ISHARES MSCI BRAZIL ETF

EWZ's $41.9 million tracked institutional book is dominated by just two holders controlling 86.0% of it combined, and both added exposure during a quarter when the data implies the fund's price fell roughly 10.1%. Armstrong Advisory Group, the largest holder at 62.3% of the book, increased its share count 3.2% (732,490 to 755,740 shares) even as the price decline meant its position's dollar value still fell $2.0 million. Whitcomb & Hess, the second-largest holder at 23.7%, did the same, adding 2.5% more shares. The most aggressive buyer by percentage was Bay Colony Advisory Group, which grew its stake 63.6% (14,904 to 24,382 shares) — a large enough increase that its position's dollar value rose $269,010 despite the falling price, the only holder whose buying outpaced the decline. Not everyone read the pullback as an opportunity: AFG Fiduciary Services cut its position 6.8%, and two smaller holders — Holcombe Financial and Miller Global Investments — trimmed modestly. Three new holders opened positions this quarter, led by GK Wealth Management ($488,054).