| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 10% | 10% |
Penn Davis McFarland navigated extreme volatility in early 2026, from AI-driven sector crashes to a historic energy supply shock when Iran blocked the Strait of Hormuz. The blockade disrupted 20% of global oil supply, creating a 400-million-barrel shortfall that will drive inflation higher and force demand destruction, particularly in Asia. While global markets face energy shortages and supply chain disruptions, the U.S. benefits from abundant domestic shale production and emergence as the leading LNG exporter. The manager used AI-driven software selloffs as an opportunity to add Salesforce at its lowest valuation since 2004, viewing AI obsolescence fears as overblown. Their existing energy and defense positions have benefited from recent events. With strong balance sheets, shareholder-friendly capital policies, and reasonable valuations, the portfolio is positioned to weather the crisis. The firm maintains significant cash for opportunistic deployment while expecting continued volatility as markets adjust to the new energy reality and potential Fed rate increases.
The fund is positioned to benefit from American energy dominance and geopolitical tensions while selectively adding quality companies like Salesforce at discounted valuations during market volatility.
The manager expects continued volatility and challenges from the energy crisis but believes their portfolio companies will navigate through the period successfully. They maintain cash for opportunistic deployment and are positioned to benefit from American energy dominance and defense spending.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 1 2026 | 2026 Q1 | CHRW, CRM | AI, defense, energy, geopolitics, inflation, Natural Gas, oil, Supply Chain | CRM | Penn Davis McFarland capitalized on AI-driven volatility to add Salesforce while benefiting from energy and defense positions amid Iran's Strait of Hormuz blockade. The 400-million-barrel supply shortfall advantages U.S. energy dominance but threatens global inflation and Fed rate hikes. Strong balance sheets and cash reserves position the portfolio for continued volatility. |
| Jan 11 2026 | 2025 Q4 | COST, NVDA, ORCL | AI, Debt Markets, Fed policy, regulation, tariffs, technology, Valuations | - | Strong 2025 market performance masked significant volatility from tariff uncertainty and debt-fueled AI expansion. Fed's return to QE signals underlying concerns. Firm avoiding AI exposure, focusing on undervalued laggards in consumer staples and software. Maintaining cash reserves for selective deployment, expecting more aggressive positioning if markets weaken significantly. |
| Nov 13 2025 | 2025 Q3 | DKNG, EVO.ST | AI, Fed policy, gaming, inflation, rates, value | EVO SS | Penn Davis McFarland maintains contrarian discipline amid market euphoria, warning of AI overbuilding risks and Fed policy concerns while selectively deploying capital. The firm initiated Evolution AB, a profitable online casino leader trading at attractive valuations due to regulatory headwinds. They position as patient value investors focused on capital preservation over trend-chasing. |
| Jul 27 2025 | 2025 Q2 | UNH | fiscal policy, healthcare, inflation, Quality, rates, value | UNH | Penn Davis McFarland sees parallels to the volatile 1970s but maintains their strategy of buying quality companies at reasonable prices. They increased their UnitedHealth position after Medicare mispricing created opportunity, viewing it as recoverable through annual policy repricing. Despite macro uncertainty and fiscal challenges, they remain optimistic about innovation and maintain cash for opportunities. |
| Apr 30 2025 | 2025 Q1 | SFM | Cash Management, defense, fiscal policy, Grocers, inflation, tariffs, Trade Policy |
SFM FTRE |
Penn Davis McFarland braces for policy-driven volatility as Trump's deficit reduction creates economic detox period. Portfolio emphasizes fortress balance sheet companies while holding elevated cash for opportunities. Trimmed Sprouts Farmers Market after tenfold gain, exited disappointing Fortrea. Expects higher volatility environment but believes disciplined positioning will capitalize on emerging opportunities from fundamental policy shifts. |
| Jan 30 2025 | 2024 Q4 | BRK-A | Cash, energy, healthcare, inflation, rates, value | - | Penn Davis McFarland expects lower returns after two consecutive 20%+ market years, questioning Fed policy amid elevated valuations and fiscal risks. Plans to trim stretched positions while selectively adding in energy, healthcare, and global multinationals. Comfortable holding cash at 4.3% yields while waiting for volatility from new administration to create opportunities. |
| Oct 30 2024 | 2024 Q3 | BRK-A, FTRE, SIRI | Biotechnology, Fed policy, rates, Recession, special situations, value |
FTRE SIRI |
Penn Davis McFarland navigates Fed policy shifts with concentrated special situations strategy. Key holdings include Fortrea turnaround play in contract research and SiriusXM value opportunity post-Liberty Media merger. Despite macro uncertainties from election and inflation risks, firm maintains patient approach with ample cash to capitalize on market dislocations. |
| Jul 30 2024 | 2024 Q2 | AAPL, AMD, AMZN, BA, CSCO, FTRE, GOOGL, INTC, META, MSFT, MTCH, NVDA, PYPL, QCOM, SPR, TSM | AI, Cash, competition, Geopolitical, productivity, semiconductors, technology, value | - | Penn Davis McFarland warns that today's AI infrastructure boom mirrors 2000's internet build-out, where infrastructure leaders like Cisco underperformed despite strong fundamentals. The firm maintains AI exposure through cheaper proxies while avoiding expensive leaders like Nvidia. With market concentration risks and election uncertainty ahead, they're holding cash and seeking value in overlooked sectors outside mega-cap technology. |
| Apr 30 2024 | 2024 Q1 | IMVT, MRNA, PFE, ROIV | Biotechnology, Fed policy, inflation, M&A, monetary policy, Risk Appetite | ROIV | Penn Davis McFarland bought Roivant at negative enterprise value with multiple biotech M&A and patent litigation catalysts worth billions. The Fed's premature inflation victory declaration amid structural price pressures and excessive market speculation from crypto to AI stocks creates volatility risks, but disciplined value investing with cash optionality provides protection. |
| Jan 31 2024 | 2023 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Banking, Cash, credit, Quality, rates, technology | - | Penn Davis McFarland delivered strong 2023 performance through quality stock selection and cash management, outperforming during 2022's downturn and recovering faster than broad markets. Despite AI-driven tech rally dominance, they maintain cautious positioning with substantial cash reserves, preparing for potential credit cycle risks and geopolitical volatility while selectively adding to existing quality holdings. |
| Oct 30 2023 | 2023 Q3 | ATVI, FTRE, LSXMK, MSFT, SIRI | gaming, healthcare, M&A, Macro, spinoffs, value | ELV|FTRE|HUM|WTW | Penn Davis McFarland maintains a defensive portfolio of profitable companies while opportunistically adding positions like Fortrea, a CRO spinoff trading at attractive valuations. Despite macro headwinds including rising yields and recession risks, the firm has cash ready for deployment and expects multiple portfolio catalysts including pending M&A transactions to drive returns. |
| Jul 30 2023 | 2023 Q2 | MTCH | Cash, Commercial real estate, consumer, credit, Fed policy, value | BMBL; MTCH | Penn Davis McFarland remains cautious on Fed policy lags while maintaining cash reserves earning 5%. Added Match Group at attractive 10% free cash flow yield amid market leadership concerns. Commercial real estate stress and potential consumer headwinds from student loan resumption create deployment opportunities ahead. Portfolio positioned for recession-driven buying opportunities in high-quality companies. |
| Apr 30 2023 | 2023 Q1 | - | Banking, credit, Fed policy, inflation, rates, Recession, volatility | - | Penn Davis McFarland stays defensive amid Fed-induced banking crisis, expecting recession and market volatility ahead. Maintains cash for opportunistic deployment while focusing on high-quality companies with strong balance sheets. Avoids banks entirely, viewing current stress as timing mismatch rather than credit crisis. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilIran's blockade of the Strait of Hormuz created a massive energy supply shock, disrupting 20% of global oil supply and creating a 400-million-barrel air pocket in global flows. The U.S. benefits from abundant domestic shale production and lowest crude prices globally, while Asia faces rationing and Europe confronts another energy crisis. |
Strait of Hormuz Supply shock Shale LNG Strategic reserves |
Natural GasThe Strait closure trapped Qatari LNG exports to Europe, creating critically low inventories and forcing consideration of Russian gas. U.S. LNG exporters benefit as America emerges as the leading global LNG exporter with Iranian bombardment of Qatari infrastructure requiring five years to rebuild. |
LNG Qatar Europe Russian gas U.S. exports | |
AIAI fears triggered sector-specific crashes as investors worried about software replacement by homegrown applications. However, the manager views AI obsolescence threats as overblown, noting the difficulty and risk of trusting mission-critical operations to homemade code. Energy requirements for AI training create strategic advantages for countries with abundant, low-cost power. |
Software obsolescence Data centers Energy requirements Agentforce Strategic advantage | |
FertilizersThe Strait blockade stranded nearly half of global sulfur exports and a third of urea shipments, creating critical shortages of fertilizer inputs during Northern Hemisphere spring planting season. This threatens both sulfur and nitrogen-based fertilizer availability for farmers. |
Sulfur Urea Spring planting Nitrogen Agriculture | |
DefenseThe manager's defense stocks have benefited from recent geopolitical events, including the Venezuelan extraction and Middle East conflicts. The portfolio positioning in defense appears to be paying off amid increased global tensions. |
Geopolitical tensions Venezuela Middle East Portfolio positioning | |
InflationThe energy supply shock is driving inflation expectations higher, with some estimates for U.S. inflation in 2026 moving north of 4%. This creates challenges for the Fed, potentially forcing rate increases rather than cuts despite previous expectations for lower rates. |
Energy shock Fed policy Rate expectations Supply chain Pricing pressure | |
| 2025 Q4 |
AIAI boom has entered new phase with tech companies turning to debt markets to fund infrastructure investment after using cash reserves. Over $400 billion in debt issued by global tech companies in 2025. Manager warns that debt-financed expansion is less reliable than cash-funded growth and creates reset risk for valuations and creditors if capital markets close. |
Infrastructure Debt Valuations OpenAI IPO |
Trade PolicyTariffs were clear headwind all year with $250 billion in additional taxes and uncertainty around rates that changed frequently. Companies struggled to plan supply chains with moving targets, with some like Costco suing for refunds. Price increases came with lag due to uncertainty and expected to continue as headwind in 2026. |
Tariffs China Supply Chain Uncertainty Inflation | |
Capital MarketsFederal Reserve announced $40 billion monthly Treasury Bill purchases on December 10, moving back to quantitative easing under 'reserve management' guise. Manager questions why Fed is concerned about liquidity if banking system is healthy, suggesting things aren't as rosy as they appear on surface. |
Federal Reserve QE Liquidity Treasury Banking | |
Industrial PolicyCurrent administration's economic approach has been less hands-off than expected, using tariffs as negotiating tools, pressuring Fed on rates, and taking golden shares in acquisitions. Manager views these moves as highly unusual for Republican administration and hopes they are short-term, warning of troublesome long-term consequences. |
Government Intervention Free Markets Policy Regulation | |
| 2025 Q3 |
AIThe manager expresses concern about the trillions being committed to AI infrastructure and questions whether companies will generate adequate returns on this capital spending. They draw parallels to the 1990s internet buildout when networking giants spent billions only to write off much of that capital later. |
Infrastructure Capital Spending Overbuilding Returns |
GamingThe fund initiated a new position in Evolution AB, a Stockholm-based company specializing in live online casino games. The global online casino market is experiencing rapid growth but faces regulatory challenges that have created attractive entry valuations. |
Online Casino Live Streaming Regulation Growth | |
RatesThe Fed delivered its first rate cut despite stocks hitting all-time highs and inflation remaining above target. The manager discusses political pressure on the Fed and draws historical parallels to the 1970s when politically driven rate cuts contributed to inflationary pressures. |
Fed Policy Political Pressure Inflation Risk Historical Precedent | |
| 2025 Q2 |
HealthcareThe firm increased their position in UnitedHealth Group after the company mispriced Medicare Advantage policies and experienced its first earnings miss in nearly a decade. They view health insurance as a short-cycle business that can reprice policies annually to recover from setbacks. |
Managed Care Medicare Healthcare IT |
InflationThe letter draws parallels to the 1970s inflationary period and warns that cutting rates too low to help government finance deficits risks unleashing inflation. They note that inflation acts as a silent tax eroding purchasing power and would drive up long-term rates. |
Rates Dollar Commodities | |
| 2025 Q1 |
Trade PolicyPresident Trump's tariff strategy aims to rebuild domestic manufacturing competitiveness against China and shift financial strain to other nations while preserving dollar dominance. Tariffs are likely to boost inflation in the near-term as companies pass higher costs to consumers, potentially complicating Fed policy decisions. |
Tariffs Manufacturing China Inflation Trade |
Defense SpendingThe U.S. is likely to redirect defense spending towards the Pacific region where China's aggressive actions have heightened tensions. Trump's policy changes regarding Ukraine have prompted Europe to ramp up their military budgets as NATO partners increase defense spending. |
NATO Pacific China Ukraine Military | |
GrocersSprouts Farmers Market has been an outstanding performer, growing from 320 to 440 stores with plans for 10% annual growth. The company achieved 7.6% same-store sales growth in 2024 through expanded online offerings, private label products, loyalty programs, and smaller more productive stores. |
Sprouts Same-store Sales Store Growth Private Label Loyalty | |
| 2024 Q4 |
InflationManager expresses concern about inflation running at 3% and potential for it to tick up due to loose monetary policy, new tariffs, or immigration policy changes affecting labor costs. Views inflation as a 'silent tax' preferred by politicians over openly reducing benefits. |
Inflation Monetary Policy Tariffs Labor Costs Silent Tax |
RatesFed cut rates by 100 bps in three meetings, less than the six cuts markets expected. Manager questions whether recent cuts were prudent given market conditions and warns Fed could be forced to reverse course and raise rates again. |
Fed Rate Cuts Monetary Policy Interest Rates | |
| 2024 Q3 |
RatesThe Federal Reserve lowered interest rates by half a percentage point in September, marking a historic policy shift as they pivot from fighting inflation to supporting employment. The Fed is working to ensure previous rate hikes don't damage the job market further, with bond market signals suggesting economic downturn risks. |
Interest Rates Fed Policy Monetary Policy Employment Yield Curve |
CRO & CDMOPenn Davis McFarland holds Fortrea, a contract research organization spun out of Labcorp, believing management can turn around the business and improve industry-low margins. Despite disappointing earnings and industry softening, they remain confident in the turnaround plan and used weakness to build the position. |
Clinical Trials Drug Development Biotech Services Margin Expansion Turnaround | |
| 2024 Q2 |
AIThe letter extensively discusses AI as a transformative technology with potential for immense productivity gains. The manager draws parallels between today's AI boom and the internet infrastructure build-out of 2000, noting that while Nvidia leads the AI infrastructure space like Cisco did for internet infrastructure, the real winners may be companies that leverage AI to solve real-world problems rather than just build the infrastructure. |
Productivity Infrastructure CUDA Chips |
SemiconductorsThe manager discusses the competitive dynamics in the semiconductor space, particularly around AI chips. While Nvidia currently leads with its CUDA programming language advantage, competition is intensifying from AMD, Samsung, Intel, and even tech giants designing their own chips. The dependence on TSMC for chip production creates geopolitical risk, though new fabrication plants are being built outside Taiwan. |
CUDA Foundries Geopolitical Competition TSMC | |
| 2024 Q1 |
BiotechnologyThe fund initiated a new position in Roivant, a biotech holding company that acquires orphaned drug candidates from big pharma and develops them through focused subsidiaries. The strategy has proven successful with recent asset sales like Televant to Roche for $7.1 billion. Immunovant represents the most valuable remaining subsidiary with potential for sale in the current heated biotech M&A environment. |
Biotech M&A Drug Development Orphaned Assets Subsidiaries |
Biopharma M&AThe letter highlights the heating biotech M&A environment as a key catalyst for Roivant's Immunovant subsidiary, which is widely expected to be sold this year. The successful sale of Televant to Roche for over $7.1 billion demonstrates the value creation potential in this space. The anti-FcRn platform represents a multi-billion-dollar commercial opportunity in autoimmune disease treatment. |
M&A Biotech Autoimmune Platform Valuation | |
InflationThe Fed's premature declaration of victory over inflation despite it remaining above the 2% target creates risks of a 1970s-style resurgence. Structural forces including federal spending, tight labor markets, energy transition, and supply chain fortification make the final reduction in inflationary pressure particularly challenging. The Fed's accommodative stance in an election year risks reigniting inflation through stop-start monetary policy. |
Fed Policy CPI Structural Forces Election Year Target | |
Risk AppetiteExcessive risk-taking behavior is evident across asset classes including cryptocurrencies reaching new highs, massive volume in short-dated options, money-losing IPOs rising 50% on debut, and FOMO driving speculation in AI and obesity drug stocks. This feverish speculation occurs despite the Fed preparing to cut rates in a strong economy rather than during crisis conditions. The overall financial conditions have become less restrictive, encouraging speculative behavior. |
FOMO Speculation Cryptocurrencies IPOs Options | |
| 2023 Q4 |
AIThe Magnificent Seven tech companies, super-charged by enthusiasm for AI, drove 62.2% of S&P 500 performance in 2023. This AI-driven rally left many traditional old-world businesses behind while pushing broader indices back near their highs. |
Technology Growth Innovation Disruption Valuation |
Credit StressCredit card delinquencies have almost doubled from 1.6% to 3.0% during 2023. The Fed's rate-hike cycle may lead to a traditional credit cycle where lenders become fearful about borrower repayment ability. Banks face potential challenges from weaker consumer conditions and commercial real estate pressures. |
Banking Consumer Lending Risk Cycle | |
Commercial Real EstateCommercial real estate markets have begun to weaken substantially with growing vacancies and pressure on property values, particularly in the office market. This weakness poses risks to bank balance sheets that may struggle with exposure to this sector. |
Property Vacancy Office Banking Valuation | |
| 2023 Q3 |
CRO & CDMOInitiated new position in Fortrea, a late-stage contract research organization spun out of Labcorp. The company helps drug companies design, run, and manage clinical trials. Management expects EBITDA margins to improve from 9% to mid-to-high teens as duplicate costs are eliminated and infrastructure is built out. |
Clinical Trials Spinoff Margin Expansion Healthcare Services Biotech |
| 2023 Q2 |
Commercial Real EstateCommercial real estate faces significant headwinds as Fed rate hikes work through the economy. Office properties are down over 20% from prior values, with worse conditions in coastal markets. Building owners are handing keys to lenders rather than salvaging equity as commercial loans hit maturity dates. |
Office Credit Distressed Banking Lending |
Credit StressBanking sector has lost funding as deposits have fled, creating potential for significant credit cycle in commercial real estate. More commercial loans hitting maturity dates will make challenges more prevalent across the sector. |
Banking Deposits Lending Maturity Cycle | |
| 2023 Q1 |
Credit StressBanking crisis emerged from Fed policy errors, with Silicon Valley Bank and Signature Bank failures triggering deposit flight from regional banks. Banks face $2 trillion in unrealized losses on hold-to-maturity portfolios due to rapid rate increases. |
Banking Crisis Deposit Flight Regional Banks Credit Contraction Financial Stability |
RatesFed raised rates from zero to 5% in 14 months after mischaracterizing inflation as transitory. Bond market now pricing significant rate cuts by year-end as economic softness may supersede inflation concerns despite inflation remaining above 2% target. |
Fed Policy Rate Cuts Monetary Tightening Interest Rates Policy Error | |
InflationFed initially called high inflation transitory in 2021, refusing to course correct until November 2021 when inflation became embedded. This policy error forced aggressive rate hikes and contributed to banking instability. |
Transitory Policy Error Embedded Inflation Fed Response Price Stability |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 1, 2023 | Fund Letters | Penn Davis McFarland | BMBL; MTCH | Match Group Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Consumer Discretionary, Free Cash Flow, growth, market leader, Mobile Apps, Online Dating, portfolio strategy, Recession-resistant, SaaS, turnaround | Login |
| Apr 1, 2026 | Fund Letters | Penn Davis McFarland | CRM | Salesforce, Inc. | Software - Application | Application Software | Bull | New York Stock Exchange | Agentforce, AI integration, Cloud software, CRM, Customer service, Enterprise software, founder-led, market leader, SaaS, Sales Automation | Login |
| Nov 13, 2025 | Fund Letters | Jeff Helfrich | EVO SS | Evolution AB | Health Care | Casinos & Gaming | Bull | NASDAQ | buybacks, cashflow, dividends, Highmargin, iGaming, Livecasino, Moats, Regulation | Login |
| Jul 1, 2025 | Fund Letters | Penn Davis McFarland | UNH | UnitedHealth Group | Health Care | Health Care Services | Bull | NYSE | cash flow, health insurance, Healthcare services, insider buying, market leader, Medicare Advantage, turnaround, Value | Login |
| Apr 1, 2025 | Fund Letters | Penn Davis McFarland | SFM | Sprouts Farmers Market | Consumer Staples | Food & Staples Retailing | Bull | NASDAQ | CEO change, Grocery Retailer, margin of safety, Natural Foods, Organic Foods, Private-label, same-store sales growth, store expansion, turnaround, Value Investment | Login |
| Apr 1, 2025 | Fund Letters | Penn Davis McFarland | FTRE | Fortrea Holdings Inc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Biopharmaceutical Services, Clinical trials, contract research organization, Loss Realization, management execution, margin expansion, spinoff, Thesis Failure | Login |
| Oct 1, 2024 | Fund Letters | Penn Davis McFarland | FTRE | Fortrea Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Clinical trials, contract research, Cro, Healthcare services, margin expansion, spinoff, turnaround, Value | Login |
| Oct 1, 2024 | Fund Letters | Penn Davis McFarland | SIRI | Sirius XM Holdings Inc | Communication Services | Entertainment | Bull | NASDAQ | Berkshire Hathaway, cash generation, index inclusion, John Malone, Merger Arbitrage, Satellite Radio, Special Situation, Tracking stock | Login |
| Apr 1, 2024 | Fund Letters | Penn Davis McFarland | ROIV | Roivant Sciences Ltd. | Pharmaceuticals, Biotechnology & Life Sciences | Biotechnology | Bull | NASDAQ | Autoimmune, Biotech, Catalyst-Driven, holding company, M&A, negative enterprise value, Orphan drugs, Patent Litigation, tax-advantaged | Login |
| Oct 1, 2023 | Fund Letters | Penn Davis McFarland | ELV|FTRE|HUM|WTW | Fortrea Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech Services, Clinical trials, contract research organization, Cro, healthcare, life sciences, margin expansion, spinoff, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| CRM | Salesforce, Inc. is a leading customer relationship management (CRM) software company that helps businesses keep track of every interaction they have with their customers, from initial sales to ongoing support. Beyond its core CRM, Salesforce's ecosystem includes Slack, one of the most well-known and widely used tools for helping employees at large companies communicate internally. Opportunities to buy founder-led market leaders at a discount are rare. But recent worries that AI might allow companies to build their own "DIY" software provided an entry into what we view to be a great business trading at its lowest valuation since coming public in 2004. We view this threat as overblown, because it is both difficult and highly risky for a large company to trust its most valuable data and mission-critical operations with homemade code. Instead, Salesforce is leveraging AI through its new Agentforce tool, which deploys autonomous agents to handle complex customer and sales workflows, and is already seeing impressive growth. CEO and co-founder Marc Benioff argues that AI opens up more addressable markets for Salesforce as it moves beyond record keeping alone to actual customer service and sales tasks with agents. By stepping in during this period of high volatility, we have established a position in a best-in-class market leader at a discounted price. |
| CHRW | C.H. Robinson, the blue chip of third-party logistics, dropping 24% on the news. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
