Baker Avenue Asset Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Baker Avenue Asset Management, LP reported 449 stock positions worth $3.2 billion. Its top holding was Simpson Manufacturing (SSD) at 5.4% of the portfolio, followed by Apple (AAPL, 5.2%) and Microsoft (MSFT, 3.3%). Compared with Q4 2024, it opened 70 new positions, sold out of 31, added to 240 and reduced 112. The biggest buy was a new position in Ishr CR Unvrse Usd BD ETF-Ui (IUSB) and the biggest sale Dimensional Core Fixed (DFCF, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001432529
- Portfolio Value
- $3.2B (Q1 2025)
- SEC Filing
- 0001432529-25-000006 ↗ filed May 8, 2025
Holdings Value
Holdings 449 stocks · $3.2B
| SSD Simpson Manufacturing Co. Inc. | 5.37% | 1,091,615 | $171.5M | Reduce -22.0% |
| AAPL Apple Inc. | 5.22% | 750,170 | $166.6M | Add +15.0% |
| MSFT Microsoft Corp. | 3.26% | 277,534 | $104.2M | Add +3.4% |
| AGG iShares Core U.S. Aggregate | 2.65% | 854,748 | $84.6M | Add +2.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.65% | 381,222 | $84.5M | Add +1.3% |
| BND Vanguard Total Bond Market | 2.65% | 1,149,527 | $84.4M | Add +2.2% |
| NVDA Nvidia Corp. | 2.39% | 704,278 | $76.3M | Add +7.3% |
| SPAB SS SPDR P Agg Bond ETF | 2.33% | 2,917,473 | $74.5M | Add +2.4% |
| IVV iShares Core S&P 500 ETF | 2.24% | 127,508 | $71.6M | Add +7.4% |
| QUAL iShares MSCI USA Quality Fac | 2.23% | 415,682 | $71.0M | Reduce -3.9% |
| IWF iShares Russell 1000 Growth | 2.20% | 194,499 | $70.2M | Add +0.0% |
| VTI VG Morningstar TS MKT ETF-US | 1.90% | 220,842 | $60.7M | Add +4.1% |
| AMZN Amazon.com Inc. | 1.79% | 300,707 | $57.2M | Add +0.7% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 1.79% | 222,542 | $57.2M | Add +7.2% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 1.77% | 1,222,802 | $56.3M | New |
| SCHX Schwab US Large-Cap ETF | 1.69% | 2,443,295 | $53.9M | Add +9.5% |
| JPM JPMorgan Chase & Co. | 1.63% | 212,602 | $52.2M | Reduce -2.0% |
| EFG iShares MSCI Eafe Growth ETF | 1.37% | 437,341 | $43.7M | Add +0.8% |
| EA Electronic Arts Inc. | 1.26% | 277,538 | $40.1M | Reduce -2.3% |
| IVE iShares S&P 500 Value ETF | 1.24% | 207,910 | $39.6M | Reduce -0.3% |
| QQQ Invesco QQQ Trust Series 1 | 1.22% | 83,297 | $39.1M | Reduce -35.8% |
| GOOGL Alphabet Inc. Class A | 1.10% | 226,508 | $35.0M | Reduce -0.3% |
| PH Parker Hannifin Corp. | 0.95% | 49,848 | $30.3M | Reduce -0.6% |
| VWO Vanguard Ftse Emerging Marke | 0.92% | 646,632 | $29.3M | Reduce -0.5% |
| SCZ iShares MSCI Eafe Small-Cap | 0.87% | 438,326 | $27.8M | Add +0.8% |
| JQUA JPMorgan US Quality Factor | 0.83% | 471,084 | $26.6M | Reduce -0.9% |
| ICVT iShares Convertible Bond ETF | 0.83% | 315,977 | $26.4M | Add +15.6% |
| ORCL Oracle Corp. | 0.76% | 174,166 | $24.4M | Add +3.1% |
| BG Bunge Global SA | 0.72% | 301,699 | $23.1M | Add +5.8% |
| STIP iShares 0-5 Year Tips Bond E | 0.72% | 221,210 | $22.9M | New |
| ABBV Abbvie Inc. | 0.69% | 105,822 | $22.2M | Add +0.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.68% | 518,573 | $21.7M | Add +2.3% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.64% | 482,752 | $20.5M | Add +2.1% |
| GE General Electric filed as GE AEROSPACE | 0.64% | 102,125 | $20.4M | Reduce -2.1% |
| USHY iShares Broad Usd High Yield | 0.64% | 551,043 | $20.3M | Add +2.0% |
| LIN Linde PLC | 0.62% | 42,191 | $19.6M | Add +27.4% |
| NFLX Netflix Inc. | 0.61% | 20,879 | $19.5M | Add +0.8% |
| RSP Invesco S&P 500 Equal Weight | 0.61% | 112,248 | $19.4M | Add +0.1% |
| META Meta Platforms Inc. Class A | 0.61% | 33,728 | $19.4M | Add +3.4% |
| FLOT iShares Floating Rate Bond E | 0.60% | 378,107 | $19.3M | Add +2400.1% |
| SHOP Shopify Inc. Class A | 0.60% | 199,589 | $19.1M | Reduce -1.3% |
| RSPT Invesco S&P 500 Equal Weight | 0.57% | 529,049 | $18.1M | Reduce -0.2% |
| UBER Uber Technologies Inc. | 0.55% | 242,390 | $17.7M | Add +1.8% |
| XOM Exxon Mobil Corp. | 0.55% | 147,198 | $17.5M | Add +3.1% |
| TSLA Tesla Inc. | 0.54% | 66,609 | $17.3M | Add +4.7% |
| EMB iShares JP Morgan Usd Emergi | 0.54% | 190,514 | $17.3M | Reduce -10.8% |
| HOOD Robinhood Markets Inc. Class A | 0.54% | 411,660 | $17.1M | Reduce -9.9% |
| CAT Caterpillar Inc. | 0.54% | 51,832 | $17.1M | Add +0.1% |
| AMAT Applied Materials Inc. | 0.53% | 116,685 | $16.9M | Add +7.8% |
| MRSH Marsh & McLennan Cos | 0.52% | 68,463 | $16.7M | Add +0.3% |
| JCI Johnson Controls Internation | 0.51% | 203,886 | $16.3M | Reduce -0.7% |
| EWW iShares MSCI Mexico ETF | 0.51% | 319,746 | $16.3M | Reduce -5.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.50% | 64,479 | $16.0M | Reduce -1.9% |
| UBS UBS Group AG-Reg | 0.49% | 512,483 | $15.7M | Reduce -0.9% |
| LLY Eli Lilly & Co. | 0.48% | 18,735 | $15.5M | Add +18.1% |
| LRCX Lam Research Corp. | 0.48% | 209,306 | $15.2M | Add +2.3% |
| CRM Salesforce Inc. | 0.47% | 56,245 | $15.1M | Add +0.7% |
| BABA Alibaba Group Holding-SP ADR | 0.47% | 113,987 | $15.1M | Reduce -8.2% |
| QCOM Qualcomm Inc. | 0.45% | 93,344 | $14.3M | Add +19.3% |
| EWJ iShares MSCI Japan ETF | 0.44% | 203,297 | $13.9M | Add +0.5% |
| TXN Texas Instruments Inc. | 0.41% | 73,081 | $13.1M | Add +1.0% |
| ETN Eaton Corp. PLC | 0.41% | 47,969 | $13.0M | Add +1.1% |
| MRVL Marvell Technology Inc. | 0.38% | 198,841 | $12.2M | Reduce -5.2% |
| FCX Freeport-McMoran Inc. | 0.38% | 316,188 | $12.0M | Add +35.8% |
| EFA iShares MSCI Eafe ETF | 0.34% | 132,040 | $10.8M | Add +1502.0% |
| EFV iShares MSCI Eafe Value ETF | 0.33% | 181,091 | $10.7M | New |
| COST Costco Wholesale Corp. | 0.33% | 11,262 | $10.7M | Add +10.5% |
| HD Home Depot Inc. | 0.33% | 28,855 | $10.6M | Add +6.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.32% | 18,296 | $10.2M | Add +0.8% |
| TMO Thermo Fisher Scientific Inc. | 0.32% | 20,330 | $10.1M | Add +2.2% |
| IHI iShares U.S. Medical Devices | 0.32% | 167,045 | $10.1M | Add +1.7% |
| SCHW Schwab (charles) Corp. | 0.31% | 124,882 | $9.8M | Add +3.0% |
| IGV iShares Expanded Tech-Softwa | 0.30% | 108,864 | $9.7M | Add +1.0% |
| XLE SS Energy Select Sector | 0.30% | 102,825 | $9.6M | Add +1.4% |
| EOG EOG Resources Inc. | 0.29% | 72,549 | $9.3M | Reduce -0.8% |
| APH Amphenol Corp. Class A | 0.29% | 140,244 | $9.2M | Add +0.7% |
| MLPX Global X MLP & Energy Infras | 0.28% | 142,141 | $9.1M | Reduce -2.5% |
| JEPI JPMorgan Equity Premium Inco | 0.28% | 156,740 | $9.0M | Add +1.5% |
| PGR Progressive Corp. | 0.28% | 31,566 | $8.9M | Add +136.1% |
| DGRO iShares Core Dividend Growth | 0.28% | 142,899 | $8.8M | Add +0.3% |
| AFL Aflac Inc. | 0.27% | 78,815 | $8.8M | Reduce -0.3% |
| AMD Advanced Micro Devices | 0.27% | 83,820 | $8.6M | Reduce -0.6% |
| VMC Vulcan Materials Co. | 0.27% | 36,772 | $8.6M | Add +13.5% |
| FANG Diamondback Energy Inc. | 0.27% | 53,151 | $8.5M | Add +1.7% |
| GOOG Alphabet Inc. Class C | 0.27% | 54,376 | $8.5M | Add +15.1% |
| MCD McDonald's Corp. | 0.26% | 26,791 | $8.4M | Add +1.0% |
| NSC Norfolk Southern Corp. | 0.26% | 34,378 | $8.1M | Add +3.3% |
| GII State Street SPDR S&P Global | 0.25% | 130,311 | $8.1M | Add +4.0% |
| ISRG Intuitive Surgical Inc. | 0.25% | 16,175 | $8.0M | Reduce -0.4% |
| NEE Nextera Energy Inc. | 0.25% | 112,725 | $8.0M | Reduce -0.1% |
| SYY Sysco Corp. | 0.23% | 97,424 | $7.3M | Add +3.0% |
| NDAQ Nasdaq Inc. | 0.23% | 94,949 | $7.2M | Add +1.8% |
| FBND Fidelity Total Bond ETF | 0.22% | 154,454 | $7.1M | Add +3.6% |
| XLY SS Consumer Disc Select Sect | 0.22% | 34,956 | $6.9M | Add +3.4% |
| FLEX Flex Ltd. | 0.21% | 204,685 | $6.8M | Reduce -6.8% |
| UPS United Parcel Service Class B | 0.21% | 60,361 | $6.6M | Reduce -4.2% |
| IGM iShares Expanded Tech Sector | 0.20% | 70,623 | $6.4M | Add +5.6% |
| IWD iShares Russell 1000 Value E | 0.20% | 33,925 | $6.4M | Reduce -4.5% |
| IAU iShares Gold Trust | 0.19% | 103,200 | $6.1M | Add +1051.5% |
| GS Goldman Sachs Group Inc. | 0.19% | 10,930 | $6.0M | Reduce -6.0% |
Options reported separately and not counted above: EWH puts ($336K), EWG puts ($121K), HYG puts ($71K), TLT puts ($62K), IWM puts ($57K), SMH puts ($55K), GLD puts ($51K), AG puts ($45K), NVDA puts ($39K), SPY puts ($32K), SLV puts ($17K), B puts ($14K), and 1 more.
Portfolio Sells Q4 2024 → Q1 2025
| DFCF Dimensional Core Fixed Inc. | Reduce -99.5% | 0.01% | −2.45 |
| SSD Simpson Manufacturing Co. Inc. | Reduce -22.0% | 5.37% | −1.74 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -35.8% | 1.22% | −0.81 |
| MBB iShares MBS ETF | Sold out | 0.00% | −0.37 |
| MRVL Marvell Technology Inc. | Reduce -5.2% | 0.38% | −0.33 |
| GOOGL Alphabet Inc. Class A | Reduce -0.3% | 1.10% | −0.22 |
| XLK SS Technology Select Sector | Reduce -77.2% | 0.05% | −0.19 |
| FLNC Fluence Energy Inc. | Sold out | 0.00% | −0.17 |
| DEM Wisdomtree Emerging Markets | Reduce -62.7% | 0.10% | −0.15 |
| QUAL iShares MSCI USA Quality Fac | Reduce -3.9% | 2.23% | −0.13 |
| ALGN Align Technology Inc. | Sold out | 0.00% | −0.12 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.12 |
| DWX State Street SPDR S&P Intern | Reduce -57.2% | 0.10% | −0.10 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.09 |
| IJR iShares Core S&P Small-Cap E | Reduce -63.4% | 0.05% | −0.09 |
| RSPF Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.09 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −0.09 |
| ERIE Erie Indemnity Company Class A | Sold out | 0.00% | −0.08 |
| UHS Universal Health Services-B | Reduce -91.1% | 0.01% | −0.07 |
| ZTS Zoetis Inc. | Reduce -59.5% | 0.05% | −0.07 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.06 |
| SHOP Shopify Inc. Class A | Reduce -1.3% | 0.60% | −0.06 |
| XLRE SS Real Estate Select Sector | Reduce -32.1% | 0.15% | −0.06 |
| PGX Invesco Preferred ETF | Reduce -39.6% | 0.09% | −0.06 |
| VONG Vanguard Russell 1000 Growth | Reduce -19.4% | 0.13% | −0.05 |
| FLEX Flex Ltd. | Reduce -6.8% | 0.21% | −0.05 |
| APP AppLovin Corp. Class A | Reduce -9.0% | 0.14% | −0.05 |
| EMB iShares JP Morgan Usd Emergi | Reduce -10.8% | 0.54% | −0.04 |
| AMD Advanced Micro Devices | Reduce -0.6% | 0.27% | −0.04 |
| ITT Itt Inc. | Sold out | 0.00% | −0.04 |
| RSPT Invesco S&P 500 Equal Weight | Reduce -0.2% | 0.57% | −0.04 |
| CDNS Cadence Design SYS Inc. | Reduce -32.0% | 0.05% | −0.04 |
| BCAL California Bancorp | Sold out | 0.00% | −0.04 |
| UPS United Parcel Service Class B | Reduce -4.2% | 0.21% | −0.04 |
| ARLO Arlo Technologies Inc. | Reduce -60.8% | 0.02% | −0.03 |
| VCEL Vericel Corp. | Reduce -33.5% | 0.04% | −0.03 |
| PH Parker Hannifin Corp. | Reduce -0.6% | 0.95% | −0.03 |
| HUBS HubSpot Inc. | Reduce -3.4% | 0.11% | −0.03 |
| MAR Marriott International Class A | Reduce -0.1% | 0.16% | −0.02 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -7.0% | 0.14% | −0.02 |
| EA Electronic Arts Inc. | Reduce -2.3% | 1.26% | −0.02 |
| GS Goldman Sachs Group Inc. | Reduce -6.0% | 0.19% | −0.02 |
| BURL Burlington Stores Inc. | Reduce -1.2% | 0.09% | −0.02 |
| PTC PTC Inc. | Reduce -2.3% | 0.09% | −0.02 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.02 |
| A Agilent Technologies Inc. | Reduce -1.7% | 0.11% | −0.02 |
| APPF Appfolio Inc. Class A | Reduce -0.3% | 0.15% | −0.02 |
| TNL Travel + Leisure Co. | Reduce -0.2% | 0.18% | −0.01 |
| VTHR Vanguard Russell 3000 | Reduce -30.6% | 0.02% | −0.01 |
| MDY State Street SPDR S&P Midcap | Reduce -22.0% | 0.03% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | New | 1.77% | +1.77 |
| STIP iShares 0-5 Year Tips Bond E | New | 0.72% | +0.72 |
| FLOT iShares Floating Rate Bond E | Add +2400.1% | 0.60% | +0.58 |
| EFV iShares MSCI Eafe Value ETF | New | 0.33% | +0.33 |
| EFA iShares MSCI Eafe ETF | Add +1502.0% | 0.34% | +0.32 |
| AAPL Apple Inc. | Add +15.0% | 5.22% | +0.21 |
| LIN Linde PLC | Add +27.4% | 0.62% | +0.19 |
| PGR Progressive Corp. | Add +136.1% | 0.28% | +0.18 |
| IAU iShares Gold Trust | Add +1051.5% | 0.19% | +0.18 |
| AGG iShares Core U.S. Aggregate | Add +2.3% | 2.65% | +0.17 |
| BND Vanguard Total Bond Market | Add +2.2% | 2.65% | +0.17 |
| FXI iShares China Large-Cap ETF | New | 0.16% | +0.16 |
| ESTC Elastic NV | New | 0.16% | +0.16 |
| SPAB SS SPDR P Agg Bond ETF | Add +2.4% | 2.33% | +0.15 |
| ABBV Abbvie Inc. | Add +0.2% | 0.69% | +0.12 |
| ICVT iShares Convertible Bond ETF | Add +15.6% | 0.83% | +0.12 |
| UBER Uber Technologies Inc. | Add +1.8% | 0.55% | +0.11 |
| LLY Eli Lilly & Co. | Add +18.1% | 0.48% | +0.11 |
| SJNK SS SPDR BB St Hi Yield ETF | Add +148.8% | 0.18% | +0.11 |
| V Visa Inc. Class A | Add +154.4% | 0.17% | +0.11 |
| IYZ iShares US Telecommunication | New | 0.10% | +0.10 |
| SCHX Schwab US Large-Cap ETF | Add +9.5% | 1.69% | +0.10 |
| FCX Freeport-McMoran Inc. | Add +35.8% | 0.38% | +0.10 |
| IVV iShares Core S&P 500 ETF | Add +7.4% | 2.24% | +0.10 |
| DHR Danaher Corp. | Add +316.9% | 0.13% | +0.10 |
| XSW SS SPDR S&P Soft & Serv ETF | New | 0.09% | +0.09 |
| ANF Abercrombie & Fitch Co. Class A | Add +446.4% | 0.14% | +0.09 |
| PGHY Invesco Global Ex US High Yi | Add +102.0% | 0.18% | +0.09 |
| AMGN Amgen Inc. | Add +269.1% | 0.12% | +0.09 |
| XLF SS Financial Select Sector | Add +96.3% | 0.18% | +0.09 |
| FALN iShares Fallen Angels ETF | Add +93.3% | 0.18% | +0.09 |
| BSX Boston Scientific Corp. | New | 0.09% | +0.09 |
| JNK SS SPDR BB High Yield Bond | Add +92.0% | 0.18% | +0.09 |
| SNX TD Synnex Corp. | New | 0.08% | +0.08 |
| SLB SLB Ltd. | Add +2.3% | 0.68% | +0.08 |
| EFG iShares MSCI Eafe Growth ETF | Add +0.8% | 1.37% | +0.08 |
| QCOM Qualcomm Inc. | Add +19.3% | 0.45% | +0.08 |
| SRLN SS Blackstone Sr Loan ETF | Add +86.9% | 0.17% | +0.08 |
| MRSH Marsh & McLennan Cos | Add +0.3% | 0.52% | +0.08 |
| XOM Exxon Mobil Corp. | Add +3.1% | 0.55% | +0.08 |
| UNH Unitedhealth Group Inc. | Add +304.9% | 0.10% | +0.08 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +7.2% | 1.79% | +0.08 |
| SCZ iShares MSCI Eafe Small-Cap | Add +0.8% | 0.87% | +0.06 |
| PAYX Paychex Inc. | New | 0.06% | +0.06 |
| EEM iShares MSCI Emerging Market | New | 0.06% | +0.06 |
| COST Costco Wholesale Corp. | Add +10.5% | 0.33% | +0.05 |
| IOT Samsara Inc. Class A | New | 0.05% | +0.05 |
| KO The Coca-Cola Co. | Add +177.6% | 0.06% | +0.04 |
| NFLX Netflix Inc. | Add +0.8% | 0.61% | +0.04 |
| BG Bunge Global SA | Add +5.8% | 0.72% | +0.04 |
Options Activity Q4 2024 → Q1 2025
| AMZN Amazon.com Inc. | put | Sold out | 200,000 | $1.8Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 150,000 | $959Kbefore exit |
| DIA SS SPDR Dow Jones Indus Avg | put | Sold out | 150,000 | $598Kbefore exit |
| EWH iShares MSCI Hong Kong ETF | put | New | 340,000 | $336K |
| TSM Taiwan Semiconductor-SP ADR | put | Sold out | 25,000 | $160Kbefore exit |
| EWG iShares MSCI Germany ETF | put | New | 230,000 | $121K |
| TSLA Tesla Inc. | put | Sold out | 155,000 | $101Kbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 100,000 | $71K |
| TLT iShares 20+ Year Treasury BD | put | New | 100,000 | $62K |
| IWM iShares Russell 2000 ETF | put | Add +50.0% | 75,000 | $57K |
| SMH Vaneck Semiconductor ETF | put | Reduce -80.0% | 25,000 | $55K |
| GLD SPDR Gold Shares | put | Reduce -75.0% | 25,000 | $51K |
| AG First Majestic Silver Corp. | put | New | 100,000 | $45K |
| NVDA Nvidia Corp. | put | New | 52,600 | $39K |
| GDDY GoDaddy Inc. Class A | put | Sold out | 30,000 | $33Kbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -33.3% | 50,000 | $32K |
| NFLX Netflix Inc. | put | Sold out | 10,000 | $29Kbefore exit |
| SLV iShares Silver Trust | put | New | 50,000 | $17K |
| B Barrick Gold Corp. | put | New | 100,000 | $14K |
| KGC Kinross Gold Corp. | put | New | 40,000 | $6K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 810 | $5.3B | AAPL, NVDA, SSD, MSFT, VB |
| Q1 2026 | 747 | $4.4B | AAPL, NVDA, SSD, MSFT, VB |
| Q4 2025 | 624 | $4.3B | AAPL, NVDA, SSD, MSFT, VB |
| Q3 2025 | 600 | $4.2B | NVDA, AAPL, SSD, MSFT, VB |
| Q2 2025 | 482 | $3.5B | SSD, AAPL, MSFT, NVDA, VB |
| Q1 2025 | 449 | $3.2B | SSD, AAPL, MSFT, AGG, VB |
| Q4 2024 | 410 | $3.3B | SSD, AAPL, MSFT, VB, NVDA |
| Q3 2024 | 410 | $3.2B | SSD, AAPL, MSFT, VB, QUAL |
| Q2 2024 | 362 | $2.9B | SSD, MSFT, AAPL, VB, QUAL |
| Q1 2024 | 354 | $2.6B | MSFT, VB, AAPL, QUAL, BND |