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%).

Most Recent 13F
Q2 2026
Location
Grand Cayman, E9
CIK
0002104187
Portfolio Value
$1.2B (Q4 2025)
SEC Filing
0001493152-26-004011 ↗ filed Jan 28, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q3 2025: $974.7M Q3 2025 Q4 2025: $1.2B $1.2B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 12 stocks · $1.2B

BBD Banco Bradesco-ADR 42.10% 148,670,798 $517.1M Add +8.1%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 30.89% 10,492,557 $379.4M Reduce -19.1%
GGAL Grupo Financiero Galicia-ADR 9.21% 2,092,309 $113.1M Add +57.9%
GGB Gerdau SA -Spon ADR 5.87% 19,526,171 $72.1M Add +9.7%
BSBR Banco Santander Brasil-ADS 4.86% 9,770,322 $59.7M Add +8.6%
BMA Banco Macro SA-ADR 4.14% 564,501 $50.9M Add +23.8%
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 1.68% 1,141,305 $20.6M Add +103.8%
CSANY Cosan SA -ADR 0.67% 2,096,904 $8.3M Reduce -6.4%
ORMP Oramed Pharmaceuticals Inc. 0.46% 1,973,057 $5.6M No change
TGS Transportador Gas-ADR SP B 0.08% 29,696 $923K No change
CEPU Central Puerto-Sponsored ADR 0.03% 19,314 $338K No change
INVZ Innoviz Technologies Ltd. 0.01% 177,278 $151K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $14K (not counted above)
SecurityClassShares / PrincipalValueChange
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 559,653$14KNew

Total filed on the 13F, all lines: $1.2B.

Portfolio Sells Q3 2025 → Q4 2025

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

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

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 16$1.8BBBD, YPF, GGAL, NU, BMA
Q1 2026 16$1.4BBBD, YPF, GGAL, GGB, BSBR
Q4 2025 12$1.2BBBD, YPF, GGAL, GGB, BSBR
Q3 2025 11$974.7MBBD, YPF, GGB, BSBR, GGAL