Alpine Woods Capital Investors, LLC
Alpine Woods Capital Investors, LLC reported 218 US-listed holdings worth $443.5 million in its 13F for the quarter ended 30 June 2026, filed 7 August 2026. Its largest: Broadcom Inc. (3.9%), Wells Fargo & Company (3.2%) and JPMorgan Chase & Co. (2.9%). Against the quarter before, it opened 52 positions, added to 51, trimmed 75 and sold out of 33.
Reported holdings$443.5M+6.4% on Q1 2026
Positions218+19 on Q1 2026
The largest ten25.5%of its reported holdings
Latest 13FQ2 2026filed 7 August 2026
Added toHeldTrimmed
The 14 largest of its 218 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +22.6% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Its reported holdingsThe S&P 500
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Opened 52Added 51Held 40Trimmed 75Sold out 33
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 52
- Medtronic plc MDT$5.4 million
- International Flavors & Fragrances Inc. IFF$3.2 million
- Truist Financial Corp. TFC$3.1 million
- McDonald's Corp. MCD$2.8 million
- Danaher Corp. DHR$2.3 million
- Visa Inc. V$1.8 million
- Rockwell Automation, Inc. ROK$1.5 million
- Starbucks Corp. SBUX$1.5 million
and 44 more in the table below
Added to 51
- Eli Lilly & Co. LLY+4,311 shares · +575%
- Abbott Laboratories ABT+39,877 shares · +1199%
- Booking Holdings Inc. BKNG+11,807 shares · +297%
- Microsoft Corp. MSFT+3,671 shares · +20%
- Waste Management Inc. WM+5,916 shares · +24%
- Uber Technologies, Inc. UBER+17,044 shares · +60%
- Bank of New York Mellon Corp. BNY+6,465 shares · +22%
- Home Depot, Inc. HD+2,549 shares · +19%
and 43 more in the table below
Trimmed 75
- NVIDIA Corp. NVDA-134,090 shares · -74%
- Steel Dynamics Inc. STLD-17,162 shares · -39%
- Constellation Brands, Inc. STZ-19,535 shares · -59%
- Texas Instruments Inc. TXN-5,445 shares · -20%
- Lam Research Corp. LRCX-3,728 shares · -34%
- Broadcom Inc. AVGO-4,072 shares · -8%
- CrowdStrike Holdings, Inc. CRWD-1,802 shares · -44%
- Jacobs Solutions Inc. J-10,862 shares · -54%
and 67 more in the table below
Sold out of 33
- Clorox Co. CLX$3.3 million last quarter
- Mastercard Inc. MA$2.5 million last quarter
- Tetra Tech Inc. TTEK$2.5 million last quarter
- Citigroup Inc. C$2.4 million last quarter
- Tyson Foods, Inc. TSN$1.6 million last quarter
- Intercontinental Exchange, Inc. ICE$1.5 million last quarter
- Domino's Pizza, Inc. DPZ$1.5 million last quarter
- Prudential Financial Inc. PRU$1.3 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Broadcom Inc. AVGO | 46.3K | $17.5 million | 3.94% | -4.1K |
| Wells Fargo & Company WFC | 174.2K | $14.4 million | 3.25% | no change |
| JPMorgan Chase & Co. JPM | 39.7K | $13.0 million | 2.93% | +2.3K |
| Alphabet Inc. GOOG | 34.5K | $12.2 million | 2.75% | -3.6K |
| Cummins Inc. CMI | 14.1K | $10.0 million | 2.26% | +115 |
| NVIDIA Corp. NVDA | 48.2K | $9.6 million | 2.17% | -134.1K |
| Apple Inc. AAPL | 33.3K | $9.6 million | 2.17% | -435 |
| L3Harris Technologies, Inc. LHX | 33.0K | $9.6 million | 2.16% | +2.3K |
| Amgen Inc. AMGN | 25.0K | $9.1 million | 2.04% | +2.0K |
| Microsoft Corp. MSFT | 22.1K | $8.2 million | 1.86% | +3.7K |
| Bank of America Corp. BAC | 140.6K | $8.0 million | 1.81% | +6.3K |
| AbbVie Inc. ABBV | 30.8K | $7.8 million | 1.75% | -398 |
| Agnico Eagle Mines Ltd AEM | 48.6K | $7.5 million | 1.70% | -260 |
| Equinix Inc. EQIX | 7.0K | $7.3 million | 1.64% | +267 |
| Waste Management Inc. WM | 30.6K | $6.8 million | 1.54% | +5.9K |
| Texas Instruments Inc. TXN | 22.4K | $6.7 million | 1.51% | -5.4K |
| Johnson & Johnson JNJ | 26.0K | $6.6 million | 1.49% | -1.1K |
| Southern Co. SO | 68.6K | $6.6 million | 1.48% | -839 |
| Mondelez International, Inc. MDLZ | 111.3K | $6.4 million | 1.45% | -795 |
| Evergy, Inc. EVRG | 73.4K | $6.3 million | 1.43% | -2.3K |
| Steel Dynamics Inc. STLD | 27.0K | $6.2 million | 1.40% | -17.2K |
| Cisco Systems, Inc. CSCO | 52.0K | $6.1 million | 1.38% | +160 |
| Eli Lilly & Co. LLY | 5.1K | $6.1 million | 1.37% | +4.3K |
| PepsiCo Inc. PEP | 43.1K | $5.8 million | 1.32% | +315 |
| Home Depot, Inc. HD | 15.8K | $5.6 million | 1.26% | +2.5K |
| SBA Communications Corp. SBAC | 30.6K | $5.4 million | 1.22% | -1.7K |
| Medtronic plc MDT | 68.5K | $5.4 million | 1.21% | new |
| Qualcomm Inc. QCOM | 28.2K | $5.2 million | 1.18% | -5.0K |
| Amazon.com Inc. AMZN | 21.7K | $5.2 million | 1.17% | -100 |
| Bank of New York Mellon Corp. BNY | 35.7K | $5.2 million | 1.16% | +6.5K |
| Williams Companies, Inc. WMB | 68.7K | $5.1 million | 1.15% | +1.3K |
| Emerson Electric Co. EMR | 33.1K | $4.7 million | 1.07% | -4.7K |
| TJX Companies Inc. TJX | 26.9K | $4.1 million | 0.92% | +4.3K |
| Cheniere Energy, Inc. LNG | 16.7K | $4.0 million | 0.90% | -2.2K |
| PPG Industries Inc. PPG | 32.9K | $4.0 million | 0.90% | -13 |
| Abbott Laboratories ABT | 43.2K | $3.9 million | 0.88% | +39.9K |
| Trane Technologies plc TT | 7.8K | $3.9 million | 0.87% | -450 |
| Motorola Solutions, Inc. MSI | 9.1K | $3.8 million | 0.85% | -812 |
| Palo Alto Networks Inc. PANW | 10.6K | $3.6 million | 0.81% | no change |
| Reliance, Inc. RS | 9.6K | $3.6 million | 0.81% | -959 |
| United Rentals, Inc. URI | 3.1K | $3.5 million | 0.79% | +717 |
| Metlife Inc. MET | 41.1K | $3.5 million | 0.78% | -14.4K |
| Simon Property Group Inc. SPG | 15.5K | $3.5 million | 0.78% | -955 |
| Union Pacific Corp. UNP | 12.2K | $3.3 million | 0.75% | no change |
| U.S. Bancorp USB | 54.5K | $3.3 million | 0.74% | +9.6K |
| Uber Technologies, Inc. UBER | 45.4K | $3.3 million | 0.74% | +17.0K |
| Brookfield Renewable Corp. Class A Ex Sub VTG BEPC | 86.0K | $3.2 million | 0.72% | +1.6K |
| Heico Corp. HEI | 9.0K | $3.2 million | 0.72% | +30 |
| International Flavors & Fragrances Inc. IFF | 39.8K | $3.2 million | 0.71% | new |
| Truist Financial Corp. TFC | 62.6K | $3.1 million | 0.70% | new |
| Lam Research Corp. LRCX | 7.1K | $3.1 million | 0.69% | -3.7K |
| Garmin Ltd. GRMN | 12.3K | $2.9 million | 0.66% | -18 |
| Booking Holdings Inc. BKNG | 15.8K | $2.8 million | 0.63% | +11.8K |
| McDonald's Corp. MCD | 10.2K | $2.8 million | 0.62% | new |
| Intuitive Surgical Inc. ISRG | 6.9K | $2.7 million | 0.62% | no change |
| Meta Platforms, Inc. META | 4.7K | $2.7 million | 0.60% | +938 |
| General Mills Inc. GIS | 74.0K | $2.6 million | 0.58% | -12.5K |
| Primerica, Inc. PRI | 9.0K | $2.6 million | 0.58% | -654 |
| Hinge Health, Inc. HNGE | 29.9K | $2.5 million | 0.56% | -162 |
| Snap-on Inc. SNA | 6.1K | $2.5 million | 0.56% | -75 |
| Kraft Heinz Co. KHC | 102.9K | $2.4 million | 0.55% | -25.2K |
| Danaher Corp. DHR | 12.3K | $2.3 million | 0.53% | new |
| Northrop Grumman Corp. NOC | 4.5K | $2.3 million | 0.52% | +1.7K |
| D.R. Horton, Inc. DHI | 13.6K | $2.2 million | 0.50% | no change |
| Alphabet Inc. GOOGL | 6.1K | $2.2 million | 0.49% | -630 |
| Procter & Gamble Co. PG | 14.4K | $2.1 million | 0.47% | +985 |
| Marvell Technology, Inc. MRVL | 6.8K | $2.0 million | 0.46% | -3.2K |
| W.W. Grainger, Inc. GWW | 1.5K | $2.0 million | 0.46% | no change |
| Netflix Inc. NFLX | 27.6K | $2.0 million | 0.44% | -10.5K |
| Baker Hughes Co. BKR | 35.3K | $2.0 million | 0.44% | -872 |
| Constellation Brands, Inc. STZ | 13.5K | $1.9 million | 0.42% | -19.5K |
| Visa Inc. V | 5.3K | $1.8 million | 0.41% | new |
| CrowdStrike Holdings, Inc. CRWD | 2.3K | $1.7 million | 0.39% | -1.8K |
| Labcorp Holdings Inc. LH | 6.0K | $1.7 million | 0.38% | -1.2K |
| Houlihan Lokey, Inc. HLI | 12.3K | $1.6 million | 0.37% | +283 |
| Tractor Supply Co. TSCO | 51.4K | $1.6 million | 0.37% | -69 |
| Quest Diagnostics Inc. DGX | 7.1K | $1.5 million | 0.34% | -2.9K |
| Rockwell Automation, Inc. ROK | 3.0K | $1.5 million | 0.34% | new |
| Starbucks Corp. SBUX | 14.4K | $1.5 million | 0.33% | new |
| Phillips 66 PSX | 8.6K | $1.5 million | 0.33% | -598 |
| Precigen, Inc. PGEN | 229.6K | $1.3 million | 0.30% | new |
| Teva Pharmaceutical Industries Ltd. TEVA | 37.0K | $1.3 million | 0.28% | +7.6K |
| Thermo Fisher Scientific Inc. TMO | 2.5K | $1.2 million | 0.28% | +36 |
| Taiwan Semiconductor Manufacturing Company Limited TSM | 2.5K | $1.2 million | 0.27% | -50 |
| Raymond James Financial Inc. RJF | 7.9K | $1.2 million | 0.27% | no change |
| Jacobs Solutions Inc. J | 9.2K | $1.2 million | 0.26% | -10.9K |
| Advanced Micro Devices Inc. AMD | 1.9K | $1.1 million | 0.24% | -132 |
| Snowflake Inc. SNOW | 4.3K | $1.1 million | 0.24% | new |
| Airbnb, Inc. ABNB | 7.6K | $1.1 million | 0.24% | new |
| Vistra Corp. VST | 6.7K | $1.1 million | 0.24% | new |
| Intel Corp. INTC | 7.5K | $1.0 million | 0.24% | new |
| CME Group Inc. CME | 4.7K | $1.0 million | 0.23% | -166 |
| MP Materials Corp. MP | 18.1K | $1.0 million | 0.23% | -4.4K |
| Vertiv Holdings Co. VRT | 3.0K | $1.0 million | 0.23% | new |
| Cameco Corp. CCJ | 9.7K | $987,533 | 0.22% | +546 |
| Technology Select Sector SPDR ETF XLK | 5.0K | $952,600 | 0.21% | no change |
| Imax Corp. IMAX | 23.4K | $931,568 | 0.21% | -7.3K |
| Bristol-Myers Squibb Co. BMY | 16.0K | $921,920 | 0.21% | new |
| Ingredion Inc. INGR | 9.6K | $911,300 | 0.21% | -4.5K |
| NextEra Energy Inc. NEE | 10.2K | $899,643 | 0.20% | no change |
| Goldman Sachs Group Inc. GS | 868 | $877,883 | 0.20% | +22 |
| Linde plc LIN | 1.7K | $865,073 | 0.20% | new |
| McKesson Corp. MCK | 1.1K | $862,897 | 0.19% | +286 |
| Caterpillar Inc. CAT | 781 | $831,687 | 0.19% | -40 |
| Walmart Inc. WMT | 7.3K | $828,052 | 0.19% | +412 |
| Vanguard Growth ETF VUG | 9.6K | $826,944 | 0.19% | no change |
| UnitedHealth Group Inc. UNH | 1.9K | $784,709 | 0.18% | new |
| iShares Trust IXUS | 8.0K | $763,520 | 0.17% | no change |
| KLA Corp. KLAC | 2.5K | $751,258 | 0.17% | +50 |
| Berkshire Hathaway Inc. Del | 1 | $748,850 | 0.17% | no change |
| Monster Beverage Corp. MNST | 7.8K | $748,583 | 0.17% | new |
| Interactive Brokers Group, Inc. IBKR | 8.2K | $716,078 | 0.16% | new |
| Digital Realty Trust, Inc. DLR | 3.8K | $688,330 | 0.16% | no change |
| Vanguard World FD VGT | 5.7K | $678,874 | 0.15% | no change |
| Robinhood Markets, Inc. HOOD | 6.5K | $651,820 | 0.15% | new |
| Cintas Corp. CTAS | 3.5K | $588,477 | 0.13% | -5 |
| Wisdomtree Trust DGRW | 6.0K | $573,720 | 0.13% | no change |
| Select Sector SPDR Trust XLC | 5.0K | $535,650 | 0.12% | no change |
| T-Mobile US, Inc. TMUS | 3.1K | $527,175 | 0.12% | -3 |
| iShares Trust IAI | 3.0K | $525,990 | 0.12% | no change |
| Vanguard Whitehall FDS VYM | 3.2K | $505,696 | 0.11% | no change |
| Cognex Corp. CGNX | 7.0K | $504,120 | 0.11% | +830 |
| Nova Ltd NVMI | 891 | $483,760 | 0.11% | new |
| First Trust Exchange Traded FD SKYY | 3.5K | $470,960 | 0.11% | no change |
| Kinder Morgan, Inc. KMI | 14.7K | $469,959 | 0.11% | no change |
| JFrog Ltd. FROG | 5.1K | $463,852 | 0.10% | -1.2K |
| Ondas Inc. ONDS | 55.0K | $453,200 | 0.10% | new |
| Select Sector SPDR Trust XLY | 3.8K | $445,664 | 0.10% | no change |
| iShares Trust IGV | 4.9K | $443,940 | 0.10% | -3.2K |
| Applied Materials Inc. AMAT | 613 | $443,199 | 0.10% | -69 |
| Gilead Sciences, Inc. GILD | 3.5K | $442,190 | 0.10% | new |
| Carlisle Companies Inc. CSL | 1.1K | $417,163 | 0.09% | -50 |
| Privia Health Group, Inc. PRVA | 15.3K | $393,746 | 0.09% | +4.1K |
| Invesco S&P Smallcap Health Care ETF PSCH | 7.5K | $392,750 | 0.09% | no change |
| Mama's Creations, Inc. MAMA | 21.7K | $387,595 | 0.09% | new |
| Rubrik, Inc. RBRK | 4.8K | $383,417 | 0.09% | new |
| Guardian Pharmacy Svcs Inc. GRDN | 9.0K | $376,663 | 0.08% | new |
| Amer Sports Inc. AS | 11.0K | $372,342 | 0.08% | +4.3K |
| Halozyme Therapeutics, Inc. HALO | 4.7K | $370,452 | 0.08% | +382 |
| Nutrien Ltd. NTR | 5.9K | $369,831 | 0.08% | no change |
| Valley National Bancorp VLY | 25.1K | $367,056 | 0.08% | -1.8K |
| FedEx Corp. FDX | 1.2K | $365,110 | 0.08% | -182 |
| CMS Energy Corp. CMS | 4.8K | $363,375 | 0.08% | no change |
| GXO Logistics, Inc. GXO | 7.0K | $355,001 | 0.08% | +2.5K |
| Casella Waste Systems Inc. CWST | 3.6K | $350,740 | 0.08% | +217 |
| M&T Bank Corp. MTB | 1.5K | $348,685 | 0.08% | no change |
| Vertex Pharmaceuticals Inc. VRTX | 699 | $347,214 | 0.08% | -17 |
| Legence Corp. LGN | 4.1K | $345,949 | 0.08% | new |
| Avnet Inc. AVT | 3.7K | $331,654 | 0.07% | -760 |
| Select Sector SPDR Trust XLV | 2.1K | $331,441 | 0.07% | no change |
| Ceco Environmental Corp. Com CECO | 3.6K | $328,116 | 0.07% | new |
| First Trust Exchange Traded FD CIBR | 3.6K | $323,460 | 0.07% | no change |
| Americold Realty Trust COLD | 20.4K | $320,704 | 0.07% | -6.3K |
| Axon Enterprise, Inc. AXON | 569 | $318,987 | 0.07% | -446 |
| Dentsply Sirona Inc. XRAY | 29.9K | $317,398 | 0.07% | +4.5K |
| Pursuit Attractions & Hospitality, Inc. PRSU | 5.5K | $307,051 | 0.07% | new |
| Hess Midstream LP HESM | 8.0K | $301,590 | 0.07% | -21.9K |
| Fulton Financial Corp. FULT | 12.4K | $301,069 | 0.07% | +2.5K |
| Silicon Motion Technology Corporation SIMO | 902 | $300,664 | 0.07% | new |
| Solaris Energy Infrastructure, Inc. SEI | 3.7K | $298,027 | 0.07% | new |
| Repligen Corp. RGEN | 2.2K | $295,393 | 0.07% | -132 |
| Hancock Whitney Corp. HWC | 3.9K | $294,472 | 0.07% | +790 |
| Hope Bancorp Inc. HOPE | 21.5K | $293,477 | 0.07% | +3.5K |
| Sirius XM Holdings Inc. SIRI | 9.9K | $293,421 | 0.07% | -3.0K |
| BHP Group Limited BHP | 3.5K | $289,919 | 0.07% | -10.0K |
| Old National Bancorp ONB | 11.1K | $288,604 | 0.07% | +2.0K |
| VSE Corp. VSEC | 1.3K | $288,139 | 0.06% | new |
| CubeSmart CUBE | 7.2K | $287,617 | 0.06% | -920 |
| Vita Coco Company, Inc. COCO | 4.3K | $286,056 | 0.06% | -255 |
| First Horizon Corp. FHN | 11.0K | $282,604 | 0.06% | +2.2K |
| CDW Corp. CDW | 2.0K | $281,280 | 0.06% | new |
| Prosperity Bancshares Inc. PB | 3.8K | $281,092 | 0.06% | +475 |
| Toll Brothers, Inc. TOL | 1.7K | $280,075 | 0.06% | no change |
| LifeStance Health Group, Inc. LFST | 26.0K | $278,771 | 0.06% | new |
| Oracle Corp. ORCL | 1.9K | $278,445 | 0.06% | +20 |
| Nextpower Inc. NXT | 2.3K | $277,358 | 0.06% | -138 |
| Watts Water Technologies Inc. WTS | 703 | $275,189 | 0.06% | new |
| LXP Industrial Trust LXP | 5.1K | $274,788 | 0.06% | new |
| Flowserve Corp. FLS | 3.7K | $274,689 | 0.06% | new |
| Carrier Global Corp. CARR | 3.7K | $272,715 | 0.06% | -170 |
| Piper Sandler Companies PIPR | 3.7K | $270,411 | 0.06% | -324 |
| Parker-Hannifin Corp. PH | 276 | $269,961 | 0.06% | no change |
| Pool Corp. POOL | 1.2K | $266,906 | 0.06% | +125 |
| Kimbell Rty Partners LP KRP | 18.4K | $266,640 | 0.06% | no change |
| Ellington Financial Inc. EFC | 19.1K | $259,883 | 0.06% | no change |
| Gentex Corp. GNTX | 10.2K | $257,501 | 0.06% | no change |
| Universal Display Corp. OLED | 3.0K | $255,873 | 0.06% | new |
| Reddit, Inc. RDDT | 1.5K | $255,683 | 0.06% | new |
| Elevance Health, Inc. ELV | 661 | $255,629 | 0.06% | -23 |
| Sonoco Products Co. SON | 4.5K | $251,772 | 0.06% | new |
| Howmet Aerospace Inc. HWM | 934 | $251,115 | 0.06% | +1 |
| Dover Corp. DOV | 1.1K | $246,708 | 0.06% | no change |
| Samsara Inc. IOT | 7.6K | $245,592 | 0.06% | +378 |
| Ashland Inc. ASH | 3.7K | $244,715 | 0.06% | +25 |
| LKQ Corp. LKQ | 9.3K | $244,606 | 0.06% | no change |
| Sportradar Group AG SRAD | 16.2K | $242,050 | 0.05% | new |
| Alamos Gold Inc. New AGI | 7.9K | $239,686 | 0.05% | -2.5K |
| Moelis & Co. MC | 3.7K | $239,372 | 0.05% | -400 |
| Vaneck ETF Trust MOO | 3.0K | $237,600 | 0.05% | no change |
| Guardant Health, Inc. GH | 1.6K | $237,047 | 0.05% | new |
| TheRealReal, Inc. REAL | 20.1K | $236,425 | 0.05% | new |
| Toro Co. TTC | 2.4K | $234,685 | 0.05% | no change |
| Plumas Bancorp PLBC | 4.0K | $233,760 | 0.05% | new |
| World Kinect Corp. WKC | 7.0K | $231,568 | 0.05% | -4.8K |
| Viavi Solutions Inc. VIAV | 4.8K | $231,301 | 0.05% | new |
| Energy Transfer LP ET | 12.0K | $229,440 | 0.05% | -2.4K |
| Harrow, Inc. HROW | 5.2K | $221,439 | 0.05% | new |
| Scotts Miracle-Gro Co. SMG | 3.2K | $218,769 | 0.05% | new |
| MSC Industrial Direct Co. Inc. MSM | 1.8K | $218,154 | 0.05% | -610 |
| Columbia Sportswear Co. COLM | 3.5K | $218,039 | 0.05% | -500 |
| Kennametal Inc. KMT | 6.1K | $214,857 | 0.05% | new |
| Karman Holdings Inc. KRMN | 4.3K | $214,356 | 0.05% | new |
| Brown Forman Corp. BFB | 8.0K | $213,200 | 0.05% | -4.3K |
| ExxonMobil Holdings Corp. XOM | 1.5K | $211,643 | 0.05% | no change |
| Paysign, Inc. PAYS | 22.7K | $186,216 | 0.04% | new |
| Nomad Foods Limited NOMD | 15.6K | $170,743 | 0.04% | no change |
| Amprius Technologies, Inc. AMPX | 12.1K | $167,165 | 0.04% | new |
| Carlsmed Inc. CARL | 15.5K | $161,326 | 0.04% | new |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read more
Change is shares against its 13F for the quarter before; the 33 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Invesco QQQ Trust QQQ | Puts | 15.0K | $11.0 million |
| Wells Fargo & Company WFC | Puts | 67.5K | $5.6 million |
2 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.