Invesco Variable Rate PreferVRPETF
13F holders, Q2 2024 (June 30)242holders +6
18new positions
11sold out
1famous investor
$23.96avg. 13F price*
At the end of Q2 2024, 242 institutions reported holding Invesco Variable Rate Prefer (VRP) in their 13F filings, up 6 from Q1 2024. 18 opened new positions and 11 sold out. The largest holders were Morgan Stanley ($156.0M), Bank of America Corp. ($93.9M) and UBS Group AG ($59.8M). One famous investor held it Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio).
- Company
- Invesco Variable Rate Prefer
- CUSIP
- 46138G870
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q1 2024 → Q2 2024
| Institutions | Total Value | |
|---|---|---|
| New Positions | 18 | $14.4M |
| Exits | 11 | $4.6M |
All 13F filers, Q1 2024 → Q2 2024: 5,202,952 shares bought and 2,243,166 shares sold, net +2,959,786 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 242 holders
| Morgan Stanley | 0.01% | Add +34.5% | 6,512,344 | $156.0M |
| Bank of America Corp. | 0.01% | Add +1.9% | 3,920,233 | $93.9M |
| UBS Group AG | 0.02% | Reduce -15.6% | 2,496,503 | $59.8M |
| Wells Fargo & Company | 0.01% | Add +40.6% | 2,301,454 | $55.1M |
| Advisory Alpha, LLC | 1.90% | Add +2.9% | 2,009,869 | $48.2M |
| Stephens Inc. | 0.52% | Add +0.5% | 1,408,283 | $33.7M |
| LPL Financial LLC | 0.01% | Add +17.3% | 1,239,096 | $29.7M |
| Envestnet Asset Management Inc. | 0.01% | Add +18.7% | 969,444 | $23.2M |
| Advisors Capital Management, LLC | 0.40% | Add +5.0% | 959,341 | $23.0M |
| HighTower Advisors, LLC | 0.03% | Reduce -0.6% | 731,540 | $17.5M |
| JPMorgan Chase & Co. | 0.00% | Reduce -11.4% | 700,267 | $16.8M |
| Matthew Goff Investment Advisor, LLC | 3.24% | Reduce -1.6% | 662,456 | $15.9M |
| Royal Bank of Canada | 0.00% | Reduce -29.2% | 633,244 | $15.2M |
| Benjamin F. Edwards & Company, Inc. | 0.19% | Add +0.6% | 459,464 | $11.0M |
| Evolution Wealth Advisors, LLC | 2.04% | Add +0.1% | 436,462 | $10.5M |
| Osaic Holdings, Inc. | 0.02% | Reduce -50.8% | 434,043 | $10.4M |
| Commonwealth Equity Services, LLC | 0.02% | Reduce -3.4% | 433,847 | $10.4M |
| Ashton Thomas Private Wealth, LLC | 0.57% | Add +33.7% | 431,066 | $10.3M |
| Baird Financial Group, Inc. | 0.02% | Reduce -1.8% | 416,294 | $10.0M |
| Ocean Park Asset Management, LLC | 0.45% | Add +76.1% | 395,900 | $9.5M |
| Spectrum Asset Management, Inc. | 41.15% | Add +439.7% | 393,505 | $9.4M |
| Renaissance Technologies | 0.02% | Reduce -8.1% | 382,073 | $9.2M |
| Ameriprise Financial Inc. | 0.00% | Reduce -8.6% | 367,585 | $8.8M |
| MML Investors Services, LLC | 0.03% | Add +9.1% | 346,296 | $8.3M |
| Stifel Financial Corp. | 0.01% | Reduce -0.0% | 345,585 | $8.3M |
| Windsor Capital Management, LLC | 2.48% | Add +3.9% | 334,484 | $8.0M |
| Estate Counselors, LLC | 0.87% | Add +171.5% | 331,395 | $7.9M |
| Invesco Ltd. | 0.00% | Reduce -4.2% | 274,025 | $6.6M |
| Sanctuary Advisors, LLC | 0.04% | — | 260,257 | $6.1M |
| Rockefeller Capital Management L.P. | 0.02% | Add +9.3% | 228,660 | $5.5M |
| Synergy Asset Management, LLC | 0.84% | Reduce -29.6% | 223,575 | $5.4M |
| Boston Family Office LLC | 0.39% | Reduce -30.8% | 223,187 | $5.3M |
| NewEdge Wealth, LLC | 0.11% | Add +1.9% | 208,453 | $5.0M |
| Balyasny Asset Management L.P. | 0.01% | Add +144.4% | 198,484 | $4.8M |
| Meridian Wealth Management, LLC | 0.57% | New | 198,434 | $4.8M |
| Janney Montgomery Scott LLC | 0.01% | Add +3.6% | 186,759 | $4.5M |
| Horizon Financial Services, LLC | 2.78% | Add +1.5% | 183,846 | $4.4M |
| SeaBridge Investment Advisors LLC | 1.12% | Add +1.0% | 180,541 | $4.3M |
| Cottonwood Capital Advisors, LLC | 3.18% | Reduce -2.4% | 169,989 | $4.1M |
| Kestra Advisory Services, LLC | 0.02% | Add +43.8% | 167,369 | $4.0M |
| Nilsine Partners, LLC | 0.54% | Add +6.4% | 167,013 | $4.0M |
| Whittier Trust Co. | 0.05% | Add +2.1% | 159,932 | $3.8M |
| Principal Securities, Inc. | 0.10% | Add +72.7% | 152,720 | $3.7M |
| Cetera Investment Advisers | 0.01% | Add +66.6% | 145,033 | $3.5M |
| All Season Financial Advisors, Inc. | 2.98% | New | 137,113 | $3.3M |
| Cambridge Investment Research Advisors, Inc. | 0.01% | Add +20.6% | 134,026 | $3.2M |
| Elmwood Wealth Management, Inc. | 1.39% | Add +53.7% | 130,469 | $3.1M |
| Seed Wealth Management, Inc. | 2.66% | Reduce -1.3% | 127,308 | $3.1M |
| Fca Corp. | 0.96% | Add +1.8% | 125,423 | $3.0M |
| Citigroup Inc. | 0.00% | Add +10.9% | 124,497 | $3.0M |
| Jane Street Group, LLC | 0.00% | Reduce -22.9% | 121,642 | $2.9M |
| HUB Investment Partners, LLC | 0.14% | Add +0.9% | 120,912 | $2.9M |
| Private Advisor Group, LLC | 0.02% | Reduce -20.6% | 120,744 | $2.9M |
| Duncker Streett & Co. Inc. | 0.52% | Reduce -2.3% | 113,004 | $2.7M |
| Raymond James & Associates | 0.00% | Add +5.2% | 107,431 | $2.6M |
| Park Avenue Securities LLC | 0.03% | Add +59.4% | 107,181 | $2.6M |
| Tradition Wealth Management, LLC | 0.25% | Add +19.0% | 106,380 | $2.5M |
| AlphaStar Capital Management, LLC | 0.23% | New | 105,412 | $2.5M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -7.2% | 105,232 | $2.5M |
| Orion Porfolio Solutions, LLC | 0.02% | Add +3.8% | 92,276 | $2.2M |
| Orion Portfolio Solutions, LLC | 0.02% | Add +3.8% | 92,276 | $2.2M |
| NTV Asset Management LLC | 0.31% | Add +5.5% | 91,670 | $2.2M |
| Kestra Private Wealth Services, LLC | 0.04% | Reduce -14.0% | 91,111 | $2.2M |
| Oder Investment Management, LLC | 1.98% | Reduce -3.8% | 91,058 | $2.2M |
| Jackson Hole Capital Partners, LLC | 0.46% | Reduce -0.7% | 86,485 | $2.1M |
| Prudential Financial Inc. | 0.00% | Add +98.4% | 85,580 | $2.1M |
| Ranch Capital Advisors Inc. | 1.05% | Reduce -2.1% | 83,495 | $2.0M |
| Dearborn Partners LLC | 0.09% | Reduce -4.3% | 82,960 | $2.0M |
| Addison Capital Co | 0.85% | Add +42.2% | 81,571 | $2.0M |
| Transcend Capital Advisors, LLC | 0.14% | Add +16.9% | 81,541 | $2.0M |
| Waverly Advisors, LLC | 0.04% | Add +1.1% | 81,030 | $1.9M |
| Whittier Trust Co. of Nevada Inc. | 0.05% | Reduce -17.6% | 76,535 | $1.8M |
| Envestnet Portfolio Solutions, Inc. | 0.01% | Add +27.1% | 75,764 | $1.8M |
| James Investment Research, Inc. | 0.21% | Reduce -0.7% | 73,016 | $1.7M |
| NewEdge Advisors, LLC | 0.01% | Add +25072.1% | 72,244 | $1.7M |
| Northwest Wealth Management, LLC | 0.42% | Reduce -14.7% | 67,680 | $1.6M |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +14.6% | 66,457 | $1.6M |
| Activest Wealth Management | 0.51% | Add +10.9% | 64,637 | $1.5M |
| Raymond James Financial Services Advisors, Inc. | 0.00% | Add +3.2% | 63,641 | $1.5M |
| Wedbush Securities Inc. | 0.05% | Add +234.3% | 62,069 | $1.5M |
| Graypoint LLC | 0.10% | Reduce -34.5% | 60,726 | $1.5M |
| Northwestern Mutual Wealth Management Co. | 0.00% | Reduce -3.4% | 60,458 | $1.4M |
| Burke & Herbert Bank & Trust Co. | 0.35% | New | 59,480 | $1.4M |
| Benjamin Edwards Inc. | 0.27% | Reduce -0.7% | 58,705 | $1.4M |
| Ameritas Advisory Services, LLC | 0.05% | Add +8.1% | 57,769 | $1.4M |
| Comerica Bank | 0.01% | Add +9.6% | 56,630 | $1.4M |
| Ausdal Financial Partners, Inc. | 0.14% | Add +0.9% | 55,842 | $1.3M |
| Brown, Lisle/Cummings, Inc. | 0.42% | Reduce -0.7% | 54,250 | $1.3M |
| Walter & Keenan Wealth Management LLC /in/ | 0.41% | Reduce -1.9% | 53,506 | $1.3M |
| Diligent Investors, LLC | 0.31% | Reduce -1.9% | 52,198 | $1.3M |
| IFP Advisors, Inc | 0.05% | Add +198.3% | 51,837 | $1.2M |
| Schonfeld Strategic Advisors LLC | 0.01% | Add +139.9% | 50,120 | $1.2M |
| Global Retirement Partners, LLC | 0.04% | Reduce -11.2% | 49,852 | $1.2M |
| Stelac Advisory Services LLC | 0.48% | No change | 48,051 | $1.2M |
| Goldstone Financial Group, LLC | 0.23% | Add +31.7% | 47,449 | $1.1M |
| Financial Counselors Inc. | 0.02% | Reduce -12.9% | 46,862 | $1.1M |
| Advisory Services Network, LLC | 0.02% | Add +2.3% | 45,840 | $1.1M |
| Gladstone Institutional Advisory LLC | 0.06% | Add +96.0% | 44,616 | $1.1M |
| Capital Investment Advisory Services, LLC | 0.11% | Add +1.6% | 44,423 | $1.1M |
| Beta Wealth Group, Inc. | 0.50% | Reduce -11.0% | 43,993 | $1.1M |
| Thrivent Financial for Lutherans | 0.00% | Add +20.2% | 43,953 | $1.1M |
| King Wealth Management Group | 0.17% | Reduce -1.6% | 42,800 | $1.0M |
| Delta Capital Management LLC | 0.62% | No change | 41,975 | $1.0M |
| Corient Private Wealth LP | 0.00% | Add +1.7% | 41,826 | $1.0M |
| Ironwood Investment Counsel, LLC | 0.17% | Reduce -30.5% | 40,782 | $977K |
| LYNX Capital Group Ltd. | 0.68% | Add +2.3% | 40,737 | $976K |
| Steward Partners Investment Advisory, LLC | 0.01% | Reduce -5.0% | 40,670 | $974K |
| &partners | 0.04% | Reduce -26.3% | 40,640 | $974K |
| Pinnacle Associates Ltd. | 0.02% | Reduce -3.2% | 40,547 | $972K |
| D.A. Davidson & Co. | 0.01% | Add +9.2% | 37,243 | $892K |
| Kades & Cheifetz LLC | 0.56% | Reduce -7.0% | 37,189 | $891K |
| Sowell Financial Services LLC | 0.04% | Add +4.6% | 36,292 | $870K |
| Clear Harbor Asset Management, LLC | 0.07% | Reduce -7.8% | 34,260 | $821K |
| Old National Bancorp | 0.02% | No change | 34,085 | $817K |
| Mgo One Seven LLC | 0.04% | Add +3.1% | 33,544 | $804K |
| Atria Wealth Solutions, Inc. | 0.01% | Add +6.3% | 33,405 | $800K |
| Vectors Research Management, LLC | 0.24% | Reduce -2.1% | 33,121 | $794K |
| Howard Wealth Management, LLC | 0.62% | New | 33,055 | $792K |
| Pekin Hardy Strauss, Inc. | 0.11% | Reduce -0.6% | 32,410 | $777K |
| Courier Capital LLC | 0.06% | Reduce -3.9% | 31,993 | $767K |
| Aft, Forsyth & Company, Inc. | 0.37% | Reduce -5.7% | 31,166 | $747K |
| Etesian Wealth Advisors, Inc. | 0.42% | Reduce -0.3% | 31,154 | $746K |
| 1834 Investment Advisors Co. | 0.09% | Reduce -12.8% | 31,142 | $746K |
| First Horizon Advisors, Inc. | 0.02% | Reduce -2.6% | 28,670 | $687K |
| J. W. Coons Advisors, LLC | 0.13% | Reduce -5.6% | 28,330 | $679K |
| Cwm, LLC | 0.00% | Add +123.3% | 27,953 | $670K |
| Invst, LLC | 0.07% | Reduce -24.8% | 27,739 | $660K |
| Prudential PLC | 0.00% | Reduce -32.1% | 27,500 | $659K |
| Oppenheimer & Co. Inc. | 0.01% | Reduce -6.7% | 27,310 | $654K |
| Avantax Advisory Services, Inc. | 0.00% | Reduce -1.6% | 26,916 | $645K |
| Klingman & Associates, LLC | 0.04% | Add +4.1% | 26,827 | $643K |
| Patten & Patten Inc. | 0.04% | Reduce -25.1% | 26,136 | $626K |
| Equitable Holdings, Inc. | 0.01% | Add +18.5% | 25,619 | $614K |
| HB Wealth Management, LLC | 0.01% | Add +0.4% | 25,131 | $602K |
| Redwood Financial Network Corp | 0.50% | Reduce -11.1% | 25,077 | $601K |
| B. Riley Wealth Advisors, Inc. | 0.01% | Add +2.0% | 24,188 | $580K |
| Mfa Wealth Advisors, LLC | 0.12% | Add +2.2% | 22,515 | $539K |
| Palouse Capital Management, Inc. | 0.35% | Add +0.0% | 22,072 | $529K |
| Pine Harbor Wealth Management, LLC | 0.31% | No change | 22,062 | $529K |
| Fort Sheridan Advisors LLC | 0.08% | Add +22.6% | 21,700 | $520K |
| Cooper Financial Group | 0.08% | Reduce -0.3% | 21,454 | $514K |
| Bank of New York Mellon Corp | 0.00% | Add +10.7% | 20,918 | $501K |
| WealthShield Partners, LLC | 0.08% | Reduce -1.8% | 20,866 | $500K |
| Insigneo Advisory Services, LLC | 0.05% | Add +25.2% | 20,528 | $485K |
| Roman Butler Fullerton & Co. | 0.15% | Reduce -7.2% | 19,854 | $477K |
| Venture Visionary Partners LLC | 0.02% | New | 19,707 | $472K |
| RPg Family Wealth Advisory, LLC | 0.15% | Add +12.6% | 19,160 | $459K |
| Mercer Global Advisors Inc. | 0.00% | Reduce -7.6% | 19,050 | $456K |
| Pinnacle Wealth Management Advisory Group, LLC | 0.05% | Reduce -1.9% | 18,424 | $441K |
| Truist Financial Corp. | 0.00% | Add +2.4% | 17,776 | $426K |
| Anchor Capital Advisors LLC | 0.01% | No change | 17,380 | $416K |
| PFG Investments, LLC | 0.03% | Add +0.6% | 16,924 | $405K |
| RVW Wealth, LLC | 0.04% | Reduce -41.7% | 16,592 | $398K |
| Valley Wealth Managers, Inc. | 0.03% | Reduce -6.8% | 16,222 | $389K |
| FinTrust Capital Advisors, LLC | 0.07% | No change | 15,959 | $382K |
| AllSquare Wealth Management LLC | 0.23% | No change | 15,700 | $376K |
| Nottingham Advisors, Inc. | 0.04% | Reduce -8.0% | 15,267 | $366K |
| Transatlantique Private Wealth LLC | 0.15% | No change | 14,838 | $356K |
| BTS Asset Management, Inc. | 0.31% | Reduce -9.7% | 13,857 | $332K |
| Marion Wealth Management | 0.10% | Reduce -3.7% | 13,820 | $331K |
| Bright Futures Wealth Management, LLC. | 0.18% | No change | 13,692 | $325K |
| Mutual Advisors, LLC | 0.01% | Add +4.0% | 13,294 | $319K |
| Focus Partners Wealth | 0.00% | Add +6.7% | 12,908 | $309K |
| United Capital Financial Advisors, LLC | 0.00% | No change | 11,944 | $286K |
| Patton Albertson Miller Group, LLC | 0.04% | No change | 11,537 | $276K |
| Thoroughbred Financial Services, LLC | 0.02% | Add +3.9% | 11,533 | $276K |
| Atria Investments, Inc | 0.00% | Reduce -90.9% | 11,301 | $271K |
| Neuberger Berman Group LLC | 0.00% | Reduce -1.8% | 11,200 | $268K |
| Endowment Wealth Management, Inc. | 0.19% | Reduce -3.5% | 11,085 | $266K |
| High Net Worth Advisory Group LLC | 0.08% | No change | 10,800 | $259K |
| Geneos Wealth Management Inc. | 0.01% | Reduce -8.9% | 10,713 | $257K |
| SignalPoint Asset Management, LLC | 0.07% | No change | 10,628 | $255K |
| Ehrlich Financial Group | 0.20% | New | 10,614 | $254K |
| Everpar Advisors LLC | 0.13% | No change | 10,551 | $253K |
| Royal Capital Wealth Management, LLC | 0.19% | Reduce -19.9% | 10,500 | $252K |
| StoneX Group Inc. | 0.02% | Add +24.1% | 10,475 | $251K |
| Disciplined Investments, LLC | 0.13% | Reduce -19.9% | 10,300 | $247K |
| Trust Co. of Oklahoma | 0.09% | No change | 10,106 | $242K |
| Chilton Capital Management LLC | 0.01% | Reduce -1.1% | 10,099 | $242K |
| First Manhattan Co. Llc. | 0.00% | No change | 10,000 | $240K |
| Old North State Trust, LLC | 0.20% | Reduce -1.6% | 9,735 | $233K |
| Kovack Advisors, Inc. | 0.03% | Add +12.1% | 9,665 | $232K |
| Petix & Botte Co | 0.07% | New | 9,632 | $231K |
| LFA - Lugano Financial Advisors SA | 0.17% | Reduce -5.6% | 9,514 | $228K |
| CIBC Private Wealth Group LLC | 0.00% | Reduce -34.8% | 9,370 | $226K |
| Wealthcare Advisory Partners LLC | 0.01% | New | 9,405 | $225K |
| Farther Finance Advisors, LLC | 0.01% | Reduce -0.4% | 9,361 | $223K |
| Koshinski Asset Management, Inc. | 0.02% | New | 9,141 | $219K |
| Family Investment Center, Inc. | 0.07% | Reduce -18.7% | 9,127 | $219K |
| TrinityPoint Wealth, LLC | 0.03% | Reduce -1.8% | 9,006 | $216K |
| Commerce Bank | 0.00% | No change | 8,881 | $213K |
| Diversify Wealth Management, LLC | 0.03% | — | 8,818 | $208K |
| Qube Research & Technologies Ltd | 0.00% | Reduce -82.8% | 8,657 | $207K |
| Proficio Capital Partners LLC | 0.02% | No change | 8,615 | $206K |
| Atwood & Palmer Inc. | 0.02% | Reduce -4.5% | 8,551 | $205K |
| MGB Wealth Management, LLC | 0.07% | Add +2.0% | 8,099 | $196K |
| Fifth Third Bancorp | 0.00% | No change | 7,950 | $190K |
| Blair William & Co. | 0.00% | Reduce -15.5% | 7,879 | $189K |
| BNP Paribas Financial Markets | 0.00% | Add +117.3% | 6,529 | $156K |
| Brown Brothers Harriman & Co. | 0.00% | No change | 6,038 | $145K |
| ORG Partners LLC | 0.02% | New | 5,900 | $140K |
| Capital Advisors, Ltd. LLC | 0.02% | No change | 5,020 | $120K |
| Carolinas Wealth Consulting LLC | 0.02% | Add +3.6% | 4,342 | $104K |
| Sound Income Strategies, LLC | 0.01% | Reduce -0.3% | 3,982 | $95K |
| Jones Financial Companies LLLP | 0.00% | Add +184.9% | 3,675 | $88K |
| Key Financial Inc | 0.02% | Add +59.6% | 3,370 | $81K |
| Hazlett, Burt & Watson, Inc. | 0.04% | Reduce -8.2% | 2,917 | $69K |
| Barrett & Company, Inc. | 0.03% | No change | 2,722 | $65K |
| National Bank of Canada | 0.00% | No change | 2,662 | $63K |
| Camelot Portfolios, LLC | 0.03% | New | 2,256 | $54K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -40.2% | 2,080 | $50K |
| Carmichael Hill & Associates, Inc. | 0.02% | No change | 1,600 | $38K |
| HM Payson & Co. | 0.00% | No change | 1,388 | $33K |
| Boyd Watterson Asset Management LLC | 0.01% | Add +17.1% | 1,132 | $27K |
| Glass Jacobson Investment Advisors llc | 0.01% | Add +1.3% | 1,028 | $25K |
| Vermillion & White Wealth Management Group, LLC | 0.02% | No change | 997 | $24K |
| Tyler-Stone Wealth Management | 0.01% | No change | 900 | $22K |
| CoreCap Advisors, LLC | 0.00% | No change | 891 | $21K |
| Colonial Trust Co / SC | 0.00% | No change | 879 | $21K |
| Harbour Investments, Inc. | 0.00% | Reduce -42.3% | 838 | $20K |
| McIlrath & Eck, LLC | 0.00% | No change | 800 | $19K |
| M&R Capital Management Inc. | 0.00% | No change | 600 | $14K |
| International Assets Investment Management, LLC | 0.00% | New | 509 | $12K |
| Financial Perspectives, Inc | 0.00% | No change | 505 | $12K |
| Allworth Financial LP | 0.00% | No change | 472 | $11K |
| Salomon & Ludwin, LLC | 0.00% | No change | 425 | $10K |
| Sage Mountain Advisors LLC | 0.00% | No change | 400 | $10K |
| Penserra Capital Management LLC | 0.00% | Add +2.5% | 331 | $8K |
| Concourse Financial Group Securities, Inc. | 0.00% | Add +116.7% | 325 | $8K |
| Register Financial Advisors LLC | 0.00% | No change | 260 | $6K |
| Glassman Wealth Services | 0.00% | New | 250 | $6K |
| Tower Research Capital LLC (TRC) | 0.00% | No change | 224 | $5K |
| Rothschild Investment LLC | 0.00% | No change | 150 | $4K |
| Signaturefd, LLC | 0.00% | New | 111 | $3K |
| Assetmark, Inc. | 0.00% | New | 105 | $3K |
| DHJJ Financial Advisors, Ltd. | 0.00% | No change | 82 | $2K |
| Gradient Investments LLC | 0.00% | New | 81 | $2K |
| Byrne Asset Management LLC | 0.00% | No change | 80 | $2K |
| NFSG Corp | 0.00% | Reduce -92.4% | 79 | $2K |
| FMR LLC | 0.00% | No change | 1 | $24 |
| O'shaughnessy Asset Management, LLC | 0.00% | No change | 1 | $24 |
| Evergreen Private Wealth LLC | 0.00% | New | 1 | $24 |
"% of holder's portfolio" is VRP's weight in each manager's 13F, not the share of Invesco Variable Rate Prefer the manager owns.