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BARROW HANLEY MEWHINNEY & STRAUSS LLC

Q2 2023 · 13F-HR

BARROW HANLEY MEWHINNEY & STRAUSS LLCholdings as filed

Filed 2023-08-10 · accession 0000313028-23-000037

$26.85B
Reported value
282
Positions
2023-06-30
Period end
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Holdings as filed

CUSIPTickerIssuerValue% port.SharesClassVoting
009158106APDAir Products and Chemicals Inc$819.2M3.05%2,734,794CommonSOLE
92537N108VRTVertiv Holdings Co$772.8M2.88%31,200,595CommonSOLE
58933Y105MRKMerck & Co Inc$763.3M2.84%6,614,810CommonSOLE
20030N101CMCSAComcast Corp$732.6M2.73%17,630,607CommonSOLE
68389X105ORCLOracle Corp$731.2M2.72%6,140,160CommonSOLE
949746101WMT2Wells Fargo & Co$606.9M2.26%14,219,110CommonSOLE
31620M106FISFidelity National Information$603.6M2.25%11,035,208CommonSOLE
42809H107HESHess Corp$601.7M2.24%4,425,872CommonSOLE
445658107JBHTJB Hunt Transport Services Inc$580.9M2.16%3,209,007CommonSOLE
11135F101AVGOBroadcom Inc$556.5M2.07%641,496CommonSOLE
G6095L109Aptiv PLC$555.4M2.07%5,439,821CommonSOLE
036752103ELVElevance Health Inc$550.4M2.05%1,238,803CommonSOLE
G5960L103MDTMedtronic PLC$543.6M2.02%6,169,915CommonSOLE
29250N105ENBEnbridge Inc$523.3M1.95%14,074,171CommonSOLE
G0750C108AXTAAxalta Coating Systems Ltd$513.7M1.91%15,656,433CommonSOLE
03852U106ARMKAramark$489.8M1.82%11,376,861CommonSOLE
747525103QCOMQUALCOMM Inc$478.3M1.78%4,018,381CommonSOLE
020002101ALLAllstate Corp/The$459.6M1.71%4,215,088CommonSOLE
925652109VICIVICI Properties Inc$456.9M1.70%14,536,466CommonSOLE
536797103LADLithia Motors Inc$455.5M1.70%1,497,958CommonSOLE
91324P102UNHUnitedHealth Group Inc$453.2M1.69%942,988CommonSOLE
026874784AIGAmerican International Group I$452.3M1.68%7,859,935CommonSOLE
718172109PMPhilip Morris International In$448.4M1.67%4,593,423CommonSOLE
406216101HALHalliburton Co$447.3M1.67%13,558,702CommonSOLE
26614N102DDDuPont de Nemours Inc$438.9M1.63%6,144,226CommonSOLE
517834107LVSLas Vegas Sands Corp$436.2M1.62%7,519,865CommonSOLE
256677105DGDollar General Corp$411.1M1.53%2,421,278CommonSOLE
844741108LUVSouthwest Airlines Co$408.9M1.52%11,291,288CommonSOLE
902973304USBUS Bancorp$391.5M1.46%11,848,183CommonSOLE
723787107PXDEURPioneer Natural Resources Co$384.9M1.43%1,857,984CommonSOLE
29364G103ETREntergy Corp$383.7M1.43%3,940,599CommonSOLE
83088M102SWKSSkyworks Solutions Inc$372.7M1.39%3,367,093CommonSOLE
723484101PNWPinnacle West Capital Corp$365.4M1.36%4,485,094CommonSOLE
718546104PSXPhillips 66$364.1M1.36%3,817,172CommonSOLE
55261F104MTBM&T Bank Corp$356.0M1.33%2,876,832CommonSOLE
05352A100AVTRAvantor Inc$340.8M1.27%16,589,836CommonSOLE
665859104NTRSNorthern Trust Corp$338.7M1.26%4,568,067CommonSOLE
854502101SWKStanley Black & Decker Inc$324.1M1.21%3,458,501CommonSOLE
00766T100ACMAECOM$317.8M1.18%3,752,681CommonSOLE
126650100CVSCVS Health Corp$314.0M1.17%4,542,620CommonSOLE
285512109EAElectronic Arts Inc$309.3M1.15%2,385,013CommonSOLE
125523100CICigna Group/The$297.4M1.11%1,059,705CommonNONE
G96629103WTWWillis Towers Watson PLC$283.4M1.06%1,203,189CommonSOLE
G97822103PRGOPerrigo Co PLC$261.4M0.97%7,698,520CommonSOLE
025816109AXPAmerican Express Co$241.3M0.90%1,385,373CommonSOLE
G25839104CCEPCoca-Cola Europacific Partners$232.3M0.87%3,605,582CommonSOLE
192446102CTSHCognizant Technology Solutions$221.6M0.83%3,394,702CommonSOLE
81282V100PRKSSeaWorld Entertainment Inc$195.8M0.73%3,495,502CommonSOLE
751212101RLRalph Lauren Corp$186.1M0.69%1,509,123CommonNONE
N00985106AERAerCap Holdings NV$178.3M0.66%2,807,030CommonSOLE
44267D107Howard Hughes Corp/The$175.0M0.65%2,217,997CommonSOLE
02079K305GOOGLAlphabet Inc$166.5M0.62%1,390,685CommonSOLE
02079K107GOOGAlphabet Inc$130.1M0.48%1,075,129CommonSOLE
651639106NEMNewmont Corp$129.4M0.48%3,033,452CommonNONE
084670702BRK/BBerkshire Hathaway Inc$125.4M0.47%367,701CommonSOLE
05605H100BWXTBWX Technologies Inc$124.7M0.46%1,741,807CommonSOLE
22002T108CDPCorporate Office Properties Tr$122.8M0.46%5,171,219CommonSOLE
G5509L101LIVNLivaNova PLC$118.5M0.44%2,303,690CommonSOLE
127190304CACICACI International Inc$116.2M0.43%340,829CommonSOLE
344419106FMXFomento Economico Mexicano SAB$115.9M0.43%1,045,324CommonNONE
75513E101RTXRaytheon Technologies Corp$113.6M0.42%1,159,824CommonSOLE
H1467J104CBChubb Ltd$107.9M0.40%560,516CommonSOLE
12626K203CRH PLC- ADR$106.1M0.40%1,903,954CommonSOLE
595017104MCHPMicrochip Technology Inc$106.0M0.39%1,183,243CommonSOLE
46625H100JPMJPMorgan Chase & Co$100.4M0.37%690,192CommonSOLE
47233W109JEFJefferies Financial Group Inc$98.8M0.37%2,977,259CommonSOLE
15189T107CNPCenterPoint Energy Inc$92.5M0.34%3,171,854CommonSOLE
28618M106ESIElement Solutions Inc$88.9M0.33%4,630,621CommonSOLE
01741R102ATIATI Inc$88.1M0.33%1,991,495CommonSOLE
244199105DEDeere & Co$80.8M0.30%199,342CommonSOLE
19247G107COHRCoherent Corp$76.5M0.28%1,500,309CommonSOLE
444859102HUMHumana Inc$75.8M0.28%169,433CommonSOLE
552953101MGMMGM Resorts International$75.1M0.28%1,709,281CommonSOLE
393657101GBXGreenbrier Cos Inc/The$74.4M0.28%1,725,778CommonSOLE
30161N101EXCExelon Corp$73.3M0.27%1,799,406CommonSOLE
552690109MDUMDU Resources Group Inc$72.1M0.27%3,441,986CommonSOLE
88224Q107TCBITexas Capital Bancshares Inc$71.1M0.26%1,381,396CommonSOLE
374689107ROCKGibraltar Industries Inc$70.5M0.26%1,120,497CommonSOLE
292765104EPACEnerpac Tool Group Corp$69.7M0.26%2,579,854CommonSOLE
G0692U109AXSAxis Capital Holdings Ltd$69.2M0.26%1,284,640CommonSOLE
971378104WSCWillScot Mobile Mini Holdings$66.3M0.25%1,388,334CommonSOLE
G0084W101ADNTAdient PLC$61.3M0.23%1,600,498CommonSOLE
237266101DARDarling Ingredients Inc$61.3M0.23%960,253CommonSOLE
57164Y107VACMarriott Vacations Worldwide C$61.0M0.23%497,086CommonSOLE
67103X102OFGOFG Bancorp$60.7M0.23%2,329,314CommonSOLE
575385109DOORUSDMasonite International Corp$60.6M0.23%591,235CommonSOLE
497266106KEXKirby Corp$58.9M0.22%765,013CommonSOLE
483007704KALUKaiser Aluminum Corp$58.9M0.22%821,508CommonSOLE
171779309CIENCiena Corp$57.1M0.21%1,344,892CommonSOLE
89679E300TFINTriumph Financial Inc$57.1M0.21%940,950CommonSOLE
192576106COHUCohu Inc$56.9M0.21%1,368,099CommonSOLE
037598109APOGApogee Enterprises Inc$54.9M0.20%1,156,786CommonSOLE
37253A103THRMGentherm Inc$53.3M0.20%942,725CommonSOLE
872590104TMUST-Mobile US Inc$53.3M0.20%383,467CommonSOLE
127055101CBTCabot Corp$51.2M0.19%765,394CommonSOLE
254543101DIODDiodes Inc$51.1M0.19%552,395CommonSOLE
00922R105ATSG*Air Transport Services Group I$50.3M0.19%2,666,776CommonSOLE
197236102COLBColumbia Banking System Inc$49.4M0.18%2,437,913CommonSOLE
415864107NVRIEnviri Corp$48.8M0.18%4,944,788CommonSOLE
024061103DCHAmerican Axle & Manufacturing$48.1M0.18%5,815,780CommonSOLE
489170100KMTKennametal Inc$48.0M0.18%1,690,784CommonSOLE
680033107ONBOld National Bancorp/IN$43.6M0.16%3,130,847CommonSOLE
478160104JNJJohnson & Johnson$40.5M0.15%244,795CommonSOLE
53803X105LOBLive Oak Bancshares Inc$39.1M0.15%1,487,823CommonSOLE
576690101MTRNMaterion Corp$38.7M0.14%338,512CommonSOLE
854231107SXIStandex International Corp$38.0M0.14%268,820CommonSOLE
60871R209TAPMolson Coors Beverage Co$35.9M0.13%545,760CommonSOLE
498894104KNFKnife River Corp$35.2M0.13%809,043CommonSOLE
G33856108GSMFerroglobe PLC$31.5M0.12%6,593,304CommonSOLE
742718109PGProcter & Gamble Co/The$31.2M0.12%205,562CommonSOLE
075887109BDXBecton Dickinson & Co$31.0M0.12%117,441CommonSOLE
459506101IFFInternational Flavors & Fragra$27.8M0.10%349,050CommonSOLE
464288877EFViShares MSCI EAFE Value ETF$27.3M0.10%558,272CommonSOLE
05278C107ATHMAutohome Inc- ADR$26.6M0.10%913,889CommonSOLE
67011P100DNOWNOW Inc$26.5M0.10%2,561,704CommonSOLE
369550108GDGeneral Dynamics Corp$26.5M0.10%123,069CommonSOLE
458665304TILEInterface Inc$26.1M0.10%2,969,881CommonSOLE
72651A207PAGPPlains GP Holdings LP$25.6M0.10%1,725,169CommonSOLE
45667G103INFNEURInfinera Corp$25.2M0.09%5,223,037CommonSOLE
8676EP108STKLSunOpta Inc$24.0M0.09%3,588,805CommonSOLE
17243V102CNKCinemark Holdings Inc$18.6M0.07%1,127,983CommonSOLE
281020107EIXEdison International$17.6M0.07%254,072CommonSOLE
92835K103VPGVishay Precision Group Inc$17.2M0.06%461,874CommonSOLE
H8817H100RIGTransocean Ltd$11.1M0.04%1,587,921CommonSOLE
60471A101MIRMirion Technologies Inc$10.1M0.04%1,200,133CommonSOLE
902494103TSNTyson Foods Inc$7.8M0.03%153,048CommonSOLE
05968L102CIBEURBancolombia SA- ADR$2.4M0.01%90,168CommonSOLE
89417E109TRVTravelers Cos Inc/The$2.4M0.01%13,626CommonSOLE
969457100WMBWilliams Cos Inc/The$2.2M0.01%66,320CommonSOLE
20825C104COPConocoPhillips$1.7M0.01%16,711CommonSOLE
91913Y100VLOValero Energy Corp$1.3M0.00%11,415CommonSOLE
928298108VSHVishay Intertechnology Inc$16,5820.00%564CommonSOLE
29275Y102ENSEnerSys$16,1690.00%149CommonSOLE
87724P106TMHCTaylor Morrison Home Corp$14,8260.00%304CommonSOLE
08160H101BHEBenchmark Electronics Inc$14,7750.00%572CommonSOLE
741511109PSMTPriceSmart Inc$14,6640.00%198CommonSOLE
235825205DANDana Inc$14,5860.00%858CommonSOLE
077454106BDCBelden Inc$14,0610.00%147CommonSOLE
917047102URBNUrban Outfitters Inc$13,9810.00%422CommonSOLE
423452101HPHelmerich & Payne Inc$13,9670.00%394CommonSOLE
880779103TEXTerex Corp$13,7610.00%230CommonSOLE
382550101GTGoodyear Tire & Rubber Co/The$13,5160.00%988CommonSOLE
09180C106BJRIBJ's Restaurants Inc$13,3560.00%420CommonSOLE
109641100EATBrinker International Inc$13,2860.00%363CommonSOLE
08986R309BHBiglari Holdings Inc$13,2080.00%67CommonSOLE
830879102SKYWSkyWest Inc$12,8680.00%316CommonSOLE
387328107GVAGranite Construction Inc$12,7300.00%320CommonSOLE
343412102FLRFluor Corp$12,6690.00%428CommonSOLE
67098H104OIO-I Glass Inc$12,6060.00%591CommonSOLE
24665A103DKDelek US Holdings Inc$12,4300.00%519CommonSOLE
69318G106PBFPBF Energy Inc$12,0770.00%295CommonSOLE
675232102OIIOceaneering International Inc$12,0610.00%645CommonSOLE
14575E105CARSCars.com Inc$12,0310.00%607CommonSOLE
703395103PDCOEURPatterson Cos Inc$11,9070.00%358CommonSOLE
749660106RESRPC Inc$11,8400.00%1,656CommonSOLE
703343103PATKPatrick Industries Inc$11,6000.00%145CommonSOLE
90328M107USNAUSANA Health Sciences Inc$11,5990.00%184CommonSOLE
71424F105PRPermian Resources Corp$11,5740.00%1,056CommonSOLE
08579X101BRYBerry Corp$11,5030.00%1,672CommonSOLE
74347M108PUMPProPetro Holding Corp$11,3550.00%1,378CommonSOLE
678026105OISOil States International Inc$11,3390.00%1,518CommonSOLE
974637100WGOWinnebago Industries Inc$11,3370.00%170CommonSOLE
50189K103LCIILCI Industries$11,2460.00%89CommonSOLE
88337F105ODP1ODP Corp/The$11,1430.00%238CommonSOLE
76118Y104REZIResideo Technologies Inc$11,1080.00%629CommonSOLE
129500104CALCaleres Inc$10,9840.00%459CommonSOLE
801056102SANMSanmina Corp$10,9690.00%182CommonSOLE
018581108BFHBread Financial Holdings Inc$10,9240.00%348CommonSOLE
G36738105FDPFresh Del Monte Produce Inc$10,8500.00%422CommonSOLE
G9001E128LILAKLiberty Latin America Ltd$10,8090.00%1,254CommonSOLE
92839U206VCVisteon Corp$10,7710.00%75CommonSOLE
74319R101PRGPROG Holdings Inc$10,7600.00%335CommonSOLE
163072101CAKECheesecake Factory Inc/The$10,7200.00%310CommonSOLE
47580P103JELDJELD-WEN Holding Inc$10,6990.00%610CommonSOLE
87305R109TTMITTM Technologies Inc$10,6200.00%764CommonSOLE
109696104BCOBrink's Co/The$10,5810.00%156CommonSOLE
00402L107ASOAcademy Sports & Outdoors Inc$10,5400.00%195CommonSOLE
000957100ABMABM Industries Inc$10,4920.00%246CommonSOLE
76009N100UPBDUpbound Group Inc$10,4290.00%335CommonSOLE
607828100MODModine Manufacturing Co$10,3680.00%314CommonSOLE
81617J301WTTRSelect Water Solutions Inc$10,2870.00%1,270CommonSOLE
58502B106MDPediatrix Medical Group Inc$10,2170.00%719CommonSOLE
603158106MTXMinerals Technologies Inc$10,0960.00%175CommonSOLE
505336107LZBLa-Z-Boy Inc$10,0530.00%351CommonSOLE
53115L104LBRTLiberty Energy Inc$10,0140.00%749CommonSOLE
806037107SCSCScanSource Inc$9,9030.00%335CommonSOLE
7495271071RGREV Group Inc$9,7860.00%738CommonSOLE
724479100PBIPitney Bowes Inc$9,7810.00%2,763CommonSOLE
55345K10337MMRC Global Inc$9,3350.00%927CommonSOLE
747301109QUADQuad/Graphics Inc$9,1410.00%2,431CommonSOLE
00737L103CVSAAdtalem Global Education Inc$8,7910.00%256CommonSOLE
71363P106PRDOPerdoceo Education Corp$8,7490.00%713CommonSOLE
488152208KELYAKelly Services Inc$8,6110.00%489CommonSOLE
248019101DLXDeluxe Corp$8,4250.00%482CommonSOLE
50105F105KROKronos Worldwide Inc$8,3900.00%961CommonSOLE
981475106WKCWorld Kinect Corp$8,3130.00%402CommonSOLE
G4412G101HLFHerbalife Ltd$8,1960.00%619CommonSOLE
929566107WNCWabash National Corp$8,1540.00%318CommonSOLE
45688C107NGVTIngevity Corp$7,9680.00%137CommonSOLE
74967R106RMRRMR Group Inc/The$7,7160.00%333CommonSOLE
128246105CVGWCalavo Growers Inc$7,6900.00%265CommonSOLE
615394202MOG/AMoog Inc$7,5900.00%70CommonSOLE
37247D106GNWGenworth Financial Inc$7,4100.00%1,482CommonSOLE
46817M107JXNJackson Financial Inc$7,4080.00%242CommonSOLE
094235108BLMNBloomin' Brands Inc$7,2070.00%268CommonSOLE
00081T108ACCOACCO Brands Corp$6,6950.00%1,285CommonSOLE
07556Q881BZHBeazer Homes USA Inc$6,6480.00%235CommonSOLE
894650100TGTredegar Corp$6,4230.00%963CommonSOLE
978097103WWWWolverine World Wide Inc$6,2580.00%426CommonSOLE
398905109GPIGroup 1 Automotive Inc$6,1940.00%24CommonSOLE
03168L105AMRXAmneal Pharmaceuticals Inc$6,1840.00%1,995CommonSOLE
75605Y106Anywhere Real Estate Inc$5,9520.00%891CommonSOLE
879433829TDSTelephone and Data Systems Inc$5,8520.00%711CommonSOLE
83545G102SAHSonic Automotive Inc$5,7680.00%121CommonSOLE
G81276100SIGSignet Jewelers Ltd$5,5470.00%85CommonSOLE
03762U105ARIApollo Commercial Real Estate$5,5020.00%486CommonSOLE
13057Q305CRCCalifornia Resources Corp$5,4800.00%121CommonSOLE
206787103CNDTConduent Inc$5,3350.00%1,569CommonSOLE
088929104BGCBGC Group Inc$5,2230.00%1,179CommonSOLE
00773T101ASIXAdvanSix Inc$4,8270.00%138CommonSOLE
344849104WOOFoot Locker Inc$4,7980.00%177CommonSOLE
12662P108CVICVR Energy Inc$4,6440.00%155CommonSOLE
12653C108CNXCNX Resources Corp$4,5720.00%258CommonSOLE
36237H101GIIIG-III Apparel Group Ltd$4,5670.00%237CommonSOLE
901109108TPCTutor Perini Corp$4,5190.00%632CommonSOLE
L72967109OECOrion SA$4,0950.00%193CommonSOLE
G2717B108Cushman & Wakefield PLC$4,0410.00%494CommonSOLE
45774W108IIINInsteel Industries Inc$3,9520.00%127CommonSOLE
20337X109VISNCommScope Holding Co Inc$3,9350.00%699CommonSOLE
442487401HOVHovnanian Enterprises Inc$3,6710.00%37CommonSOLE
250565108DBIDesigner Brands Inc$3,5750.00%354CommonSOLE
144285103CRSCarpenter Technology Corp$3,4800.00%62CommonSOLE
15872M104APY1EURChampionX Corp$3,2590.00%105CommonSOLE
G9087Q102TROXTronox Holdings PLC$3,2280.00%254CommonSOLE
75508B104RYAMRayonier Advanced Materials In$3,1630.00%739CommonSOLE
030506109AMWDAmerican Woodmark Corp$3,0550.00%40CommonSOLE
03212B103AMPYAmplify Energy Corp$3,0190.00%446CommonSOLE
48666K109KBHKB Home$2,9990.00%58CommonSOLE
858155203GJBSteelcase Inc$2,8990.00%376CommonSOLE
00791N102Advantage Solutions Inc$2,8410.00%1,214CommonSOLE
401617105GU9Guess Inc$2,5870.00%133CommonSOLE
359694106FULHB Fuller Co$2,5740.00%36CommonSOLE
43940T109HOPEHope Bancorp Inc$2,3830.00%283CommonSOLE
12621E103CNOCNO Financial Group Inc$2,3670.00%100CommonSOLE
985817105YELPYelp Inc$2,3300.00%64CommonSOLE
402635502GPORGulfport Energy Corp$2,3120.00%22CommonSOLE
651718504NPKINewpark Resources Inc$2,3010.00%440CommonSOLE
297602104ETDEthan Allen Interiors Inc$2,2620.00%80CommonSOLE
50060P106KOPKoppers Holdings Inc$2,2510.00%66CommonSOLE
P73684113OSWOneSpaWorld Holdings Ltd$2,2260.00%184CommonSOLE
34988V106FOSLFossil Group Inc$2,1970.00%855CommonSOLE
Y8564W103Teekay Corp$2,1680.00%359CommonSOLE
83418M103SEISolaris Oilfield Infrastructur$2,1660.00%260CommonSOLE
42330P107HLXHelix Energy Solutions Group I$2,1620.00%293CommonSOLE
427825500HTEURHersha Hospitality Trust$2,1620.00%355CommonSOLE
205826209CMTLComtech Telecommunications Cor$2,1480.00%235CommonSOLE
023139884OSGAmbac Financial Group Inc$2,1360.00%150CommonSOLE
81761L102SVCService Properties Trust$2,1200.00%244CommonSOLE
067806109BUSDBarnes Group Inc$2,1090.00%50CommonSOLE
626717102MURMurphy Oil Corp$2,1060.00%55CommonSOLE
06652K103BKUBankUnited Inc$2,0900.00%97CommonSOLE
98421M106XRXXerox Holdings Corp$2,0400.00%137CommonSOLE
87484T108TALOTalos Energy Inc$2,0390.00%147CommonSOLE
45768S105IOSPInnospec Inc$2,0090.00%20CommonSOLE
262037104DRQEURDril-Quip Inc$1,9780.00%85CommonSOLE
22410J106CBRLCracker Barrel Old Country Sto$1,9570.00%21CommonSOLE
51509F105LELands' End Inc$1,8780.00%242CommonSOLE
866082100INNSummit Hotel Properties Inc$1,8750.00%288CommonSOLE
G6359F137NBRNabors Industries Ltd$1,8610.00%20CommonSOLE
48238T109OPLNOPENLANE Inc$1,8570.00%122CommonSOLE
90346E103SLCAUSDUS Silica Holdings Inc$1,8560.00%153CommonSOLE
49926D109KNKnowles Corp$1,8420.00%102CommonSOLE
896522109TRNTrinity Industries Inc$1,8000.00%70CommonSOLE
G9001E102LILALiberty Latin America Ltd$1,7500.00%200CommonSOLE
23291C103BOOMDMC Global Inc$1,7400.00%98CommonSOLE
74965L101RLJRLJ Lodging Trust$1,5710.00%153CommonSOLE
168905107PLCEChildren's Place Inc/The$1,3460.00%58CommonSOLE
13123X508CPE*Callon Petroleum Co$1,2980.00%37CommonSOLE
371532102GCOGenesco Inc$1,1270.00%45CommonSOLE
14149Y108CAHCardinal Health Inc$9460.00%10CommonSOLE
089302103BIGGQBig Lots Inc$7510.00%85CommonSOLE
G9059U107TSEOFTrinseo PLC$5950.00%47CommonSOLE

Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.