Vault-13

HUB GROUP INC HUBG

CL A · Common Stock · CUSIP 443320106 · ISIN US4433201062

American transportation and logistics company

264 institutional holders +7 vs Q4 2022
31,694,73931.7m shares reported held*
$2.6bnreported value*
30 new 92 added 104 reduced 22 sold out net bought ≈ $36.0m (+766.9k 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 ($3.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $83.00. Options: 6 managers hold calls ($5.3m notional), 4 hold puts ($948.1k).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 251Q4 22: 257Q1 23: 264264Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 2022251
Q4 2022257
Q1 2023264

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q4 22: 106 bought or addedQ4 22: 132 cut or sold outQ4 22Q1 23: 122 bought or addedQ1 23: 126 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022106132
Q1 2023122126

Calls vs puts

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

CallsPuts
$0$10m$20m$30m$40mQ3 22 calls: $7.2mQ3 22 puts: $8.2mQ3 22P/C 1.13Q4 22 calls: $18.9mQ4 22 puts: $34.2mQ4 22P/C 1.82Q1 23 calls: $5.3mQ1 23 puts: $948.1kQ1 23P/C 0.18
Numbers
QuarterCallsPutsP/C
Q3 2022$7.2m$8.2m1.13
Q4 2022$18.9m$34.2m1.82
Q1 2023$5.3m$948.1k0.18

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +370,402+370.4k
FMR LLC Added +264,597+264.6k
Boston Partners Added +131,991+132.0k
Verition Fund Management LLC Added +112,897+112.9k
FULLER & THALER ASSET MANAGEMENT, INC. Added +92,615+92.6k
Invesco Ltd. Added +89,515+89.5k
Qube Research & Technologies Ltd Added +66,412+66.4k
AMERICAN CENTURY COMPANIES INC Added +54,319+54.3k
Brandywine Global Investment Management, LLC Added +51,829+51.8k
HighTower Advisors, LLC New +47,033+47.0k

Biggest sellers

SCOPUS ASSET MANAGEMENT, L.P. Reduced -218,320-218.3k
MILLENNIUM MANAGEMENT LLC Reduced -129,648-129.6k
Assenagon Asset Management S.A. Reduced -121,336-121.3k
Point72 Asset Management, L.P. Reduced -119,956-120.0k
DEUTSCHE BANK AG\ Reduced -92,003-92.0k
Man Group plc Sold out -42,287-42.3k
BI Asset Management Fondsmaeglerselskab A/S Sold out -38,870-38.9k
Fisher Asset Management, LLC Reduced -35,525-35.5k
HSBC HOLDINGS PLC Reduced -34,539-34.5k
HRT FINANCIAL LP Reduced -32,095-32.1k

Biggest calls

NOMURA HOLDINGS INC New $2.5m30.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.2m13.9k shares
CITADEL ADVISORS LLC Added $1.1m13.3k shares
PEAK6 Investments LLC Added $394.5k4.7k shares
SIMPLEX TRADING, LLC Added $117.0k1.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

PEAK6 Investments LLC Added $671.5k8.0k shares
CITADEL ADVISORS LLC Reduced $268.6k3.2k shares
SIMPLEX TRADING, LLC Unchanged $8.0k100 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
BlackRock, Inc. 13G · institution filed 2025-07-17 14.3% 8.7m≈ $378.9m 2025-07-17
DIMENSIONAL FUND ADVISORS LP 13G · institution filed 2025-07-15 6.7% 4.1m≈ $179.3m 2025-07-15
VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 5.8% new 3.5m≈ $153.3m 2026-04-29
Capital International Investors 13G · institution +0.8 pts · filed 2026-02-13 5.7% +0.8 pts 3.5m≈ $151.8m 2026-02-13

Fell to 5% or below in the last year: WELLINGTON MANAGEMENT GROUP LLP (4.0%, 2026-10-06), VICTORY CAPITAL MANAGEMENT INC (3.7%, 2026-05-12), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)

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: 0 buyingQ4 21: 0 sellingQ1 22: 0 buyingQ1 22: 0 sellingQ1 22Q2 22: 0 buyingQ2 22: 0 sellingQ3 22: 3 buyingQ3 22: 2 sellingQ3 22Q4 22: 0 buyingQ4 22: 0 sellingQ1 23: 0 buyingQ1 23: 0 sellingQ1 23
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q2 20210—0——
Q3 20210—0——
Q4 20210—0——
Q1 20220—0——
Q2 20220—0——
Q3 20223$8.3m2$8.5m—
Q4 20220—0——
Q1 20230—0——

None reported in Q1 2023.

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock Inc. 0.02% of their portfolio New York, NY 6,155,4626.2m $516.7m $516.7m 0.02% Added +29.6k +29,560
2 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 3,673,3963.7m $308.3m $308.3m 0.01% Added +30.9k +30,851
3 DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio AUSTIN, TX 2,437,6552.4m $204.6m $204.6m 0.07% Reduced -10.5k -10,460
4 VICTORY CAPITAL MANAGEMENT INC 0.13% of their portfolio San Antonio, TX 1,353,3991.4m $113.6m $113.6m 0.13% Added +20.7k +20,666
5 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 1,280,6981.3m $107.5m $107.5m 0.01% Reduced -25.0k -24,993
6 MACQUARIE GROUP LTD 0.11% of their portfolio Sydney, NSW 2000, C3 1,152,4571.2m $96.7m $96.7m 0.11% Added +27.7k +27,692
7 FULLER & THALER ASSET MANAGEMENT, INC. 0.53% of their portfolio SAN MATEO, CA 1,084,9461.1m $91.1m $91.1m 0.53% Added +92.6k +92,615
8 Fisher Asset Management, LLC 0.04% of their portfolio PLANO, TX 817,690817.7k $68.6m $68.6m 0.04% Reduced -35.5k -35,525
9 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 647,829647.8k $54.4m $54.4m 0.01% Added +22.9k +22,892
10 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 638,255638.3k $53.6m $53.6m 0.01% Added +89.5k +89,515
11 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 572,532572.5k $48.1m $48.1m 0.01% Added +43.6k +43,614
12 FMR LLC 0.00% of their portfolio BOSTON, MA 518,952519.0k $43.6m $43.6m 0.00% Added +264.6k +264,597
13 Boston Partners 0.06% of their portfolio BOSTON, MA 514,394514.4k $42.5m $42.5m 0.06% Added +132.0k +131,991
14 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 510,930510.9k $42.9m $42.9m 0.01% Reduced -1.0k -1,017
15 Nuveen Asset Management, LLC 0.02% of their portfolio CHICAGO, IL 482,684482.7k $40.5m $40.5m 0.02% Added +29.5k +29,520
16 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 476,770476.8k $40.0m $40.0m 0.01% Added +6.8k +6,833
17 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.13% of their portfolio CHICAGO, IL 453,142453.1k $38.0m $38.0m 0.13% Added +1.5k +1,461
18 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 396,428396.4k $1.8m $1.8m 0.00% Added +370.4k +370,402
19 NORGES BANK 0.01% of their portfolio OSLO, Q8 391,679391.7k $32.9m $32.9m 0.01% Added +28.3k +28,300
20 PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio DES MOINES, IA 373,117373.1k $31.3m $31.3m 0.02% Reduced -2.3k -2,289
21 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 362,228362.2k $29.5m $29.5m 0.02% Added +54.3k +54,319
22 ROYCE & ASSOCIATES LP 0.29% of their portfolio New York, NY 347,528347.5k $29.2m $29.2m 0.29% Added +9.3k +9,272
23 LOOMIS SAYLES & CO L P 0.05% of their portfolio BOSTON, MA 345,688345.7k $29.0m $29.0m 0.05% Added +3.0k +2,973
24 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 335,398335.4k $28.2m $28.2m 0.01% Reduced -7.5k -7,457
25 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 332,863332.9k $27.9m $27.9m 0.01% Reduced -7.6k -7,619
26 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 295,028295.0k $24.8m $24.8m 0.00% Added +7.9k +7,862
27 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio BOSTON, MA 277,289277.3k $23.3m $23.3m 0.03% Reduced -15.9k -15,853
28 SCOPUS ASSET MANAGEMENT, L.P. 0.84% of their portfolio NEW YORK, NY 268,256268.3k $22.5m $22.5m 0.84% Reduced -218.3k -218,320
29 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 238,523238.5k $20.0m $20.0m 0.01% Reduced -4.9k -4,884
30 Pacer Advisors, Inc. 0.08% of their portfolio Malvern, PA 236,670236.7k $19.9m $19.9m 0.08% Added +40.7k +40,734
31 Stephens Investment Management Group LLC 0.25% of their portfolio LITTLE ROCK, AR 179,734179.7k $15.1m $15.1m 0.25% Added +4.0k +3,978
32 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 169,823169.8k $14.3m $14.3m 0.02% Reduced -129.6k -129,648
33 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 168,136168.1k $14.1m $14.1m 0.02% Added +2.6k +2,600
34 SEGALL BRYANT & HAMILL, LLC 0.13% of their portfolio CHICAGO, IL 143,091143.1k $12.0m $12.0m 0.13% Added +46.8k +46,813
35 CHARTWELL INVESTMENT PARTNERS, LLC 0.44% of their portfolio BERYWN, PA 138,935138.9k $11.7m $11.7m 0.44% Reduced -1.1k -1,097
36 Verition Fund Management LLC 0.16% of their portfolio GREENWICH, CT 119,451119.5k $10.0m $10.0m 0.16% Added +112.9k +112,897
37 MAIRS & POWER INC 0.11% of their portfolio St Paul, MN 110,113110.1k $9.2m $9.2m 0.11% Added +104 +104
38 RHUMBLINE ADVISERS 0.01% of their portfolio BOSTON, MA 106,437106.4k $8.9m $8.9m 0.01% Added +4.3k +4,316
39 Brandywine Global Investment Management, LLC 0.04% of their portfolio PHILADELPHIA, PA 103,820103.8k $8.7m $8.7m 0.04% Added +51.8k +51,829
40 Legal & General Group Plc 0.00% of their portfolio London, X0 96,39496.4k $8.1m $8.1m 0.00% Reduced -2.0k -1,991
41 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 96,13796.1k $8.1m $8.1m 0.01% Reduced -29.7k -29,657
42 AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio Greenwich, CT 86,41586.4k $7.3m $7.3m 0.02% Reduced -4.3k -4,349
43 ExodusPoint Capital Management, LP 0.08% of their portfolio NEW YORK, NY 83,67383.7k $7.0m $7.0m 0.08% Added +15.0k +14,975
44 VELA Investment Management, LLC 3.09% of their portfolio NEW ALBANY, OH 80,97481.0k $6.8m $6.8m 3.09% Reduced -4.3k -4,313
45 Qube Research & Technologies Ltd 0.04% of their portfolio LONDON, X0 75,20775.2k $6.3m $6.3m 0.04% Added +66.4k +66,412
46 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 74,29374.3k $6.2m $6.2m 0.00% Added +1.7k +1,715
47 Hillsdale Investment Management Inc. 0.51% of their portfolio Toronto, A6 71,10071.1k $6.0m $6.0m 0.51% Added +500 +500
48 TD Asset Management Inc 0.01% of their portfolio Toronto, A6 70,80070.8k $5.9m $5.9m 0.01% Reduced -12.1k -12,100
49 Swiss National Bank 0.00% of their portfolio ZURICH, V8 70,50070.5k $5.9m $5.9m 0.00% Reduced -11.5k -11,500
50 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio ALBANY, NY 66,76666.8k $5.6m $5.6m 0.01% Reduced -3.3k -3,335
51 PRUDENTIAL FINANCIAL INC 0.01% of their portfolio NEWARK, NJ 65,36965.4k $5.5m $5.5m 0.01% Added +393 +393
52 Allianz Asset Management GmbH 0.01% of their portfolio MUNICH, 2M 64,59764.6k $5.4m $5.4m 0.01% Added +190 +190
53 JACOBS LEVY EQUITY MANAGEMENT, INC 0.03% of their portfolio FLORHAM PARK, NJ 64,26964.3k $5.4m $5.4m 0.03% Added +16.3k +16,323
54 Assenagon Asset Management S.A. 0.02% of their portfolio SENNINGERBERG, N4 64,25364.3k $5.4m $5.4m 0.02% Reduced -121.3k -121,336
55 Public Sector Pension Investment Board 0.04% of their portfolio MONTREAL, A8 57,43157.4k $4.8m $4.8m 0.04% Reduced -2.0k -1,976
56 Empowered Funds, LLC 0.27% of their portfolio NEWTOWN SQUARE, PA 55,32355.3k $4.6m $4.6m 0.27% Reduced -2 -2
57 Cubist Systematic Strategies, LLC 0.04% of their portfolio STAMFORD, CT 50,14950.1k $4.2m $4.2m 0.04% Added +46.7k +46,672
58 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 49,31349.3k $4.1m $4.1m 0.00% Added +2.0k +1,987
59 Walleye Capital LLC 0.08% of their portfolio NEW YORK, NY 49,11649.1k $4.1m $4.1m 0.08% Reduced -492 -492
60 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 47,03347.0k $4.0m $4.0m 0.01% New
61 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 46,42046.4k $3.9m $3.9m 0.00% Reduced -36 -36
62 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 45,57245.6k $3.8m $3.8m 0.00% Reduced -4.8k -4,820
63 SEIZERT CAPITAL PARTNERS, LLC 0.21% of their portfolio BIRMINGHAM, MI 45,04745.0k $3.8m $3.8m 0.21% Added +4.1k +4,142
64 Retirement Systems of Alabama 0.02% of their portfolio MONTGOMERY, AL 44,52344.5k $3.7m $3.7m 0.02% Reduced -3.2k -3,200
65 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio WEST SACRAMENTO, CA 40,69740.7k $3.4m $3.4m 0.01% Reduced -1.8k -1,763
66 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 40,46040.5k $3.4m $3.4m 0.01% Reduced -8.4k -8,370
67 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 38,74638.7k $3.2m $3.2m 0.01% Reduced -2.0k -2,002
68 LEUTHOLD GROUP, LLC 0.42% of their portfolio MINNEAPOLIS, MN 37,52037.5k $3.1m $3.1m 0.42% Reduced -770 -770
69 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 37,20637.2k $3.1m $3.1m 0.00% Reduced -92.0k -92,003
70 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 37,20037.2k $3.1m $3.1m 0.00% Added +24.1k +24,100
71 TWO SIGMA ADVISERS, LP 0.01% of their portfolio NEW YORK, NY 36,90036.9k $3.1m $3.1m 0.01% Reduced -2.4k -2,400
72 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 35,61135.6k $3.0m $3.0m 0.00% Added +1.7k +1,667
73 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 34,85534.9k $2.9m $2.9m 0.01% Reduced -120.0k -119,956
74 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 34,57534.6k $2.9m $2.9m 0.02% Reduced -372 -372
75 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 32,45732.5k $2.7m $2.7m 0.00% Reduced -2.0k -1,987
76 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 32,36132.4k $2.7m $2.7m 0.01% Reduced -1.1k -1,134
77 Man Group plc 0.01% of their portfolio LONDON, X0 32,22032.2k $2.7m $2.7m 0.01% New
78 Grantham, Mayo, Van Otterloo & Co. LLC 0.01% of their portfolio Boston, MA 31,70031.7k $2.7m $2.7m 0.01% Reduced -5.9k -5,900
79 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.06% of their portfolio BALA CYNWYD, PA 29,51829.5k $2.5m $2.5m 0.06% Unchanged
80 TEXAS PERMANENT SCHOOL FUND CORP 0.02% of their portfolio AUSTIN, TX 29,28429.3k $2.5m $2.5m 0.02% Added +7.3k +7,331
81 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 28,66328.7k $2.4m $2.4m 0.00% Reduced -31 -31
82 RICE HALL JAMES & ASSOCIATES, LLC 0.13% of their portfolio San Diego, CA 27,83327.8k $2.3m $2.3m 0.13% Reduced -9.7k -9,673
83 TWINBEECH CAPITAL LP 0.05% of their portfolio PURCHASE, NY 27,39327.4k $2.3m $2.3m 0.05% New
84 Premier Fund Managers Ltd 0.09% of their portfolio GUILDFORD, X0 26,79126.8k $2.2m $2.2m 0.09% Reduced -28.8k -28,827
85 MARTINGALE ASSET MANAGEMENT L P 0.04% of their portfolio BOSTON, MA 25,97226.0k $2.2m $2.2m 0.04% Reduced -1.2k -1,200
86 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 25,95025.9k $2.2m $2.2m 0.00% Added +19.1k +19,139
87 State of New Jersey Common Pension Fund D 0.01% of their portfolio TRENTON, NJ 24,84224.8k $2.1m $2.1m 0.01% Reduced -3.3k -3,341
88 TUDOR INVESTMENT CORP ET AL 0.04% of their portfolio STAMFORD, CT 24,68324.7k $2.1m $2.1m 0.04% Added +16.5k +16,533
89 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 24,39524.4k $2.0m $2.0m 0.00% Reduced -34.5k -34,539
90 TEACHER RETIREMENT SYSTEM OF TEXAS 0.01% of their portfolio AUSTIN, TX 24,24824.2k $2.0m $2.0m 0.01% Reduced -921 -921
91 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 24,23524.2k $2.0m $2.0m 0.00% Added +6.0k +5,977
92 State of Tennessee, Department of Treasury 0.01% of their portfolio NASHVILLE, TN 23,90623.9k $2.0m $2.0m 0.01% Reduced -3.9k -3,944
93 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 23,48923.5k $2.0m $2.0m 0.00% Reduced -3.1k -3,092
94 State of Alaska, Department of Revenue 0.02% of their portfolio JUNEAU, AK 22,36622.4k $1.9m $1.9m 0.02% Reduced -384 -384
95 Gotham Asset Management, LLC 0.04% of their portfolio NEW YORK, NY 21,63621.6k $1.8m $1.8m 0.04% Added +6.0k +6,004
96 NISA INVESTMENT ADVISORS, LLC 0.01% of their portfolio ST. LOUIS, MO 20,96821.0k $1.8m $1.8m 0.01% Reduced -1.2k -1,225
97 Dana Investment Advisors, Inc. 0.09% of their portfolio BROOKFIELD, WI 20,47320.5k $1.7m $1.7m 0.09% Reduced -909 -909
98 ALGERT GLOBAL LLC 0.08% of their portfolio SAN FRANCISCO, CA 20,12820.1k $1.7m $1.7m 0.08% Added +3.7k +3,704
99 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 19,82019.8k $1.7m $1.7m 0.00% Added +14.5k +14,480
100 YOUSIF CAPITAL MANAGEMENT, LLC 0.02% of their portfolio BLOOMFIELD HILLS, MI 18,32418.3k $1.5m $1.5m 0.02% Reduced -2.4k -2,390