Aquamarine Financial (Cayman) Ltd In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Aquamarine Financial (Cayman) Ltd reported 12 stock positions worth $1.2 billion . Its top holding was Banco Bradesco-ADR (BBD) at 42.1% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 30.9% ) and Grupo Financiero Galicia-ADR (GGAL, 9.2% ). Compared with Q3 2025, it opened 1 new position, added to 6 and reduced 2. The biggest buy was Grupo Financiero Galicia-ADR (GGAL, shares +58% ) and the biggest sale YPF S.A.-Sponsored ADR (YPF, shares −19% ).
Location Grand Cayman, E9
CIK 0002104187
Portfolio Value $1.2B (Q4 2025) Holdings 12 stocks · $1.2B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 BBD Banco Bradesco-ADR 148,670,798 $517.1M Add +8.1% YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 10,492,557 $379.4M Reduce -19.1% GGAL Grupo Financiero Galicia-ADR 2,092,309 $113.1M Add +57.9% GGB Gerdau SA -Spon ADR 19,526,171 $72.1M Add +9.7% BSBR Banco Santander Brasil-ADS 9,770,322 $59.7M Add +8.6% BMA Banco Macro SA-ADR 564,501 $50.9M Add +23.8% BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 1,141,305 $20.6M Add +103.8% CSANY Cosan SA -ADR 2,096,904 $8.3M Reduce -6.4% ORMP Oramed Pharmaceuticals Inc. 1,973,057 $5.6M No change TGS Transportador Gas-ADR SP B 29,696 $923K No change CEPU Central Puerto-Sponsored ADR 19,314 $338K No change INVZ Innoviz Technologies Ltd. 177,278 $151K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $14K (not counted above) Security Class Shares / Principal Value Change VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 559,653 $14K New
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ YPF YPF S.A.-Sponsored ADR Reduce -19.1% 30.89% −1.44 CSANY Cosan SA -ADR Reduce -6.4% 0.67% −0.38
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ GGAL Grupo Financiero Galicia-ADR Add +57.9% 9.21% +5.45 BMA Banco Macro SA-ADR Add +23.8% 4.14% +2.17 BBAR Bbva Argentina SA-ADR Add +103.8% 1.68% +1.20 GGB Gerdau SA -Spon ADR Add +9.7% 5.87% +0.20 INVZ Innoviz Technologies Ltd. New 0.01% +0.01 BSBR Banco Santander Brasil-ADS Add +8.6% 4.86% −0.30 BBD Banco Bradesco-ADR Add +8.1% 42.10% −6.85
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 New 559,653 $14K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $1.8B BBD, YPF, GGAL, NU, BMA Q1 2026 16 $1.4B BBD, YPF, GGAL, GGB, BSBR Q4 2025 12 $1.2B BBD, YPF, GGAL, GGB, BSBR Q3 2025 11 $974.7M BBD, YPF, GGB, BSBR, GGAL