STOCK YARDS BANK & TRUST CO

Price action masked real trading twice over at Stock Yards Bank & Trust this quarter — in opposite directions — across its $3.21 billion, 694-position book. Microsoft's share count rose 3.3% — a genuine $4.2 million buy — even as the position's dollar value fell $34.9 million because the stock declined. Chevron shows the opposite: share count fell 31% (a real $17.5 million reduction, the book's largest true trim) while the dollar value dropped only $2.7 million because the stock rose enough to mostly offset the sale. One line needs a caveat: Quanta Services appears as both a new $39.2 million position and a sold $28.9 million position under two different CUSIPs in the same quarter — a share-class reissuance, not an actual round-trip trade. Genuine new money went into Cheniere Energy ($20.0 million), SLB ($18.5 million), and ServiceNow ($17.8 million), while Apollo Global Management, Stryker, and Mondelez were fully exited.