Live Markets
Wednesday, October 28, 2026·George Town, KY·29°·Partly Cloudy
Markets Open · NYSE·Newsletter·Masthead·
VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F Institutional Ownership · CWK

Cushman & Wakefield Ltd NEW YORK STOCK EXCHANGE, INC.:CWK

Institutional holders, quarter-over-quarter share deltas, and new and closed positions disclosed in Form 13F. Period 2025-12-31 · prior 2025-09-30.

6 new5 added5 reduced273 exited

New Positions(6)

ManagerSharesΔ SharesValueΔ Value% Δ
ONTARIO TEACHERS PENSION PLAN BOARD9,740,795+9,740,795$74.2M+$74.2M—
Sanctuary Advisors, LLC11,416+11,416$181.7K+$181.7K—
Swiss Life Asset Management Ltd10,175+10,175$162.0K+$162.0K—
IFP Advisors, Inc373+373$6.0K+$6.0K—
Allworth Financial LP72+72$1.1K+$1.1K—
KBC Group NV7,495+7,495$119+$119—

Added To(5)

ManagerSharesΔ SharesValueΔ Value% Δ
DANSKE BANK A/S257,743+171,464$2.7M+$1.4M198.7%
XTX Topco Ltd103,631+34,805$1.7M+$582.1K50.6%
BARCLAYS PLC470,815+132,489$5.2M-$174.2K39.2%
MERCER GLOBAL ADVISORS INC /ADV25,106+4,539$406.5K+$79.0K22.1%
Vinva Investment Management Ltd18,807+1,920$460.9K+$49.2K11.4%

Reduced(5)

ManagerSharesΔ SharesValueΔ Value% Δ
AXIOM INVESTORS LLC /DE977,095-52,556$15.8M-$572.9K-5.1%
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO668-1,819$505.0K+$465.4K-73.1%
Evelyn Partners Investment Management LLP1,8150$23.7K+$3.6K0.0%
BANK OF AMERICA CORP /DE/2,169,8580$34.5M$00.0%
TUDOR INVESTMENT CORP ET AL222,2490$3.5M$00.0%

Sold Out(273)

ManagerSharesΔ SharesValueΔ Value% Δ
VANGUARD GROUP INC0-36,304,186$0-$578.0M—
BlackRock, Inc.0-22,633,440$0-$360.3M—
DIMENSIONAL FUND ADVISORS LP0-12,740,993$0-$202.8M—
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P.0-9,397,534$0-$149.6M—
STATE STREET CORP0-8,940,688$0-$142.3M—
FMR LLC0-7,899,968$0-$125.8M—
GEODE CAPITAL MANAGEMENT, LLC0-5,955,643$0-$94.8M—
MACQUARIE GROUP LTD0-5,805,524$0-$92.4M—
JPMORGAN CHASE & CO0-5,495,688$0-$87.5M—
FRONTIER CAPITAL MANAGEMENT CO LLC0-4,938,347$0-$78.6M—
BROWN ADVISORY INC0-4,807,958$0-$76.5M—
VICTORY CAPITAL MANAGEMENT INC0-4,572,316$0-$72.8M—
Channing Capital Management, LLC0-3,496,527$0-$55.7M—
NORTHERN TRUST CORP0-3,436,008$0-$54.7M—
AMERIPRISE FINANCIAL INC0-3,256,953$0-$51.9M—
CHARLES SCHWAB INVESTMENT MANAGEMENT INC0-3,165,066$0-$50.4M—
FULLER & THALER ASSET MANAGEMENT, INC.0-2,771,409$0-$44.1M—
GOLDMAN SACHS GROUP INC0-2,651,273$0-$42.2M—
NORGES BANK0-3,000,948$0-$40.9M—
DEUTSCHE BANK AG\0-2,439,720$0-$38.8M—
MORGAN STANLEY0-2,390,881$0-$38.1M—
HARRIS ASSOCIATES L P0-2,310,494$0-$36.8M—
WCM INVESTMENT MANAGEMENT, LLC0-2,026,167$0-$32.5M—
JANUS HENDERSON GROUP PLC0-2,014,395$0-$32.1M—
Nuveen, LLC0-1,998,048$0-$31.8M—
MASSACHUSETTS FINANCIAL SERVICES CO /MA/0-1,932,694$0-$30.8M—
Invesco Ltd.0-1,775,510$0-$28.3M—
MILLENNIUM MANAGEMENT LLC0-1,716,049$0-$27.3M—
RAYMOND JAMES FINANCIAL INC0-1,614,335$0-$25.7M—
Bank of New York Mellon Corp0-1,565,833$0-$24.9M—
D. E. Shaw & Co., Inc.0-1,496,934$0-$23.8M—
Balyasny Asset Management LLC0-1,292,921$0-$20.6M—
PRINCIPAL FINANCIAL GROUP INC0-1,282,978$0-$20.4M—
Glenmede Investment Management, LP0-1,131,297$0-$18.0M—
NEW YORK STATE COMMON RETIREMENT FUND0-1,117,297$0-$17.8M—
BASSWOOD CAPITAL MANAGEMENT, L.L.C.0-1,021,060$0-$16.3M—
Public Sector Pension Investment Board0-1,020,610$0-$16.2M—
INTECH INVESTMENT MANAGEMENT LLC0-921,765$0-$14.7M—
FEDERATED HERMES, INC.0-897,293$0-$14.3M—
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC0-829,443$0-$13.2M—
Allianz Asset Management GmbH0-802,216$0-$12.8M—
Highland Peak Capital, LLC0-773,391$0-$12.3M—
Granite Investment Partners, LLC0-750,552$0-$11.9M—
RHUMBLINE ADVISERS0-691,952$0-$11.0M—
SEI INVESTMENTS CO0-691,099$0-$11.0M—
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP0-689,605$0-$11.0M—
TOWLE & CO0-689,055$0-$11.0M—
CITADEL ADVISORS LLC0-648,652$0-$10.3M—
Legal & General Group Plc0-599,282$0-$9.5M—
PRUDENTIAL FINANCIAL INC0-554,584$0-$8.8M—
UBS ASSET MANAGEMENT AMERICAS INC0-550,021$0-$8.8M—
Allspring Global Investments Holdings, LLC0-508,086$0-$8.1M—
TEXAS PERMANENT SCHOOL FUND0-727,433$0-$8.1M—
Russell Investments Group, Ltd.0-486,429$0-$7.7M—
JANE STREET GROUP, LLC0-482,533$0-$7.7M—
KENNEDY CAPITAL MANAGEMENT LLC0-479,257$0-$7.6M—
ENVESTNET ASSET MANAGEMENT INC0-476,359$0-$7.6M—
Lighthouse Investment Partners, LLC0-474,750$0-$7.6M—
Swiss National Bank0-448,800$0-$7.1M—
UBS Group AG0-425,522$0-$6.8M—
Trexquant Investment LP0-416,452$0-$6.6M—
AQR CAPITAL MANAGEMENT LLC0-393,557$0-$6.3M—
Mitsubishi UFJ Trust & Banking Corp0-375,982$0-$6.0M—
WELLS FARGO & COMPANY/MN0-357,007$0-$5.7M—
PEREGRINE CAPITAL MANAGEMENT LLC0-354,264$0-$5.6M—
Homestead Advisers Corp0-319,800$0-$5.1M—
FRANKLIN RESOURCES INC0-299,713$0-$4.8M—
Squarepoint Ops LLC0-277,406$0-$4.4M—
ALLIANCEBERNSTEIN L.P.0-260,172$0-$4.1M—
PALISADE CAPITAL MANAGEMENT LLC/NJ0-240,452$0-$3.8M—
BNP PARIBAS ARBITRAGE, SNC0-225,316$0-$3.6M—
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM0-219,457$0-$3.5M—
BOOTHBAY FUND MANAGEMENT, LLC0-206,005$0-$3.3M—
TEACHER RETIREMENT SYSTEM OF TEXAS0-203,305$0-$3.2M—
AMERICAN CENTURY COMPANIES INC0-201,834$0-$3.2M—
Voya Investment Management LLC0-181,375$0-$2.9M—
Knights of Columbus Asset Advisors LLC0-180,645$0-$2.9M—
STATE OF WISCONSIN INVESTMENT BOARD0-178,219$0-$2.8M—
Universal- Beteiligungs- und Servicegesellschaft mbH0-172,777$0-$2.8M—
LAZARD ASSET MANAGEMENT LLC0-166,441$0-$2.6M—
Empowered Funds, LLC0-156,521$0-$2.5M—
RBF Capital, LLC0-150,000$0-$2.4M—
Oliver Luxxe Assets LLC0-148,095$0-$2.4M—
O'SHAUGHNESSY ASSET MANAGEMENT, LLC0-147,811$0-$2.4M—
State of New Jersey Common Pension Fund D0-143,527$0-$2.3M—
Verition Fund Management LLC0-138,019$0-$2.2M—
MetLife Investment Management, LLC0-136,804$0-$2.2M—
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM0-134,835$0-$2.1M—
CITIGROUP INC0-134,073$0-$2.1M—
Illinois Municipal Retirement Fund0-117,770$0-$1.9M—
Y-Intercept (Hong Kong) Ltd0-116,579$0-$1.9M—
State of Tennessee, Treasury Department0-112,671$0-$1.8M—
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.0-107,607$0-$1.7M—
Louisiana State Employees Retirement System0-106,400$0-$1.7M—
Royal Bank of Canada0-150,200$0-$1.6M—
BRIDGEWAY CAPITAL MANAGEMENT, LLC0-98,708$0-$1.6M—
RENAISSANCE GROUP LLC0-88,659$0-$1.4M—
Horizon Investments, LLC0-88,127$0-$1.4M—
Gotham Asset Management, LLC0-85,515$0-$1.4M—
Quantbot Technologies LP0-84,735$0-$1.3M—
Toroso Investments, LLC0-77,288$0-$1.2M—
YOUSIF CAPITAL MANAGEMENT, LLC0-77,217$0-$1.2M—
MANUFACTURERS LIFE INSURANCE COMPANY, THE0-75,795$0-$1.2M—
Mariner, LLC0-75,455$0-$1.2M—
Arizona State Retirement System0-68,492$0-$1.1M—
Police & Firemen's Retirement System of New Jersey0-65,053$0-$1.0M—
CHOREO, LLC0-64,858$0-$1.0M—
Zurcher Kantonalbank (Zurich Cantonalbank)0-64,098$0-$1.0M—
JOHNSON INVESTMENT COUNSEL INC0-94$0-$999.3K—
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS0-58,963$0-$938.7K—
IEQ CAPITAL, LLC0-58,715$0-$934.7K—
Aquatic Capital Management LLC0-57,959$0-$922.7K—
AlphaCore Capital LLC0-57,817$0-$920.4K—
Vanguard Personalized Indexing Management, LLC0-57,637$0-$917.6K—
VIRGINIA RETIREMENT SYSTEMS ET AL0-57,300$0-$912.2K—
OCCUDO QUANTITATIVE STRATEGIES LP0-55,856$0-$889.2K—
JENNISON ASSOCIATES LLC0-54,786$0-$872.2K—
Sterling Capital Management LLC0-53,698$0-$854.9K—
MML INVESTORS SERVICES, LLC0-53,525$0-$852.1K—
OREGON PUBLIC EMPLOYEES RETIREMENT FUND0-52,129$0-$829.9K—
Mayflower Financial Advisors, LLC0-48,955$0-$779.4K—
Ensign Peak Advisors, Inc0-48,063$0-$765.2K—
KLP KAPITALFORVALTNING AS0-47,000$0-$748.2K—
Pathstone Holdings, LLC0-46,933$0-$747.2K—
RITHOLTZ WEALTH MANAGEMENT0-46,920$0-$747.0K—
Mutual Advisors, LLC0-44,324$0-$744.6K—
STIFEL FINANCIAL CORP0-45,075$0-$717.6K—
LPL Financial LLC0-44,979$0-$716.1K—
SUSQUEHANNA INTERNATIONAL GROUP, LLP0-44,418$0-$707.1K—
TRUIST FINANCIAL CORP0-44,253$0-$704.5K—
ProShare Advisors LLC0-43,632$0-$694.6K—
STRS OHIO0-42,100$0-$670.2K—
US BANCORP \DE\0-41,276$0-$657.1K—
AMUNDI0-41,197$0-$641.8K—
Quantinno Capital Management LP0-38,903$0-$619.3K—
Convergence Investment Partners, LLC0-38,898$0-$619.3K—
LEVEL FOUR ADVISORY SERVICES, LLC0-38,773$0-$617.3K—
Pictet Asset Management Holding SA0-35,749$0-$569.1K—
BANK OF MONTREAL /CAN/0-35,105$0-$558.9K—
WINTON GROUP Ltd0-33,800$0-$538.1K—
Crossmark Global Holdings, Inc.0-33,717$0-$536.8K—
Versor Investments LP0-33,600$0-$534.9K—
Cetera Investment Advisers0-32,400$0-$515.8K—
New Age Alpha Advisors, LLC0-32,090$0-$510.9K—
ADVISOR GROUP HOLDINGS, INC.0-30,944$0-$493.1K—
OMERS ADMINISTRATION Corp0-28,000$0-$445.8K—
MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC0-25,935$0-$412.9K—
FIRST TRUST ADVISORS LP0-25,261$0-$402.2K—
Schonfeld Strategic Advisors LLC0-25,049$0-$398.8K—
CIBC Bancorp USA Inc.0-24,691$0-$393.1K—
Cetera Trust Company, N.A0-21,260$0-$338.5K—
Northwest & Ethical Investments L.P.0-20,820$0-$333.7K—
LOS ANGELES CAPITAL MANAGEMENT LLC0-20,650$0-$328.7K—
Greenland Capital Management LP0-20,000$0-$318.4K—
LEE DANNER & BASS INC0-20,000$0-$318.4K—
NJ State Employees Deferred Compensation Plan0-19,800$0-$315.2K—
Ameritas Investment Partners, Inc.0-19,351$0-$308.1K—
PNC Financial Services Group, Inc.0-19,245$0-$306.4K—
BENJAMIN EDWARDS INC0-18,480$0-$294.1K—
XPONANCE, INC.0-18,259$0-$290.7K—
MACKENZIE FINANCIAL CORP0-17,876$0-$284.6K—
Headlands Technologies LLC0-17,266$0-$274.9K—
Neuberger Berman Group LLC0-16,607$0-$264.4K—
Graham Capital Management, L.P.0-16,234$0-$258.4K—
AXQ CAPITAL, LP0-15,711$0-$250.1K—
HANCOCK WHITNEY CORP0-15,433$0-$245.7K—
CIBC Private Wealth Group, LLC0-14,810$0-$235.8K—
CIBC Asset Management Inc0-14,710$0-$234.2K—
Tyche Wealth Partners LLC0-14,357$0-$228.6K—
Epoch Investment Partners, Inc.0-13,686$0-$217.9K—
Legacy Wealth Asset Management, LLC0-13,662$0-$217.5K—
Tower Research Capital LLC (TRC)0-12,972$0-$206.5K—
Atria Investments, Inc0-12,970$0-$206.5K—
Everhart Financial Group, Inc.0-12,911$0-$205.5K—
PharVision Advisers, LLC0-12,670$0-$201.7K—
CAPTRUST FINANCIAL ADVISORS0-12,387$0-$197.2K—
Cerity Partners LLC0-11,707$0-$186.4K—
DRW Securities, LLC0-11,097$0-$175.8K—
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC0-11,461$0-$174.0K—
SAGE RHINO CAPITAL LLC0-10,918$0-$173.8K—
CFO4Life Group, LLC0-10,305$0-$164.1K—
WILEY BROS.-AINTREE CAPITAL, LLC0-10,132$0-$161.3K—
UNITED CAPITAL FINANCIAL ADVISERS, LLC0-10,042$0-$159.9K—
PROFUND ADVISORS LLC0-10,037$0-$159.8K—
State of Wyoming0-8,914$0-$141.9K—
Icon Wealth Advisors, LLC0-8,065$0-$128.4K—
PRINCIPAL SECURITIES, INC.0-7,659$0-$121.9K—
NISA INVESTMENT ADVISORS, LLC0-6,201$0-$98.7K—
NOMURA ASSET MANAGEMENT CO LTD0-5,800$0-$92.3K—
GAMMA Investing LLC0-5,612$0-$89.3K—
PRICE T ROWE ASSOCIATES INC /MD/0-5,286,208$0-$84.2K—
SRS Capital Advisors, Inc.0-4,747$0-$75.6K—
CENTRAL TRUST Co0-4,478$0-$71.3K—
BARTLETT & CO. WEALTH MANAGEMENT LLC0-4,270$0-$68.0K—
JONES FINANCIAL COMPANIES LLLP0-3,564$0-$56.6K—
Thrivent Financial for Lutherans0-3,287,696$0-$52.3K—
Versant Capital Management, Inc0-3,134$0-$49.9K—
Community Bank, N.A.0-2,855$0-$45.5K—
Smartleaf Asset Management LLC0-2,476$0-$39.7K—
Quarry LP0-2,241$0-$35.7K—
EverSource Wealth Advisors, LLC0-2,112$0-$33.6K—
FIRST HORIZON CORP0-2,000$0-$31.8K—
FIFTH THIRD BANCORP0-1,988$0-$31.6K—
Bell Investment Advisors, Inc0-1,926$0-$30.7K—
Ronald Blue Trust, Inc.0-1,517$0-$24.2K—
Salomon & Ludwin, LLC0-1,505$0-$23.9K—
Larson Financial Group LLC0-1,461$0-$23.3K—
NATIXIS ADVISORS, L.P.0-1,437,294$0-$22.9K—
Farther Finance Advisors, LLC0-1,361$0-$21.7K—
Rockefeller Capital Management L.P.0-1,227$0-$19.5K—
UMB Bank, n.a.0-938$0-$14.9K—
LORD, ABBETT & CO. LLC0-903,745$0-$14.4K—
Root Financial Partners, LLC0-779$0-$12.4K—
Dynamic Wealth Strategies, LLC0-733$0-$11.7K—
Rise Advisors, LLC0-715$0-$11.4K—
Caitong International Asset Management Co., Ltd0-714$0-$11.4K—
BARROW HANLEY MEWHINNEY & STRAUSS LLC0-635$0-$10.1K—
Steward Partners Investment Advisory, LLC0-620$0-$9.9K—
WPG Advisers, LLC0-581$0-$9.3K—
ROTHSCHILD INVESTMENT LLC0-550$0-$8.8K—
Transamerica Financial Advisors, Inc.0-448$0-$7.1K—
Wealthspire Advisors, LLC0-448$0-$7.1K—
ALGERT GLOBAL LLC0-408,037$0-$6.5K—
MASSMUTUAL TRUST CO FSB/ADV0-401$0-$6.4K—
PICTON MAHONEY ASSET MANAGEMENT0-386,513$0-$6.2K—
LRI Investments, LLC0-361$0-$5.7K—
Bare Financial Services, Inc0-360$0-$5.7K—
Optiver Holding B.V.0-359$0-$5.7K—
Private Wealth Management Group, LLC0-320$0-$5.1K—
Parkside Financial Bank & Trust0-266$0-$4.2K—
JPL Wealth Management, LLC0-237$0-$3.8K—
SouthState Corp0-198$0-$3.2K—
MEEDER ASSET MANAGEMENT INC0-183$0-$2.9K—
SALEM INVESTMENT COUNSELORS INC0-158$0-$2.5K—
JFS WEALTH ADVISORS, LLC0-157$0-$2.5K—
State of Alaska, Department of Revenue0-128,662$0-$2.0K—
NEW YORK STATE TEACHERS RETIREMENT SYSTEM0-119,334$0-$1.9K—
FARMERS & MERCHANTS INVESTMENTS INC0-115$0-$1.8K—
Olstein Capital Management, L.P.0-111,000$0-$1.8K—
Clearstead Trust, LLC0-108$0-$1.7K—
Global Retirement Partners, LLC0-88$0-$1.4K—
Fortitude Family Office, LLC0-84$0-$1.3K—
SG Americas Securities, LLC0-67,980$0-$1.1K—
AMALGAMATED BANK0-66,655$0-$1.1K—
Guerra Advisors Inc0-65$0-$1.0K—
Parallel Advisors, LLC0-62$0-$987—
QUADRANT CAPITAL GROUP LLC0-61$0-$972—
DiNuzzo Private Wealth, Inc.0-58$0-$915—
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY0-56,850$0-$905—
Vestcor Inc0-50,907$0-$810—
ACADIAN ASSET MANAGEMENT LLC0-50,730$0-$805—
SIGNATUREFD, LLC0-43$0-$685—
SJS Investment Consulting Inc.0-30$0-$478—
Annis Gardner Whiting Capital Advisors, LLC0-28$0-$446—
True Wealth Design, LLC0-28$0-$446—
HARBOUR INVESTMENTS, INC.0-25$0-$398—
Rialto Wealth Management, LLC0-24$0-$383—
ASSETMARK, INC0-23$0-$366—
HFM Investment Advisors, LLC0-19$0-$302—
Handelsbanken Fonder AB0-18,800$0-$299—
PARK AVENUE SECURITIES LLC0-16,598$0-$264—
Bay Harbor Wealth Management, LLC0-16$0-$254—
Bruce G. Allen Investments, LLC0-15$0-$239—
CWM, LLC0-15,034$0-$239—
PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO0-14,298$0-$228—
Abound Wealth Management0-14$0-$223—
SBI Securities Co., Ltd.0-7$0-$111—
BESSEMER GROUP INC0-1,402$0-$23—
HARBOR CAPITAL ADVISORS, INC.0-1,404$0-$22—
HANTZ FINANCIAL SERVICES, INC.0-712$0-$11—
Hemington Wealth Management0-374$0-$5—
Covestor Ltd0-62$0-$1—
Cloud Capital Management, LLC0-58$0$0—

Top Holders by reported value

Ranked by the dollar value reported on the latest Form 13F. Share counts reflect long positions as of 2025-12-31.

ManagerShares$ ValueΔ SharesQoQ %
ONTARIO TEACHERS PENSION PLAN BOARD9,740,795$74.2M+9,740,795—
BANK OF AMERICA CORP /DE/2,169,858$34.5M00.0%
AXIOM INVESTORS LLC /DE977,095$15.8M-52,556-5.1%
BARCLAYS PLC470,815$5.2M+132,48939.2%
TUDOR INVESTMENT CORP ET AL222,249$3.5M00.0%
DANSKE BANK A/S257,743$2.7M+171,464198.7%
XTX Topco Ltd103,631$1.7M+34,80550.6%
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO668$505.0K-1,819-73.1%
Vinva Investment Management Ltd18,807$460.9K+1,92011.4%
MERCER GLOBAL ADVISORS INC /ADV25,106$406.5K+4,53922.1%
Sanctuary Advisors, LLC11,416$181.7K+11,416—
Swiss Life Asset Management Ltd10,175$162.0K+10,175—
Evelyn Partners Investment Management LLP1,815$23.7K00.0%
IFP Advisors, Inc373$6.0K+373—
Allworth Financial LP72$1.1K+72—
KBC Group NV7,495$119+7,495—

New & Closed Positions this quarter

Methodology

Form 13F is the SEC's quarterly disclosure for institutional investment managers exercising discretion over $100 million or more in qualifying U.S. equity securities. Managers must file within 45 days of each calendar quarter end, which is why holdings shown here reflect a snapshot at the period date — not real-time positioning.

Quarter-over-quarter deltas compare each manager's most recently reported share count for CWK against its prior-quarter count. New positions are entries where the prior count was zero; closed positions are entries where the current count is zero. Amendments (13F-HR/A) replace prior filings for the same period.

Source: SEC EDGAR Form 13F (XML information tables). Dollar values are as reported by the manager and may use mid-quarter pricing conventions. CUSIP-to-ticker resolution is best-effort.