QUEST INVESTMENT MANAGEMENT LLC

Quest Investment Management's single largest trade this quarter was a full $31.98 million exit from the iShares S&P 500 Value ETF (IVE), paired with a $31.08 million real buy into the Vanguard S&P 500 Value ETF (VTV) — a near dollar-for-dollar swap that kept the fund's large-cap value exposure essentially unchanged while moving the vehicle. It wasn't a one-off: Quest ran the identical play one size class down, exiting Vanguard Small-Cap Value (VBR, $15.7 million) and opening Vanguard Russell 2000 Value (VTWV, $16.3 million) — two separate factor-preserving ETF swaps in the same quarter. Beneath the ETF machinery, real single-stock cuts hit Ecolab (-41.3% shares), Monolithic Power Systems (-28.8%), Guidewire (-26.7%), and Costco (-25.3%), while seven new individual names — led by GE Aerospace and Amphenol — joined the book as total AUM fell 7.7% to $856.8 million.