Gruss & Co., LLC

Momentum followerConcentrated strategyQuality / disciplined sizing

Total reported value

$42.8M

Reporting period: 2026-03-31 · Number of holdings: 35

Gruss & Co., LLC disclosed 35 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $42.8M and a quarterly turnover rate of 39.6%.

Personality snowflake

Concentration: 82.69
Portfolio Stability: 39.56
Momentum/Contrarian: 100
Sector conviction: 65.36
Diversification: 70
Sizing Uniformity: 74.66

Recent moves

Add RSVR
+93.1%　$3.0M
Trim AMZN
-38.5%　-$1.3M
Trim MSFT
-16.7%　-$1.1M
Add VIXY
+100.0%　$645.9K
Trim XLEI
-74.3%　-$506.8K
Add AAPL
+55.6%　$331.9K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	GLD	Spdr Gold Shares	ETF-Commodities	42.72%	+0.02%	-13.27%
2	RSVR	Reservoir Media INC	Stock-Other	11.70%	+7.29%	+93.14%
3	AAXJ	Ishares Msci All Country Asi	ETF-Other	4.95%	+0.04%	-8.33%
4	MSFT	Microsoft CORP	Stock-Tech	4.32%	-2.06%	-16.67%
5	AMZN	Amazon.com INC	Stock-Consumer Disc	3.89%	-2.71%	-38.46%
6	BSM	Black Stone Minerals LP	Stock-Other	2.51%	+0.43%	—
7	AAPL	Apple INC	Stock-Tech	2.49%	+0.88%	+55.56%
8	VIXY	Proshares Vix Short-term Fut	ETF-Other	2.41%	+1.56%	+100.00%
9	NVDA	Nvidia CORP	Stock-Tech	2.24%	-0.22%	-8.33%
10	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	1.68%	+1.68%	NEW
11	GDX	Vaneck Gold Miners ETF	ETF-Commodities	1.61%	+0.38%	+15.38%
12	BE	Bloom Energy Corp- A	Stock-Industrials	1.58%	+0.53%	-9.09%
13	EPD	Enterprise Products Partners	Stock-Energy	1.46%	+0.30%	—
14	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	1.35%	—	—
15	META	Meta Platforms Inc-class A	Stock-Comm Services	1.34%	-0.84%	-33.33%
16	XBI	Ss Spdr S&p Biotech ETF	ETF-Tech	1.19%	+0.25%	+14.29%
17	ET	Energy Transfer LP	Stock-Energy	1.08%	+0.17%	-4.00%
18	JPM	Jpmorgan Chase & Co	Stock-Financials	1.03%	+0.32%	+50.00%
19	SMH	Vaneck Semiconductor ETF	ETF-Other	0.90%	+0.11%	—
20	EXE	Expand Energy CORP	Stock-Energy	0.77%	+0.77%	NEW
21	ITA	Ishares U.s. Aerospace & Def	ETF-Other	0.77%	+0.06%	—
22	UBER	Uber Technologies INC	Stock-Industrials	0.76%	+0.76%	NEW
23	EVR	Evercore INC - A	Stock-Financials	0.70%	+0.70%	NEW
24	ACWI	Ishares Msci Acwi ETF	ETF-Other	0.65%	+0.03%	—
25	XLEI	Ss Energy Ss Spdr Prem INC	ETF-Other	0.64%	-1.08%	-74.29%
26	XLK	Ss Technology Select Sector	ETF-Tech	0.62%	-0.01%	—
27	EQT	Eqt CORP	Stock-Energy	0.59%	+0.59%	NEW
28	GDXJ	Vaneck Junior Gold Miners	ETF-Commodities	0.56%	+0.56%	NEW
29	SPHR	Sphere Entertainment Co	Stock-Comm Services	0.55%	+0.55%	NEW
30	DECK	Deckers Outdoor CORP	Stock-Consumer Disc	0.53%	+0.02%	—
31	FRMI	Fermi INC	Stock-Other	0.51%	+0.33%	+275.00%
32	KYN	Kayne Anderson Energy Infra	Stock-Other	0.50%	+0.09%	—
33	TMUS	T-mobile US INC	Stock-Comm Services	0.49%	+0.04%	—
34	NG	Novagold Resources INC	Stock-Other	0.47%	-0.55%	-55.00%
35	HSAI	Hesai Group	Stock-Other	0.45%	-0.04%	—

Portfolio Performance

Performance for Q3 2026

-5.9%

Performance Last 4 Quarters

+23.1%

Stdev: +13.3%
Beta: +0.74
Alpha: +6.5%
Max Drawdown: -8.7%
Annualized Perf: +21.1%
Batting Avg vs S&P: +58.3%
Sortino: +2.89
Stutzer: +0.43
Treynor: +0.27
Sterling: +1.35
Calmar: +2.43
Information Ratio: +0.18
Tracking Error: +9.6%
Stdev Down: +7%
Winning Months %: +72.2%
Losing Months %: +27.8%
Best 12 Months: +49.1%
Worst 12 Months: +13.5%
Efficiency Ratio: +0.66
Sharpe: +1.52
Stdev Sectors: +9.2%
Skewness: -0.34
Kurtosis: +0.27
Upside Potential: +4.28

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	35	$42.8M	40	1GLD 2RSVR 3AAXJ Top holdings2026-03-31 1.GLD 2.RSVR 3.AAXJ 4.MSFT 5.AMZN 6.BSM 7.AAPL 8.VIXY 9.NVDA 10.GOOGL
2025-12-31	35	$45.5M	41	1GLD 2AMZN 3MSFT Top holdings2025-12-31 1.GLD 2.AMZN 3.MSFT 4.AAXJ 5.EEM 6.RSVR 7.NVDA 8.WBD 9.META 10.BSM
2025-09-30	32	$38.4M	68	1GLD 2MSFT 3AAXJ Top holdings2025-09-30 1.GLD 2.MSFT 3.AAXJ 4.AMZN 5.AAPL 6.NVDA 7.BSM 8.META 9.JPM 10.QQQ
2025-06-30	20	$21.4M	0	1GLD 2AMZN 3MSFT Top holdings2025-06-30 1.GLD 2.AMZN 3.MSFT 4.AAXJ 5.NVDA 6.BSM 7.BHC 8.META 9.AAPL 10.QQQ
2025-03-31	25	$22.9M	100	1GLD 2MSFT 3AMZN Top holdings2025-03-31 1.GLD 2.MSFT 3.AMZN 4.BSM 5.META 6.NVDA 7.AAPL 8.JPM 9.QQQ 10.GOOGL
2024-12-31	23	$23.4M	0	1MSFT 2GLD 3NKE Top holdings2024-12-31 1.MSFT 2.GLD 3.NKE 4.AMZN 5.SPY 6.QQQ 7.META 8.AAPL 9.NVDA 10.BSM
2024-09-30	19	$12.7M	0	1GLD 2MSFT 3SMH Top holdings2024-09-30 1.GLD 2.MSFT 3.SMH 4.BSM 5.AAPL 6.GDX 7.QQQ 8.META 9.XLU 10.TBT
2024-06-30	17	$18.4M	0	1META 2NVDA 3GLD Top holdings2024-06-30 1.META 2.NVDA 3.GLD 4.MSFT 5.AAPL 6.QQQ 7.GOOGL 8.SOXX 9.AMZN 10.BSM
2024-03-31	21	$18.1M	0	1QQQ 2META 3GLD Top holdings2024-03-31 1.QQQ 2.META 3.GLD 4.MSFT 5.EWJ 6.NVDA 7.BSM 8.AAPL 9.XLV 10.AMZN
2023-12-31	18	$12.9M	0	1QQQ 2MSFT 3NVDA Top holdings2023-12-31 1.QQQ 2.MSFT 3.NVDA 4.BSM 5.GLD 6.PFE 7.EWJ 8.AMZN 9.XLV 10.META
2023-09-30	17	$11.8M	0	1XLE 2BXMT 3QQQ Top holdings2023-09-30 1.XLE 2.BXMT 3.QQQ 4.GLD 5.BSM 6.MSFT 7.TBT 8.AAPL 9.UBER 10.NVDA
2023-06-30	19	$16.5M	0	1MSFT 2GLD 3NVDA Top holdings2023-06-30 1.MSFT 2.GLD 3.NVDA 4.BXMT 5.AAPL 6.EWJ 7.QQQ 8.BSM 9.AMZN 10.TBT
2023-03-31	24	$15.8M	0	1GLD 2NVDA 3BXMT Top holdings2023-03-31 1.GLD 2.NVDA 3.BXMT 4.AAPL 5.ABCL 6.MSFT 7.TBT 8.BSM 9.EOSE 10.QQQ
2022-12-31	22	$16.2M	0	1ABCL 2TBT 3NE Top holdings2022-12-31 1.ABCL 2.TBT 3.NE 4.BXMT 5.BSM 6.GLD 7.MRNA 8.EOSE 9.NVDA 10.AAPL
2022-09-30	14	$11.6M	0	1ABCL 2TBT 3BXMT Top holdings2022-09-30 1.ABCL 2.TBT 3.BXMT 4.BSM 5.GLD 6.AAPL 7.IHF 8.TR 9.MSFT 10.EOSE
2022-06-30	19	$14.4M	0	1ABCL 2BXMT 3BSM Top holdings2022-06-30 1.ABCL 2.BXMT 3.BSM 4.TBT 5.GLD 6.AAPL 7.IHF 8.PXDEUR 9.TR 10.MSFT
2022-03-31	26	$22.5M	0	1ABCL 2BXMT 3TBT Top holdings2022-03-31 1.ABCL 2.BXMT 3.TBT 4.CVX 5.GLD 6.BSM 7.PXDEUR 8.SEA1EUR 9.AAPL 10.SLB
2021-12-31	33	$37.3M	0	1ABCL 2SPY 3BXMT Top holdings2021-12-31 1.ABCL 2.SPY 3.BXMT 4.GOOGL 5.TBT 6.AMZN 7.GLD 8.AAPL 9.QQQ 10.BSM
2021-09-30	29	$35.8M	0	1ABCL 2GLD 3TBT Top holdings2021-09-30 1.ABCL 2.GLD 3.TBT 4.BXMT 5.SPY 6.GOOGL 7.ARKK 8.AAPL 9.ASAN 10.BSM
2021-06-30	25	$27.6M	93	1BXMT 2GLD 3TBT Top holdings2021-06-30 1.BXMT 2.GLD 3.TBT 4.ARKK 5.AMZN 6.MSFT 7.BSM 8.GOOGL 9.AAPL 10.ARKG
2021-03-31	24	$24.1M	71	1BXMT 2TBT 3ASHR Top holdings2021-03-31 1.BXMT 2.TBT 3.ASHR 4.ARKK 5.GLD 6.JWNUSD 7.BSM 8.WFC 9.ARKG 10.MSFT
2020-12-31	28	$26.0M	100	1BXMT 2ARKK 3GLD Top holdings2020-12-31 1.BXMT 2.ARKK 3.GLD 4.ASHR 5.BSM 6.WFC 7.ARKG 8.IBKR 9.XLE 10.AAPL
2020-09-30	23	$373.2M	100	1SPY 2AMZN 3GLD Top holdings2020-09-30 1.SPY 2.AMZN 3.GLD 4.BXMT 5.BSM 6.ASHR 7.IAUUSD 8.IBKR 9.0VVB 10.XLE
2020-06-30	31	$52.1M	58	1GLD 2AMZN 3BXMT Top holdings2020-06-30 1.GLD 2.AMZN 3.BXMT 4.IAUUSD 5.BSM 6.ET 7.BRK-A 8.MSFT 9.BX 10.AAPL
2020-03-31	27	$53.7M	47	1AMZN 2GLD 3MSFT Top holdings2020-03-31 1.AMZN 2.GLD 3.MSFT 4.IAUUSD 5.GOOGL 6.AAPL 7.GOOG 8.BRK-A 9.BX 10.WPC
2019-12-31	30	$81.8M	29	1AMZN 2AAPL 3GLD Top holdings2019-12-31 1.AMZN 2.AAPL 3.GLD 4.IAUUSD 5.MSFT 6.BSM 7.T 8.GOOGL 9.09257w 10.GOOG
2019-09-30	33	$82.2M	39	1AMZN 2IAUUSD 3AAPL Top holdings2019-09-30 1.AMZN 2.IAUUSD 3.AAPL 4.GLD 5.T 6.MSFT 7.GOOGL 8.09257w 9.GOOG 10.WPC
2019-06-30	41	$92.4M	34	1AMZN 2GLD 3AAPL Top holdings2019-06-30 1.AMZN 2.GLD 3.AAPL 4.IAUUSD 5.MSFT 6.WPC 7.09257w 8.GOOGL 9.BSM 10.T
2019-03-31	39	$95.5M	47	1AMZN 2MSFT 3AAPL Top holdings2019-03-31 1.AMZN 2.MSFT 3.AAPL 4.BSM 5.GLD 6.BA 7.NRE 8.IAUUSD 9.GOOGL 10.WPC
2018-12-31	33	$77.8M	45	1AMZN 2GLD 3MSFT Top holdings2018-12-31 1.AMZN 2.GLD 3.MSFT 4.AAPL 5.BSM 6.NRE 7.09257w 8.GOOGL 9.WPC 10.GOOG
2018-09-30	30	$101.3M	31	1AMZN 2AAPL 3MSFT Top holdings2018-09-30 1.AMZN 2.AAPL 3.MSFT 4.BSM 5.BABA 6.GLD 7.META 8.T 9.GOOGL 10.09257w
2018-06-30	36	$98.2M	24	1AMZN 2AAPL 3MSFT Top holdings2018-06-30 1.AMZN 2.AAPL 3.MSFT 4.GLD 5.META 6.BSM 7.GOOG 8.GOOGL 9.124857 10.09257w
2018-03-31	35	$98.9M	30	1AMZN 2AAPL 3GLD Top holdings2018-03-31 1.AMZN 2.AAPL 3.GLD 4.97717w 5.MSFT 6.META 7.BSM 8.GOOG 9.GOOGL 10.09257w
2017-12-31	32	$102.3M	26	1AMZN 2META 3AAPL Top holdings2017-12-31 1.AMZN 2.META 3.AAPL 4.GLD 5.MSFT 6.97717w 7.GOOG 8.GOOGL 9.BSM 10.09257w
2017-09-30	33	$88.6M	32	1AMZN 2META 3AAPL Top holdings2017-09-30 1.AMZN 2.META 3.AAPL 4.GLD 5.GOOG 6.GOOGL 7.BSM 8.09257w 9.WPC 10.09253u
2017-06-30	36	$88.5M	24	1AMZN 2META 3SPY Top holdings2017-06-30 1.AMZN 2.META 3.SPY 4.GLD 5.AAPL 6.GOOG 7.GOOGL 8.BSM 9.09257w 10.WPC
2017-03-31	42	$99.0M	28	1AMZN 2SPY 3META Top holdings2017-03-31 1.AMZN 2.SPY 3.META 4.AAPL 5.GLD 6.WPC 7.BSM 8.GOOG 9.GOOGL 10.09257w
2016-12-31	43	$91.6M	31	1AMZN 2SPY 3AAPL Top holdings2016-12-31 1.AMZN 2.SPY 3.AAPL 4.META 5.GLD 6.WPC 7.BSM 8.09257w 9.GOOG 10.GOOGL
2016-09-30	37	$80.0M	31	1AMZN 2SPY 3AAPL Top holdings2016-09-30 1.AMZN 2.SPY 3.AAPL 4.GLD 5.WPC 6.META 7.BSM 8.09257w 9.GOOG 10.OSG1EUR
2016-06-30	39	$82.8M	45	1AMZN 2AAPL 3WPC Top holdings2016-06-30 1.AMZN 2.AAPL 3.WPC 4.GLD 5.SPY 6.META 7.SLB 8.BSM 9.OSG1EUR 10.09257w
2016-03-31	38	$72.8M	35	1AAPL 2GLD 3WPC Top holdings2016-03-31 1.AAPL 2.GLD 3.WPC 4.AMZN 5.META 6.LBTYA 7.SLB 8.09257w 9.09253u 10.NFLX
2015-12-31	39	$75.0M	51	1META 2AMZN 3WPC Top holdings2015-12-31 1.META 2.AMZN 3.WPC 4.AAPL 5.GLD 6.LBTYA 7.69036R 8.09253u 9.USA 10.TMUS
2015-09-30	33	$63.6M	90	1META 2WPC 3GLD Top holdings2015-09-30 1.META 2.WPC 3.GLD 4.AAPL 5.LBTYA 6.AMZN 7.09253u 8.PYPL 9.BRK-A 10.USA
2015-06-30	43	$114.6M	52	197717x2SPY 3META Top holdings2015-06-30 1.97717x 2.SPY 3.META 4.VPL 5.AAPL 6.LBTYA 7.GLD 8.WPC 9.BXUSD 10.VEA
2015-03-31	39	$93.7M	67	1SPY 2AAPL 3WPC Top holdings2015-03-31 1.SPY 2.AAPL 3.WPC 4.GLD 5.VPL 6.LBTYA 7.VEA 8.BXUSD 9.SSO 10.PFE
2014-12-31	41	$70.4M	66	1GLD 2WPC 3AAPL Top holdings2014-12-31 1.GLD 2.WPC 3.AAPL 4.SSO 5.LBTYA 6.DMLP 7.AMZN 8.BXUSD 9.PAA 10.PE1EUR
2014-09-30	48	$80.6M	36	1GLD 2WPC 3AAPL Top holdings2014-09-30 1.GLD 2.WPC 3.AAPL 4.R6C2 5.DMLP 6.ADT 7.SLB 8.TNK 9.PAA 10.AMZN
2014-06-30	51	$88.0M	45	1GLD 2WPC 3AAPL Top holdings2014-06-30 1.GLD 2.WPC 3.AAPL 4.SLB 5.TNK 6.WFRD 7.PAA 8.FEZ 9.GNMK 10.AMZN
2014-03-31	53	$85.8M	49	1GLD 2WPC 3ARL Top holdings2014-03-31 1.GLD 2.WPC 3.ARL 4.AAPL 5.GOOG 6.SLB 7.WFRD 8.ADT 9.PAA 10.MWA
2013-12-31	54	$87.0M	34	1GLD 2WPC 3TBT Top holdings2013-12-31 1.GLD 2.WPC 3.TBT 4.AAPL 5.SLB 6.GOOG 7.WFRD 8.VOD 9.XHB 10.PAA
2013-09-30	55	$82.8M	2	1GLD 2WPC 3AAPL Top holdings2013-09-30 1.GLD 2.WPC 3.AAPL 4.SLB 5.WFRD 6.TBT 7.DBAUSD 8.RDS-A 9.GOOG 10.OXY
2013-06-30	50	$2.9B	0	1ULCC 2MWA 3WFRD Top holdings2013-06-30 1.ULCC 2.MWA 3.WFRD 4.TASTUSD 5.ATVIEUR 6.DBAUSD 7.BAC 8.IAUUSD 9.F 10.GLD

Holding changes this quarter

Gruss & Co., LLC's most significant position changes for 2026-03-31: Sold out: Ishares Msci Emerging Market (EEM); Sold out: Warner Bros Discovery INC (WBD); Sold out: Ishares Silver Trust (SLV); New buy: Alphabet Inc-cl A (GOOGL); New buy: Expand Energy CORP (EXE).

Position changes disclosed by Gruss & Co., LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	RSVR	Reservoir Media INC	+7.3%	+93.14%	Add
2	VIXY	Proshares Vix Short-term Fut	+1.6%	+100.00%	Add
3	AAPL	Apple INC	+0.9%	+55.56%	Add
4	BE	Bloom Energy Corp- A	+0.5%	-9.09%	Trim
5	BSM	Black Stone Minerals LP	+0.4%	—	Unchanged
6	GDX	Vaneck Gold Miners ETF	+0.4%	+15.38%	Add
7	FRMI	Fermi INC	+0.3%	+275.00%	Add
8	JPM	Jpmorgan Chase & Co	+0.3%	+50.00%	Add
9	EPD	Enterprise Products Partners	+0.3%	—	Unchanged
10	XBI	Ss Spdr S&p Biotech ETF	+0.3%	+14.29%	Add
11	ET	Energy Transfer LP	+0.2%	-4.00%	Trim
12	SMH	Vaneck Semiconductor ETF	+0.1%	—	Unchanged
13	KYN	Kayne Anderson Energy Infra	+0.1%	—	Unchanged
14	ITA	Ishares U.s. Aerospace & Def	+0.1%	—	Unchanged
15	AAXJ	Ishares Msci All Country Asi	0%	-8.33%	Trim
16	TMUS	T-mobile US INC	0%	—	Unchanged
17	ACWI	Ishares Msci Acwi ETF	0%	—	Unchanged
18	GLD	Spdr Gold Shares	0%	-13.27%	Trim
19	DECK	Deckers Outdoor CORP	0%	—	Unchanged
20	QQQ	Invesco Qqq Trust Series 1	—	—	Unchanged
21	XLK	Ss Technology Select Sector	0%	—	Unchanged
22	HSAI	Hesai Group	0%	—	Unchanged
23	NVDA	Nvidia CORP	-0.2%	-8.33%	Trim
24	NG	Novagold Resources INC	-0.6%	-55.00%	Trim
25	META	Meta Platforms Inc-class A	-0.8%	-33.33%	Trim
26	XLEI	Ss Energy Ss Spdr Prem INC	-1.1%	-74.29%	Trim
27	MSFT	Microsoft CORP	-2.1%	-16.67%	Trim
28	AMZN	Amazon.com INC	-2.7%	-38.46%	Trim
29	EEM	Ishares Msci Emerging Market	—	EXIT	Sold out
30	WBD	Warner Bros Discovery INC	—	EXIT	Sold out
31	SLV	Ishares Silver Trust	—	EXIT	Sold out
32	GOOGL	Alphabet Inc-cl A	—	NEW	New buy
33	EXE	Expand Energy CORP	—	NEW	New buy
34	GEV	GE Vernova INC	—	EXIT	Sold out
35	UBER	Uber Technologies INC	—	NEW	New buy
36	IGV	Ishares Expanded Tech-softwa	—	EXIT	Sold out
37	EVR	Evercore INC - A	—	NEW	New buy
38	EQT	Eqt CORP	—	NEW	New buy
39	GDXJ	Vaneck Junior Gold Miners	—	NEW	New buy
40	SPHR	Sphere Entertainment Co	—	NEW	New buy
41	XLU	St Sr Utl Sl Se Spdr Etf-usd	—	EXIT	Sold out
42	EL	Estee Lauder Companies-cl A	—	EXIT	Sold out

FAQ

What is Gruss & Co., LLC and what type of investor is it?

Gruss & Co., LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $42.8M, spread across 35 disclosed positions.

What are Gruss & Co., LLC's largest equity positions?

Based on the latest 13F filing, Gruss & Co., LLC's top holdings by market value are: 1. Spdr Gold Shares (GLD) — $18.3M (42.7%) 2. Reservoir Media INC (RSVR) — $5.0M (11.7%) 3. Ishares Msci All Country Asi (AAXJ) — $2.1M (5.0%) 4. Microsoft CORP (MSFT) — $1.9M (4.3%) 5. Amazon.com INC (AMZN) — $1.7M (3.9%)

What changes did Gruss & Co., LLC make in its most recent portfolio filing?

In the latest reported quarter, Gruss & Co., LLC made 31 notable position adjustments: 7 new positions were initiated, 7 existing holdings were added to, 10 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Ishares Msci Emerging Market (EEM); Sold out: Warner Bros Discovery INC (WBD); Sold out: Ishares Silver Trust (SLV); New buy: Alphabet Inc-cl A (GOOGL); New buy: Expand Energy CORP (EXE)

What sectors does Gruss & Co., LLC focus on?

Gruss & Co., LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 35.5% • Consumer Discretionary: 17.3% • Communication Services: 15.9% • Energy: 15.3% • Industrials: 9.2% • Financials: 6.8%