX	0.2%	$231,618	13,489	+392%
AmphenolAPH	0.2%	$221,810	1,258	Held
DatadogDDOG	0.2%	$221,261	849	Held
Schwab Strategic TRSCHX	0.2%	$220,077	7,478	Held
Wisdomtree TRWCLD	0.2%	$218,862	6,827	-20%
Ishares TRIJH	0.2%	$217,835	2,825	Held
UnitedHealth GroupUNH	0.2%	$209,477	504	Held
Core ScientificCORZ	0.2%	$206,105	8,054	-42%
Ishares TREFG	0.2%	$205,997	1,655	Held
Blue Owl CapitalOBDC	0.1%	$185,662	17,080	-11%
Micron TechnologyMU	0.1%	$182,377	158	Held
Johnson & JohnsonJNJ	0.1%	$179,237	705	Held
NetflixNFLX	0.1%	$179,214	2,510	Held
CoreWeaveCRWV	0.1%	$178,543	1,793	Held
Vanguard Intl Equity Index FVT	0.1%	$177,777	1,132	Held
3MMMM	0.1%	$172,596	1,066	Held
Morgan Stanley Direct Lending FundMSDL	0.1%	$169,433	11,205	-5%
IsharesEWJ	0.1%	$168,259	1,804	Held
ShopifySHOP	0.1%	$168,187	1,473	Held
GE VernovaGEV	0.1%	$166,830	142	Held
Goldman Sachs BDCGSBD	0.1%	$163,757	17,273	Held
Vanguard Index FDSVTV	0.1%	$159,981	734	-70%
DoorDashDASH	0.1%	$159,915	866	-6%
IntelINTC	0.1%	$153,593	1,100	-67%
Ishares TRIEV	0.1%	$149,693	2,054	Held
Hyliion HoldingsHYLN	0.1%	$148,621	28,526	-17%
Applied MaterialsAMAT	0.1%	$144,600	200	Held
Vanguard Index FDSVXF	0.1%	$143,081	581	Held
APi GroupAPG	0.1%	$140,686	3,322	Held
General ElectricGE	0.1%	$134,916	361	Held
Vanguard Tax-Managed FDSVEA	0.1%	$134,805	1,892	Held
JPMorgan ChaseJPM	0.1%	$134,181	409	Held
ExxonMobil HoldingsXOM	0.1%	$131,437	961	Held
Wisdomtree TREPI	0.1%	$130,375	3,047	Held
SeaSE	<0.1%	$118,276	1,234	-13%
IdexIEX	<0.1%	$116,068	511	Held
First TR Exchange-Traded FDGRID	<0.1%	$111,023	579	+21%
Trilogy MetalsTMQ	<0.1%	$110,343	31,436	Held
BoeingBA	<0.1%	$108,451	501	-9%

Showing the largest 100 of 421.

Options (5)

Call (owl) Blue Owl Capital INC JAN 15 27 $13 (100 Shs)
Type
Call
Value
$9,600
Contracts
300
Call (psky) Paramount Skydance JAN 15 27 $12 (100 Shs)
Type
Call
Value
$8,162
Contracts
77
Call (rivn) Rivian Automotive DEC 18 26 $20 (100 Shs)
Type
Call
Value
$6,700
Contracts
25
Call (psky) Paramount Skydance JAN 21 28 $37 (100 Shs)
Type
Call
Value
$160
Contracts
10
Call (corn) Teucrium Commodity AUG 21 26 $22 (100 Shs)
Type
Call
Value
$100
Contracts
100

Company	Type	Value	Contracts
Call (owl) Blue Owl Capital INC JAN 15 27 $13 (100 Shs)	Call	$9,600	300
Call (psky) Paramount Skydance JAN 15 27 $12 (100 Shs)	Call	$8,162	77
Call (rivn) Rivian Automotive DEC 18 26 $20 (100 Shs)	Call	$6,700	25
Call (psky) Paramount Skydance JAN 21 28 $37 (100 Shs)	Call	$160	10
Call (corn) Teucrium Commodity AUG 21 26 $22 (100 Shs)	Call	$100	100

Over time and by industry

Value over time

Dec '25

Jun '26

Value is up 19.3% since 31 December 2025.

Where the money is

Technology13.5%

Retail & consumer3.5%

Media & telecom2.5%

Financial services2.4%

Industrials2.3%

Health care2.3%

Everyday goods0.4%

Materials0.3%

Real estate0.2%

Energy0.2%

Utilities0.1%

Other72.4%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.