STANSBERRY ASSET MANAGEMENT, LLC
CIK 1725910 · View on SEC EDGAR ↗
- Portfolio value
- $1.1B
- Positions
- 145
- As of
- June 30, 2026
#2,314 of 9,443 by 13F value · top 24.5%
Portfolio value QoQ: +12.2% 13F does not disclose cash
- Top 10 holdings weight
- 27.17%
- Top 25 holdings weight
- 50.92%
- Positions above 1%
- 38
- Effective number of positions
- 65.2
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 12.53% Est. buys $201,230,816 · sells $129,307,799
Median holding: 5.0 quarters Tracked Q4 2024–Q2 2026 · 68.7% still held
- New positions
- 22
- Increased
- 69
- Decreased
- 46
- Closed
- 18
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: +13.5% · 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: 88.7% · Options excluded: 0.0%
Sector breakdown
Industrials
18.7%
Technology
8.4%
Financials
8.1%
Financial Services
6.6%
Materials
6.1%
Consumer Staples
6.0%
Communication Services
5.8%
Retail
5.4%
Healthcare
3.8%
Real Estate
3.3%
Utilities
3.2%
Energy
3.1%
Consumer Discretionary
2.4%
Telecommunication
0.7%
Consumer products
0.6%
Other/Unmapped
17.9%
Full portfolio 145 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| GOOGL Alphabet Inc. - Class A Common Stock | $48,165,463 | 4.41% | 134,778 | $6,561,156 | Down ×2 | ||
| AMZN Amazon.com, Inc. - Common Stock | $33,286,326 | 3.05% | 139,659 | $9,278,002 | Up ×1 | ||
| AIR AAR Corp. Common Stock | $31,083,273 | 2.85% | 217,472 | $12,368,240 | Up ×1 | ||
| AXS Axis Capital Holdings Limited Common Stock | $30,039,539 | 2.75% | 279,594 | $1,338,456 | Down ×1 | ||
| GD General Dynamics Corporation Common Stock | $28,309,966 | 2.59% | 79,917 | $5,211,787 | Up ×5 | ||
| TKR Timken Company (The) Common Stock | $26,410,388 | 2.42% | 181,740 | $7,722,058 | Down ×1 | ||
| KO Coca-Cola Company (The) Common Stock | $25,771,015 | 2.36% | 317,104 | $1,838,088 | Up ×4 | ||
| LLY Eli Lilly and Company Common Stock | $25,477,448 | 2.33% | 21,241 | $5,772,075 | Down ×2 | ||
| SGOV iShares 0-3 Month Treasury Bond ETF | $25,419,339 | 2.33% | 252,502 | $-19,072,348 | Down ×1 | ||
| PH Parker-Hannifin Corporation Common Stock | $22,542,879 | 2.07% | 23,047 | $14,189,298 | Up ×4 | ||
| NVDA NVIDIA Corporation - Common Stock | $21,640,807 | 1.98% | 108,155 | $5,452,818 | Up ×3 | ||
| EEM | $21,113,672 | 1.93% | 308,634 | Up ×1 | |||
| COCO The Vita Coco Company, Inc. - Common Stock | $21,007,321 | 1.92% | 317,619 | $1,977,373 | Down ×3 | ||
| V Visa Inc. | $20,951,341 | 1.92% | 61,067 | $3,817,556 | Up ×1 | ||
| JMBS | $19,209,207 | 1.76% | 426,966 | $1,811,302 | Up ×1 | ||
| MBB iShares MBS ETF | $19,121,974 | 1.75% | 202,306 | $522,672 | Up ×2 | ||
| MKL Markel Group Inc. Common Stock | $17,860,276 | 1.64% | 9,145 | $-352,100 | Down ×2 | ||
| SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) | $16,552,963 | 1.52% | 213,476 | $-3,124,598 | Up ×4 | ||
| CRH CRH PLC Ordinary Shares | $16,042,660 | 1.47% | 149,931 | $-146,662 | Down ×2 | ||
| Unknown issuer (CUSIP: 00827BAB2) | $14,900,595 | 1.37% | 15,166,000 | ||||
| ICE Intercontinental Exchange Inc. Common Stock | $14,883,274 | 1.36% | 120,894 | $-273,677 | Up ×2 | ||
| UGI UGI Corporation Common Stock | $14,769,198 | 1.35% | 427,597 | $6,645,598 | Up ×4 | ||
| AES The AES Corporation Common Stock | $14,107,694 | 1.29% | 962,326 | $452,751 | Down ×1 | ||
| RITM Rithm Capital Corp. Common Stock | $13,581,647 | 1.24% | 1,446,395 | $8,513,958 | Up ×2 | ||
| MSFT Microsoft Corporation - Common Stock | $13,501,943 | 1.24% | 36,196 | $-33,566 | Down ×2 | ||
| WRB W.R. Berkley Corporation Common Stock | $13,353,972 | 1.22% | 189,337 | $540,184 | Down ×5 | ||
| CME CME Group Inc. - Class A Common Stock | $13,174,398 | 1.21% | 59,659 | $-11,144,130 | Down ×1 | ||
| AAPL Apple Inc. - Common Stock | $13,050,430 | 1.20% | 45,101 | $1,756,134 | Up ×1 | ||
| C Citigroup, Inc. Common Stock | $12,781,689 | 1.17% | 91,324 | $2,930,874 | Up ×5 | ||
| AMLP | $12,573,461 | 1.15% | 242,497 | $369,536 | Up ×2 | ||
| AXP American Express Company Common Stock | $12,443,662 | 1.14% | 36,788 | $1,559,341 | Up ×2 | ||
| TFPM Triple Flag Precious Metals Corp. Common Shares | $12,415,218 | 1.14% | 414,255 | $-8,077,661 | Down ×1 | ||
| TRV The Travelers Companies, Inc. Common Stock | $11,863,832 | 1.09% | 35,938 | $-476,060 | Down ×1 | ||
| PSMT PriceSmart, Inc. - Common Stock | $11,701,695 | 1.07% | 59,904 | $1,997,720 | Down ×2 | ||
| FIX Comfort Systems USA, Inc. Common Stock | $11,510,421 | 1.05% | 5,808 | $7,167,125 | Up ×1 | ||
| CSL Carlisle Companies Incorporated Common Stock | $11,504,713 | 1.05% | 31,715 | $799,131 | Down ×1 | ||
| VRSK Verisk Analytics, Inc. - Common Stock | $11,239,384 | 1.03% | 62,604 | $3,596,788 | Up ×1 | ||
| PCGPRX | $11,144,457 | 1.02% | 269,385 | $-1,069,690 | Down ×2 | ||
| DHR Danaher Corporation Common Stock | $10,792,429 | 0.99% | 56,659 | $-174,609 | Down ×2 | ||
| AVGO Broadcom Inc. - Common Stock | $10,701,860 | 0.98% | 28,331 | $2,249,634 | Up ×4 | ||
| LAMR Lamar Advertising Company - Class A Common Stock | $10,346,676 | 0.95% | 66,333 | $2,094,248 | Up ×4 | ||
| Unknown issuer (CUSIP: 83304AAF3) | $10,230,550 | 0.94% | 10,769,000 | ||||
| DPZ Domino's Pizza Inc - Common Stock | $10,208,662 | 0.94% | 34,484 | $-1,543,367 | Up ×1 | ||
| GNRC Generac Holdlings Inc. Common Stock | $9,915,132 | 0.91% | 33,862 | $3,572,376 | Up ×1 | ||
| META Meta Platforms, Inc. - Class A Common Stock | $9,047,633 | 0.83% | 16,062 | $4,720,495 | Up ×2 | ||
| MELI MercadoLibre, Inc. - Common Stock | $9,025,023 | 0.83% | 5,317 | $-609,076 | Down ×3 | ||
| VNOM Viper Energy, Inc. - Class A Common Stock | $8,900,934 | 0.82% | 209,928 | $-1,842,074 | Down ×1 | ||
| AR Antero Resources Corporation Common Stock | $8,769,609 | 0.80% | 249,562 | Up ×1 | |||
| SMG Scotts Miracle-Gro Company (The) Common Stock | $8,762,379 | 0.80% | 128,650 | $7,858,621 | Up ×2 | ||
| KYN Kayne Anderson Energy Infrastructure Fund, Inc. | $8,296,658 | 0.76% | 599,903 | $-648,489 | Down ×5 | ||
| DDOG Datadog, Inc. - Class A Common Stock | $8,064,391 | 0.74% | 30,974 | $6,259,052 | Up ×1 | ||
| BTI British American Tobacco Industries, p.l.c. Common Stock ADR | $8,043,283 | 0.74% | 130,235 | $833,234 | Up ×3 | ||
| HCSG Healthcare Services Group, Inc. - Common Stock | $8,017,759 | 0.73% | 326,456 | $2,401,542 | Up ×1 | ||
| ZETA Zeta Global Holdings Corp. Class A Common Stock | $7,974,434 | 0.73% | 405,205 | $-29,633 | Down ×5 | ||
| CGAU Centerra Gold Inc. Common Shares | $7,877,705 | 0.72% | 496,899 | $-474,296 | Up ×3 | ||
| GLDM | $7,841,693 | 0.72% | 98,737 | $-850,961 | Up ×6 | ||
| ABNB Airbnb, Inc. - Class A Common Stock | $7,723,393 | 0.71% | 53,972 | $1,079,297 | Up ×2 | ||
| PM Philip Morris International Inc Common Stock | $7,573,797 | 0.69% | 41,865 | $902,493 | Up ×2 | ||
| GLPI Gaming and Leisure Properties, Inc. - Common Stock | $7,398,636 | 0.68% | 166,149 | $450,871 | Up ×3 | ||
| VZ Verizon Communications Inc. Common Stock | $7,207,578 | 0.66% | 170,231 | $-880,112 | Up ×6 | ||
| ALLE Allegion plc Ordinary Shares | $6,663,465 | 0.61% | 47,430 | $-571,489 | Down ×3 | ||
| SN SharkNinja, Inc. Ordinary Shares | $6,512,283 | 0.60% | 42,768 | $6,013,600 | Up ×1 | ||
| KGC Kinross Gold Corporation Common Stock | $6,471,925 | 0.59% | 274,002 | $3,629,434 | Up ×1 | ||
| FOURPRA | $6,333,419 | 0.58% | 101,709 | $683,357 | Down ×1 | ||
| RGLD Royal Gold, Inc. - Common Stock | $6,248,686 | 0.57% | 31,304 | $-1,450,746 | Up ×1 | ||
| AEM Agnico Eagle Mines Limited Common Stock | $5,968,626 | 0.55% | 38,475 | $-1,609,146 | Up ×1 | ||
| Unknown issuer (CUSIP: 09257WAE0) | $5,947,115 | 0.54% | 5,977,000 | ||||
| MU Micron Technology, Inc. - Common Stock | $5,848,787 | 0.54% | 5,067 | Up ×1 | |||
| TXNM TXNM Energy, Inc. Common Stock | $5,826,918 | 0.53% | 102,623 | $-528,300 | Down ×2 | ||
| KOID KraneShares Global Humanoid and Embodied Intelligence Index ETF | $5,771,501 | 0.53% | 140,017 | Up ×1 | |||
| AMRZ Amrize Ltd Ordinary Shares | $5,615,155 | 0.51% | 105,350 | $5,009,859 | Up ×1 | ||
| SHLS Shoals Technologies Group, Inc. - Class A Common Stock | $5,532,605 | 0.51% | 558,849 | $4,964,304 | Up ×2 | ||
| RDDT Reddit, Inc. Class A Common Stock | $5,232,569 | 0.48% | 30,145 | $4,709,723 | Up ×1 | ||
| SPGI S&P Global Inc. Common Stock | $5,094,071 | 0.47% | 12,508 | $-144,939 | Up ×1 | ||
| CBOE | $5,075,444 | 0.47% | 20,915 | $-10,283,014 | Down ×1 | ||
| HD Home Depot, Inc. (The) Common Stock | $4,911,921 | 0.45% | 13,927 | $1,041,638 | Up ×2 | ||
| FNV Franco-Nevada Corporation | $4,882,176 | 0.45% | 23,422 | $-579,817 | Up ×1 | ||
| B Barrick Mining Corporation Common Shares | $4,417,550 | 0.40% | 120,168 | $-203,235 | Up ×3 | ||
| DBMF | $3,699,746 | 0.34% | 120,867 | $146,119 | Up ×3 | ||
| XYL Xylem Inc. Common Stock New | $3,575,321 | 0.33% | 30,246 | $-81,640 | Down ×2 | ||
| JKHY Jack Henry & Associates, Inc. - Common Stock | $3,323,699 | 0.30% | 24,130 | $-1,350,149 | Down ×2 | ||
| VRSN VeriSign, Inc. - Common Stock | $3,302,686 | 0.30% | 13,129 | $94,943 | Up ×1 | ||
| HSY The Hershey Company Common Stock | $2,782,026 | 0.25% | 15,857 | $-8,387,072 | Down ×1 | ||
| NEM Newmont Corporation | $2,765,948 | 0.25% | 29,614 | $-254,660 | Up ×6 | ||
| VICI VICI Properties Inc. Common Stock | $2,636,317 | 0.24% | 99,296 | $604,985 | Up ×2 | ||
| ASML ASML Holding N.V. - New York Registry Shares | $2,550,462 | 0.23% | 1,282 | $866,404 | Up ×2 | ||
| CMG Chipotle Mexican Grill, Inc. Common Stock | $2,311,082 | 0.21% | 67,973 | $185,490 | Up ×2 | ||
| SBUX Starbucks Corporation - Common Stock | $2,260,157 | 0.21% | 22,117 | $-346,823 | Down ×1 | ||
| PAAS Pan American Silver Corp. Common Stock | $2,142,888 | 0.20% | 47,843 | $-323,383 | Up ×6 | ||
| CTAS Cintas Corporation - Common Stock | $2,063,236 | 0.19% | 12,131 | $63,976 | Up ×3 | ||
| IBM International Business Machines Corporation Common Stock | $2,033,091 | 0.19% | 7,230 | $371,072 | Up ×5 | ||
| SGDJ | $2,028,421 | 0.19% | 26,895 | $-151,555 | Up ×6 | ||
| GDX GDX | $1,824,004 | 0.17% | 24,175 | $-265,599 | Up ×6 | ||
| Unknown issuer (CUSIP: 81141RAG5) | $1,789,825 | 0.16% | 1,809,000 | ||||
| EGO Eldorado Gold Corporation Ordinary Shares | $1,719,603 | 0.16% | 55,266 | $320,242 | Up ×1 | ||
| Unknown issuer (CUSIP: 811927102) | $1,690,191 | 0.15% | 65,664 | Up ×1 | |||
| OR OR Royalties Inc. Common Shares | $1,673,909 | 0.15% | 52,875 | $-210,268 | Up ×3 | ||
| LMT Lockheed Martin Corporation Common Stock | $1,663,387 | 0.15% | 3,265 | ||||
| MCD McDonald's Corporation Common Stock | $1,661,742 | 0.15% | 6,148 | $-5,671,623 | Down ×1 | ||
| PSA Public Storage Common Stock | $1,590,277 | 0.15% | 4,996 | $310,640 | Up ×2 | ||
| 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 |
|---|---|---|---|
| GD | $28,309,966 | 2.59% | up ×5 |
| KO | $25,771,015 | 2.36% | up ×4 |
| PH | $22,542,879 | 2.07% | up ×4 |
| NVDA | $21,640,807 | 1.98% | up ×3 |
| SHEL | $16,552,963 | 1.52% | up ×4 |
| UGI | $14,769,198 | 1.35% | up ×4 |
| C | $12,781,689 | 1.17% | up ×5 |
| AVGO | $10,701,860 | 0.98% | up ×4 |
| LAMR | $10,346,676 | 0.95% | up ×4 |
| BTI | $8,043,283 | 0.74% | up ×3 |
| CGAU | $7,877,705 | 0.72% | up ×3 |
| GLDM | $7,841,693 | 0.72% | up ×6 |
| GLPI | $7,398,636 | 0.68% | up ×3 |
| VZ | $7,207,578 | 0.66% | up ×6 |
| B | $4,417,550 | 0.40% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| EEM | $21,113,672 | 308,634 | 1.93% |
| Unknown issuer (CUSIP: 00827BAB2) | $14,900,595 | 15,166,000 | 1.37% |
| Unknown issuer (CUSIP: 83304AAF3) | $10,230,550 | 10,769,000 | 0.94% |
| AR | $8,769,609 | 249,562 | 0.80% |
| Unknown issuer (CUSIP: 09257WAE0) | $5,947,115 | 5,977,000 | 0.54% |
| MU | $5,848,787 | 5,067 | 0.54% |
| KOID | $5,771,501 | 140,017 | 0.53% |
| Unknown issuer (CUSIP: 81141RAG5) | $1,789,825 | 1,809,000 | 0.16% |
| Unknown issuer (CUSIP: 811927102) | $1,690,191 | 65,664 | 0.15% |
| LMT | $1,663,387 | 3,265 | 0.15% |
| SYK | $1,154,203 | 3,666 | 0.11% |
| MUB | $1,017,009 | 9,450 | 0.09% |
| SUB | $1,003,906 | 9,429 | 0.09% |
| KRMN | $659,493 | 13,211 | 0.06% |
| GLD | $466,001 | 1,265 | 0.04% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| SGOV | Trimmed | -189K | -$19.1M |
| PH | Bought more | +14K | +$14.2M |
| AIR | Bought more | +46K | +$12.4M |
| CME | Trimmed | -23K | -$11.1M |
| CBOE | Trimmed | -34K | -$10.3M |
| AMZN | Bought more | +24K | +$9.3M |
| RITM | Bought more | +912K | +$8.5M |
| HSY | Trimmed | -38K | -$8.4M |
| TFPM | Trimmed | -176K | -$8.1M |
| TKR | Trimmed | -4K | +$7.7M |
1 position 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 |
|---|---|---|---|---|
| KVUE | June 30, 2026 | 865,883 | $14,927,822 | -0.9% |
| GOLD | June 30, 2025 | 717,464 | $13,947,499 | 110.5% |
| FISV | Dec. 31, 2025 | 82,335 | $10,615,452 | -23.3% |
| MKC | June 30, 2026 | 195,731 | $9,872,672 | 9.7% |
| BXSL | June 30, 2026 | 370,774 | $8,783,630 | 4.4% |
| ORXXXX | June 30, 2025 | 382,157 | $8,064,950 | No longer tracked |
| AMD | June 30, 2025 | 72,411 | $7,439,506 | 231.8% |
| ANSS | Sept. 30, 2025 | 20,708 | $7,273,064 | No longer tracked |
| NVO | Sept. 30, 2025 | 94,778 | $6,541,571 | -15.8% |
| MTN | Dec. 31, 2025 | 34,803 | $5,205,512 | 14.3% |
| VRRM | June 30, 2026 | 340,401 | $4,864,330 | 8.4% |
| EZBC | Dec. 31, 2025 | 68,169 | $4,513,469 | No longer tracked |
| NOG | March 31, 2026 | 203,631 | $4,371,958 | -7.5% |
| NVR | June 30, 2026 | 539 | $3,551,918 | -7.1% |
| RNR | March 31, 2026 | 10,804 | $3,037,624 | 8.7% |
| CROX | June 30, 2025 | 25,846 | $2,744,845 | 22.5% |
| STR | Sept. 30, 2025 | 139,722 | $2,568,095 | No longer tracked |
| TYG | March 31, 2025 | 60,123 | $2,525,166 | 4.3% |
| INTU | June 30, 2026 | 5,822 | $2,517,359 | 38.2% |
| HODL | June 30, 2026 | 103,660 | $1,986,126 | No longer tracked |
| CRM | June 30, 2026 | 10,158 | $1,896,203 | 31.2% |
| BRKB | June 30, 2026 | 3,942 | $1,889,006 | No longer tracked |
| SA | June 30, 2026 | 61,797 | $1,751,327 | 29.8% |
| LMT | March 31, 2026 | 2,556 | $1,236,293 | -5.9% |
| AOS | June 30, 2026 | 17,479 | $1,152,565 | -0.1% |
| BECN | June 30, 2025 | 9,234 | $1,142,246 | No longer tracked |
| GIS | March 31, 2025 | 15,957 | $1,017,548 | -34.2% |
| SAND | Dec. 31, 2025 | 79,840 | $999,597 | No longer tracked |
| ABEV | Dec. 31, 2025 | 446,302 | $995,253 | 15.8% |
| TROW | March 31, 2025 | 8,484 | $959,443 | 23.8% |
| ESGR | Sept. 30, 2025 | 2,845 | $956,944 | No longer tracked |
| IIPR | March 31, 2025 | 12,857 | $856,811 | 4.6% |
| WIW | Dec. 31, 2025 | 86,419 | $768,265 | -2.5% |
| BRKA | Sept. 30, 2025 | 1 | $728,800 | No longer tracked |
| STRK | June 30, 2025 | 8,576 | $720,470 | -41.1% |
| FLUT | March 31, 2026 | 3,146 | $676,516 | -2.1% |
| SNAP | Dec. 31, 2025 | 85,739 | $661,048 | -34.7% |
| CTLP | Sept. 30, 2025 | 59,679 | $655,872 | No longer tracked |
| FANG | March 31, 2026 | 4,065 | $611,091 | 7.0% |
| CWH | Dec. 31, 2025 | 35,781 | $564,982 | -31.3% |
| BILL | March 31, 2026 | 9,841 | $536,728 | 23.7% |
| AG | March 31, 2026 | 30,205 | $503,215 | 0.1% |
| UBER | June 30, 2026 | 6,987 | $502,575 | 8.4% |
| RKLB | March 31, 2026 | 6,587 | $459,509 | 14.5% |
| VSTS | June 30, 2025 | 45,544 | $450,886 | 121.6% |
| NKE | June 30, 2026 | 8,412 | $444,322 | -1.2% |
| ADBE | Dec. 31, 2025 | 1,110 | $391,553 | -22.0% |
| U | June 30, 2025 | 18,437 | $361,181 | 90.5% |
| BEPC | March 31, 2026 | 9,280 | $355,795 | -15.6% |
| XOM | March 31, 2026 | 2,875 | $345,978 | -1.9% |
| INTT | Sept. 30, 2025 | 46,983 | $342,036 | No longer tracked |
| TTD | June 30, 2026 | 15,050 | $341,485 | -26.9% |
| GSHD | June 30, 2026 | 7,504 | $320,121 | 45.5% |
| KD | Dec. 31, 2025 | 10,425 | $313,063 | -53.3% |
| CSGP | June 30, 2026 | 7,463 | $301,057 | 13.1% |
| WING | Dec. 31, 2025 | 1,126 | $283,392 | -52.1% |
| SELF | March 31, 2026 | 47,388 | $241,679 | 6.3% |
| DOCS | June 30, 2026 | 8,858 | $206,391 | 23.0% |
| FAF | June 30, 2025 | 3,135 | $205,750 | 17.8% |
| VGIT | March 31, 2026 | 3,401 | $203,822 | |
| TMDX | June 30, 2026 | 2,016 | $200,411 | 38.8% |
| ABCL | March 31, 2025 | 40,474 | $118,589 | 411.2% |