NEVILLE RODIE & SHAW INC

Neville Rodie & Shaw's 334-position 13F grew 12.3% to $1.55 billion this quarter, but almost none of that came from trading — the wealth manager opened just two new positions (Intel, $7.5 million; Moog, $7.1 million) and closed just two (Honeywell, McDonald's), a turnover rate of barely 1% across the book. The growth was almost entirely a passenger effect: Lam Research's share price roughly doubled, turning a 2.9% share trim into the single largest dollar gain in the portfolio (+$51.9 million), while Apple and Alphabet both posted double-digit value gains on share counts that barely moved. The one name that stands out from the usual mega-cap set — Quanta Services, the power-grid construction contractor, now the fourth-largest position at 5.2% of the book, ahead of Microsoft — was actually trimmed 7% in shares even as its price surged, suggesting the firm took some chips off a winner rather than doubling down. This is a buy-and-hold, blue-chip client book coasting on market appreciation, not a manager making a quarter of new calls.