SCHMIDT P J INVESTMENT MANAGEMENT INC

Schmidt P J Investment Management added to Microsoft this quarter — shares up 4.8% (85,342 to 89,453) — yet the position's reported dollar value fell from $41.3 million to $33.1 million, because Microsoft's price declined enough to erase the effect of the purchase entirely. The share-flow figure of +$1.52 million is the only number that shows the real buying. Elsewhere, three ETFs were replaced by three others of similar dollar size — SPDR MidCap Small-Cap, Invesco QQQ (a CUSIP reissuance, not a genuine trade), and Exxon Mobil — while Roper Technologies and a small Alphabet Class A stake were fully exited.