SHELL PLC

QRG Capital Management added a real 10.5% to its Shell position this quarter (201,048 to 222,107 shares, +$1.6 million in flow terms) — and the position's reported dollar value still dropped by $1.5 million, because Shell's stock price fell enough to overwhelm the purchase. That same pattern — real share-count increases paired with falling dollar values — recurs across nearly every buyer in Shell's 263-holder table this quarter: Viking Fund Management, Crossmark Global Holdings, Wealth Enhancement Advisory Services, and Augustine Asset Management all grew their share counts while their positions' dollar values fell. Shell's institutional book saw real buying and real selling roughly balanced this quarter; the falling stock price is the common thread running through nearly every holder's numbers.