Q3 2025 · 13F-HR
Birch Hill Investment Advisors LLCholdings as filed
Filed 2025-10-23 · accession 0001172661-25-004406
$2.37B
Reported value
197
Positions
2025-09-30
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 594918104 | MSFT | MICROSOFT CORP | $147.2M | 6.22% | 284,203 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $119.9M | 5.07% | 546,250 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $109.5M | 4.63% | 217,830 | Common | SOLE |
| 032095101 | APH | AMPHENOL CORP NEW | $93.7M | 3.96% | 757,569 | Common | SOLE |
| 037833100 | AAPL | APPLE INC | $93.5M | 3.95% | 367,388 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $92.6M | 3.91% | 380,734 | Common | SOLE |
| 571748102 | MRSH | MARSH & MCLENNAN COS INC | $88.5M | 3.74% | 439,022 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $88.4M | 3.73% | 611,302 | Common | SOLE |
| 278865100 | ECL | ECOLAB INC | $80.5M | 3.40% | 294,056 | Common | SOLE |
| 459200101 | IBM | INTERNATIONAL BUSINESS MACHS | $78.1M | 3.30% | 276,664 | Common | SOLE |
| 337738108 | FISV | FISERV INC | $69.4M | 2.93% | 537,998 | Common | SOLE |
| 773903109 | ROK | ROCKWELL AUTOMATION INC | $68.4M | 2.89% | 195,753 | Common | SOLE |
| 92532F100 | VRTX | VERTEX PHARMACEUTICALS INC | $60.2M | 2.54% | 153,602 | Common | SOLE |
| 28176E108 | EW | EDWARDS LIFESCIENCES CORP | $58.9M | 2.49% | 757,065 | Common | SOLE |
| 461202103 | INTU | INTUIT | $58.4M | 2.47% | 85,493 | Common | SOLE |
| 501044101 | KR | KROGER CO | $54.2M | 2.29% | 803,715 | Common | SOLE |
| 942749102 | WTS | WATTS WATER TECHNOLOGIES INC | $52.0M | 2.20% | 186,149 | Common | SOLE |
| 78409V104 | SPGI | S&P GLOBAL INC | $51.4M | 2.17% | 105,545 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $48.3M | 2.04% | 198,341 | Common | SOLE |
| 533900106 | LECO | LINCOLN ELEC HLDGS INC | $46.7M | 1.97% | 198,170 | Common | SOLE |
| N07059210 | ASML | ASML HOLDING N V | $37.8M | 1.60% | 39,017 | Common | SOLE |
| 955306105 | WST | WEST PHARMACEUTICAL SVSC INC | $35.8M | 1.51% | 136,470 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $34.4M | 1.45% | 60,535 | Common | SOLE |
| 504922105 | LH | LABCORP HOLDINGS INC | $34.3M | 1.45% | 119,576 | Common | SOLE |
| H01301128 | ALC | ALCON AG | $33.1M | 1.40% | 444,175 | Common | SOLE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $32.9M | 1.39% | 35,524 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $31.2M | 1.32% | 99,053 | Common | SOLE |
| 032654105 | ADI | ANALOG DEVICES INC | $28.8M | 1.22% | 117,344 | Common | SOLE |
| 464287200 | IVV | ISHARES TR | $27.4M | 1.16% | 40,940 | Common | SOLE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $25.7M | 1.08% | 138,455 | Common | SOLE |
| 713448108 | PEP | PEPSICO INC | $25.3M | 1.07% | 179,957 | Common | SOLE |
| 464287804 | IJR | ISHARES TR | $25.1M | 1.06% | 211,405 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $21.8M | 0.92% | 116,678 | Common | SOLE |
| 384802104 | GWW | GRAINGER W W INC | $19.2M | 0.81% | 20,169 | Common | SOLE |
| 16679L109 | CHWY | CHEWY INC | $18.1M | 0.76% | 446,861 | Common | SOLE |
| 142339100 | CSL | CARLISLE COS INC | $17.5M | 0.74% | 53,147 | Common | SOLE |
| G8994E103 | TT | TRANE TECHNOLOGIES PLC | $15.8M | 0.67% | 37,502 | Common | SOLE |
| 609207105 | MDLZ | MONDELEZ INTL INC | $12.2M | 0.51% | 194,781 | Common | SOLE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $12.1M | 0.51% | 160,804 | Common | SOLE |
| 90353T100 | UBER | UBER TECHNOLOGIES INC | $11.6M | 0.49% | 118,142 | Common | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $10.5M | 0.44% | 203,141 | Common | SOLE |
| 46641Q217 | BBJP | J P MORGAN EXCHANGE TRADED F | $9.6M | 0.41% | 145,171 | Common | SOLE |
| 389637109 | GBTC | GRAYSCALE BITCOIN TRUST ETF | $9.2M | 0.39% | 102,850 | Common | SOLE |
| 101121101 | BXP | BXP INC | $9.0M | 0.38% | 120,441 | Common | SOLE |
| 68389X105 | ORCL | ORACLE CORP | $8.9M | 0.37% | 31,500 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $8.2M | 0.35% | 24,999 | Common | SOLE |
| 053015103 | ADP | AUTOMATIC DATA PROCESSING IN | $8.2M | 0.35% | 28,006 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $7.9M | 0.33% | 94,308 | Common | SOLE |
| 30231G102 | XOM | EXXON MOBIL CORP | $7.8M | 0.33% | 69,519 | Common | SOLE |
| 00724F101 | ADBE | ADOBE INC | $7.7M | 0.33% | 21,864 | Common | SOLE |
| 464287507 | IJH | ISHARES TR | $7.6M | 0.32% | 115,821 | Common | SOLE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $7.5M | 0.32% | 48,839 | Common | SOLE |
| 464287465 | EFA | ISHARES TR | $7.2M | 0.31% | 77,487 | Common | SOLE |
| 75513E101 | RTX | RTX CORPORATION | $6.5M | 0.28% | 39,069 | Common | SOLE |
| 922042858 | VWO | VANGUARD INTL EQUITY INDEX F | $6.5M | 0.27% | 119,469 | Common | SOLE |
| G1151C101 | ACN | ACCENTURE PLC IRELAND | $6.5M | 0.27% | 26,183 | Common | SOLE |
| 00287Y109 | ABBV | ABBVIE INC | $6.4M | 0.27% | 27,800 | Common | SOLE |
| 191216100 | KO | COCA COLA CO | $6.2M | 0.26% | 93,551 | Common | SOLE |
| 371901109 | GNTX | GENTEX CORP | $5.9M | 0.25% | 210,247 | Common | SOLE |
| 437076102 | HD | HOME DEPOT INC | $5.7M | 0.24% | 13,979 | Common | SOLE |
| 421298100 | HAYW | HAYWARD HLDGS INC | $4.9M | 0.21% | 324,169 | Common | SOLE |
| 46137V357 | RSP | INVESCO EXCHANGE TRADED FD T | $4.8M | 0.20% | 25,368 | Common | SOLE |
| 579780206 | MKC | MCCORMICK & CO INC | $4.6M | 0.19% | 68,910 | Common | SOLE |
| 776696106 | ROP | ROPER TECHNOLOGIES INC | $4.5M | 0.19% | 8,993 | Common | SOLE |
| 921943858 | VEA | VANGUARD TAX-MANAGED FDS | $4.4M | 0.18% | 72,839 | Common | SOLE |
| 194162103 | CL | COLGATE PALMOLIVE CO | $3.9M | 0.16% | 48,813 | Common | SOLE |
| 291011104 | EMR | EMERSON ELEC CO | $3.9M | 0.16% | 29,619 | Common | SOLE |
| 002824100 | ABT | ABBOTT LABS | $3.5M | 0.15% | 26,110 | Common | SOLE |
| 464287655 | IWM | ISHARES TR | $3.4M | 0.14% | 14,000 | Common | SOLE |
| 92826C839 | V | VISA INC | $3.2M | 0.14% | 9,417 | Common | SOLE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $3.0M | 0.13% | 6,146 | Common | SOLE |
| 464287879 | IJS | ISHARES TR | $2.9M | 0.12% | 26,059 | Common | SOLE |
| 009158106 | APD | AIR PRODS & CHEMS INC | $2.8M | 0.12% | 10,353 | Common | SOLE |
| 45687V106 | IR | INGERSOLL RAND INC | $2.7M | 0.12% | 33,090 | Common | SOLE |
| 43300A203 | HLT | HILTON WORLDWIDE HLDGS INC | $2.5M | 0.11% | 9,812 | Common | SOLE |
| 902973304 | USB | US BANCORP DEL | $2.4M | 0.10% | 50,620 | Common | SOLE |
| 452308109 | ITW | ILLINOIS TOOL WKS INC | $2.4M | 0.10% | 9,163 | Common | SOLE |
| G54950103 | LIN | LINDE PLC | $2.3M | 0.10% | 4,946 | Common | SOLE |
| 929740108 | WAB | WABTEC | $2.3M | 0.10% | 11,589 | Common | SOLE |
| G0176J109 | ALLE | ALLEGION PLC | $2.2M | 0.09% | 12,500 | Common | SOLE |
| 79466L302 | CRM | SALESFORCE INC | $2.2M | 0.09% | 9,232 | Common | SOLE |
| 166764100 | CVX | CHEVRON CORP NEW | $2.1M | 0.09% | 13,438 | Common | SOLE |
| 464287234 | EEM | ISHARES TR | $2.0M | 0.09% | 37,867 | Common | SOLE |
| 254687106 | DIS | DISNEY WALT CO | $2.0M | 0.09% | 17,611 | Common | SOLE |
| 81369Y506 | XLE | SELECT SECTOR SPDR TR | $2.0M | 0.08% | 22,110 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $2.0M | 0.08% | 8,328 | Common | SOLE |
| 149123101 | CAT | CATERPILLAR INC | $1.9M | 0.08% | 4,044 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $1.8M | 0.08% | 2,717 | Common | SOLE |
| 126650100 | CVS | CVS HEALTH CORP | $1.8M | 0.08% | 23,725 | Common | SOLE |
| 369604301 | GE | GE AEROSPACE | $1.8M | 0.07% | 5,836 | Common | SOLE |
| 580135101 | MCD | MCDONALDS CORP | $1.7M | 0.07% | 5,616 | Common | SOLE |
| 11133T103 | BR | BROADRIDGE FINL SOLUTIONS IN | $1.7M | 0.07% | 7,028 | Common | SOLE |
| 009066101 | ABNB | AIRBNB INC | $1.7M | 0.07% | 13,629 | Common | SOLE |
| 143130102 | KMX | CARMAX INC | $1.6M | 0.07% | 36,237 | Common | SOLE |
| 389930207 | BTC | GRAYSCALE BITCOIN MINI TR ET | $1.6M | 0.07% | 30,761 | Common | SOLE |
| 244199105 | DE | DEERE & CO | $1.5M | 0.06% | 3,215 | Common | SOLE |
| 37954Y830 | COPX | GLOBAL X FDS | $1.5M | 0.06% | 24,520 | Common | SOLE |
| 94106L109 | WM | WASTE MGMT INC DEL | $1.3M | 0.06% | 6,059 | Common | SOLE |
| 92204A702 | VGT | VANGUARD WORLD FD | $1.2M | 0.05% | 1,669 | Common | SOLE |
| 922908363 | VOO | VANGUARD INDEX FDS | $1.2M | 0.05% | 2,013 | Common | SOLE |
| 922908629 | VO | VANGUARD INDEX FDS | $1.2M | 0.05% | 4,184 | Common | SOLE |
| 45168D104 | IDXX | IDEXX LABS INC | $1.2M | 0.05% | 1,910 | Common | SOLE |
| 931142103 | WMT | WALMART INC | $1.2M | 0.05% | 11,737 | Common | SOLE |
| 14448C104 | CARR | CARRIER GLOBAL CORPORATION | $1.2M | 0.05% | 20,091 | Common | SOLE |
| 458140100 | INTC | INTEL CORP | $1.2M | 0.05% | 34,750 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $1.2M | 0.05% | 215 | Common | SOLE |
| 260003108 | DOV | DOVER CORP | $1.1M | 0.05% | 6,880 | Common | SOLE |
| 571903202 | MAR | MARRIOTT INTL INC NEW | $1.1M | 0.05% | 4,264 | Common | SOLE |
| 911312106 | UPS | UNITED PARCEL SERVICE INC | $1.0M | 0.04% | 12,481 | Common | SOLE |
| 464287499 | IWR | ISHARES TR | $1.0M | 0.04% | 10,706 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $1.0M | 0.04% | 1,386 | Common | SOLE |
| 49177J102 | KVUE | KENVUE INC | $1.0M | 0.04% | 62,488 | Common | SOLE |
| 88160R101 | TSLA | TESLA INC | $985,055 | 0.04% | 2,215 | Common | SOLE |
| 26441C204 | DUK | DUKE ENERGY CORP NEW | $976,140 | 0.04% | 7,888 | Common | SOLE |
| 464287408 | IVE | ISHARES TR | $892,743 | 0.04% | 4,323 | Common | SOLE |
| 654106103 | NKE | NIKE INC | $889,336 | 0.04% | 12,754 | Common | SOLE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $887,396 | 0.04% | 5,471 | Common | SOLE |
| 88579Y101 | MMM | 3M CO | $867,146 | 0.04% | 5,588 | Common | SOLE |
| 464287309 | IVW | ISHARES TR | $851,197 | 0.04% | 7,051 | Common | SOLE |
| 36828A101 | GEV | GE VERNOVA INC | $841,798 | 0.04% | 1,369 | Common | SOLE |
| 69608A108 | PLTR | PALANTIR TECHNOLOGIES INC | $836,578 | 0.04% | 4,586 | Common | SOLE |
| 46435G516 | ESGD | ISHARES TR | $802,882 | 0.03% | 8,635 | Common | SOLE |
| 82982L103 | SITE | SITEONE LANDSCAPE SUPPLY INC | $797,787 | 0.03% | 6,194 | Common | SOLE |
| 117043109 | BC | BRUNSWICK CORP | $790,816 | 0.03% | 12,505 | Common | SOLE |
| 46435U663 | ESML | ISHARES TR | $789,892 | 0.03% | 17,522 | Common | SOLE |
| 25746U109 | D | DOMINION ENERGY INC | $782,181 | 0.03% | 12,787 | Common | SOLE |
| 68902V107 | OTIS | OTIS WORLDWIDE CORP | $780,538 | 0.03% | 8,537 | Common | SOLE |
| 025816109 | AXP | AMERICAN EXPRESS CO | $747,360 | 0.03% | 2,250 | Common | SOLE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $715,000 | 0.03% | 11,000 | Common | SOLE |
| 464285204 | IAU | ISHARES GOLD TR | $702,376 | 0.03% | 9,652 | Common | SOLE |
| 922908751 | VB | VANGUARD INDEX FDS | $641,040 | 0.03% | 2,521 | Common | SOLE |
| 60741F104 | MBLY | MOBILEYE GLOBAL INC | $638,859 | 0.03% | 45,245 | Common | SOLE |
| 67077M108 | NTR | NUTRIEN LTD | $637,003 | 0.03% | 10,850 | Common | SOLE |
| 464288885 | EFG | ISHARES TR | $620,646 | 0.03% | 5,450 | Common | SOLE |
| 031162100 | AMGN | AMGEN INC | $609,552 | 0.03% | 2,160 | Common | SOLE |
| 438516106 | HON | HONEYWELL INTL INC | $604,556 | 0.03% | 2,872 | Common | SOLE |
| G0450A105 | ACGL | ARCH CAP GROUP LTD | $585,208 | 0.02% | 6,450 | Common | SOLE |
| 98956P102 | ZBH | ZIMMER BIOMET HOLDINGS INC | $565,587 | 0.02% | 5,742 | Common | SOLE |
| 31428X106 | FDX | FEDEX CORP | $539,292 | 0.02% | 2,287 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $530,544 | 0.02% | 2,676 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $521,193 | 0.02% | 20,455 | Common | SOLE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $505,945 | 0.02% | 11,512 | Common | SOLE |
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $497,719 | 0.02% | 625 | Common | SOLE |
| 46432F842 | IEFA | ISHARES TR | $488,587 | 0.02% | 5,596 | Common | SOLE |
| 464288570 | DSI | ISHARES TR | $488,560 | 0.02% | 3,879 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $476,330 | 0.02% | 1,340 | Common | SOLE |
| 780259305 | SHEL | SHELL PLC | $464,945 | 0.02% | 6,500 | Common | SOLE |
| 921910816 | MGK | VANGUARD WORLD FD | $463,185 | 0.02% | 1,151 | Common | SOLE |
| 655844108 | NSC | NORFOLK SOUTHN CORP | $461,730 | 0.02% | 1,537 | Common | SOLE |
| 81369Y803 | XLK | SELECT SECTOR SPDR TR | $461,687 | 0.02% | 1,638 | Common | SOLE |
| 02209S103 | MO | ALTRIA GROUP INC | $451,454 | 0.02% | 6,834 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $438,725 | 0.02% | 575 | Common | SOLE |
| 075887109 | BDX | BECTON DICKINSON & CO | $428,619 | 0.02% | 2,290 | Common | SOLE |
| 526057104 | LEN | LENNAR CORP | $428,536 | 0.02% | 3,400 | Common | SOLE |
| 747525103 | QCOM | QUALCOMM INC | $426,214 | 0.02% | 2,562 | Common | SOLE |
| 949746101 | WMT2 | WELLS FARGO CO NEW | $425,722 | 0.02% | 5,079 | Common | SOLE |
| 92189F676 | SMH | VANECK ETF TRUST | $422,117 | 0.02% | 1,293 | Common | SOLE |
| 92537N108 | VRT | VERTIV HOLDINGS CO | $421,654 | 0.02% | 2,795 | Common | SOLE |
| 09260D107 | BX | BLACKSTONE INC | $410,040 | 0.02% | 2,400 | Common | SOLE |
| 00206R102 | T | AT&T INC | $367,176 | 0.02% | 13,002 | Common | SOLE |
| 693506107 | PPG | PPG INDS INC | $360,843 | 0.02% | 3,433 | Common | SOLE |
| 17275R102 | CSCO | CISCO SYS INC | $360,505 | 0.02% | 5,269 | Common | SOLE |
| 053611109 | AVY | AVERY DENNISON CORP | $346,557 | 0.01% | 2,137 | Common | SOLE |
| 871829107 | SYY | SYSCO CORP | $343,193 | 0.01% | 4,168 | Common | SOLE |
| 46138G516 | RSPE | INVESCO EXCH TRADED FD TR II | $333,766 | 0.01% | 11,549 | Common | SOLE |
| 007903107 | AMD | ADVANCED MICRO DEVICES INC | $331,346 | 0.01% | 2,048 | Common | SOLE |
| 553498106 | MSA | MSA SAFETY INC | $309,726 | 0.01% | 1,800 | Common | SOLE |
| 29670G102 | WTRG | ESSENTIAL UTILS INC | $298,612 | 0.01% | 7,484 | Common | SOLE |
| 617446448 | MS | MORGAN STANLEY | $297,414 | 0.01% | 1,871 | Common | SOLE |
| 615369105 | MCO | MOODYS CORP | $295,418 | 0.01% | 620 | Common | SOLE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $293,160 | 0.01% | 849 | Common | SOLE |
| 303075105 | FDS | FACTSET RESH SYS INC | $289,928 | 0.01% | 1,012 | Common | SOLE |
| 78467Y107 | MDY | SPDR S&P MIDCAP 400 ETF TR | $283,114 | 0.01% | 475 | Common | SOLE |
| 921946406 | VYM | VANGUARD WHITEHALL FDS | $282,605 | 0.01% | 2,005 | Common | SOLE |
| 97717W307 | DLN | WISDOMTREE TR | $278,496 | 0.01% | 3,200 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $274,659 | 0.01% | 983 | Common | SOLE |
| 18915M107 | NET | CLOUDFLARE INC | $270,480 | 0.01% | 1,260 | Common | SOLE |
| 20030N101 | CMCSA | COMCAST CORP NEW | $256,953 | 0.01% | 8,178 | Common | SOLE |
| 464287648 | IWO | ISHARES TR | $256,032 | 0.01% | 800 | Common | SOLE |
| 704326107 | PAYX | PAYCHEX INC | $253,552 | 0.01% | 2,000 | Common | SOLE |
| 922908769 | VTI | VANGUARD INDEX FDS | $249,737 | 0.01% | 761 | Common | SOLE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $247,238 | 0.01% | 5,482 | Common | SOLE |
| 464287689 | IWV | ISHARES TR | $246,311 | 0.01% | 650 | Common | SOLE |
| 03990B101 | ARES | ARES MANAGEMENT CORPORATION | $239,835 | 0.01% | 1,500 | Common | SOLE |
| 126408103 | CSX | CSX CORP | $237,917 | 0.01% | 6,700 | Common | SOLE |
| 904767704 | — | UNILEVER PLC | $237,120 | 0.01% | 4,000 | Common | SOLE |
| 37954Y293 | MLPX | GLOBAL X FDS | $229,895 | 0.01% | 3,666 | Common | SOLE |
| 148929102 | CAVA | CAVA GROUP INC | $229,075 | 0.01% | 3,792 | Common | SOLE |
| 863667101 | SYK | STRYKER CORPORATION | $226,977 | 0.01% | 614 | Common | SOLE |
| 127190304 | CACI | CACI INTL INC | $224,451 | 0.01% | 450 | Common | SOLE |
| 237194105 | DRI | DARDEN RESTAURANTS INC | $218,914 | 0.01% | 1,150 | Common | SOLE |
| 443510607 | HUBB | HUBBELL INC | $216,876 | 0.01% | 504 | Common | SOLE |
| 464287614 | IWF | ISHARES TR | $212,658 | 0.01% | 454 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $211,092 | 0.01% | 993 | Common | SOLE |
| 95040Q104 | WELL | WELLTOWER INC | $205,217 | 0.01% | 1,152 | Common | SOLE |
| 09290D101 | BLK | BLACKROCK INC | $201,696 | 0.01% | 173 | Common | SOLE |
| 81749D107 | SERA | SERA PROGNOSTICS INC | $83,517 | 0.00% | 27,293 | Common | SOLE |
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.