Q4 2025 · 13F-HR
Nearwater Capital Markets, Ltdholdings as filed
Filed 2026-02-17 · accession 0001915842-26-000003
$5.85B
Reported value
104
Positions
2025-12-31
Period end
The Brief · Nearwater Capital Markets, Ltd · Q4 2025
AI · grounded in 13F
Nearwater Capital Markets, Ltd closed its position in the iShares Core S&P 500 ETF IVV, reducing exposure by $836.6M. The fund also exited positions in Goldman Sachs GS for $210.2M, Palantir Technologies PLTR for $162.4M, and Morgan Stanley MS for $145.7M. On the buy side, the fund established a new position in Vanguard Tax-Managed Fds VEA worth $294.5M and added a new position in Marvell Technology MRVL for $127M. Additionally, the fund increased its share count in Walmart WMT by 155.9% and Micron Technology MU by 102.3%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 02079K305 | GOOGL | ALPHABET INC | $409.7M | 7.01% | 1,309,000 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $358.4M | 6.13% | 741,000 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $347.3M | 5.94% | 1,862,000 | Common | SOLE |
| 921943858 | VEA | VANGUARD TAX-MANAGED FDS | $294.5M | 5.04% | 4,714,850 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $278.3M | 4.76% | 804,000 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $270.6M | 4.63% | 410,000 | Common | SOLE |
| 037833100 | AAPL | APPLE ORD | $208.2M | 3.56% | 766,000 | Common | SOLE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $196.9M | 3.37% | 690,000 | Common | SOLE |
| 92189F791 | GDXJ | VANECK ETF TRUST | $186.6M | 3.19% | 1,640,000 | Common | SOLE |
| 931142103 | WMT | WALMART INC | $185.1M | 3.16% | 1,661,000 | Common | SOLE |
| 512807306 | LRCX | LAM RESEARCH CORP | $140.4M | 2.40% | 820,000 | Common | SOLE |
| 88160R101 | TSLA | TESLA INC | $128.4M | 2.20% | 285,500 | Common | SOLE |
| 573874104 | MRVL | MARVELL TECHNOLOGY INC | $127.0M | 2.17% | 1,495,000 | Common | SOLE |
| 375558103 | GILD | GILEAD SCIENCES INC | $124.3M | 2.13% | 1,013,000 | Common | SOLE |
| 844741108 | LUV | SOUTHWEST AIRLS CO | $115.7M | 1.98% | 2,800,000 | Common | SOLE |
| 464287184 | FXI | ISHARES TR | $106.6M | 1.82% | 2,785,000 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $87.0M | 1.49% | 500,000 | Common | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $85.3M | 1.46% | 1,550,000 | Common | SOLE |
| 922042742 | VT | VANGUARD INTL EQUITY INDEX FUND | $74.4M | 1.27% | 527,500 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $72.1M | 1.23% | 722,000 | Common | SOLE |
| 580135101 | MCD | MCDONALDS CORP | $70.3M | 1.20% | 230,000 | Common | SOLE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $69.8M | 1.19% | 81,000 | Common | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $68.9M | 1.18% | 1,704,800 | Common | SOLE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $68.8M | 1.18% | 1,384,800 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $67.6M | 1.16% | 440,000 | Common | SOLE |
| 337738108 | FISV | FISERV INC | $66.8M | 1.14% | 995,000 | Common | SOLE |
| 832696405 | SJM | SMUCKER J M CO | $66.5M | 1.14% | 680,000 | Common | SOLE |
| 92206C870 | VCIT | VANGUARD SCOTTSDALE FDS | $65.5M | 1.12% | 782,100 | Common | SOLE |
| 80004C200 | SNDK | SANDISK CORP | $64.4M | 1.10% | 271,400 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $64.3M | 1.10% | 12,000 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $63.5M | 1.09% | 275,000 | Common | SOLE |
| 921937827 | BSV | VANGUARD BD INDEX FDS | $63.0M | 1.08% | 800,000 | Common | SOLE |
| 040413205 | ANET | ARISTA NETWORKS INC | $54.9M | 0.94% | 419,000 | Common | SOLE |
| 15102K100 | CELC | CELCUITY INC | $51.9M | 0.89% | 520,200 | Common | SOLE |
| 81762P102 | NOW | SERVICENOW INC | $50.6M | 0.86% | 330,000 | Common | SOLE |
| 713448108 | PEP | PEPSICO INC | $38.8M | 0.66% | 270,000 | Common | SOLE |
| 87305R109 | TTMI | TTM TECHNOLOGIES INC | $38.6M | 0.66% | 558,900 | Common | SOLE |
| 872590104 | TMUS | T-MOBILE US INC | $38.4M | 0.66% | 189,000 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $37.2M | 0.64% | 161,000 | Common | SOLE |
| 49177J102 | KVUE | KENVUE INC | $34.3M | 0.59% | 1,990,000 | Common | SOLE |
| 369604301 | GE | GE AEROSPACE | $33.9M | 0.58% | 110,000 | Common | SOLE |
| 64110L106 | NFLX | NETFLIX INC | $32.8M | 0.56% | 350,000 | Common | SOLE |
| 98138H101 | WDAY | WORKDAY INC | $32.2M | 0.55% | 150,000 | Common | SOLE |
| 86333M108 | LRN | STRIDE INC | $31.7M | 0.54% | 488,000 | Common | SOLE |
| 695156109 | PKG | PACKAGING CORP AMER | $29.5M | 0.50% | 143,000 | Common | SOLE |
| 464287465 | EFA | ISHARES TR | $28.8M | 0.49% | 300,000 | Common | SOLE |
| 254687106 | DIS | DISNEY WALT CO | $28.4M | 0.49% | 250,000 | Common | SOLE |
| 438516106 | HON | HONEYWELL INTL INC | $28.4M | 0.49% | 145,700 | Common | SOLE |
| 500767306 | KWEB | KRANESHARES TRUST | $27.2M | 0.47% | 800,000 | Common | SOLE |
| 83001C108 | FUN | SIX FLAGS ENTERTAINMENT CORP | $26.9M | 0.46% | 1,755,500 | Common | SOLE |
| 05370A108 | RNAGBP | AVIDITY BIOSCIENCES INC | $26.0M | 0.44% | 360,200 | Common | SOLE |
| 55826T102 | SPHR | SPHERE ENTERTAINMENT CO | $23.8M | 0.41% | 250,000 | Common | SOLE |
| 98149E303 | GLDM | WORLD GOLD TR | $23.6M | 0.40% | 276,600 | Common | SOLE |
| 75886F107 | REGN | REGENERON PHARMACEUTICALS | $23.2M | 0.40% | 30,000 | Common | SOLE |
| 922042858 | VWO | VANGUARD INTL EQUITY INDEX FUND | $21.0M | 0.36% | 390,000 | Common | SOLE |
| 44332N106 | HTHT | H WORLD GROUP LTD | $20.2M | 0.35% | 428,800 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $20.1M | 0.34% | 40,000 | Common | SOLE |
| 49845K101 | KVYO | KLAVIYO INC | $19.5M | 0.33% | 600,000 | Common | SOLE |
| 448579102 | H | HYATT HOTELS CORP | $19.2M | 0.33% | 120,000 | Common | SOLE |
| 20464U100 | COMP | COMPASS INC | $18.2M | 0.31% | 1,724,700 | Common | SOLE |
| 03969K108 | ARQT | ARCUTIS BIOTHERAPEUTICS INC | $17.9M | 0.31% | 615,000 | Common | SOLE |
| 00724F101 | ADBE | ADOBE INC | $17.5M | 0.30% | 50,000 | Common | SOLE |
| 482480100 | KLAC | KLA CORP | $17.0M | 0.29% | 14,000 | Common | SOLE |
| 901109108 | TPC | TUTOR PERINI CORP | $15.1M | 0.26% | 225,000 | Common | SOLE |
| 053484101 | AVB | AVALONBAY CMNTYS INC | $14.5M | 0.25% | 80,000 | Common | SOLE |
| 743315103 | PGR | PROGRESSIVE INC | $13.9M | 0.24% | 61,000 | Common | SOLE |
| 00108J109 | ACMR | ACM RESH INC | $13.8M | 0.24% | 350,800 | Common | SOLE |
| 151290889 | CX | CEMEX SAB DE CV | $13.7M | 0.23% | 1,189,900 | Common | SOLE |
| 10316T104 | BOX | BOX INC | $13.6M | 0.23% | 456,000 | Common | SOLE |
| 387328107 | GVA | GRANITE CONSTR INC | $13.6M | 0.23% | 118,000 | Common | SOLE |
| 74340W103 | PLD | PROLOGIS INC | $12.8M | 0.22% | 100,000 | Common | SOLE |
| 48553T106 | BZ | KANZHUN LIMITED | $12.2M | 0.21% | 600,000 | Common | SOLE |
| 464287242 | LQD | ISHARES TR | $12.1M | 0.21% | 109,600 | Common | SOLE |
| 194162103 | CL | COLGATE PALMOLIVE CO | $12.0M | 0.21% | 152,000 | Common | SOLE |
| 052769106 | ADSK | AUTODESK INC | $11.2M | 0.19% | 38,000 | Common | SOLE |
| 749527107 | 1RG | REV GROUP INC | $11.0M | 0.19% | 181,000 | Common | SOLE |
| 98389B100 | XEL | XCEL ENERGY INC | $10.6M | 0.18% | 144,000 | Common | SOLE |
| 882508104 | TXN | TEXAS INSTRS INC | $10.4M | 0.18% | 60,000 | Common | SOLE |
| 464287432 | TLT | ISHARES TR | $9.6M | 0.16% | 110,000 | Common | SOLE |
| 722304102 | PDD | PDD HOLDINGS INC | $9.4M | 0.16% | 83,100 | Common | SOLE |
| 16411R208 | LNG | CHENIERE ENERGY INC | $9.1M | 0.16% | 47,000 | Common | SOLE |
| 78468R408 | SJNK | SPDR SERIES TRUST | $8.7M | 0.15% | 345,100 | Common | SOLE |
| 084680107 | BBT | BEACON FINANCIAL CORP | $8.7M | 0.15% | 329,500 | Common | SOLE |
| 461202103 | INTU | INTUIT | $8.6M | 0.15% | 13,000 | Common | SOLE |
| 81141R100 | SE | SEA LTD | $8.6M | 0.15% | 67,500 | Common | SOLE |
| 053015103 | ADP | AUTOMATIC DATA PROCESSING INC | $8.2M | 0.14% | 32,000 | Common | SOLE |
| 615394202 | MOG/A | MOOG INC | $8.2M | 0.14% | 33,500 | Common | SOLE |
| 25754A201 | DPZ | DOMINOS PIZZA INC | $7.9M | 0.14% | 19,000 | Common | SOLE |
| 874080104 | TAL | TAL EDUCATION GROUP | $7.6M | 0.13% | 700,000 | Common | SOLE |
| 24665A103 | DK | DELEK US HOLDINGS INC NEW | $7.6M | 0.13% | 255,000 | Common | SOLE |
| 30214U102 | EXPO | EXPONENT INC | $6.6M | 0.11% | 95,300 | Common | SOLE |
| 03076K108 | ABCB | AMERIS BANCORP | $5.6M | 0.10% | 75,000 | Common | SOLE |
| 45104G104 | IBN | ICICI BANK LIMITED | $5.4M | 0.09% | 180,300 | Common | SOLE |
| 88557W101 | QFIN | QFIN HOLDINGS INC | $4.8M | 0.08% | 250,000 | Common | SOLE |
| 464285204 | IAU | ISHARES GOLD TR | $3.6M | 0.06% | 44,100 | Common | SOLE |
| 72201R882 | ZROZ | PIMCO ETF TR | $3.6M | 0.06% | 55,400 | Common | SOLE |
| G42706104 | HG | HAMILTON INSURANCE GROUP LTD | $3.4M | 0.06% | 120,100 | Common | SOLE |
| 10948W103 | AAMI | ACADIAN ASSET MANAGEMENT INC | $2.8M | 0.05% | 60,000 | Common | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $2.6M | 0.04% | 61,500 | Common | SOLE |
| 12621E103 | CNO | CNO FINL GROUP INC | $2.3M | 0.04% | 53,800 | Common | SOLE |
| G4766E116 | INDV | INDIVIOR PLC | $2.2M | 0.04% | 60,000 | Common | SOLE |
| 92828Q109 | VRTS | VIRTUS INVT PARTNERS INC | $1.9M | 0.03% | 11,400 | Common | SOLE |
| 83443Q103 | SOLS | SOLSTICE ADVANCED MATLS INC | $1.8M | 0.03% | 36,425 | Common | SOLE |
| 345370860 | F | FORD MTR CO | $13 | 0.00% | 1 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.