Aquamarine Financial (Cayman) Ltd In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Aquamarine Financial (Cayman) Ltd reported 16 stock positions worth $1.4 billion . Its top holding was Banco Bradesco-ADR (BBD) at 43.1% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 30.6% ) and Grupo Financiero Galicia-ADR (GGAL, 8.1% ). Compared with Q4 2025, it opened 4 new positions, added to 6 and reduced 3. The biggest buy was a new position in Proshares Ultrashort Bloombe and the biggest sale Gerdau SA -Spon ADR (GGB, shares −14% ).
Location Grand Cayman, E9
CIK 0002104187
Portfolio Value $1.4B (Q1 2026) Holdings 16 stocks · $1.4B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 BBD Banco Bradesco-ADR 156,848,134 $588.7M Add +5.5% YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 9,026,675 $417.2M Reduce -14.0% GGAL Grupo Financiero Galicia-ADR 2,360,982 $110.7M Add +12.8% GGB Gerdau SA -Spon ADR 16,726,171 $60.4M Reduce -14.3% BSBR Banco Santander Brasil-ADS 9,817,925 $58.2M Add +0.5% BMA Banco Macro SA-ADR 532,490 $41.2M Reduce -5.7% PROSHARES ULTRASHORT BLOOMBE 3,400,000 $28.3M New BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 1,235,322 $19.8M Add +8.2% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1,000,000 $14.4M New CSANY Cosan SA -ADR 2,096,904 $8.6M No change ORMP Oramed Pharmaceuticals Inc. 2,112,312 $7.2M Add +7.1% DRTS Alpha Tau Medical Ltd. 721,501 $5.1M New INVZ Innoviz Technologies Ltd. 5,177,278 $3.3M Add +2820.4% PLSM Pulsenmore Ltd. 338,541 $1.2M New TGS Transportador Gas-ADR SP B 29,696 $1.0M No change CEPU Central Puerto-Sponsored ADR 19,314 $325K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $15K (not counted above) Security Class Shares / Principal Value Change VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 559,653 $15K No change
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ GGB Gerdau SA -Spon ADR Reduce -14.3% 4.42% −1.44 BMA Banco Macro SA-ADR Reduce -5.7% 3.02% −1.13 YPF YPF S.A.-Sponsored ADR Reduce -14.0% 30.55% −0.34
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ PROSHARES ULTRASHORT BLOOMBE New 2.07% +2.07 NU Nu Holdings Ltd./Cayman Isl-A New 1.05% +1.05 BBD Banco Bradesco-ADR Add +5.5% 43.11% +1.01 DRTS Alpha Tau Medical Ltd. New 0.37% +0.37 INVZ Innoviz Technologies Ltd. Add +2820.4% 0.24% +0.23 PLSM Pulsenmore Ltd. New 0.09% +0.09 ORMP Oramed Pharmaceuticals Inc. Add +7.1% 0.53% +0.07 BBAR Bbva Argentina SA-ADR Add +8.2% 1.45% −0.23 BSBR Banco Santander Brasil-ADS Add +0.5% 4.26% −0.60 GGAL Grupo Financiero Galicia-ADR Add +12.8% 8.10% −1.11
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