Nearwater Capital Markets, Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Nearwater Capital Markets, Ltd reported 103 stock positions worth $6.3 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 12.4% of the portfolio, followed by Nvidia (NVDA, 10.7%) and Meta Platforms Class A (META, 6.8%). Compared with Q1 2025, it opened 35 new positions, sold out of 21, added to 30 and reduced 23. The biggest buy was Nvidia (NVDA, shares +170%) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001915842
Portfolio Value
$6.3B (Q2 2025)
SEC Filing
0001915842-25-000018 ↗ filed Aug 13, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q4 2024: $3.5B Q4 2024 Q1 2025: $3.5B Q1 2025 Q2 2025: $6.3B $6.3B Q2 2025 Q3 2025: $7.5B Q3 2025 Q4 2025: $5.8B Q4 2025 Q1 2026: $4.2B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 103 stocks · $6.3B
IVV iShares Core S&P 500 ETF 12.42% 1,250,000 $776.1M Add +25.0%
NVDA Nvidia Corp. 10.66% 4,216,300 $666.1M Add +170.3%
META Meta Platforms Inc. Class A 6.81% 576,500 $425.5M Add +175.8%
AVGO Broadcom Inc. 5.99% 1,358,274 $374.4M Add +33.6%
MSFT Microsoft Corp. 5.70% 716,575 $356.4M Add +114.7%
AAPL Apple Inc. 4.20% 1,278,000 $262.2M Add +401.2%
GOOGL Alphabet Inc. Class A 3.03% 1,076,000 $189.6M Add +67.9%
GS Goldman Sachs Group Inc. 2.99% 264,015 $186.9M New
AMZN Amazon.com Inc. 2.97% 846,100 $185.6M Add +92.3%
PLTR Palantir Technologies Inc. Class A 2.47% 1,134,088 $154.6M Add +198.2%
SCHW Schwab (charles) Corp. 2.08% 1,424,879 $130.0M Add +1324.9%
MS Morgan Stanley 2.07% 916,809 $129.1M Add +184.9%
JPM JPMorgan Chase & Co. 1.68% 362,000 $104.9M Add +17.5%
GOOG Alphabet Inc. Class C 1.63% 575,000 $102.0M New
AMD Advanced Micro Devices 1.45% 640,000 $90.8M New
BRK.B Berkshire Hathaway Inc. Class B 1.38% 177,000 $86.0M Add +220.1%
TSLA Tesla Inc. 1.35% 266,000 $84.5M Add +192.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.32% 1,750,000 $82.8M Add +80.4%
GDXJ Vaneck Junior Gold Miners 1.20% 1,110,000 $75.0M Add +48.0%
FXI iShares China Large-Cap ETF 1.02% 1,740,000 $64.0M Add +6.1%
MA Mastercard Inc. Class A 0.90% 100,000 $56.2M Reduce -51.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.87% 440,000 $54.6M Reduce -22.8%
ADBE Adobe Inc. 0.74% 119,000 $46.0M New
CTAS Cintas Corp. 0.71% 200,000 $44.6M New
MU Micron Technology Inc. 0.67% 341,000 $42.0M No change
CSCO Cisco Systems Inc. 0.64% 580,000 $40.2M Add +9.4%
WFC Wells Fargo & Co. 0.64% 500,000 $40.1M Reduce -25.9%
LUV Southwest Airlines Co. 0.62% 1,200,000 $38.9M Add +200.0%
MCD McDonald's Corp. 0.62% 133,000 $38.9M Reduce -30.1%
CRM Salesforce Inc. 0.61% 140,000 $38.2M New
HON Honeywell International Inc. 0.59% 159,222 $37.1M Reduce -5.9%
UNH Unitedhealth Group Inc. 0.57% 114,000 $35.6M Add +107.3%
TFX Teleflex Inc. 0.55% 290,000 $34.3M New
WDC Western Digital Corp. 0.52% 504,000 $32.3M New
CRL Charles River Laboratories 0.51% 210,000 $31.9M New
TLT iShares 20+ Year Treasury BD 0.51% 360,000 $31.8M Add +140.0%
LRCX Lam Research Corp. 0.50% 320,000 $31.1M New
CRWD CrowdStrike Holdings Inc. Class A 0.49% 60,000 $30.6M No change
NFLX Netflix Inc. 0.48% 22,600 $30.3M New
QCOM Qualcomm Inc. 0.46% 180,000 $28.7M Add +50.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.44% 225,000 $27.8M Reduce -15.1%
PEP Pepsico Inc. 0.42% 200,000 $26.4M Add +122.2%
ADI Analog Devices Inc. 0.42% 110,000 $26.2M Add +83.3%
ISRG Intuitive Surgical Inc. 0.41% 47,579 $25.9M No change
AMAT Applied Materials Inc. 0.40% 136,500 $25.0M Add +57.8%
IBKR Interactive Brokers Gro Class A 0.39% 440,000 $24.4M New
AXP American Express Co. 0.39% 75,500 $24.1M Reduce -34.6%
COST Costco Wholesale Corp. 0.38% 24,000 $23.8M Add +84.6%
NOW ServiceNow Inc. 0.38% 23,000 $23.6M Add +91.7%
ABBV Abbvie Inc. 0.37% 125,000 $23.2M Reduce -36.5%
BKNG Booking Holdings Inc. 0.37% 4,000 $23.2M Add +100.0%
UNP Union Pacific Corp. 0.37% 100,000 $23.0M New
C Citigroup Inc. 0.36% 265,000 $22.6M Reduce -15.9%
WMT Walmart Inc. 0.35% 225,000 $22.0M Reduce -52.6%
LMT Lockheed Martin Corp. 0.33% 45,000 $20.8M Add +80.0%
ADP Automatic Data Processing 0.33% 67,000 $20.7M New
UBER Uber Technologies Inc. 0.33% 220,000 $20.5M No change
BPMC Blueprint Medicines Corp. 0.33% 160,000 $20.5M New
ANET Arista Networks Inc. 0.33% 200,000 $20.5M No change
GE General Electric filed as GE AEROSPACE 0.30% 73,800 $19.0M Reduce -40.9%
GD General Dynamics Corp. 0.30% 65,000 $19.0M New
GILD Gilead Sciences Inc. 0.27% 150,000 $16.6M New
PGR Progressive Corp. 0.26% 60,000 $16.0M Reduce -40.0%
MRSH Marsh & McLennan Cos 0.25% 70,519 $15.4M Reduce -38.4%
WELL Welltower Inc. 0.25% 100,000 $15.4M Reduce -16.7%
SYK Stryker Corp. 0.25% 38,830 $15.4M No change
CME Cme Group Inc. 0.24% 55,000 $15.2M No change
CVX Chevron Corp. 0.24% 104,559 $15.0M Reduce -50.2%
ICE Intercontinental Exchange Inc. 0.23% 80,000 $14.7M No change
RTX RTX Corp. 0.23% 100,000 $14.6M Reduce -67.2%
PNC PNC Financial Services Group 0.22% 75,000 $14.0M No change
PCG P G & E Corp. 0.22% 1,000,000 $13.9M Add +34.3%
CL Colgate-Palmolive Co. 0.22% 152,000 $13.8M Reduce -46.2%
AVTR Avantor Inc. 0.22% 1,000,000 $13.5M New
LULU Lululemon Athletica Inc. 0.21% 55,000 $13.1M New
KLAC KLA Corp. 0.20% 14,000 $12.5M New
TXN Texas Instruments Inc. 0.20% 60,000 $12.5M Reduce -57.1%
ADSK Autodesk Inc. 0.19% 38,000 $11.8M New
EAT Brinker International Inc. 0.19% 65,000 $11.7M New
LNG Cheniere Energy Inc. 0.18% 47,000 $11.4M New
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.18% 11,000 $11.4M New
NEE Nextera Energy Inc. 0.18% 160,000 $11.1M New
PM Philip Morris International 0.17% 60,000 $10.9M New
NXP Semiconductors filed as PAYPAL HOLDINGS INC 0.17% 50,000 $10.9M New
BSX Boston Scientific Corp. 0.17% 100,000 $10.7M New
RJF Raymond James Financial Inc. 0.17% 70,000 $10.7M New
MMM 3M Co. 0.17% 70,000 $10.7M No change
AFL Aflac Inc. 0.17% 100,000 $10.5M Reduce -28.6%
PLD Prologis Inc. 0.17% 100,000 $10.5M New
PKG Packaging Corp. of America 0.17% 55,000 $10.4M New
BOX Box Inc. Class A 0.16% 300,000 $10.3M New
INTU Intuit Inc. 0.16% 13,000 $10.2M New
XOM Exxon Mobil Corp. 0.15% 85,000 $9.2M No change
COP Conocophillips 0.14% 100,000 $9.0M Reduce -50.0%
TFC Truist Financial Corp. 0.14% 200,000 $8.6M Reduce -13.1%
FCX Freeport-McMoran Inc. 0.13% 190,000 $8.2M Reduce -27.5%
TMO Thermo Fisher Scientific Inc. 0.13% 20,000 $8.1M No change
EQIX Equinix Inc. 0.13% 10,000 $8.0M No change
Johnson Controls International 0.12% 70,000 $7.4M New
NVR NVR Inc. 0.12% 1,000 $7.4M New
HD Home Depot Inc. 0.12% 20,000 $7.3M No change
BLK BlackRock Inc. 0.10% 6,000 $6.3M No change
TRV The Travelers Cos Inc. 0.06% 15,000 $4.0M Reduce -76.9%

Portfolio Sells Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −7.96
MA Mastercard Inc. Class A Reduce -51.1% 0.90% −2.29
MCD McDonald's Corp. Reduce -30.1% 0.62% −1.07
RTX RTX Corp. Reduce -67.2% 0.23% −0.92
WMT Walmart Inc. Reduce -52.6% 0.35% −0.83
AAL American Airlines Group Inc. Sold out 0.00% −0.83
ABBV Abbvie Inc. Reduce -36.5% 0.37% −0.80
ACN Accenture PLC Class A Sold out 0.00% −0.80
CVX Chevron Corp. Reduce -50.2% 0.24% −0.76
WFC Wells Fargo & Co. Reduce -25.9% 0.64% −0.74
DIS The Walt Disney Co. Reduce -22.8% 0.87% −0.73
T AT&T Inc. Sold out 0.00% −0.56
PGR Progressive Corp. Reduce -40.0% 0.26% −0.55
MRSH Marsh & McLennan Cos Reduce -38.4% 0.25% −0.55
CL Colgate-Palmolive Co. Reduce -46.2% 0.22% −0.53
TXN Texas Instruments Inc. Reduce -57.1% 0.20% −0.52
ELV Elevance Health Inc. Sold out 0.00% −0.50
AXP American Express Co. Reduce -34.6% 0.39% −0.50
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.49
CMCSA Comcast Corp. Class A Sold out 0.00% −0.48
X United States Steel Corp. Sold out 0.00% −0.48
TJX TJX Companies Inc. Reduce -15.1% 0.44% −0.47
DE Deere & Co. Sold out 0.00% −0.47
COP Conocophillips Reduce -50.0% 0.14% −0.45
PG The Procter & Gamble Co. Sold out 0.00% −0.44
HON Honeywell International Inc. Reduce -5.9% 0.59% −0.43
TRV The Travelers Cos Inc. Reduce -76.9% 0.06% −0.42
SHW The Sherwin-Williams Co. Sold out 0.00% −0.42
GE General Electric Reduce -40.9% 0.30% −0.41
XEL Xcel Energy Inc. Sold out 0.00% −0.39
TDG Transdigm Group Inc. Sold out 0.00% −0.37
IBM Intl Business Machines Corp. Sold out 0.00% −0.35
PSX Phillips 66 Sold out 0.00% −0.35
APO Apollo Global Management Inc. Sold out 0.00% −0.34
ORCL Oracle Corp. Sold out 0.00% −0.32
CB Chubb Ltd. Sold out 0.00% −0.31
JCI Johnson Controls Internation Sold out 0.00% −0.29
WELL Welltower Inc. Reduce -16.7% 0.25% −0.28
C Citigroup Inc. Reduce -15.9% 0.36% −0.28
AFL Aflac Inc. Reduce -28.6% 0.17% −0.27
NXPI NXP Semiconductors NV Sold out 0.00% −0.27
MRK Merck & Co. Inc. Sold out 0.00% −0.26
FCX Freeport-McMoran Inc. Reduce -27.5% 0.13% −0.15
TFC Truist Financial Corp. Reduce -13.1% 0.14% −0.13

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. Add +170.3% 10.66% +5.85
META Meta Platforms Inc. Class A Add +175.8% 6.81% +3.38
GS Goldman Sachs Group Inc. New 2.99% +2.99
AAPL Apple Inc. Add +401.2% 4.20% +2.58
MSFT Microsoft Corp. Add +114.7% 5.70% +2.14
SCHW Schwab (charles) Corp. Add +1324.9% 2.08% +1.86
GOOG Alphabet Inc. Class C New 1.63% +1.63
PLTR Palantir Technologies Inc. Class A Add +198.2% 2.47% +1.56
AMD Advanced Micro Devices New 1.45% +1.45
AVGO Broadcom Inc. Add +33.6% 5.99% +1.15
MS Morgan Stanley Add +184.9% 2.07% +1.00
ADBE Adobe Inc. New 0.74% +0.74
CTAS Cintas Corp. New 0.71% +0.71
TSLA Tesla Inc. Add +192.3% 1.35% +0.68
CRM Salesforce Inc. New 0.61% +0.61
AMZN Amazon.com Inc. Add +92.3% 2.97% +0.59
TFX Teleflex Inc. New 0.55% +0.55
BRK.B Berkshire Hathaway Inc. Class B Add +220.1% 1.38% +0.54
WDC Western Digital Corp. New 0.52% +0.52
CRL Charles River Laboratories New 0.51% +0.51
LRCX Lam Research Corp. New 0.50% +0.50
NFLX Netflix Inc. New 0.48% +0.48
IBKR Interactive Brokers Gro Class A New 0.39% +0.39
UNP Union Pacific Corp. New 0.37% +0.37
ADP Automatic Data Processing New 0.33% +0.33
BPMC Blueprint Medicines Corp. New 0.33% +0.33
GD General Dynamics Corp. New 0.30% +0.30
GILD Gilead Sciences Inc. New 0.27% +0.27
LUV Southwest Airlines Co. Add +200.0% 0.62% +0.24
AVTR Avantor Inc. New 0.22% +0.22
GOOGL Alphabet Inc. Class A Add +67.9% 3.03% +0.21
LULU Lululemon Athletica Inc. New 0.21% +0.21
KLAC KLA Corp. New 0.20% +0.20
ADSK Autodesk Inc. New 0.19% +0.19
EAT Brinker International Inc. New 0.19% +0.19
LNG Cheniere Energy Inc. New 0.18% +0.18
GWW WW Grainger Inc. New 0.18% +0.18
NEE Nextera Energy Inc. New 0.18% +0.18
NXP Semiconductors New 0.17% +0.17
PM Philip Morris International New 0.17% +0.17
BAC Bank of America Corp. Add +80.4% 1.32% +0.17
BSX Boston Scientific Corp. New 0.17% +0.17
RJF Raymond James Financial Inc. New 0.17% +0.17
PLD Prologis Inc. New 0.17% +0.17
PKG Packaging Corp. of America New 0.17% +0.17
BOX Box Inc. Class A New 0.16% +0.16
INTU Intuit Inc. New 0.16% +0.16
TLT iShares 20+ Year Treasury BD Add +140.0% 0.51% +0.12
Johnson Controls International New 0.12% +0.12
NVR NVR Inc. New 0.12% +0.12

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 100$5.8BRVMD, AMZN, GDX, SNDK, AMD
Q1 2026 82$4.2BSPDW, AAPL, NVDA, GDXJ, VEA
Q4 2025 104$5.8BGOOGL, MSFT, NVDA, VEA, AVGO
Q3 2025 144$7.5BIVV, NVDA, MSFT, AAPL, AVGO
Q2 2025 103$6.3BIVV, NVDA, META, AVGO, MSFT
Q1 2025 89$3.5BIVV, SPY, AVGO, NVDA, MSFT
Q4 2024 78$3.5BIVV, AVGO, NVDA, MA, GS