Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| OPPENHEIMER HOLDINGS INCOPY · Entity 4793 | Director · CEO | February 06, 2026 | May 11, 2026 |
Disclosed balances
About these balances
Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.
OPPENHEIMER HOLDINGS INC
Report date February 06, 2026 · Filed May 11, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Restricted Class A non-voting common stockSEC Table II · derivative / convertible security | Direct | 205,000 |
Reported balance
After 2026-02-06 transaction · row 1
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 1 · 2026-02-06 · Other · Acquired 100,000 · Balance 205,000 F1: The transaction describes the award on 2/6/2026 of Restricted Class A non-voting common stock vesting on the earlier of 2/5/2031, change of control, or death. |
| Restricted Class A non-voting common stockSEC Table II · derivative / convertible security | Direct | 305,000 |
Reported balance
After 2026-05-08 transaction · row 2
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 2 · 2026-05-08 · Other · Acquired 100,000 · Balance 305,000 F2: The transaction describes the award on 5/8/2026 of Restricted Class A non-voting common stock vesting on the earlier of 12/31/2030, change of control, or death. |
Filing footnotes · ownership attribution and instrument terms
F1: The transaction describes the award on 2/6/2026 of Restricted Class A non-voting common stock vesting on the earlier of 2/5/2031, change of control, or death.
F2: The transaction describes the award on 5/8/2026 of Restricted Class A non-voting common stock vesting on the earlier of 12/31/2030, change of control, or death.
Transaction history
JSON APIPurchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”
The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.
| Transaction date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| November 22, 2019 Filed Feb 7, 2020 21:13 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 15.93 | $27.83 | $443.33 |
DisclosureSEC source: 0001594628-20-000004 · primary_doc.xml · nonDerivative · entry 4 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,721 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| August 26, 2019 Filed Feb 7, 2020 21:13 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 16.5 | $27.16 | $448.14 |
DisclosureSEC source: 0001594628-20-000004 · primary_doc.xml · nonDerivative · entry 3 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,705 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| May 24, 2019 Filed Feb 7, 2020 21:13 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 15.56 | $25.93 | $403.47 |
DisclosureSEC source: 0001594628-20-000004 · primary_doc.xml · nonDerivative · entry 2 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,689 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| February 28, 2019 Filed Feb 7, 2020 21:13 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 14.19 | $28.22 | $400.44 |
DisclosureSEC source: 0001594628-20-000004 · primary_doc.xml · nonDerivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,673 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| January 31, 2019 Filed Feb 1, 2019 19:57 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherRestricted Class A non-voting common stock · Derivative | 18,868 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-19-000002 · primary_doc.xml · derivative · entry 8 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 63,392 Underlying: Class A non-voting common stock · 18,868 shares Expires not disclosed F2 · derivative.exercise_price: The transaction describes the award on 1/31/2019 of Restricted Class A non-voting common stock vesting on 1/30/2024, subject to the awardee being continuously employed by the company until such time. F2 · price: The transaction describes the award on 1/31/2019 of Restricted Class A non-voting common stock vesting on 1/30/2024, subject to the awardee being continuously employed by the company until such time. F2 · derivative.exercise_date: The transaction describes the award on 1/31/2019 of Restricted Class A non-voting common stock vesting on 1/30/2024, subject to the awardee being continuously employed by the company until such time. F2 · derivative.expiration_date: The transaction describes the award on 1/31/2019 of Restricted Class A non-voting common stock vesting on 1/30/2024, subject to the awardee being continuously employed by the company until such time. Read SEC document |
| January 28, 2019 Filed Feb 1, 2019 19:57 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherRestricted Class A non-voting common stock · Derivative | 4,400 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-19-000002 · primary_doc.xml · derivative · entry 7 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 44,524 Underlying: Class A non-voting common stock · 2,482 shares Expires not disclosed F1 · derivative.exercise_price: The transaction describes the vesting of 4,400 shares of Restricted Class A non-voting common stock which were awarded on January 29, 2014 of which 2,482 Class A non-voting common shares were converted and 1,918 shares were forfeited. F1 · price: The transaction describes the vesting of 4,400 shares of Restricted Class A non-voting common stock which were awarded on January 29, 2014 of which 2,482 Class A non-voting common shares were converted and 1,918 shares were forfeited. F1 · derivative.exercise_date: The transaction describes the vesting of 4,400 shares of Restricted Class A non-voting common stock which were awarded on January 29, 2014 of which 2,482 Class A non-voting common shares were converted and 1,918 shares were forfeited. F1 · derivative.expiration_date: The transaction describes the vesting of 4,400 shares of Restricted Class A non-voting common stock which were awarded on January 29, 2014 of which 2,482 Class A non-voting common shares were converted and 1,918 shares were forfeited. Read SEC document |
| January 28, 2019 Filed Feb 1, 2019 19:57 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherClass A non-voting common stock | 2,482 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-19-000002 · primary_doc.xml · nonDerivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 38,630 F1 · price: The transaction describes the vesting of 4,400 shares of Restricted Class A non-voting common stock which were awarded on January 29, 2014 of which 2,482 Class A non-voting common shares were converted and 1,918 shares were forfeited. Read SEC document |
| November 23, 2018 Filed Feb 1, 2019 19:42 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 14.22 | $28.24 | $401.57 |
DisclosureSEC source: 0001594628-19-000001 · primary_doc.xml · nonDerivative · entry 4 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,659 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| August 24, 2018 Filed Feb 1, 2019 19:42 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 11.78 | $33.25 | $391.69 |
DisclosureSEC source: 0001594628-19-000001 · primary_doc.xml · nonDerivative · entry 3 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,645 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| May 25, 2018 Filed Feb 1, 2019 19:42 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 13.7 | $29.05 | $397.99 |
DisclosureSEC source: 0001594628-19-000001 · primary_doc.xml · nonDerivative · entry 2 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,633 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| February 26, 2018 Filed Feb 1, 2019 19:42 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 14.78 | $26.95 | $398.32 |
DisclosureSEC source: 0001594628-19-000001 · primary_doc.xml · nonDerivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401k Plan Disclosed balance after: 3,620 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| January 30, 2018 Filed Feb 1, 2018 23:01 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherRestricted Class A non-voting common stock · Derivative | 5,000 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-18-000002 · primary_doc.xml · derivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 48,924 Underlying: Class A non-voting common stock · 5,000 shares Expires not disclosed F1 · derivative.exercise_price: The transaction describes the award on 1/30/2018 of Restricted Class A non-voting common stock vesting on 1/29/2023, subject to the awardee being continuously employed by the company until such time. F1 · price: The transaction describes the award on 1/30/2018 of Restricted Class A non-voting common stock vesting on 1/29/2023, subject to the awardee being continuously employed by the company until such time. F1 · derivative.exercise_date: The transaction describes the award on 1/30/2018 of Restricted Class A non-voting common stock vesting on 1/29/2023, subject to the awardee being continuously employed by the company until such time. F1 · derivative.expiration_date: The transaction describes the award on 1/30/2018 of Restricted Class A non-voting common stock vesting on 1/29/2023, subject to the awardee being continuously employed by the company until such time. Read SEC document |
| December 28, 2017 Filed Dec 29, 2017 19:34 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherRestricted Class A non-voting common stock · Derivative | 8,500 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-17-000003 · primary_doc.xml · derivative · entry 2 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 47,424 Underlying: Class A non-voting common stock · 3,755 shares Expires not disclosed F1 · derivative.exercise_price: The transaction describes the vesting of 8,500 shares of Restricted Class A non-voting common stock which were awarded on February 25, 2013 and vested on accelerated basis from February 24, 2018 to December 28th, 2017 of which 3,755 Class A non-voting common shares were converted and 4,745 shares were forfeited. F1 · price: The transaction describes the vesting of 8,500 shares of Restricted Class A non-voting common stock which were awarded on February 25, 2013 and vested on accelerated basis from February 24, 2018 to December 28th, 2017 of which 3,755 Class A non-voting common shares were converted and 4,745 shares were forfeited. F1 · derivative.exercise_date: The transaction describes the vesting of 8,500 shares of Restricted Class A non-voting common stock which were awarded on February 25, 2013 and vested on accelerated basis from February 24, 2018 to December 28th, 2017 of which 3,755 Class A non-voting common shares were converted and 4,745 shares were forfeited. F1 · derivative.expiration_date: The transaction describes the vesting of 8,500 shares of Restricted Class A non-voting common stock which were awarded on February 25, 2013 and vested on accelerated basis from February 24, 2018 to December 28th, 2017 of which 3,755 Class A non-voting common shares were converted and 4,745 shares were forfeited. Read SEC document |
| December 28, 2017 Filed Dec 29, 2017 19:34 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherClass A non-voting common stock | 3,755 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-17-000003 · primary_doc.xml · nonDerivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 34,602 F1 · price: The transaction describes the vesting of 8,500 shares of Restricted Class A non-voting common stock which were awarded on February 25, 2013 and vested on accelerated basis from February 24, 2018 to December 28th, 2017 of which 3,755 Class A non-voting common shares were converted and 4,745 shares were forfeited. Read SEC document |
| November 24, 2017 Filed Feb 1, 2018 20:29 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 14.68 | $27.40 | $402.23 |
DisclosureSEC source: 0001594628-18-000001 · primary_doc.xml · nonDerivative · entry 4 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,605 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| August 25, 2017 Filed Feb 1, 2018 20:29 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 23.96 | $16.45 | $394.14 |
DisclosureSEC source: 0001594628-18-000001 · primary_doc.xml · nonDerivative · entry 3 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,590 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| May 26, 2017 Filed Feb 1, 2018 20:29 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 24.49 | $15.75 | $385.72 |
DisclosureSEC source: 0001594628-18-000001 · primary_doc.xml · nonDerivative · entry 2 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,566 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| February 24, 2017 Filed Feb 1, 2018 20:29 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 22.91 | $16.75 | $383.74 |
DisclosureSEC source: 0001594628-18-000001 · primary_doc.xml · nonDerivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,542 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| February 22, 2017 Filed Feb 1, 2018 20:29 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherRestricted Class A non-voting common stock · Derivative | 3,500 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-18-000001 · primary_doc.xml · derivative · entry 6 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 43,924 Underlying: Class A non-voting common stock · 1,546 shares Expires not disclosed F2 · derivative.exercise_price: The transaction describes the vesting of 3,500 shares of Restricted Class A non-voting common stock which were awarded on February 23, 2012 of which 1,546 Class A non-voting common shares were converted and 1,954 shares were forfeited. F2 · price: The transaction describes the vesting of 3,500 shares of Restricted Class A non-voting common stock which were awarded on February 23, 2012 of which 1,546 Class A non-voting common shares were converted and 1,954 shares were forfeited. F2 · derivative.exercise_date: The transaction describes the vesting of 3,500 shares of Restricted Class A non-voting common stock which were awarded on February 23, 2012 of which 1,546 Class A non-voting common shares were converted and 1,954 shares were forfeited. F2 · derivative.expiration_date: The transaction describes the vesting of 3,500 shares of Restricted Class A non-voting common stock which were awarded on February 23, 2012 of which 1,546 Class A non-voting common shares were converted and 1,954 shares were forfeited. Read SEC document |
| February 22, 2017 Filed Feb 1, 2018 20:29 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherClass A non-voting common stock | 1,546 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-18-000001 · primary_doc.xml · nonDerivative · entry 5 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 36,148 F2 · price: The transaction describes the vesting of 3,500 shares of Restricted Class A non-voting common stock which were awarded on February 23, 2012 of which 1,546 Class A non-voting common shares were converted and 1,954 shares were forfeited. Read SEC document |
| January 26, 2017 Filed Jan 27, 2017 21:00 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | OtherRestricted Class A non-voting common stock · Derivative | 15,000 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001594628-17-000001 · primary_doc.xml · derivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 55,924 Underlying: Class A non-voting common stock · 15,000 shares Expires not disclosed F1 · derivative.exercise_price: The transaction describes the award on 1/26/2017 of Restricted Class A non-voting common stock vesting on 1/25/2020, subject to the awardee being continuously employed by the company until such time. F1 · price: The transaction describes the award on 1/26/2017 of Restricted Class A non-voting common stock vesting on 1/25/2020, subject to the awardee being continuously employed by the company until such time. F1 · derivative.exercise_date: The transaction describes the award on 1/26/2017 of Restricted Class A non-voting common stock vesting on 1/25/2020, subject to the awardee being continuously employed by the company until such time. F1 · derivative.expiration_date: The transaction describes the award on 1/26/2017 of Restricted Class A non-voting common stock vesting on 1/25/2020, subject to the awardee being continuously employed by the company until such time. Read SEC document |
| November 25, 2016 Filed Feb 13, 2017 18:46 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 22.07 | $17.15 | $378.50 |
DisclosureSEC source: 0001594628-17-000002 · primary_doc.xml · nonDerivative · entry 4 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,519 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| August 26, 2016 Filed Feb 13, 2017 18:46 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 23.54 | $16.20 | $381.35 |
DisclosureSEC source: 0001594628-17-000002 · primary_doc.xml · nonDerivative · entry 3 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,497 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| May 27, 2016 Filed Feb 13, 2017 18:46 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 24.11 | $15.74 | $379.49 |
DisclosureSEC source: 0001594628-17-000002 · primary_doc.xml · nonDerivative · entry 2 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,473 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
| February 26, 2016 Filed Feb 13, 2017 18:46 UTC | OPPENHEIMER HOLDINGS INC OPY · Entity 4793 | PurchaseClass A non-voting common stock | 26.1 | $14.40 | $375.84 |
DisclosureSEC source: 0001594628-17-000002 · primary_doc.xml · nonDerivative · entry 1 Lowenthal Robert S · CIK 0001594628 · Director 10b5-1 filing: Not disclosed Ownership: Indirect · Held in the Oppenheimer & Co. Inc. 401K Plan Disclosed balance after: 3,449 F1 · kind: The transaction describes an automatic dividend reinvestment program in the Reporting Owner's Oppenheimer & Co. Inc. 401k Plan. Read SEC document |
Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.