PORCH GROUP INC

Wealth Enhancement Advisory Services opened a new $221,948 position in Porch Group this quarter — 14,946 shares — becoming the third-largest holder in a stock with just 10 institutions tracked. It's the most consequential real trade in the filing, but the bigger number belongs to Moody National Bank Trust Division, whose position grew by $5.2 million in reported value while its share count moved by just 1,700 shares, a 0.26% change. The math embedded in that near-flat position, echoed exactly in Diversified Trust Co's unchanged 33,287-share stake, implies Porch Group's own share price roughly doubled this quarter — from about $7.17 to about $15.04. Moody National remains overwhelmingly the dominant holder at 91.6% of the $10.8 million in institutional value 13F Insight can see, a concentration that owes almost nothing to trading this quarter and almost everything to price. Diversified Trust, which didn't trade at all, is the second-largest holder purely by virtue of holding on. GAMMA Investing was the one seller of note, trimming 3.9%, and Marquette Asset Management opened a small new toe-hold position alongside Wealth Enhancement's larger one.