Vault-13

EMBRAER S.A. EMBJ

SPONSORED ADS · ADR · CUSIP 29082A107 · ISIN US29082A1079

Aircraft manufacturer in Brazil

281 institutional holders +13 vs Q3 2024
74,647,48074.6m shares reported held*
$2.7bnreported value*
40 new 92 added 99 reduced 35 sold out net bought ≈ $131.1m (+3.6m 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 ($7.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $36.66. Options: 21 managers hold calls ($87.4m notional), 17 hold puts ($51.4m).

Trends to Q4 2024

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 136Q4 22: 140Q1 23: 152Q2 23: 146Q3 23: 166Q4 23: 184Q1 24: 215Q2 24: 243Q3 24: 268Q4 24: 281281Q3 22Q1 23Q3 23Q1 24Q3 24Q4 24
Numbers
QuarterHolders
Q3 2022136
Q4 2022140
Q1 2023152
Q2 2023146
Q3 2023166
Q4 2023184
Q1 2024215
Q2 2024243
Q3 2024268
Q4 2024281

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 23: 77 bought or addedQ1 23: 75 cut or sold outQ2 23: 64 bought or addedQ2 23: 87 cut or sold outQ2 23Q3 23: 76 bought or addedQ3 23: 79 cut or sold outQ4 23: 71 bought or addedQ4 23: 96 cut or sold outQ4 23Q1 24: 117 bought or addedQ1 24: 101 cut or sold outQ2 24: 129 bought or addedQ2 24: 115 cut or sold outQ2 24Q3 24: 140 bought or addedQ3 24: 135 cut or sold outQ4 24: 132 bought or addedQ4 24: 134 cut or sold outQ4 24
Numbers
QuarterBought or addedCut or sold out
Q1 20237775
Q2 20236487
Q3 20237679
Q4 20237196
Q1 2024117101
Q2 2024129115
Q3 2024140135
Q4 2024132134

Calls vs puts

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

CallsPuts
$0$50m$100m$150m$200mQ1 24 calls: $77.4mQ1 24 puts: $70.5mQ1 24P/C 0.91Q2 24 calls: $66.1mQ2 24 puts: $36.9mQ2 24P/C 0.56Q3 24 calls: $168.8mQ3 24 puts: $53.4mQ3 24P/C 0.32Q4 24 calls: $87.4mQ4 24 puts: $51.4mQ4 24P/C 0.59
Numbers
QuarterCallsPutsP/C
Q1 2024$77.4m$70.5m0.91
Q2 2024$66.1m$36.9m0.56
Q3 2024$168.8m$53.4m0.32
Q4 2024$87.4m$51.4m0.59

Biggest buyers

GOLDMAN SACHS GROUP INC Added +1,482,656+1.5m
Invesco Ltd. Added +1,228,468+1.2m
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. New +1,153,560+1.2m
Carrhae Capital LLP Added +866,919+866.9k
Connor, Clark & Lunn Investment Management Ltd. Added +746,758+746.8k
VICTORY CAPITAL MANAGEMENT INC New +682,218+682.2k
AMERIPRISE FINANCIAL INC Added +528,508+528.5k
Verition Fund Management LLC Added +433,963+434.0k
AQR CAPITAL MANAGEMENT LLC Added +406,384+406.4k
GILDER GAGNON HOWE & CO LLC Added +390,094+390.1k

Biggest sellers

BRANDES INVESTMENT PARTNERS, LP Reduced -1,321,550-1.3m
MORGAN STANLEY Reduced -742,618-742.6k
FMR LLC Reduced -725,676-725.7k
TT International Asset Management LTD Sold out -628,929-628.9k
Itau Unibanco Holding S.A. Reduced -422,206-422.2k
NEW YORK STATE COMMON RETIREMENT FUND Reduced -387,514-387.5k
Philadelphia Financial Management of San Francisco, LLC Sold out -304,410-304.4k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Sold out -300,000-300.0k
RENAISSANCE TECHNOLOGIES LLC Reduced -181,300-181.3k
AGF MANAGEMENT LTD Reduced -165,772-165.8k

Biggest calls

UBS Group AG Reduced $21.0m573.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $14.0m382.3k shares
PEAK6 LLC First filing $8.8m238.7k shares
GROUP ONE TRADING LLC Reduced $7.3m199.2k shares
CITADEL ADVISORS LLC Reduced $5.7m155.6k shares
D. E. Shaw & Co., Inc. Unchanged $4.2m113.2k shares
Walleye Capital LLC Added $3.9m106.4k shares
Walleye Trading LLC Reduced $3.5m95.2k shares
Point72 Asset Management, L.P. Unchanged $3.2m88.5k shares
JANE STREET GROUP, LLC Reduced $2.7m73.2k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $11.3m308.2k shares
PEAK6 LLC First filing $8.1m222.1k shares
Walleye Capital LLC Added $7.7m211.0k shares
Optiver Holding B.V. Reduced $4.3m118.5k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $4.2m115.8k shares
SIMPLEX TRADING, LLC Added $4.1m111.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.4m92.0k shares
Point72 Asset Management, L.P. Unchanged $1.6m43.7k shares
WOLVERINE TRADING, LLC Added $1.6m42.8k shares
Qube Research & Technologies Ltd New $1.2m32.5k 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
BlackRock, Inc. 13G · institution filed 2026-01-21 6.9% 51.0m 2026-01-21
BRANDES INVESTMENT PARTNERS, LP 13G · institution +0.8 pts · filed 2026-08-13 5.3% +0.8 pts 4.8m 2026-08-13

Fell to 5% or below in the last year: MORGAN STANLEY (3.4%, 2026-08-13)

Insider purchases and sales in Q4 2024

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.

None reported in Q4 2024.

Holders, Q4 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BRANDES INVESTMENT PARTNERS, LP 3.65% of their portfolio LA JOLLA, CA 8,896,1468.9m $326.3m $326.3m 3.65% Reduced -1.3m -1,321,550
2 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 6,775,0496.8m $248.5m $248.5m 0.02% Reduced -742.6k -742,618
3 Egerton Capital (UK) LLP 1.54% of their portfolio LONDON, X0 3,634,4263.6m $133.3m $133.3m 1.54% Reduced -73.1k -73,098
4 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 3,451,6623.5m $126.6m $126.6m 0.02% Added +1.5m +1,482,656
5 Carrhae Capital LLP 11.57% of their portfolio London, X0 2,670,7402.7m $98.0m $98.0m 11.57% Added +866.9k +866,919
6 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 2,669,2792.7m $97.9m $97.9m 0.01% Reduced -17.2k -17,221
7 GILDER GAGNON HOWE & CO LLC 0.96% of their portfolio New York, NY 2,439,0602.4m $89.5m $89.5m 0.96% Added +390.1k +390,094
8 AMERICAN CENTURY COMPANIES INC 0.05% of their portfolio KANSAS CITY, MO 2,278,6592.3m $83.6m $83.6m 0.05% Reduced -55.6k -55,563
9 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.06% of their portfolio BOSTON, MA 2,210,0602.2m $81.1m $81.1m 0.06% Added +176.2k +176,182
10 Driehaus Capital Management LLC 0.67% of their portfolio Chicago, IL 2,203,5742.2m $80.8m $80.8m 0.67% Reduced -44.8k -44,781
11 Nuveen Asset Management, LLC 0.02% of their portfolio CHICAGO, IL 1,893,6161.9m $69.5m $69.5m 0.02% Reduced -28.1k -28,144
12 BECKER CAPITAL MANAGEMENT INC 2.05% of their portfolio Portland, OR 1,714,9801.7m $62.9m $62.9m 2.05% Reduced -68.2k -68,235
13 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 1,625,2041.6m $59.6m $59.6m 0.01% Reduced -3.9k -3,929
14 JENNISON ASSOCIATES LLC 0.03% of their portfolio NEW YORK, NY 1,306,8541.3m $47.9m $47.9m 0.03% Reduced -24.8k -24,777
15 RENAISSANCE TECHNOLOGIES LLC 0.07% of their portfolio NEW YORK, NY 1,300,5001.3m $47.7m $47.7m 0.07% Reduced -181.3k -181,300
16 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 1,235,6351.2m $45.3m $45.3m 0.01% Added +1.2m +1,228,468
17 VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. 0.39% of their portfolio HOUSTON, TX 1,153,5601.2m $42.3m $42.3m 0.39% New
18 Amundi 0.01% of their portfolio Paris, I0 1,144,9461.1m $43.1m $43.1m 0.01% Reduced -94.1k -94,056
19 TimesSquare Capital Management, LLC 0.53% of their portfolio NEW YORK, NY 996,361996.4k $36.5m $36.5m 0.53% Added +334.2k +334,206
20 FMR LLC 0.00% of their portfolio BOSTON, MA 900,346900.3k $33.0m $33.0m 0.00% Reduced -725.7k -725,676
21 North of South Capital LLP 3.90% of their portfolio LONDON, X0 875,161875.2k $32.1m $32.1m 3.90% Reduced -98.9k -98,869
22 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 870,420870.4k $31.9m $31.9m 0.00% Reduced -29.3k -29,337
23 Connor, Clark & Lunn Investment Management Ltd. 0.14% of their portfolio VANCOUVER, A1 824,607824.6k $30.2m $30.2m 0.14% Added +746.8k +746,758
24 AQR CAPITAL MANAGEMENT LLC 0.04% of their portfolio Greenwich, CT 795,528795.5k $28.9m $28.9m 0.04% Added +406.4k +406,384
25 AXIOM INVESTORS LLC /DE 0.21% of their portfolio GREENWICH, CT 772,282772.3k $28.3m $28.3m 0.21% Added +126.5k +126,500
26 Artemis Investment Management LLP 0.37% of their portfolio EDINBURGH, X0 705,638705.6k $25.9m $25.9m 0.37% Reduced -152.6k -152,648
27 Itau Unibanco Holding S.A. 0.79% of their portfolio SAO PAULO, D5 690,108690.1k $25.3m $25.3m 0.79% Reduced -422.2k -422,206
28 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 682,218682.2k $25.0m $25.0m 0.02% New
29 Simplicity Wealth,LLC 5.17% of their portfolio SUMMIT, NJ 675,400675.4k $24.8m $24.8m 5.17% Reduced -1.4k -1,400
30 Nicholas Investment Partners, LP 2.09% of their portfolio RANCHO SANTA FE, CA 648,085648.1k $23.8m $23.8m 2.09% Added +64.1k +64,098
31 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 587,066587.1k $21.5m $21.5m 0.01% Added +528.5k +528,508
32 Qube Research & Technologies Ltd 0.04% of their portfolio LONDON, X0 584,418584.4k $21.4m $21.4m 0.04% Added +263.0k +263,024
33 DNB Asset Management AS 0.09% of their portfolio Oslo, Q8 539,163539.2k $19.8m $19.8m 0.09% Reduced -102.2k -102,209
34 MACQUARIE GROUP LTD 0.02% of their portfolio Sydney, NSW 2000, C3 525,504525.5k $19.3m $19.3m 0.02% Reduced -929 -929
35 TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio NEW YORK, NY 506,051506.1k $18.6m $18.6m 0.04% Added +108.7k +108,740
36 UBS Group AG 0.00% of their portfolio ZURICH, V8 497,192497.2k $18.2m $18.2m 0.00% Added +358.0k +358,009
37 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 464,744464.7k $17.0m $17.0m 0.01% Added +43.5k +43,545
38 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 464,002464.0k $17.0m $17.0m 0.00% Added +21.3k +21,296
39 TWO SIGMA ADVISERS, LP 0.04% of their portfolio NEW YORK, NY 463,400463.4k $17.0m $17.0m 0.04% Reduced -6.9k -6,900
40 Verition Fund Management LLC 0.09% of their portfolio GREENWICH, CT 459,347459.3k $16.8m $16.8m 0.09% Added +434.0k +433,963
41 Allspring Global Investments Holdings, LLC 0.03% of their portfolio CHARLOTTE, NC 415,150415.1k $15.7m $15.7m 0.03% Reduced -16.3k -16,289
42 MASTERS CAPITAL MANAGEMENT LLC 2.50% of their portfolio ATLANTA, GA 400,000400.0k $14.7m $14.7m 2.50% Reduced -100.0k -100,000
43 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 384,723384.7k $14.1m $14.1m 0.00% Added +16.1k +16,061
44 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 371,668371.7k $13.6m $13.6m 0.02% Reduced -10.4k -10,357
45 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 360,337360.3k $13.2m $13.2m 0.00% Added +258.4k +258,387
46 AGF MANAGEMENT LTD 0.06% of their portfolio TORONTO, A6 331,773331.8k $12.2m $12.2m 0.06% Reduced -165.8k -165,772
47 Oldfield Partners LLP 3.39% of their portfolio LONDON, X0 318,533318.5k $11.7m $11.7m 3.39% Reduced -105.8k -105,780
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 316,197316.2k $11.6m $11.6m 0.00% Added +3.9k +3,882
49 Graham Capital Management, L.P. 0.31% of their portfolio ROWAYTON, CT 273,927273.9k $10.0m $10.0m 0.31% Added +126.9k +126,881
50 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 253,245253.2k $9.3m $9.3m 0.00% Added +8.0k +8,009
51 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 242,047242.0k $8.9m $8.9m 0.00% Added +22.6k +22,603
52 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 239,423239.4k $8.8m $8.8m 0.01% Added +41.1k +41,143
53 BlackRock, Inc. 0.00% of their portfolio New York, NY 229,458229.5k $8.4m $8.4m 0.00% Added +54.7k +54,669
54 Perpetual Ltd 0.10% of their portfolio SYDNEY, NEW SOUTH WALES, C3 224,149224.1k $8.2m $8.2m 0.10% Reduced -44.3k -44,302
55 Trexquant Investment LP 0.09% of their portfolio STAMFORD, CT 211,168211.2k $7.7m $7.7m 0.09% Added +176.8k +176,826
56 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 200,396200.4k $7.4m $7.4m 0.01% Reduced -387.5k -387,514
57 PINNBROOK CAPITAL MANAGEMENT LP 2.46% of their portfolio NEW YORK, NY 190,970191.0k $7.0m $7.0m 2.46% Added +110.7k +110,706
58 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 188,519188.5k $6.9m $6.9m 0.01% Reduced -2.3k -2,260
59 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 186,236186.2k $6.8m $6.8m 0.01% Reduced -4.0k -3,967
60 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 177,602177.6k $6.5m $6.5m 0.00% Added +8.9k +8,938
61 Man Group plc 0.02% of their portfolio LONDON, X0 168,345168.3k $6.2m $6.2m 0.02% Added +5.3k +5,291
62 Ramirez Asset Management, Inc. 1.22% of their portfolio NEW YORK, NY 165,280165.3k $6.1m $6.1m 1.22% Reduced -5.1k -5,129
63 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 163,341163.3k $6.0m $6.0m 0.00% Added +98.8k +98,785
64 BEARING POINT CAPITAL, LLC 1.22% of their portfolio BLOOMINGTON, MN 159,433159.4k $5.8m $5.8m 1.22% First filing
65 NATIXIS ADVISORS, LLC 0.01% of their portfolio Boston, MA 158,496158.5k $5.8m $5.8m 0.01% Added +90.2k +90,187
66 U S GLOBAL INVESTORS INC 0.53% of their portfolio SAN ANTONIO, TX 145,991146.0k $5.4m $5.4m 0.53% Added +6.2k +6,220
67 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 142,290142.3k $2.2m $2.2m 0.01% Added +821 +821
68 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 140,011140.0k $5.1m $5.1m 0.01% Reduced -31.2k -31,178
69 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio COLUMBUS, OH 137,461137.5k $5.0m $5.0m 0.02% New
70 Atika Capital Management LLC 0.65% of their portfolio NEW YORK, NY 136,600136.6k $5.0m $5.0m 0.65% New
71 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 127,297127.3k $4.7m $4.7m 0.00% Added +9.7k +9,692
72 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 125,235125.2k $4.6m $4.6m 0.01% Reduced -46.4k -46,430
73 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 124,463124.5k $4.6m $4.6m 0.01% Added +2.6k +2,565
74 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 123,560123.6k $4.5m $4.5m 0.01% Reduced -76.1k -76,111
75 Boston Partners 0.01% of their portfolio BOSTON, MA 117,477117.5k $4.3m $4.3m 0.01% Reduced -11.8k -11,767
76 Alberta Investment Management Corp 0.03% of their portfolio EDMONTON, A0 116,643116.6k $4.3m $4.3m 0.03% Reduced -31.4k -31,409
77 Dorsey Wright & Associates 1.00% of their portfolio PASADENA, CA 114,810114.8k $4.2m $4.2m 1.00% Reduced -32.1k -32,063
78 FIL Ltd 0.00% of their portfolio HAMILTON, D0 109,573109.6k $4.0m $4.0m 0.00% Added +66.3k +66,264
79 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.10% of their portfolio CHICAGO, IL 108,550108.5k $4.0m $4.0m 0.10% Reduced -104.2k -104,220
80 American Trust Investment Advisors, LLC 1.49% of their portfolio Lebanon, NH 99,31799.3k $3.6m $3.6m 1.49% Reduced -2.1k -2,083
81 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 97,74497.7k $3.6m $3.6m 0.00% Added +29.6k +29,617
82 DELTEC ASSET MANAGEMENT LLC 0.69% of their portfolio New York, NY 95,25095.2k $3.5m $3.5m 0.69% Added +1.4k +1,450
83 Congress Park Capital LLC 1.25% of their portfolio SARATOGA SPRINGS, NY 93,84693.8k $3.4m $3.4m 1.25% Reduced -11.4k -11,362
84 Capital Wealth Planning, LLC 0.03% of their portfolio NAPLES, FL 91,01391.0k $3.3m $3.3m 0.03% Added +7.4k +7,376
85 NOMURA HOLDINGS INC 0.02% of their portfolio TOKYO, M0 86,34786.3k $3.2m $3.2m 0.02% Reduced -392 -392
86 Ninety One North America, Inc. 0.19% of their portfolio New York, NY 84,45184.5k $3.1m $3.1m 0.19% Added +10.7k +10,665
87 Optiver Holding B.V. 0.10% of their portfolio AMSTERDAM, P7 83,92983.9k $3.1m $3.1m 0.10% New
88 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.03% of their portfolio Stamford, CT 81,16081.2k $3.0m $3.0m 0.03% Added +2.6k +2,649
89 CAPITAL FUND MANAGEMENT S.A. 0.03% of their portfolio PARIS, I0 78,74278.7k $2.9m $2.9m 0.03% Added +44.0k +43,972
90 ASSETMARK, INC 0.01% of their portfolio CONCORD, CA 77,17277.2k $2.8m $2.8m 0.01% Added +77.1k +77,144
91 Channing Global Advisors, LLC 1.87% of their portfolio Miami, FL 76,31976.3k $2.8m $2.8m 1.87% Reduced -10.5k -10,549
92 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 75,78575.8k $2.8m $2.8m 0.00% Added +566 +566
93 HANTZ FINANCIAL SERVICES, INC. 0.05% of their portfolio SOUTHFIELD, MI 74,95075.0k $2.7m $2.7m 0.05% Reduced -9.0k -8,968
94 State of New Jersey Common Pension Fund D 0.01% of their portfolio TRENTON, NJ 74,72174.7k $2.7m $2.7m 0.01% Unchanged
95 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 67,13567.1k $2.5m $2.5m 0.00% Reduced -2.8k -2,751
96 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 66,86366.9k $2.5m $2.5m 0.00% First filing
97 Legato Capital Management LLC 0.32% of their portfolio San Francisco, CA 65,90365.9k $2.4m $2.4m 0.32% Added +8.8k +8,807
98 Engineers Gate Manager LP 0.04% of their portfolio NEW YORK, NY 61,13261.1k $2.2m $2.2m 0.04% Added +53.1k +53,051
99 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 59,70359.7k $2.2m $2.2m 0.00% Reduced -7.9k -7,866
100 PINNACLE ASSOCIATES LTD 0.03% of their portfolio NEW YORK, NY 59,20559.2k $2.2m $2.2m 0.03% Reduced -770 -770