DEARBORN PARTNERS LLC
CIK 1206792 · View on SEC EDGAR ↗
- Portfolio value
- $1.8B
- Positions
- 285
- As of
- June 30, 2026
#1,656 of 9,443 by 13F value · top 17.5%
Portfolio value QoQ: -4.4% 13F does not disclose cash
- Top 10 holdings weight
- 27.89%
- Top 25 holdings weight
- 52.60%
- Positions above 1%
- 41
- Effective number of positions
- 57.7
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 4.61% Est. buys $83,182,973 · sells $204,117,249
Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 85.3% still held
- New positions
- 21
- Increased
- 102
- Decreased
- 120
- Closed
- 4
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: +5.5% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 93.6% · Options excluded: 0.0%
Sector breakdown
Technology
20.2%
Industrials
20.2%
Healthcare
7.4%
Retail
7.2%
Utilities
6.5%
Financial Services
6.1%
Materials
6.0%
Energy
3.5%
Financials
3.4%
Consumer Discretionary
2.5%
Telecommunication
2.4%
Consumer products
1.6%
Consumer Staples
1.6%
Real Estate
1.4%
Communications
1.3%
Communication Services
1.2%
Other/Unmapped
7.5%
Full portfolio 285 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| AAPL Apple Inc. - Common Stock | $114,283,867 | 6.48% | 394,954 | $7,177,047 | Down ×6 | ||
| MSFT Microsoft Corporation - Common Stock | $75,641,268 | 4.29% | 202,781 | $5,138,202 | Up ×1 | ||
| APH Amphenol Corporation Common Stock | $43,877,863 | 2.49% | 248,854 | $8,855,381 | Down ×6 | ||
| CASY Caseys General Stores, Inc. - Common Stock | $40,314,377 | 2.29% | 50,723 | $-16,283,001 | Down ×3 | ||
| TXN Texas Instruments Incorporated - Common Stock | $39,742,682 | 2.25% | 133,333 | $10,721,702 | Down ×4 | ||
| ADP Automatic Data Processing, Inc. - Common Stock | $39,438,922 | 2.24% | 176,106 | $3,750,959 | Up ×1 | ||
| QCOM QUALCOMM Incorporated - Common Stock | $35,626,107 | 2.02% | 192,792 | $8,365,495 | Down ×4 | ||
| MCD McDonald's Corporation Common Stock | $34,788,748 | 1.97% | 128,699 | $-13,375,973 | Down ×4 | ||
| WSO Watsco, Inc. Common Stock | $34,732,872 | 1.97% | 83,346 | $2,140,839 | Down ×3 | ||
| WEC WEC Energy Group, Inc. Common Stock | $33,247,048 | 1.89% | 284,723 | $-3,155,447 | Down ×4 | ||
| XOM Exxon Mobil Corporation Common Stock | $32,924,208 | 1.87% | 240,815 | $-12,805,050 | Down ×4 | ||
| ATO Atmos Energy Corporation Common Stock | $32,443,435 | 1.84% | 188,329 | $-2,333,614 | Up ×1 | ||
| NVDA NVIDIA Corporation - Common Stock | $31,634,690 | 1.79% | 158,102 | $23,721,272 | Up ×2 | ||
| CTVA Corteva, Inc. Common Stock | $31,604,655 | 1.79% | 373,180 | $-3,044,504 | Down ×3 | ||
| MA Mastercard Incorporated Common Stock | $30,507,141 | 1.73% | 59,399 | $-1,768,956 | Down ×4 | ||
| CAT Caterpillar, Inc. Common Stock | $30,475,569 | 1.73% | 28,618 | $10,182,976 | Down ×6 | ||
| RSG Republic Services, Inc. Common Stock | $30,022,124 | 1.70% | 140,896 | $-4,165,272 | Down ×6 | ||
| ITW Illinois Tool Works Inc. Common Stock | $28,842,000 | 1.64% | 106,637 | $-1,081,136 | Down ×6 | ||
| ABBV AbbVie Inc. Common Stock | $28,835,798 | 1.64% | 114,591 | $909,671 | Down ×4 | ||
| SHW Sherwin-Williams Company (The) Common Stock | $27,729,411 | 1.57% | 80,534 | $-283,769 | Down ×4 | ||
| JPM JP Morgan Chase & Co. Common Stock | $27,174,209 | 1.54% | 83,018 | $2,713,119 | Down ×6 | ||
| AJG Arthur J. Gallagher & Co. Common Stock | $26,584,258 | 1.51% | 115,800 | $-674,150 | Down ×2 | ||
| PG Procter & Gamble Company (The) Common Stock | $25,945,792 | 1.47% | 176,935 | $-1,894,320 | Down ×4 | ||
| VRSK Verisk Analytics, Inc. - Common Stock | $25,505,922 | 1.45% | 142,071 | $3,672,094 | Up ×5 | ||
| VZ Verizon Communications Inc. Common Stock | $25,484,038 | 1.45% | 601,890 | $-8,125,743 | Down ×3 | ||
| SNA Snap-On Incorporated Common Stock | $25,062,196 | 1.42% | 62,282 | $-9,003,830 | Down ×4 | ||
| COST Costco Wholesale Corporation - Common Stock | $23,119,633 | 1.31% | 24,714 | $-8,829,551 | Down ×4 | ||
| WMT Walmart Inc. - Common Stock | $22,742,403 | 1.29% | 200,798 | $-9,356,718 | Down ×4 | ||
| HD Home Depot, Inc. (The) Common Stock | $22,429,952 | 1.27% | 63,599 | $-483,046 | Down ×4 | ||
| MSI Motorola Solutions, Inc. Common Stock | $21,364,009 | 1.21% | 51,444 | $-3,629,832 | Down ×4 | ||
| SYK Stryker Corporation Common Stock | $20,476,454 | 1.16% | 65,038 | $-3,802,732 | Down ×4 | ||
| NDAQ Nasdaq, Inc. - Common Stock | $20,385,480 | 1.16% | 258,633 | $-3,731,064 | Down ×4 | ||
| CME CME Group Inc. - Class A Common Stock | $20,332,628 | 1.15% | 92,074 | $-9,332,454 | Down ×1 | ||
| JNJ Johnson & Johnson Common Stock | $20,246,404 | 1.15% | 79,720 | $767,211 | Up ×1 | ||
| STE STERIS plc (Ireland) Ordinary Shares | $19,908,457 | 1.13% | 94,546 | $-3,483,341 | Down ×4 | ||
| NEE NextEra Energy, Inc. Common Stock | $19,876,481 | 1.13% | 226,461 | $-1,155,238 | Up ×1 | ||
| ECL Ecolab Inc. Common Stock | $19,642,875 | 1.11% | 70,503 | $-1,427,771 | Down ×1 | ||
| EQIX Equinix, Inc. - Common Stock | $18,651,932 | 1.06% | 17,893 | $-1,336,964 | Down ×4 | ||
| Unknown issuer (CUSIP: 78409v104) | $18,477,992 | 1.05% | 45,371 | $-3,223,090 | Down ×4 | ||
| AVGO Broadcom Inc. - Common Stock | $18,469,726 | 1.05% | 48,894 | $14,607,351 | Up ×5 | ||
| CTAS Cintas Corporation - Common Stock | $18,406,077 | 1.04% | 108,220 | $-2,416,907 | Down ×4 | ||
| GOOGL Alphabet Inc. - Class A Common Stock | $17,089,773 | 0.97% | 47,821 | $3,585,210 | Up ×1 | ||
| MKCV | $16,408,556 | 0.93% | 325,437 | $-1,878,304 | Down ×4 | ||
| TRIXXXX | $16,041,376 | 0.91% | 196,417 | $-4,308,358 | Down ×1 | ||
| FAST Fastenal Company - Common Stock | $15,789,875 | 0.90% | 328,750 | $-1,706,434 | Down ×4 | ||
| TMUS T-Mobile US, Inc. - Common Stock | $15,765,180 | 0.89% | 93,991 | $-7,054,152 | Down ×4 | ||
| GD General Dynamics Corporation Common Stock | $15,731,090 | 0.89% | 44,408 | $485,944 | Down ×6 | ||
| AWK American Water Works Company, Inc. Common Stock | $14,063,649 | 0.80% | 106,883 | $-3,115,706 | Down ×4 | ||
| MDLZ Mondelez International, Inc. - Class A Common Stock | $13,817,102 | 0.78% | 238,885 | $348,390 | Up ×1 | ||
| EOG EOG Resources, Inc. Common Stock | $12,601,258 | 0.71% | 97,134 | $-3,907,525 | Down ×4 | ||
| IBM International Business Machines Corporation Common Stock | $12,368,571 | 0.70% | 43,983 | $1,323,611 | Down ×3 | ||
| ARES Ares Management Corporation Class A Common Stock | $11,384,244 | 0.65% | 102,275 | $284,015 | Up ×1 | ||
| JKHY Jack Henry & Associates, Inc. - Common Stock | $10,873,955 | 0.62% | 78,946 | $-3,678,512 | Down ×3 | ||
| LNT Alliant Energy Corporation - Common Stock | $10,457,070 | 0.59% | 137,070 | Up ×1 | |||
| RPM RPM International Inc. Common Stock | $10,379,520 | 0.59% | 93,383 | $1,097,250 | |||
| UNP Union Pacific Corporation Common Stock | $9,977,776 | 0.57% | 36,683 | $977,544 | Down ×6 | ||
| INTU Intuit Inc. - Common Stock | $9,548,260 | 0.54% | 36,583 | $-8,478,620 | Down ×4 | ||
| BR Broadridge Financial Solutions, Inc. Common Stock | $9,534,127 | 0.54% | 69,618 | $-3,798,905 | Down ×4 | ||
| RS Reliance, Inc. Common Stock | $9,014,346 | 0.51% | 24,128 | $1,667,007 | Down ×3 | ||
| TJX TJX Companies, Inc. (The) Common Stock | $8,696,706 | 0.49% | 57,404 | ||||
| SPYM | $8,636,055 | 0.49% | 98,271 | $2,798,962 | Up ×6 | ||
| GILD Gilead Sciences, Inc. - Common Stock | $8,465,191 | 0.48% | 67,003 | $-1,273,253 | Down ×4 | ||
| ABT Abbott Laboratories Common Stock | $7,895,087 | 0.45% | 87,008 | $-14,407,229 | Down ×4 | ||
| OKE ONEOK, Inc. Common Stock | $7,207,153 | 0.41% | 82,898 | $-653,196 | Down ×4 | ||
| PEP PepsiCo, Inc. - Common Stock | $7,178,514 | 0.41% | 53,017 | $-881,517 | Up ×1 | ||
| APD Air Products and Chemicals, Inc. Common Stock | $5,915,957 | 0.34% | 20,179 | $-254,650 | Down ×4 | ||
| LLY Eli Lilly and Company Common Stock | $5,542,566 | 0.31% | 4,621 | $1,393,484 | Up ×2 | ||
| CVX Chevron Corporation Common Stock | $5,463,318 | 0.31% | 32,959 | $-1,354,262 | Up ×1 | ||
| RTX RTX Corporation Common Stock | $5,409,863 | 0.31% | 28,513 | $-281,166 | Down ×6 | ||
| LINXXXX | $5,133,354 | 0.29% | 9,892 | $216,902 | Down ×3 | ||
| NVS Novartis AG Common Stock | $5,021,152 | 0.28% | 32,039 | $74,954 | Down ×1 | ||
| AMZN Amazon.com, Inc. - Common Stock | $4,820,665 | 0.27% | 20,226 | $631,106 | Up ×1 | ||
| V Visa Inc. | $4,713,240 | 0.27% | 13,738 | $665,455 | Up ×2 | ||
| O Realty Income Corporation Common Stock | $4,580,295 | 0.26% | 73,923 | $-57,498 | Down ×3 | ||
| ACN Accenture plc Class A Ordinary Shares (Ireland) | $4,486,459 | 0.25% | 36,053 | $-20,621,111 | Down ×1 | ||
| VEA | $4,433,658 | 0.25% | 62,227 | $1,380,441 | Up ×6 | ||
| KO Coca-Cola Company (The) Common Stock | $3,943,577 | 0.22% | 48,524 | $253,807 | Up ×1 | ||
| SBUX Starbucks Corporation - Common Stock | $3,781,669 | 0.21% | 37,006 | $407,591 | Down ×6 | ||
| MRK Merck & Company, Inc. Common Stock (new) | $3,716,321 | 0.21% | 28,921 | $-498,975 | Down ×3 | ||
| MDT Medtronic plc. Ordinary Shares | $3,607,314 | 0.20% | 46,112 | $-785,030 | Down ×4 | ||
| DE Deere & Company Common Stock | $3,418,157 | 0.19% | 5,389 | $649,757 | Up ×1 | ||
| SMH SMH | $3,350,942 | 0.19% | 5,109 | $1,420,906 | Up ×1 | ||
| AGG | $2,974,191 | 0.17% | 30,048 | $88,372 | Up ×1 | ||
| AMD Advanced Micro Devices, Inc. - Common Stock | $2,902,807 | 0.16% | 4,997 | $1,884,436 | Down ×1 | ||
| GOOG Alphabet Inc. - Class C Capital Stock | $2,881,759 | 0.16% | 8,156 | $549,013 | Up ×1 | ||
| TSCO Tractor Supply Company - Common Stock | $2,864,182 | 0.16% | 90,610 | $-20,306,733 | Down ×4 | ||
| CARR Carrier Global Corporation Common Stock | $2,819,354 | 0.16% | 38,437 | $655,192 | Up ×1 | ||
| QQQ Invesco QQQ Trust, Series 1 | $2,398,860 | 0.14% | 3,258 | $544,640 | Up ×2 | ||
| IJH | $2,384,690 | 0.14% | 30,926 | $744,226 | Up ×6 | ||
| HSY The Hershey Company Common Stock | $2,206,052 | 0.13% | 12,574 | $-406,851 | Up ×1 | ||
| CRS Carpenter Technology Corporation Common Stock | $2,189,782 | 0.12% | 3,550 | $790,549 | |||
| Unknown issuer (CUSIP: 78462f103) | $2,055,843 | 0.12% | 2,753 | $502,993 | Up ×1 | ||
| VCLT Vanguard Long-Term Corporate Bond ETF | $2,018,395 | 0.11% | 26,823 | $85,798 | Up ×2 | ||
| ASML ASML Holding N.V. - New York Registry Shares | $2,015,303 | 0.11% | 1,013 | $1,118,459 | Up ×2 | ||
| ETN Eaton Corporation, PLC Ordinary Shares | $1,997,651 | 0.11% | 4,688 | $969,707 | Up ×1 | ||
| WDC Western Digital Corporation - Common Stock | $1,825,462 | 0.10% | 2,858 | $957,730 | Down ×1 | ||
| BLKXXXX | $1,816,790 | 0.10% | 1,889 | $-90,684 | Down ×6 | ||
| SCHA | $1,809,860 | 0.10% | 50,093 | $621,942 | Up ×6 | ||
| ZTS Zoetis Inc. Class A Common Stock | $1,723,778 | 0.10% | 23,988 | $-10,915,277 | Down ×4 | ||
| VRP | $1,707,980 | 0.10% | 70,258 | $52,873 | Up ×1 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| VRSK | $25,505,922 | 1.45% | up ×5 |
| AVGO | $18,469,726 | 1.05% | up ×5 |
| SPYM | $8,636,055 | 0.49% | up ×6 |
| VEA | $4,433,658 | 0.25% | up ×6 |
| IJH | $2,384,690 | 0.14% | up ×6 |
| SCHA | $1,809,860 | 0.10% | up ×6 |
| JIRE | $1,670,587 | 0.09% | up ×3 |
| IEMG | $1,436,860 | 0.08% | up ×5 |
| NOW | $974,532 | 0.06% | up ×6 |
| GS | $969,904 | 0.06% | up ×3 |
| VWO | $965,486 | 0.05% | up ×6 |
| VUG | $755,103 | 0.04% | up ×3 |
| XLI | $644,600 | 0.04% | up ×3 |
| XLRE | $598,940 | 0.03% | up ×4 |
| VBR | $578,559 | 0.03% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| LNT | $10,457,070 | 137,070 | 0.59% |
| TJX | $8,696,706 | 57,404 | 0.49% |
| Unknown issuer (CUSIP: 43849R105) | $654,839 | 2,962 | 0.04% |
| TTC | $575,557 | 5,908 | 0.03% |
| HEI | $480,144 | 1,348 | 0.03% |
| IGV | $409,059 | 4,515 | 0.02% |
| MU | $408,619 | 354 | 0.02% |
| AMAT | $393,219 | 544 | 0.02% |
| FSLR | $371,637 | 1,575 | 0.02% |
| EFA | $324,313 | 3,122 | 0.02% |
| UWM | $323,158 | 3,700 | 0.02% |
| ICLN | $280,713 | 13,700 | 0.02% |
| HUBB | $274,680 | 525 | 0.02% |
| VST | $237,945 | 1,500 | 0.01% |
| MAS | $235,973 | 2,900 | 0.01% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| NVDA | Bought more | +113K | +$23.7M |
| CASY | Trimmed | -27K | -$16.3M |
| AVGO | Bought more | +36K | +$14.6M |
| ABT | Trimmed | -130K | -$14.4M |
| MCD | Trimmed | -26K | -$13.4M |
| XOM | Trimmed | -29K | -$12.8M |
| TXN | Trimmed | -16K | +$10.7M |
| CAT | Trimmed | -25 | +$10.2M |
| WMT | Trimmed | -57K | -$9.4M |
| CME | Trimmed | -8K | -$9.3M |
3 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| UPS | June 30, 2025 | 96,402 | $10,603,311 | 2.9% |
| NOBL | March 31, 2026 | 11,889 | $1,237,288 | No longer tracked |
| BLV | June 30, 2025 | 12,307 | $866,637 | No longer tracked |
| FMC | Dec. 31, 2025 | 22,225 | $747,427 | -22.7% |
| IBDQ | Dec. 31, 2025 | 24,884 | $626,820 | No longer tracked |
| IDXX | Sept. 30, 2025 | 1,081 | $579,784 | -10.8% |
| CB | March 31, 2025 | 1,968 | $543,861 | 15.2% |
| ULXXXX | Dec. 31, 2025 | 8,488 | $503,169 | No longer tracked |
| ODFL | June 30, 2026 | 2,366 | $462,316 | -2.2% |
| CB | March 31, 2026 | 1,459 | $455,499 | 6.8% |
| NOBL | March 31, 2025 | 4,505 | $448,473 | No longer tracked |
| BSCQ | June 30, 2025 | 20,409 | $397,567 | |
| ZBRA | Sept. 30, 2025 | 1,200 | $370,032 | 24.8% |
| BEPCXXXX | March 31, 2025 | 12,500 | $345,750 | No longer tracked |
| GS | March 31, 2025 | 603 | $345,290 | 86.6% |
| NVO | March 31, 2025 | 3,972 | $341,671 | -32.4% |
| KMI | Sept. 30, 2025 | 11,538 | $339,221 | 15.2% |
| WELL | March 31, 2025 | 2,675 | $337,130 | 53.3% |
| OWL | March 31, 2025 | 14,400 | $334,944 | -41.5% |
| FIS | Sept. 30, 2025 | 4,073 | $331,583 | -36.3% |
| FISV | Sept. 30, 2025 | 1,867 | $321,889 | -59.1% |
| VIXY | June 30, 2026 | 9,300 | $319,455 | No longer tracked |
| PODD | Sept. 30, 2025 | 1,010 | $317,322 | -50.7% |
| VBR | June 30, 2025 | 1,698 | $316,320 | No longer tracked |
| MU | March 31, 2025 | 3,711 | $312,318 | 967.2% |
| GWW | March 31, 2025 | 296 | $311,999 | 34.1% |
| NSSC | March 31, 2025 | 8,462 | $300,909 | 65.9% |
| RMD | Sept. 30, 2025 | 1,131 | $291,798 | -16.7% |
| UNH | March 31, 2025 | 545 | $275,694 | -24.6% |
| MUB | June 30, 2026 | 2,580 | $273,867 | No longer tracked |
| XLF | March 31, 2026 | 4,960 | $271,655 | No longer tracked |
| TJX | Sept. 30, 2025 | 2,194 | $270,937 | 3.0% |
| PFXF | June 30, 2025 | 16,000 | $268,160 | No longer tracked |
| ARM | March 31, 2025 | 2,150 | $265,224 | 131.9% |
| SYY | March 31, 2026 | 3,563 | $262,557 | 15.3% |
| OWL | Dec. 31, 2025 | 15,500 | $262,415 | -21.5% |
| BAX | June 30, 2025 | 7,258 | $248,441 | -12.3% |
| DOW | June 30, 2025 | 6,925 | $241,821 | 20.6% |
| BABA | Sept. 30, 2025 | 2,130 | $241,563 | -28.4% |
| NKE | Dec. 31, 2025 | 3,431 | $239,244 | -35.7% |
| LEN | Dec. 31, 2025 | 1,860 | $234,434 | -13.6% |
| LHX | March 31, 2025 | 1,110 | $233,511 | 33.4% |
| EFA | June 30, 2025 | 2,842 | $232,277 | No longer tracked |
| AKAM | June 30, 2025 | 2,885 | $232,243 | 40.3% |
| RCL | March 31, 2025 | 1,000 | $230,690 | 47.6% |
| BMY | June 30, 2025 | 3,755 | $229,017 | 46.9% |
| ULS | March 31, 2026 | 2,867 | $226,092 | -11.0% |
| MAS | Dec. 31, 2025 | 3,202 | $225,389 | 19.6% |
| CAVA | Sept. 30, 2025 | 2,649 | $223,125 | 20.9% |
| HEI | June 30, 2025 | 831 | $222,035 | 12.3% |
| DHR | June 30, 2025 | 1,071 | $219,555 | 6.4% |
| VBK | June 30, 2025 | 861 | $216,774 | No longer tracked |
| IEX | March 31, 2025 | 1,001 | $209,499 | 30.2% |
| CINF | Sept. 30, 2025 | 1,403 | $208,935 | 8.3% |
| XLRE | March 31, 2025 | 5,131 | $208,678 | No longer tracked |
| CMG | Dec. 31, 2025 | 5,300 | $207,707 | -5.3% |
| CVS | Sept. 30, 2025 | 3,006 | $207,354 | 26.8% |
| IBIT | Dec. 31, 2025 | 3,133 | $203,645 | |
| DOV | March 31, 2025 | 1,081 | $202,796 | 16.0% |
| EWQ | March 31, 2026 | 4,500 | $202,455 | No longer tracked |
| FSLR | March 31, 2026 | 775 | $202,453 | 11.5% |
| AMT | June 30, 2025 | 922 | $200,627 | -21.0% |
| SNY | March 31, 2026 | 748 | $36,248 | -4.6% |
| NGG | Sept. 30, 2025 | 471 | $35,047 | 12.5% |
| HOOD | March 31, 2026 | 276 | $31,216 | 34.7% |
| TER | March 31, 2026 | 149 | $28,840 | 29.7% |
| RELX | June 30, 2026 | 822 | $27,249 | 9.9% |