Vault-13

AFFILIATED MANAGERS GROUP IN AMG

COM · Common Stock · CUSIP 008252108 · ISIN US0082521081

Global investment management company

389 institutional holders +21 vs Q4 2022
36,828,03836.8m shares reported held*
102.0% of all shares outstanding*
$5.2bnreported value*
65 new 130 added 138 reduced 42 sold out net bought ≈ $191.6m (+1.9m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($9.3m this quarter). Holder counts are more reliable. Shares outstanding: 36.1m as of 2023-05-04, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $139.95. Options: 6 managers hold calls ($6.4m notional), 4 hold puts ($4.8m).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 331Q4 22: 368Q1 23: 389389Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 2022331
Q4 2022368
Q1 2023389

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q4 22: 186 bought or addedQ4 22: 148 cut or sold outQ4 22Q1 23: 195 bought or addedQ1 23: 180 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022186148
Q1 2023195180

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2.5m$5m$7.5m$10mQ3 22 calls: $1.2mQ3 22 puts: $2.0mQ3 22P/C 1.62Q4 22 calls: $9.9mQ4 22 puts: $9.1mQ4 22P/C 0.92Q1 23 calls: $6.4mQ1 23 puts: $4.8mQ1 23P/C 0.75
Numbers
QuarterCallsPutsP/C
Q3 2022$1.2m$2.0m1.62
Q4 2022$9.9m$9.1m0.92
Q1 2023$6.4m$4.8m0.75

Biggest buyers

FMR LLC Added +1,822,809+1.8m
ENVESTNET ASSET MANAGEMENT INC Added +740,248+740.2k
DEUTSCHE BANK AG\ Added +206,044+206.0k
Junto Capital Management LP New +199,961+200.0k
Allianz Asset Management GmbH Added +158,589+158.6k
Man Group plc New +111,433+111.4k
Qube Research & Technologies Ltd New +94,568+94.6k
AMERICAN CENTURY COMPANIES INC Added +92,826+92.8k
LGT CAPITAL PARTNERS LTD. Added +81,890+81.9k
Cinctive Capital Management LP Added +58,065+58.1k

Biggest sellers

NORGES BANK Reduced -371,537-371.5k
CITADEL ADVISORS LLC Reduced -356,765-356.8k
Balyasny Asset Management L.P. Sold out -261,136-261.1k
EdgePoint Investment Group Inc. Reduced -207,256-207.3k
MILLENNIUM MANAGEMENT LLC Reduced -161,069-161.1k
Point72 Asset Management, L.P. Reduced -138,930-138.9k
Man Group plc Sold out -84,208-84.2k
Invesco Ltd. Reduced -74,344-74.3k
FIRST TRUST ADVISORS LP Reduced -65,896-65.9k
TWO SIGMA INVESTMENTS, LP Reduced -64,119-64.1k

Biggest calls

Squarepoint Ops LLC Added $3.3m22.9k shares
CITADEL ADVISORS LLC Reduced $1.7m12.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.2m8.3k shares
SIMPLEX TRADING, LLC Unchanged $142.0k1.0k shares
Walleye Trading LLC Reduced $85.5k600 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

Squarepoint Ops LLC Added $2.7m19.2k shares
CITADEL ADVISORS LLC Reduced $1.6m11.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $470.0k3.3k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 5.2% new 1.4m≈ $469.3m 2026-04-29
VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-28 5.1% new 1.4m≈ $463.1m 2026-04-28

Fell to 5% or below in the last year: MORGAN STANLEY (5.5%, 2026-08-12), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC), Clarkston Capital Partners, LLC (3.2%, 2026-02-13)

Insider purchases and sales in Q1 2023

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
404Q2 21: 0 buyingQ2 21: 0 sellingQ3 21: 0 buyingQ3 21: 0 sellingQ3 21Q4 21: 3 buyingQ4 21: 0 sellingQ1 22: 2 buyingQ1 22: 0 sellingQ1 22Q2 22: 0 buyingQ2 22: 0 sellingQ3 22: 0 buyingQ3 22: 0 sellingQ3 22Q4 22: 0 buyingQ4 22: 0 sellingQ1 23: 1 buyingQ1 23: 0 sellingQ1 23
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q2 20210—0——
Q3 20210—0——
Q4 20213$1.5m0——
Q1 20222$1.0m0——
Q2 20220—0——
Q3 20220—0——
Q4 20220—0——
Q1 20231$500.8k0——
DateInsiderTradeSharesPrice ValueTheir holding
2023-03-16 Jeffery Reuben III Director Bought 3,650 $137.21 $500.8k3.6k shares +13%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 3,817,3833.8m $543.7m $543.7m 0.01% Reduced -57.5k -57,486
2 BlackRock Inc. 0.01% of their portfolio New York, NY 3,496,2063.5m $497.9m $497.9m 0.01% Reduced -8.9k -8,878
3 FMR LLC 0.02% of their portfolio BOSTON, MA 3,386,2083.4m $482.3m $482.3m 0.02% Added +1.8m +1,822,809
4 EdgePoint Investment Group Inc. 4.12% of their portfolio TORONTO, A6 2,882,0892.9m $410.5m $410.5m 4.12% Reduced -207.3k -207,256
5 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 2,754,8872.8m $392.4m $392.4m 0.04% Reduced -18.1k -18,054
6 Clarkston Capital Partners, LLC 6.02% of their portfolio Rochester, MI 2,267,5552.3m $322.9m $322.9m 6.02% Added +30.5k +30,462
7 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 1,290,7851.3m $183.8m $183.8m 0.01% Added +32.9k +32,922
8 ARIEL INVESTMENTS, LLC 1.49% of their portfolio CHICAGO, IL 1,092,1601.1m $155.5m $155.5m 1.49% Reduced -36.1k -36,147
9 SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 4.45% of their portfolio MEMPHIS, TN 923,358923.4k $131.5m $131.5m 4.45% Reduced -8.4k -8,423
10 Kiltearn Partners LLP 8.59% of their portfolio Edinburgh, X0 835,414835.4k $119.0m $119.0m 8.59% Reduced -11.8k -11,800
11 DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio AUSTIN, TX 791,890791.9k $112.8m $112.8m 0.04% Added +12.8k +12,771
12 LYRICAL ASSET MANAGEMENT LP 2.13% of their portfolio NEW YORK, NY 768,537768.5k $109.5m $109.5m 2.13% Reduced -30.4k -30,361
13 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 755,310755.3k $2.0m $2.0m 0.00% Added +740.2k +740,248
14 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 529,129529.1k $75.4m $75.4m 0.01% Added +21.5k +21,463
15 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 407,037407.0k $58.0m $58.0m 0.01% Added +810 +810
16 Spyglass Capital Management LLC 4.30% of their portfolio Greenbrae, CA 400,765400.8k $57.1m $57.1m 4.30% Reduced -18.8k -18,776
17 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 371,817371.8k $53.0m $53.0m 0.01% Added +5.4k +5,407
18 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 356,913356.9k $50.8m $50.8m 0.02% Reduced -383 -383
19 LGT CAPITAL PARTNERS LTD. 1.27% of their portfolio PFAEFFIKON, V8 321,205321.2k $45.7m $45.7m 1.27% Added +81.9k +81,890
20 BRUNI J V & CO /CO 6.19% of their portfolio COLORADO SPRINGS, CO 313,835313.8k $44.7m $44.7m 6.19% Reduced -1.9k -1,925
21 DEUTSCHE BANK AG\ 0.02% of their portfolio FRANKFURT AM MAIN, 2M 312,399312.4k $44.5m $44.5m 0.02% Added +206.0k +206,044
22 D. E. Shaw & Co., Inc. 0.06% of their portfolio New York, NY 263,811263.8k $37.6m $37.6m 0.06% Added +48.6k +48,643
23 RAYMOND JAMES & ASSOCIATES 0.03% of their portfolio ST PETERSBURG, FL 244,605244.6k $34.8m $34.8m 0.03% Reduced -8.9k -8,869
24 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 238,533238.5k $34.0m $34.0m 0.04% Reduced -161.1k -161,069
25 Allianz Asset Management GmbH 0.06% of their portfolio MUNICH, 2M 209,520209.5k $29.8m $29.8m 0.06% Added +158.6k +158,589
26 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 204,011204.0k $29.1m $29.1m 0.01% Reduced -4.4k -4,401
27 Junto Capital Management LP 0.80% of their portfolio NEW YORK, NY 199,961200.0k $28.5m $28.5m 0.80% New
28 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 179,140179.1k $25.5m $25.5m 0.03% Added +13.8k +13,785
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 169,151169.2k $24.1m $24.1m 0.00% Added +11.2k +11,177
30 LSV ASSET MANAGEMENT 0.05% of their portfolio CHICAGO, IL 165,539165.5k $23.6m $23.6m 0.05% Reduced -850 -850
31 SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio London, X0 163,876163.9k $23.3m $23.3m 0.03% Reduced -22.8k -22,796
32 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 160,735160.7k $22.9m $22.9m 0.00% Reduced -25.1k -25,061
33 PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio DES MOINES, IA 149,069149.1k $21.2m $21.2m 0.02% Added +1.3k +1,324
34 Prana Capital Management, LP 1.74% of their portfolio GREENWICH, CT 143,906143.9k $20.5m $20.5m 1.74% Added +52.2k +52,228
35 Polar Capital Holdings Plc 0.15% of their portfolio London, X0 142,906142.9k $20.4m $20.4m 0.15% Added +11.3k +11,294
36 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 141,844141.8k $20.2m $20.2m 0.02% Added +92.8k +92,826
37 REINHART PARTNERS, LLC. 1.08% of their portfolio MEQUON, WI 140,122140.1k $20.0m $20.0m 1.08% Reduced -6.9k -6,856
38 Schonfeld Strategic Advisors LLC 0.17% of their portfolio NEW YORK, NY 126,957127.0k $18.1m $18.1m 0.17% Added +35.7k +35,692
39 FIRST TRUST ADVISORS LP 0.02% of their portfolio Wheaton, IL 122,147122.1k $17.4m $17.4m 0.02% Reduced -65.9k -65,896
40 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 120,249120.2k $17.1m $17.1m 0.01% Reduced -9.3k -9,259
41 HANCOCK WHITNEY CORP 0.68% of their portfolio GULFPORT, MS 119,313119.3k $17.0m $17.0m 0.68% Added +3.0k +2,966
42 RHUMBLINE ADVISERS 0.02% of their portfolio BOSTON, MA 115,020115.0k $16.4m $16.4m 0.02% Reduced -2.5k -2,509
43 Man Group plc 0.06% of their portfolio LONDON, X0 111,433111.4k $15.9m $15.9m 0.06% New
44 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 108,788108.8k $15.5m $15.5m 0.02% Reduced -356.8k -356,765
45 MACQUARIE GROUP LTD 0.02% of their portfolio Sydney, NSW 2000, C3 108,750108.8k $15.5m $15.5m 0.02% Reduced -1.4k -1,450
46 PANAGORA ASSET MANAGEMENT INC 0.10% of their portfolio BOSTON, MA 107,105107.1k $15.3m $15.3m 0.10% Reduced -1.8k -1,828
47 NORGES BANK 0.00% of their portfolio OSLO, Q8 101,345101.3k $14.4m $14.4m 0.00% Reduced -371.5k -371,537
48 Retirement Systems of Alabama 0.06% of their portfolio MONTGOMERY, AL 99,11999.1k $14.1m $14.1m 0.06% Added +49.5k +49,470
49 Gillson Capital LP 1.14% of their portfolio CHICAGO, IL 96,86496.9k $13.8m $13.8m 1.14% Added +13.8k +13,848
50 NORTH STAR ASSET MANAGEMENT INC 0.80% of their portfolio NEENAH, WI 95,33995.3k $13.6m $13.6m 0.80% Reduced -272 -272
51 Qube Research & Technologies Ltd 0.08% of their portfolio LONDON, X0 94,56894.6k $13.5m $13.5m 0.08% New
52 Assenagon Asset Management S.A. 0.05% of their portfolio SENNINGERBERG, N4 94,32094.3k $13.4m $13.4m 0.05% Added +31.0k +31,042
53 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 94,13594.1k $13.4m $13.4m 0.00% Reduced -74.3k -74,344
54 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 92,10092.1k $13.1m $13.1m 0.02% Added +17.8k +17,800
55 TWO SIGMA ADVISERS, LP 0.03% of their portfolio NEW YORK, NY 90,80090.8k $12.9m $12.9m 0.03% Reduced -1.1k -1,100
56 Cinctive Capital Management LP 0.45% of their portfolio New York, NY 84,68684.7k $12.1m $12.1m 0.45% Added +58.1k +58,065
57 California Public Employees Retirement System 0.01% of their portfolio Sacramento, CA 83,45983.5k $11.9m $11.9m 0.01% Reduced -13.8k -13,775
58 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 82,71382.7k $11.8m $11.8m 0.01% Added +865 +865
59 Swiss National Bank 0.01% of their portfolio ZURICH, V8 81,30081.3k $11.6m $11.6m 0.01% Reduced -11.0k -11,000
60 Wallace Capital Management Inc. 1.87% of their portfolio DALLAS, TX 80,28480.3k $11.4m $11.4m 1.87% Reduced -3.7k -3,745
61 JUPITER ASSET MANAGEMENT LTD 0.15% of their portfolio London, X0 77,35977.4k $11.0m $11.0m 0.15% Added +13.3k +13,259
62 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 77,05577.1k $11.0m $11.0m 0.00% Added +1.5k +1,529
63 Channing Capital Management, LLC 0.31% of their portfolio Chicago, IL 67,37867.4k $9.6m $9.6m 0.31% Reduced -28.5k -28,544
64 ExodusPoint Capital Management, LP 0.10% of their portfolio NEW YORK, NY 61,98562.0k $8.8m $8.8m 0.10% Added +29.0k +28,996
65 NORDEA INVESTMENT MANAGEMENT AB 0.01% of their portfolio STOCKHOLM, V7 59,82659.8k $8.4m $8.4m 0.01% Reduced -6.2k -6,248
66 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio ALBANY, NY 58,63558.6k $8.4m $8.4m 0.02% Reduced -384 -384
67 AMERICAN INTERNATIONAL GROUP, INC. 0.05% of their portfolio New York, NY 58,12058.1k $8.3m $8.3m 0.05% Reduced -544 -544
68 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 57,18357.2k $8.1m $8.1m 0.00% Reduced -1.0k -1,011
69 Legal & General Group Plc 0.00% of their portfolio London, X0 57,01857.0k $8.1m $8.1m 0.00% Added +958 +958
70 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 55,33555.3k $7.9m $7.9m 0.00% Reduced -834 -834
71 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 54,90354.9k $7.8m $7.8m 0.02% Reduced -18.2k -18,161
72 ACADIAN ASSET MANAGEMENT LLC 0.03% of their portfolio Boston, MA 54,63754.6k $7.8m $7.8m 0.03% Reduced -15.8k -15,827
73 Parkwood LLC 1.42% of their portfolio CLEVELAND, OH 53,44653.4k $7.6m $7.6m 1.42% Added +15.4k +15,398
74 Cambria Investment Management, L.P. 0.61% of their portfolio Manhattan Beach, CA 51,96352.0k $7.4m $7.4m 0.61% New
75 ASSETMARK, INC 0.03% of their portfolio CONCORD, CA 51,55751.6k $7.3m $7.3m 0.03% Added +50.5k +50,466
76 LOS ANGELES CAPITAL MANAGEMENT LLC 0.03% of their portfolio LOS ANGELES, CA 50,74650.7k $7.2m $7.2m 0.03% Unchanged
77 CREDIT SUISSE AG/ 0.01% of their portfolio ZURICH, V8 48,43048.4k $6.9m $6.9m 0.01% Added +585 +585
78 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio WEST SACRAMENTO, CA 47,42247.4k $6.8m $6.8m 0.01% Reduced -1.2k -1,194
79 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 47,06547.1k $6.7m $6.7m 0.01% Reduced -820 -820
80 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio TALLAHASSEE, FL 45,07445.1k $6.4m $6.4m 0.01% Reduced -1.7k -1,680
81 UBS Group AG 0.00% of their portfolio ZURICH, V8 44,92344.9k $6.4m $6.4m 0.00% Added +8.5k +8,516
82 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 44,34344.3k $6.3m $6.3m 0.01% Added +21.4k +21,377
83 State of Tennessee, Department of Treasury 0.03% of their portfolio NASHVILLE, TN 43,59343.6k $6.2m $6.2m 0.03% Reduced -2.9k -2,931
84 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 42,36642.4k $6.0m $6.0m 0.01% Reduced -1.5k -1,504
85 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 42,31642.3k $6.0m $6.0m 0.01% Added +10.8k +10,769
86 Squarepoint Ops LLC 0.04% of their portfolio NEW YORK, NY 41,63041.6k $5.9m $5.9m 0.04% New
87 STOREBRAND ASSET MANAGEMENT AS 0.03% of their portfolio LYSAKER, Q8 40,84940.8k $5.8m $5.8m 0.03% Unchanged
88 Fisher Asset Management, LLC 0.00% of their portfolio PLANO, TX 39,50339.5k $5.6m $5.6m 0.00% Added +8.1k +8,114
89 TWINBEECH CAPITAL LP 0.10% of their portfolio PURCHASE, NY 35,56035.6k $5.1m $5.1m 0.10% Added +31.4k +31,375
90 Calamos Advisors LLC 0.03% of their portfolio NAPERVILLE, IL 35,43035.4k $5.0m $5.0m 0.03% Unchanged
91 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 34,58434.6k $4.9m $4.9m 0.01% Reduced -4.0k -3,981
92 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 34,49434.5k $4.9m $4.9m 0.01% Added +9.6k +9,550
93 TEXAS PERMANENT SCHOOL FUND CORP 0.05% of their portfolio AUSTIN, TX 33,78233.8k $4.8m $4.8m 0.05% Added +8.5k +8,458
94 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 33,21333.2k $4.7m $4.7m 0.00% Reduced -6.7k -6,674
95 Bridgewater Associates, LP 0.03% of their portfolio Westport, CT 32,99033.0k $4.7m $4.7m 0.03% Added +11.9k +11,890
96 CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio TORONTO ONTARIO, A6 32,90032.9k $4.7m $4.7m 0.01% New
97 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 32,42632.4k $4.6m $4.6m 0.01% Reduced -64.1k -64,119
98 Treasurer of the State of North Carolina 0.03% of their portfolio RALEIGH, NC 31,35531.4k $4.5m $4.5m 0.03% Added +15.1k +15,130
99 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 30,43130.4k $4.3m $4.3m 0.01% Reduced -328 -328
100 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.05% of their portfolio New York, NY 30,31830.3k $4.3m $4.3m 0.05% Reduced -639 -639