MONTGOMERY INVESTMENT MANAGEMENT INC

The quarter's pivot inside Montgomery Investment Management is a liquidity ticket: iShares 0-3 Month Treasury (SGOV) shares rose about 41%, adding roughly $4.1 million of share-flow buying to a now $14.2 million sleeve (4.3%). Zoom out and almost nothing else traded. United Rentals stayed at exactly 34,030 shares while its market value jumped from $24.8 million to $38.6 million—11.7% of a $330 million book—and VSE Corporation, Deere, and Caterpillar likewise barely moved on shares. This is a concentrated industrial-and-energy book letting marks do the work while dry powder accumulates.