Q4 2024 · 13F-HR
Aristotle Capital Management, LLCholdings as filed
Filed 2025-02-14 · accession 0001398344-25-002788
$51.91B
Reported value
185
Positions
2024-12-31
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 701094104 | PH | PARKER-HANNIFIN CORP | $2.03B | 3.91% | 3,192,794 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $1.73B | 3.34% | 4,111,797 | Common | SOLE |
| 03076C106 | AMP | AMERIPRISE FINL INC | $1.73B | 3.33% | 3,246,313 | Common | SOLE |
| 969904101 | WSM | WILLIAMS SONOMA INC | $1.69B | 3.25% | 9,110,899 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $1.43B | 2.76% | 8,045,377 | Common | SOLE |
| 526057104 | LEN | LENNAR CORP | $1.37B | 2.63% | 10,027,994 | Common | SOLE |
| 22052L104 | CTVA | CORTEVA INC | $1.33B | 2.56% | 23,371,778 | Common | SOLE |
| 573284106 | MLM | MARTIN MARIETTA MATLS INC | $1.24B | 2.38% | 2,396,345 | Common | SOLE |
| 03662Q105 | AKX | ANSYS INC | $1.19B | 2.30% | 3,542,025 | Common | SOLE |
| 00724F101 | ADBE | ADOBE INC | $1.17B | 2.25% | 2,626,964 | Common | SOLE |
| 049560105 | ATO | ATMOS ENERGY CORP | $1.13B | 2.18% | 8,115,759 | Common | SOLE |
| 747525103 | QCOM | QUALCOMM INC | $1.12B | 2.17% | 7,315,619 | Common | SOLE |
| 835699307 | SONY | SONY GROUP CORP | $1.12B | 2.15% | 52,771,882 | Common | SOLE |
| 749685103 | RPM | RPM INTL INC | $1.11B | 2.13% | 8,994,206 | Common | SOLE |
| 902973304 | USB | US BANCORP DEL | $1.09B | 2.11% | 22,853,799 | Common | SOLE |
| 09260D107 | BX | BLACKSTONE INC | $1.09B | 2.09% | 6,296,919 | Common | SOLE |
| 278865100 | ECL | ECOLAB INC | $1.07B | 2.05% | 4,551,362 | Common | SOLE |
| 438516106 | HON | HONEYWELL INTL INC | $1.03B | 1.98% | 4,538,411 | Common | SOLE |
| 031162100 | AMGN | AMGEN INC | $1.01B | 1.95% | 3,888,357 | Common | SOLE |
| H01301128 | ALC | ALCON AG | $1.00B | 1.93% | 11,823,474 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $995.5M | 1.92% | 4,336,918 | Common | SOLE |
| 693475105 | PNC | PNC FINL SVCS GROUP INC | $967.6M | 1.86% | 5,017,528 | Common | SOLE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $967.2M | 1.86% | 5,769,301 | Common | SOLE |
| 98419M100 | XYL | XYLEM INC | $959.7M | 1.85% | 8,271,667 | Common | SOLE |
| 191216100 | KO | COCA COLA CO | $952.4M | 1.83% | 15,297,764 | Common | SOLE |
| 548661107 | LOW | LOWES COS INC | $950.8M | 1.83% | 3,852,429 | Common | SOLE |
| 879360105 | TDY | TELEDYNE TECHNOLOGIES INC | $917.3M | 1.77% | 1,976,456 | Common | SOLE |
| 026874784 | AIG | AMERICAN INTL GROUP INC | $917.0M | 1.77% | 12,596,509 | Common | SOLE |
| 98389B100 | XEL | XCEL ENERGY INC | $910.3M | 1.75% | 13,482,046 | Common | SOLE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $888.5M | 1.71% | 22,217,597 | Common | SOLE |
| 127097103 | CTRA | COTERRA ENERGY INC | $879.1M | 1.69% | 34,421,225 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $864.3M | 1.67% | 8,688,333 | Common | SOLE |
| 030420103 | AWK | AMERICAN WTR WKS CO INC NEW | $835.7M | 1.61% | 6,712,866 | Common | SOLE |
| 595017104 | MCHP | MICROCHIP TECHNOLOGY INC. | $805.3M | 1.55% | 14,042,403 | Common | SOLE |
| 369550108 | GD | GENERAL DYNAMICS CORP | $782.9M | 1.51% | 2,971,437 | Common | SOLE |
| 229899109 | CFR | CULLEN FROST BANKERS INC | $777.9M | 1.50% | 5,794,069 | Common | SOLE |
| 59410T106 | MGDDY | CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA UNSPONS ADR | $744.6M | 1.43% | 45,348,770 | Common | SOLE |
| 606822104 | MUFG | MITSUBISHI UFJ FINL GROUP IN | $740.1M | 1.43% | 63,144,211 | Common | SOLE |
| 29472R108 | ELS | EQUITY LIFESTYLE PPTYS INC | $699.6M | 1.35% | 10,503,813 | Common | SOLE |
| 89151E109 | TTEN | TOTALENERGIES SE | $688.6M | 1.33% | 12,634,044 | Common | SOLE |
| 21036P108 | STZ | CONSTELLATION BRANDS INC | $656.7M | 1.27% | 2,971,554 | Common | SOLE |
| G5960L103 | MDT | MEDTRONIC PLC | $637.2M | 1.23% | 7,976,886 | Common | SOLE |
| 688239201 | OSK | OSHKOSH CORP | $592.3M | 1.14% | 6,230,012 | Common | SOLE |
| 200525103 | CBSH | COMMERCE BANCSHARES INC | $533.8M | 1.03% | 8,566,476 | Common | SOLE |
| 11271J107 | BN | BROOKFIELD CORP | $274.4M | 0.53% | 4,777,064 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $228.0M | 0.44% | 389,102 | Common | SOLE |
| G1151C101 | ACN | ACCENTURE PLC IRELAND | $192.6M | 0.37% | 547,394 | Common | SOLE |
| G25839104 | CCEP | COCA-COLA EUROPACIFIC PARTNE | $156.5M | 0.30% | 2,037,380 | Common | SOLE |
| G2519Y108 | BAP | CREDICORP LTD | $151.1M | 0.29% | 824,370 | Common | SOLE |
| 00BPCPYT4 | — | CAMECO CORP | $128.4M | 0.25% | 2,499,376 | Common | SOLE |
| G8994E103 | TT | TRANE TECHNOLOGIES PLC | $128.0M | 0.25% | 346,555 | Common | SOLE |
| J76379106 | SNEJF | SONY GROUP CORP | $127.6M | 0.25% | 5,951,850 | Common | SOLE |
| 45687V106 | IR | INGERSOLL RAND INC | $124.8M | 0.24% | 1,379,958 | Common | SOLE |
| J46583100 | MONOF | MONOTARO CO LTD | $121.4M | 0.23% | 7,141,000 | Common | SOLE |
| 296036304 | EBKDY | ERSTE GROUP BANK AG SPONS ADR | $118.4M | 0.23% | 3,833,696 | Common | SOLE |
| 13321L108 | CCJ | CAMECO CORP | $118.1M | 0.23% | 2,297,375 | Common | SOLE |
| Y20246107 | DBSDF | DBS GROUP HOLDINGS LTD | $112.5M | 0.22% | 3,511,906 | Common | SOLE |
| 456837103 | ING | ING GROEP N.V. | $110.0M | 0.21% | 7,018,916 | Common | SOLE |
| 166764100 | CVX | CHEVRON CORP NEW | $109.1M | 0.21% | 752,994 | Common | SOLE |
| D55535104 | — | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN | $108.4M | 0.21% | 214,848 | Common | SOLE |
| 452308109 | ITW | ILLINOIS TOOL WKS INC | $107.4M | 0.21% | 423,762 | Common | SOLE |
| 69807K105 | DQJCY | PAN PACIFIC INTERNATIONAL HOLDINGS CORP UNSPONS ADR | $107.4M | 0.21% | 3,914,715 | Common | SOLE |
| J6352W100 | DQJCF | PAN PACIFIC INTERNATIONAL HOLDINGS CORP | $105.3M | 0.20% | 3,835,900 | Common | SOLE |
| D56134105 | NEMTF | NEMETSCHEK SE | $104.9M | 0.20% | 1,082,512 | Common | SOLE |
| 23304Y100 | DBSDY | DBS GROUP HLDGS LTD S | $103.6M | 0.20% | 808,605 | Common | SOLE |
| 617446448 | MS | MORGAN STANLEY | $102.3M | 0.20% | 813,487 | Common | SOLE |
| 61022V107 | MONOY | MONOTARO CO LTD UNSPONS ADR | $100.7M | 0.19% | 5,925,473 | Common | SOLE |
| 786584102 | SAFRY | SAFRAN SA SPONS ADR | $99.6M | 0.19% | 1,813,909 | Common | SOLE |
| 689164101 | OTSKY | OTSUKA HOLDINGS CO LTD UNSPONS ADR | $94.3M | 0.18% | 3,447,697 | Common | SOLE |
| 00BJT1GR5 | — | ALCON AG | $85.8M | 0.17% | 1,011,407 | Common | SOLE |
| 626188106 | MURGY | MUENCHENER RUECK-UNSPONS ADR | $85.6M | 0.16% | 8,493,252 | Common | SOLE |
| A19494102 | — | ERSTE GROUP BANK AG | $85.3M | 0.16% | 1,381,354 | Common | SOLE |
| 045055100 | ASHTY | ASHTEAD GROUP PLC UNSPONS ADR | $85.1M | 0.16% | 346,071 | Common | SOLE |
| J63117105 | OTSKF | OTSUKA HOLDINGS CO LTD | $84.2M | 0.16% | 1,539,600 | Common | SOLE |
| 405552100 | HLN | HALEON PLC | $83.5M | 0.16% | 8,750,572 | Common | SOLE |
| 771195104 | RHHBY | ROCHE HOLDING AG SPONS ADR | $80.3M | 0.15% | 2,296,080 | Common | SOLE |
| F61824870 | MGDDF | CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA | $76.4M | 0.15% | 2,319,549 | Common | SOLE |
| F92124100 | TTE | TOTALENERGIES SE | $75.5M | 0.15% | 1,366,894 | Common | SOLE |
| F4035A557 | SAFRF | SAFRAN SA | $75.5M | 0.15% | 343,830 | Common | SOLE |
| 045387107 | ASAZY | ASSA ABLOY AB ADR | $75.0M | 0.14% | 5,073,260 | Common | SOLE |
| F58485115 | LVMHF | LVMH MOET HENNESSY LOUIS VUITTON SE | $74.4M | 0.14% | 113,030 | Common | SOLE |
| 25243Q205 | DEO | DIAGEO PLC | $74.2M | 0.14% | 583,960 | Common | SOLE |
| 464287465 | EFA | ISHARES TR | $73.9M | 0.14% | 977,548 | Common | SOLE |
| 30215C101 | EXPGY | EXPERIAN GP LTD ADR | $70.4M | 0.14% | 1,631,440 | Common | SOLE |
| G05320109 | ASHTF | ASHTEAD GROUP PLC | $70.3M | 0.14% | 1,129,994 | Common | SOLE |
| H69293217 | ROGN | ROCHE HOLDING AG | $67.5M | 0.13% | 239,465 | Common | SOLE |
| 87155N109 | SYIEY | SYMRISE AG UNSPONS ADR | $66.6M | 0.13% | 2,507,668 | Common | SOLE |
| W0817X204 | ASAZF | ASSA ABLOY AB | $65.5M | 0.13% | 2,213,127 | Common | SOLE |
| 502441306 | LVMUY | LVMH MOET HENNESSY LOUIS VUITTON SE ADR | $65.2M | 0.13% | 496,079 | Common | SOLE |
| G4232K100 | HLNCF | HALEON PLC | $64.7M | 0.12% | 13,683,168 | Common | SOLE |
| 23346J103 | DSFIY | DSM FIRMENICH AG ADR | $64.5M | 0.12% | 6,339,434 | Common | SOLE |
| G42089113 | DGEAF | DIAGEO PLC | $63.3M | 0.12% | 1,993,378 | Common | SOLE |
| 904767704 | — | UNILEVER PLC | $60.1M | 0.12% | 1,060,305 | Common | SOLE |
| G7494G105 | RKLIF | RENTOKIL INITIAL PLC | $58.5M | 0.11% | 11,658,144 | Common | SOLE |
| G3910J179 | GLAXF | GSK PLC | $56.8M | 0.11% | 3,366,838 | Common | SOLE |
| H0245V108 | DSMFF | DSM FIRMENICH AG | $55.6M | 0.11% | 549,513 | Common | SOLE |
| D827A1108 | SYIEF | SYMRISE AG | $55.6M | 0.11% | 522,777 | Common | SOLE |
| G32655105 | EXPGF | EXPERIAN PLC | $54.9M | 0.11% | 1,271,788 | Common | SOLE |
| 37733W204 | GSK | GSK PLC | $54.2M | 0.10% | 1,601,320 | Common | SOLE |
| 307305102 | FANUY | FANUC CORP ADR | $51.6M | 0.10% | 3,886,684 | Common | SOLE |
| Y002A1105 | AAIGF | AIA GROUP LTD | $51.1M | 0.10% | 7,048,885 | Common | SOLE |
| J13440102 | FANUF | FANUC CORP | $50.2M | 0.10% | 1,889,525 | Common | SOLE |
| 760125104 | RTO | RENTOKIL INITIAL PLC | $48.8M | 0.09% | 1,926,102 | Common | SOLE |
| N39427211 | HINKF | HEINEKEN NV | $48.7M | 0.09% | 685,021 | Common | SOLE |
| 23381B106 | DKILY | DAIKIN INDS LTD UNSPONS ADR | $47.4M | 0.09% | 3,995,900 | Common | SOLE |
| 010199503 | AKZOY | AKZO NOBEL NV SPONS ADR | $45.7M | 0.09% | 2,282,613 | Common | SOLE |
| 00BLRB262 | — | UNILEVER PLC | $44.6M | 0.09% | 783,960 | Common | SOLE |
| 559222401 | MGA | MAGNA INTL INC | $42.0M | 0.08% | 1,004,103 | Common | SOLE |
| J10038115 | DKILF | DAIKIN INDUSTRIES LTD | $40.7M | 0.08% | 343,200 | Common | SOLE |
| 001317205 | AAGIY | AIA GROUP LTD SPONS ADR | $40.4M | 0.08% | 1,395,720 | Common | SOLE |
| 423012301 | HEINY | HEINEKEN N V SPONS ADR L1 | $40.3M | 0.08% | 1,132,651 | Common | SOLE |
| 501173207 | KUBTY | KUBOTA CORP ADR | $40.0M | 0.08% | 684,560 | Common | SOLE |
| F0300Q103 | AMDUF | AMUNDI SA | $39.6M | 0.08% | 596,203 | Common | SOLE |
| 464287598 | IWD | ISHARES TR | $39.1M | 0.08% | 211,066 | Common | SOLE |
| 006771720 | — | SAMSUNG ELECTRONICS CO LTD | $35.8M | 0.07% | 990,538 | Common | SOLE |
| 002554475 | — | MAGNA INTERNATIONAL INC | $34.7M | 0.07% | 830,222 | Common | SOLE |
| 33768G107 | FCFS | FIRSTCASH HOLDINGS INC | $33.6M | 0.06% | 324,659 | Common | SOLE |
| N01803308 | AKZOF | AKZO NOBEL NV | $32.6M | 0.06% | 543,353 | Common | SOLE |
| J8671Q103 | TCNRF | TOKYO CENTURY CORP | $29.8M | 0.06% | 2,923,200 | Common | SOLE |
| 654090109 | NJDCY | NIDEC CORP SPONS ADR | $27.7M | 0.05% | 6,096,712 | Common | SOLE |
| J52968104 | NNDNF | NIDEC CORP | $27.1M | 0.05% | 1,493,924 | Common | SOLE |
| J36662138 | KUBTF | KUBOTA CORP | $25.1M | 0.05% | 2,148,310 | Common | SOLE |
| 25659T107 | DLB | DOLBY LABORATORIES INC | $24.1M | 0.05% | 309,022 | Common | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $24.1M | 0.05% | 195,938 | Common | SOLE |
| D6349P107 | RTLLF | RATIONAL AG | $22.9M | 0.04% | 26,832 | Common | SOLE |
| G66721104 | NCLH | NORWEGIAN CRUISE LINE HLDG L | $21.5M | 0.04% | 836,364 | Common | SOLE |
| J44497105 | MBFJF | MITSUBISHI UFJ FINANCIAL GROUP INC | $18.6M | 0.04% | 1,581,000 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $18.0M | 0.03% | 94,677 | Common | SOLE |
| 70450Y103 | PYPL | PAYPAL HLDGS INC | $15.2M | 0.03% | 178,619 | Common | SOLE |
| 796050888 | SSNHZ | SAMSUNG ELECTRONICS CO LTD SPONS ADR | $15.1M | 0.03% | 16,608 | Common | SOLE |
| 302491303 | FMC | FMC CORP | $12.6M | 0.02% | 258,458 | Common | SOLE |
| 00287Y109 | ABBV | ABBVIE INC | $11.8M | 0.02% | 66,615 | Common | SOLE |
| 526057302 | LEN/B | LENNAR CORP | $10.0M | 0.02% | 75,781 | Common | SOLE |
| 922908744 | VTV | VANGUARD INDEX FDS | $9.9M | 0.02% | 58,472 | Common | SOLE |
| 172908105 | CTAS | CINTAS CORP | $7.1M | 0.01% | 38,636 | Common | SOLE |
| 871607107 | SNPS | SYNOPSYS INC | $6.9M | 0.01% | 14,288 | Common | SOLE |
| 37954Y889 | CATH | GLOBAL X FDS | $6.6M | 0.01% | 92,845 | Common | SOLE |
| 002824100 | ABT | ABBOTT LABS | $6.1M | 0.01% | 54,257 | Common | SOLE |
| 464288257 | ACWI | ISHARES TR | $5.1M | 0.01% | 43,249 | Common | SOLE |
| 052769106 | ADSK | AUTODESK INC | $4.3M | 0.01% | 14,632 | Common | SOLE |
| 780087102 | RY | ROYAL BK CDA | $4.0M | 0.01% | 33,470 | Common | SOLE |
| 713448108 | PEP | PEPSICO INC | $3.8M | 0.01% | 25,276 | Common | SOLE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $3.8M | 0.01% | 26,212 | Common | SOLE |
| 025816109 | AXP | AMERICAN EXPRESS CO | $3.4M | 0.01% | 11,530 | Common | SOLE |
| 30231G102 | XOM | EXXON MOBIL CORP | $3.4M | 0.01% | 31,718 | Common | SOLE |
| 171340102 | CHD | CHURCH & DWIGHT CO INC | $3.0M | 0.01% | 28,516 | Common | SOLE |
| 464286772 | EWY | ISHARES INC | $3.0M | 0.01% | 58,644 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $2.9M | 0.01% | 12,177 | Common | SOLE |
| N00985106 | AER | AERCAP HOLDINGS NV | $2.9M | 0.01% | 30,066 | Common | SOLE |
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DEL | $2.7M | 0.01% | 4 | Common | SOLE |
| 817565104 | SCI | SERVICE CORP INTL | $2.5M | 0.00% | 30,877 | Common | SOLE |
| 00B10RZP7 | — | UNILEVER PLC | $2.3M | 0.00% | 41,210 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $2.0M | 0.00% | 8,010 | Common | SOLE |
| 384802104 | GWW | GRAINGER W W INC | $1.9M | 0.00% | 1,833 | Common | SOLE |
| 871829107 | SYY | SYSCO CORP | $1.9M | 0.00% | 24,413 | Common | SOLE |
| 353514102 | FELE | FRANKLIN ELEC INC | $1.7M | 0.00% | 17,952 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $1.2M | 0.00% | 46,072 | Common | SOLE |
| 291011104 | EMR | EMERSON ELEC CO | $1.2M | 0.00% | 9,600 | Common | SOLE |
| 921943858 | VEA | VANGUARD TAX-MANAGED FDS | $1.2M | 0.00% | 24,709 | Common | SOLE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $1.1M | 0.00% | 1,245 | Common | SOLE |
| 832696405 | SJM | SMUCKER J M CO | $987,446 | 0.00% | 8,967 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $940,556 | 0.00% | 2,075 | Common | SOLE |
| 494368103 | KMB | KIMBERLY-CLARK CORP | $915,970 | 0.00% | 6,990 | Common | SOLE |
| 88579Y101 | MMM | 3M CO | $815,332 | 0.00% | 6,316 | Common | SOLE |
| 949746804 | WFC 7.5 PERP L | WELLS FARGO CO NEW | $776,302 | 0.00% | 650 | Common | SOLE |
| 718546104 | PSX | PHILLIPS 66 | $763,953 | 0.00% | 6,705 | Common | SOLE |
| 922042775 | VEU | VANGUARD INTL EQUITY INDEX F | $755,382 | 0.00% | 13,158 | Common | SOLE |
| 172062101 | CINF | CINCINNATI FINL CORP | $738,831 | 0.00% | 5,141 | Common | SOLE |
| 92826C839 | V | VISA INC | $695,288 | 0.00% | 2,200 | Common | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $584,535 | 0.00% | 13,300 | Common | SOLE |
| Y74718118 | — | SAMSUNG ELECTRONICS CO LTD | $546,439 | 0.00% | 18,200 | Common | SOLE |
| 260003108 | DOV | DOVER CORP | $487,760 | 0.00% | 2,600 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $415,033 | 0.00% | 1,820 | Common | SOLE |
| 98956P102 | ZBH | ZIMMER BIOMET HOLDINGS INC | $404,880 | 0.00% | 3,833 | Common | SOLE |
| 257651109 | DCI | DONALDSON INC | $404,100 | 0.00% | 6,000 | Common | SOLE |
| 641069406 | NSRGY | NESTLE SA | $392,804 | 0.00% | 4,754 | Common | SOLE |
| 655664100 | JWNUSD | NORDSTROM INC | $386,400 | 0.00% | 16,000 | Common | SOLE |
| 855244109 | SBUX | STARBUCKS CORP | $365,000 | 0.00% | 4,000 | Common | SOLE |
| 92338C103 | VLTO | VERALTO CORP | $347,042 | 0.00% | 3,407 | Common | SOLE |
| 609207105 | MDLZ | MONDELEZ INTL INC | $321,288 | 0.00% | 5,379 | Common | SOLE |
| 50050N103 | KTB | KONTOOR BRANDS INC | $261,867 | 0.00% | 3,066 | Common | SOLE |
| 68389X105 | ORCL | ORACLE CORP | $249,960 | 0.00% | 1,500 | Common | SOLE |
| 75513E101 | RTX | RTX CORPORATION | $232,366 | 0.00% | 2,008 | Common | SOLE |
| 931142103 | WMT | WALMART INC | $218,195 | 0.00% | 2,415 | Common | SOLE |
| 949746101 | WMT2 | WELLS FARGO CO NEW | $42,144 | 0.00% | 600 | Common | NONE |
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.