Vault-13

NUTRIEN LTD NTR

COM · Common Stock · CUSIP 67077M108 · ISIN CA67077M1086

631 institutional holders +3 vs Q1 2024
319,996,522320.0m shares reported held*
$16.4bnreported value*
59 new 225 added 222 reduced 56 sold out net bought ≈ $26.3m (+1.0m 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 ($241.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $51.13. Options: 33 managers hold calls ($293.8m notional), 28 hold puts ($211.4m).

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0250500750Q3 22: 744Q4 22: 697Q1 23: 668Q2 23: 641Q3 23: 644Q4 23: 642Q1 24: 628Q2 24: 631631Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 2022744
Q4 2022697
Q1 2023668
Q2 2023641
Q3 2023644
Q4 2023642
Q1 2024628
Q2 2024631

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q4 22: 254 bought or addedQ4 22: 411 cut or sold outQ4 22Q1 23: 278 bought or addedQ1 23: 335 cut or sold outQ2 23: 310 bought or addedQ2 23: 321 cut or sold outQ2 23Q3 23: 282 bought or addedQ3 23: 287 cut or sold outQ4 23: 267 bought or addedQ4 23: 328 cut or sold outQ4 23Q1 24: 299 bought or addedQ1 24: 279 cut or sold outQ2 24: 284 bought or addedQ2 24: 278 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022254411
Q1 2023278335
Q2 2023310321
Q3 2023282287
Q4 2023267328
Q1 2024299279
Q2 2024284278

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 23 calls: $345.4mQ3 23 puts: $342.0mQ3 23P/C 0.99Q4 23 calls: $259.3mQ4 23 puts: $393.9mQ4 23P/C 1.52Q1 24 calls: $238.0mQ1 24 puts: $464.3mQ1 24P/C 1.95Q2 24 calls: $293.8mQ2 24 puts: $211.4mQ2 24P/C 0.72
Numbers
QuarterCallsPutsP/C
Q3 2023$345.4m$342.0m0.99
Q4 2023$259.3m$393.9m1.52
Q1 2024$238.0m$464.3m1.95
Q2 2024$293.8m$211.4m0.72

Biggest buyers

ROYAL BANK OF CANADA Added +3,303,599+3.3m
Silchester International Investors LLP Added +2,744,213+2.7m
BANK OF MONTREAL /CAN/ Added +1,794,333+1.8m
Federation des caisses Desjardins du Quebec Added +1,607,169+1.6m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC New +1,584,419+1.6m
MUFG SECURITIES (CANADA), LTD. Added +1,361,528+1.4m
MENORA MIVTACHIM HOLDINGS LTD. New +1,215,535+1.2m
Beutel, Goodman & Co Ltd. Added +1,150,465+1.2m
ARGA Investment Management, LP Added +1,038,890+1.0m
NATIONAL BANK OF CANADA /FI/ Added +1,032,763+1.0m

Biggest sellers

MORGAN STANLEY Reduced -3,602,959-3.6m
PARNASSUS INVESTMENTS, LLC Reduced -2,343,649-2.3m
MILLENNIUM MANAGEMENT LLC Reduced -2,066,533-2.1m
DEUTSCHE BANK AG\ Reduced -1,975,739-2.0m
CANADA PENSION PLAN INVESTMENT BOARD Reduced -1,541,800-1.5m
Sumitomo Mitsui Trust Group, Inc. Reduced -1,345,183-1.3m
D. E. Shaw & Co., Inc. Reduced -1,344,075-1.3m
TD Asset Management Inc Reduced -947,236-947.2k
BANK OF NOVA SCOTIA Reduced -821,743-821.7k
PRICE T ROWE ASSOCIATES INC /MD/ Reduced -818,544-818.5k

Biggest calls

BARCLAYS PLC Added $87.7m1.7m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $32.0m629.4k shares
SIG North Trading, ULC Reduced $21.9m429.5k shares
CITADEL ADVISORS LLC Reduced $17.9m351.8k shares
IMC-Chicago, LLC Added $17.1m335.6k shares
D. E. Shaw & Co., Inc. Added $16.4m321.5k shares
Twin Tree Management, LP Added $14.4m282.2k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $11.4m224.0k shares
PEAK6 Investments LLC Added $9.2m181.6k shares
SIMPLEX TRADING, LLC Reduced $8.1m158.3k shares

Biggest puts

CITADEL ADVISORS LLC Added $50.1m983.7k shares
JANE STREET GROUP, LLC Reduced $27.2m533.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $25.6m502.5k shares
D. E. Shaw & Co., Inc. Added $13.6m266.4k shares
IMC-Chicago, LLC Reduced $12.3m240.7k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $10.6m207.7k shares
SIMPLEX TRADING, LLC Reduced $10.5m206.3k shares
CIBC WORLD MARKET INC. New $9.9m195.0k shares
Walleye Capital LLC Added $6.3m123.7k shares
GTS SECURITIES LLC Reduced $6.3m123.6k 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 +0.3 pts · filed 2026-04-27 5.2% +0.3 pts 24.8m≈ $1.6bn 2026-04-27
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-07-31 5.0% new 24.0m≈ $1.5bn 2026-07-31

Insider purchases and sales in Q2 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 Q2 2024.

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.40% of their portfolio TORONTO, A6 32,392,03732.4m $1.6bn $1.6bn 0.40% Added +3.3m +3,303,599
2 VANGUARD GROUP INC 0.02% of their portfolio Valley Forge, PA 19,112,28319.1m $973.0m $973.0m 0.02% Added +331.0k +330,996
3 MACKENZIE FINANCIAL CORP 1.01% of their portfolio TORONTO ONTARIO, A6 13,404,30413.4m $682.5m $682.5m 1.01% Reduced -449.9k -449,893
4 BANK OF MONTREAL /CAN/ 0.22% of their portfolio TORONTO, A6 13,354,38513.4m $719.7m $719.7m 0.22% Added +1.8m +1,794,333
5 Dodge & Cox 0.37% of their portfolio San Francisco, CA 12,199,05912.2m $621.1m $621.1m 0.37% Reduced -56.4k -56,400
6 FMR LLC 0.03% of their portfolio BOSTON, MA 10,647,26310.6m $542.1m $542.1m 0.03% Added +508.1k +508,055
7 First Eagle Investment Management, LLC 1.09% of their portfolio NEW YORK, NY 9,477,2489.5m $482.5m $482.5m 1.09% Reduced -94.0k -94,024
8 1832 Asset Management L.P. 0.83% of their portfolio TORONTO, A6 9,006,5289.0m $458.5m $458.5m 0.83% Added +167.3k +167,312
9 DEUTSCHE BANK AG\ 0.19% of their portfolio FRANKFURT AM MAIN, 2M 8,191,3608.2m $417.0m $417.0m 0.19% Reduced -2.0m -1,975,739
10 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.32% of their portfolio Toronto, A6 6,779,9296.8m $344.7m $344.7m 0.32% Reduced -473.8k -473,840
11 TD Asset Management Inc 0.31% of their portfolio Toronto, A6 6,453,0856.5m $328.5m $328.5m 0.31% Reduced -947.2k -947,236
12 Beutel, Goodman & Co Ltd. 1.74% of their portfolio TORONTO, A6 6,450,0636.5m $328.3m $328.3m 1.74% Added +1.2m +1,150,465
13 Altshuler Shaham Ltd 10.49% of their portfolio Tel Aviv, L3 5,990,3746.0m $305.0m $305.0m 10.49% Added +446.3k +446,340
14 CIBC Asset Management Inc 1.06% of their portfolio TORONTO, Z4 5,854,7975.9m $297.9m $297.9m 1.06% Reduced -579.2k -579,195
15 CIBC WORLD MARKET INC. 0.71% of their portfolio TORONTO, A6 5,622,4475.6m $286.3m $286.3m 0.71% Added +299.0k +298,966
16 NORGES BANK 0.04% of their portfolio OSLO, Q8 5,446,2415.4m $277.3m $277.3m 0.04% Reduced -501.5k -501,477
17 Black Creek Investment Management Inc. 9.98% of their portfolio TORONTO, A6 5,271,0475.3m $268.3m $268.3m 9.98% Reduced -407.7k -407,691
18 DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio AUSTIN, TX 5,145,3755.1m $262.0m $262.0m 0.07% Added +399.3k +399,348
19 ARGA Investment Management, LP 8.62% of their portfolio STAMFORD, CT 4,819,7714.8m $245.4m $245.4m 8.62% Added +1.0m +1,038,890
20 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 4,645,6044.6m $236.5m $236.5m 0.01% Reduced -207.1k -207,056
21 FIL Ltd 0.23% of their portfolio HAMILTON, D0 4,484,2724.5m $228.3m $228.3m 0.23% Added +640.0k +639,988
22 NATIONAL BANK OF CANADA /FI/ 0.32% of their portfolio MONTREAL, A8 4,066,6294.1m $205.4m $205.4m 0.32% Added +1.0m +1,032,763
23 CANADA PENSION PLAN INVESTMENT BOARD 0.20% of their portfolio TORONTO ONTARIO, A6 4,044,3974.0m $205.9m $205.9m 0.20% Reduced -1.5m -1,541,800
24 Silchester International Investors LLP 36.28% of their portfolio London, X0 4,041,1674.0m $205.7m $205.7m 36.28% Added +2.7m +2,744,213
25 BANK OF NOVA SCOTIA 0.39% of their portfolio TORONTO, A6 3,938,6453.9m $200.5m $200.5m 0.39% Reduced -821.7k -821,743
26 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 3,869,0063.9m $197.0m $197.0m 0.02% Reduced -3.6m -3,602,959
27 TORONTO DOMINION BANK 0.31% of their portfolio TORONTO, ONTARIO, A6 3,772,9413.8m $192.1m $192.1m 0.31% Reduced -142.8k -142,800
28 Federation des caisses Desjardins du Quebec 0.89% of their portfolio LEVIS, A8 3,251,3293.3m $165.2m $165.2m 0.89% Added +1.6m +1,607,169
29 Amundi 0.06% of their portfolio Paris, I0 3,066,7223.1m $161.7m $161.7m 0.06% Reduced -355.0k -355,036
30 PARNASSUS INVESTMENTS, LLC 0.32% of their portfolio San Francisco, CA 2,918,5212.9m $148.6m $148.6m 0.32% Reduced -2.3m -2,343,649
31 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 2,742,7372.7m $139.6m $139.6m 0.01% Added +318.3k +318,322
32 LETKO, BROSSEAU & ASSOCIATES INC 2.55% of their portfolio MONTREAL, A8 2,643,8132.6m $134.6m $134.6m 2.55% Added +28.3k +28,291
33 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.04% of their portfolio Boston, MA 2,620,9432.6m $133.4m $133.4m 0.04% Added +150.9k +150,851
34 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 2,487,8462.5m $128.0m $128.0m 0.01% Reduced -156.6k -156,577
35 Legal & General Group Plc 0.04% of their portfolio London, X0 2,464,1222.5m $125.4m $125.4m 0.04% Reduced -216.0k -215,996
36 BlackRock Inc. 0.00% of their portfolio New York, NY 2,359,7102.4m $120.1m $120.1m 0.00% Added +240.7k +240,732
37 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 2,313,5222.3m $117.8m $117.8m 0.02% Added +480.3k +480,311
38 AGF MANAGEMENT LTD 0.71% of their portfolio TORONTO, A6 2,251,6492.3m $128.3m $128.3m 0.71% Reduced -93.6k -93,572
39 TD Waterhouse Canada Inc. 1.00% of their portfolio TORONTO, A6 2,219,9722.2m $112.0m $112.0m 1.00% Reduced -19.3k -19,282
40 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 2,120,9832.1m $109.0m $109.0m 0.01% Added +92.7k +92,699
41 PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio BALTIMORE, MD 2,073,9442.1m $105.6m $105.6m 0.01% Reduced -818.5k -818,544
42 Capital International Investors 0.02% of their portfolio Los Angeles, CA 2,012,3132.0m $102.5m $102.5m 0.02% Added +221.0k +220,996
43 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 1,863,6641.9m $95.1m $95.1m 0.03% Added +599.9k +599,881
44 MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio NEW YORK, NY 1,781,7241.8m $90.7m $90.7m 0.07% Reduced -2.1m -2,066,533
45 SCOTIA CAPITAL INC. 0.50% of their portfolio TORONTO, A6 1,675,3571.7m $85.2m $85.2m 0.50% Added +83.5k +83,493
46 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 1,584,4191.6m $80.6m $80.6m 0.02% New
47 ANTIPODES PARTNERS Ltd 2.86% of their portfolio ROYAL EXCHANGE, C3 1,544,5051.5m $78.6m $78.6m 2.86% Reduced -501.2k -501,174
48 Swiss National Bank 0.05% of their portfolio ZURICH, V8 1,484,0361.5m $75.5m $75.5m 0.05% Reduced -9.7k -9,700
49 VAN ECK ASSOCIATES CORP 0.10% of their portfolio NEW YORK, NY 1,415,8351.4m $72.1m $72.1m 0.10% Reduced -78.7k -78,663
50 Clal Insurance Enterprises Holdings Ltd 0.75% of their portfolio Tel-aviv, L3 1,395,2821.4m $71.8m $71.8m 0.75% Added +510.0k +510,000
51 MUFG SECURITIES (CANADA), LTD. 4.57% of their portfolio NEW YORK, NY 1,361,7851.4m $69.3m $69.3m 4.57% Added +1.4m +1,361,528
52 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 1,245,4951.2m $63.4m $63.4m 0.01% Reduced -177.8k -177,847
53 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 1,245,2911.2m $63.4m $63.4m 0.01% Added +166.2k +166,182
54 MENORA MIVTACHIM HOLDINGS LTD. 0.42% of their portfolio Ramat Gan, L3 1,215,5351.2m $61.9m $61.9m 0.42% New
55 UBS Group AG 0.02% of their portfolio ZURICH, V8 1,153,2261.2m $58.7m $58.7m 0.02% Added +89.5k +89,489
56 Capital Research Global Investors 0.01% of their portfolio Los Angeles, CA 1,120,5891.1m $57.0m $57.0m 0.01% Unchanged
57 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.33% of their portfolio VICTORIA, A1 1,068,3301.1m $54.4m $54.4m 0.33% Reduced -355.7k -355,747
58 Alberta Investment Management Corp 0.56% of their portfolio EDMONTON, A0 1,030,2401.0m $52.4m $52.4m 0.56% Added +44.8k +44,800
59 APG Asset Management N.V. 0.08% of their portfolio Amsterdam, P7 993,979994.0k $47.2m $47.2m 0.08% Added +34.1k +34,081
60 Epoch Investment Partners, Inc. 0.23% of their portfolio New York, NY 980,552980.6k $49.9m $49.9m 0.23% Reduced -41.9k -41,858
61 Connor, Clark & Lunn Investment Management Ltd. 0.21% of their portfolio VANCOUVER, A1 959,421959.4k $48.9m $48.9m 0.21% Added +512.6k +512,600
62 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 956,196956.2k $48.7m $48.7m 0.01% Reduced -95.8k -95,825
63 CITADEL ADVISORS LLC 0.05% of their portfolio MIAMI, FL 924,481924.5k $47.1m $47.1m 0.05% Added +132.7k +132,697
64 AXA S.A. 0.07% of their portfolio PARIS, I0 901,586901.6k $45.9m $45.9m 0.07% Added +439.9k +439,910
65 INTACT INVESTMENT MANAGEMENT INC. 1.71% of their portfolio MONTREAL, A8 895,769895.8k $45.6m $45.6m 1.71% Reduced -5.7k -5,690
66 Fiera Capital Corp 0.14% of their portfolio MONTREAL, A8 889,093889.1k $45.3m $45.3m 0.14% Added +39.4k +39,391
67 Clearbridge Investments, LLC 0.04% of their portfolio NEW YORK, NY 882,591882.6k $44.9m $44.9m 0.04% Added +158.3k +158,324
68 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 838,005838.0k $42.7m $42.7m 0.01% New
69 Public Sector Pension Investment Board 0.24% of their portfolio MONTREAL, A8 750,000750.0k $38.2m $38.2m 0.24% New
70 CAPTRUST FINANCIAL ADVISORS 0.12% of their portfolio RALEIGH, NC 742,941742.9k $37.8m $37.8m 0.12% Added +33.2k +33,169
71 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 696,447696.4k $35.5m $35.5m 0.02% Added +609.1k +609,118
72 MILLER HOWARD INVESTMENTS INC /NY 1.05% of their portfolio KINGSTON, NY 623,037623.0k $31.7m $31.7m 1.05% Added +844 +844
73 Scheer, Rowlett & Associates Investment Management Ltd. 2.37% of their portfolio TORONTO, A6 608,575608.6k $31.0m $31.0m 2.37% Reduced -4.2k -4,230
74 Moerus Capital Management LLC 11.17% of their portfolio NEW YORK, NY 608,002608.0k $31.0m $31.0m 11.17% Added +46.9k +46,911
75 MEITAV INVESTMENT HOUSE LTD 0.55% of their portfolio BENE-BERAQ, L3 605,500605.5k $31.1m $31.1m 0.55% New
76 JANUS HENDERSON GROUP PLC 0.02% of their portfolio LONDON, X0 575,245575.2k $29.3m $29.3m 0.02% Added +264.3k +264,294
77 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.48% of their portfolio New York, NY 569,622569.6k $29.0m $29.0m 0.48% Added +51.1k +51,126
78 DekaBank Deutsche Girozentrale 0.05% of their portfolio FRANKFURT, 2M 550,069550.1k $28.2m $28.2m 0.05% Added +126.1k +126,119
79 Cardinal Capital Management, Inc. 1.06% of their portfolio WINNIPEG, A2 540,961541.0k $27.5m $27.5m 1.06% Reduced -1.4k -1,419
80 AVIVA PLC 0.07% of their portfolio LONDON, X0 529,272529.3k $26.9m $26.9m 0.07% Added +98.8k +98,802
81 BARINGS LLC 0.63% of their portfolio CHARLOTTE, NC 509,273509.3k $25.9m $25.9m 0.63% Added +881 +881
82 QV Investors Inc. 2.32% of their portfolio CALGARY, A0 484,074484.1k $24.6m $24.6m 2.32% Reduced -4.6k -4,620
83 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 468,272468.3k $23.8m $23.8m 0.00% Reduced -382.1k -382,097
84 SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio London, X0 465,468465.5k $23.7m $23.7m 0.03% Added +1.6k +1,575
85 CORDA Investment Management, LLC. 1.91% of their portfolio HOUSTON, TX 462,204462.2k $23.5m $23.5m 1.91% Added +9.0k +8,960
86 Grantham, Mayo, Van Otterloo & Co. LLC 0.08% of their portfolio Boston, MA 460,181460.2k $23.4m $23.4m 0.08% Added +122.0k +122,042
87 Korea Investment CORP 0.06% of their portfolio SEOUL, M5 454,625454.6k $23.1m $23.1m 0.06% Reduced -226.3k -226,342
88 Addenda Capital Inc. 1.24% of their portfolio MONTREAL, A8 450,485450.5k $31.7m $31.7m 1.24% Reduced -101.5k -101,519
89 Galibier Capital Management Ltd. 5.64% of their portfolio TORONTO, A6 445,453445.5k $22.7m $22.7m 5.64% Reduced -488 -488
90 Covea Finance 1.04% of their portfolio PARIS, I0 445,040445.0k $22.6m $22.6m 1.04% Added +9.8k +9,760
91 STIFEL FINANCIAL CORP 0.03% of their portfolio ST. LOUIS, MO 440,879440.9k $22.4m $22.4m 0.03% Reduced -22.2k -22,173
92 BERKLEY W R CORP 1.25% of their portfolio Greenwich, CT 437,080437.1k $22.3m $22.3m 1.25% Unchanged
93 Invenomic Capital Management LP 1.10% of their portfolio BOSTON, MA 415,520415.5k $21.2m $21.2m 1.10% New
94 Trexquant Investment LP 0.28% of their portfolio STAMFORD, CT 366,283366.3k $18.6m $18.6m 0.28% Added +244.8k +244,826
95 Triasima Portfolio Management inc. 1.69% of their portfolio MONTREAL, A8 363,900363.9k $18.5m $18.5m 1.69% New
96 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 362,339362.3k $18.4m $18.4m 0.01% Reduced -4.8k -4,793
97 CenterBook Partners LP 1.11% of their portfolio GREENWICH, CT 352,180352.2k $17.9m $17.9m 1.11% Reduced -37.6k -37,574
98 Northwest & Ethical Investments L.P. 0.51% of their portfolio TORONTO, A6 346,049346.0k $17.6m $17.6m 0.51% Reduced -11.1k -11,095
99 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 344,146344.1k $17.5m $17.5m 0.02% Reduced -1.3m -1,344,075
100 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.37% of their portfolio BALA CYNWYD, PA 312,900312.9k $15.9m $15.9m 0.37% Reduced -10.7k -10,700