Nearwater Capital Markets, Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Nearwater Capital Markets, Ltd reported 144 stock positions worth $7.5 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 11.2% of the portfolio, followed by Nvidia (NVDA, 10.3%) and Microsoft (MSFT, 6.5%). Compared with Q2 2025, it opened 59 new positions, sold out of 18, added to 20 and reduced 28. The biggest buy was a new position in Fiserv (FISV) and the biggest sale Meta Platforms Class A (META, shares −60%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001915842
Portfolio Value
$7.5B (Q3 2025)
SEC Filing
0001915842-25-000021 ↗ filed Nov 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 Q2 2025 Q3 2025: $7.5B $7.5B Q3 2025 Q4 2025: $5.8B Q4 2025 Q1 2026: $4.2B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 144 stocks · $7.5B
IVV iShares Core S&P 500 ETF 11.19% 1,250,000 $836.6M No change
NVDA Nvidia Corp. 10.30% 4,130,200 $770.6M Reduce -2.0%
MSFT Microsoft Corp. 6.50% 938,675 $486.2M Add +31.0%
AAPL Apple Inc. 4.66% 1,368,900 $348.6M Add +7.1%
AVGO Broadcom Inc. 3.72% 844,000 $278.4M Reduce -37.9%
GOOGL Alphabet Inc. Class A 3.24% 998,000 $242.6M Reduce -7.3%
GS Goldman Sachs Group Inc. 2.81% 264,015 $210.2M No change
META Meta Platforms Inc. Class A 2.27% 231,000 $169.6M Reduce -59.9%
PLTR Palantir Technologies Inc. Class A 2.17% 890,388 $162.4M Reduce -21.5%
AMZN Amazon.com Inc. 2.06% 703,300 $154.4M Reduce -16.9%
TSLA Tesla Inc. 2.02% 340,000 $151.2M Add +27.8%
MS Morgan Stanley 1.95% 916,809 $145.7M No change
GOOG Alphabet Inc. Class C 1.84% 566,500 $138.0M Reduce -1.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.83% 2,650,000 $136.7M Add +51.4%
SCHW Schwab (charles) Corp. 1.82% 1,424,879 $136.0M No change
FISV Fiserv Inc. 1.72% 995,000 $128.3M New
RY Royal Bank of Canada 1.45% 738,000 $108.8M New
AMD Advanced Micro Devices 1.38% 640,000 $103.5M No change
BRK.B Berkshire Hathaway Inc. Class B 1.24% 184,800 $92.9M Add +4.4%
GDXJ Vaneck Junior Gold Miners 1.14% 860,000 $85.2M Reduce -22.5%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.99% 680,000 $73.8M New
HD Home Depot Inc. 0.94% 172,600 $69.9M Add +763.0%
BKNG Booking Holdings Inc. 0.91% 12,600 $68.0M Add +215.0%
WMT Walmart Inc. 0.89% 649,100 $66.9M Add +188.5%
CNQ Canadian Natural Resources 0.88% 2,045,000 $65.5M New
GILD Gilead Sciences Inc. 0.88% 590,000 $65.5M Add +293.3%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.84% 485,000 $63.2M New
MFC Manulife Financial Corp. 0.79% 1,900,000 $59.2M New
MU Micron Technology Inc. 0.76% 341,000 $57.1M No change
MA Mastercard Inc. Class A 0.76% 100,000 $56.9M No change
JPM JPMorgan Chase & Co. 0.72% 170,000 $53.6M Reduce -53.0%
LRCX Lam Research Corp. 0.70% 390,400 $52.3M Add +22.0%
LUV Southwest Airlines Co. 0.68% 1,600,000 $51.1M Add +33.3%
HON Honeywell International Inc. 0.67% 238,700 $50.2M Add +49.9%
COST Costco Wholesale Corp. 0.66% 53,300 $49.3M Add +122.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.59% 383,200 $43.9M Reduce -12.9%
MCD McDonald's Corp. 0.54% 133,000 $40.4M No change
IBIT iShares Bitcoin Trust ETF 0.52% 600,000 $39.0M New
FXI iShares China Large-Cap ETF 0.52% 940,000 $38.7M Reduce -46.0%
WDAY Workday Inc. Class A 0.48% 150,000 $36.1M New
LLY Eli Lilly & Co. 0.48% 46,800 $35.7M New
ADBE Adobe Inc. 0.47% 100,000 $35.3M Reduce -16.0%
CRDO Credo Technology Group Holdi 0.47% 240,100 $35.0M New
CSCO Cisco Systems Inc. 0.46% 502,600 $34.4M Reduce -13.3%
PGR Progressive Corp. 0.45% 135,000 $33.3M Add +125.0%
MDT Medtronic PLC 0.45% 350,000 $33.3M New
JNJ Johnson & Johnson 0.44% 179,300 $33.2M New
LMT Lockheed Martin Corp. 0.43% 65,000 $32.4M Add +44.4%
WFC Wells Fargo & Co. 0.40% 360,000 $30.2M Reduce -28.0%
SLF Sun Life Financial Inc. 0.39% 490,000 $29.4M New
CRWD CrowdStrike Holdings Inc. Class A 0.39% 60,000 $29.4M No change
ABBV Abbvie Inc. 0.39% 125,000 $28.9M No change
INSM Insmed Inc. 0.39% 200,000 $28.8M New
PM Philip Morris International 0.38% 175,400 $28.4M Add +192.3%
UNH Unitedhealth Group Inc. 0.36% 79,000 $27.3M Reduce -30.7%
C Citigroup Inc. 0.36% 265,000 $26.9M No change
CRM Salesforce Inc. 0.35% 111,200 $26.4M Reduce -20.6%
UNP Union Pacific Corp. 0.32% 100,000 $23.6M No change
INTU Intuit Inc. 0.31% 33,600 $22.9M Add +158.5%
GE General Electric filed as GE AEROSPACE 0.30% 73,800 $22.2M No change
UBER Uber Technologies Inc. 0.29% 220,000 $21.6M No change
NOW ServiceNow Inc. 0.28% 23,000 $21.2M No change
FTS Fortis Inc. 0.26% 387,000 $19.6M New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.26% 69,300 $19.6M New
KO The Coca-Cola Co. 0.25% 287,300 $19.1M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.25% 130,000 $18.8M Reduce -42.2%
AMAT Applied Materials Inc. 0.24% 86,500 $17.7M Reduce -36.6%
FUN Six Flags Entertainment Corp. 0.23% 755,500 $17.2M New
MLYS Mineralys Therapeutics Inc. 0.23% 450,000 $17.1M New
PEP Pepsico Inc. 0.23% 120,000 $16.9M Reduce -40.0%
HTHT H World Group Ltd.-ADR 0.22% 428,800 $16.8M New
RTX RTX Corp. 0.22% 100,000 $16.7M No change
PG The Procter & Gamble Co. 0.22% 108,900 $16.7M New
ANET Arista Networks Inc. 0.22% 112,600 $16.4M Reduce -43.7%
TXN Texas Instruments Inc. 0.22% 89,000 $16.4M Add +48.3%
CVX Chevron Corp. 0.22% 104,559 $16.2M No change
MRK Merck & Co. Inc. 0.21% 185,600 $15.6M New
SPHR Sphere Entertainment Co. 0.21% 250,000 $15.5M New
LIN Linde PLC 0.21% 32,400 $15.4M New
KLAC KLA Corp. 0.20% 14,000 $15.1M No change
T AT&T Inc. 0.20% 531,300 $15.0M New
ADI Analog Devices Inc. 0.20% 60,000 $14.7M Reduce -45.5%
APP AppLovin Corp. Class A 0.19% 19,700 $14.2M New
BZ Kanzhun Ltd. - ADR 0.19% 600,000 $14.0M New
NEE Nextera Energy Inc. 0.19% 185,200 $14.0M Add +15.8%
TMO Thermo Fisher Scientific Inc. 0.18% 27,900 $13.5M Add +39.5%
AEM Agnico Eagle Mines Ltd. 0.18% 80,000 $13.5M New
CHWY Chewy Inc. Class A 0.17% 315,000 $12.7M New
ORCL Oracle Corp. 0.17% 45,000 $12.7M New
ISRG Intuitive Surgical Inc. 0.16% 27,579 $12.3M Reduce -42.0%
CL Colgate-Palmolive Co. 0.16% 152,000 $12.2M No change
RJF Raymond James Financial Inc. 0.16% 70,000 $12.1M No change
ADSK Autodesk Inc. 0.16% 38,000 $12.1M No change
SE Sea Ltd.-ADR 0.16% 67,500 $12.1M New
PKG Packaging Corp. of America 0.16% 55,000 $12.0M No change
PLD Prologis Inc. 0.15% 100,000 $11.5M No change
NXPI NXP Semiconductors NV 0.15% 50,000 $11.4M New
AFL Aflac Inc. 0.15% 100,000 $11.2M No change
LNG Cheniere Energy Inc. 0.15% 47,000 $11.0M No change
PDD PDD Holdings Inc. 0.15% 83,100 $11.0M New

Show all 144 holdings

Portfolio Sells Q2 2025 → Q3 2025
META Meta Platforms Inc. Class A Reduce -59.9% 2.27% −4.54
AVGO Broadcom Inc. Reduce -37.9% 3.72% −2.27
JPM JPMorgan Chase & Co. Reduce -53.0% 0.72% −0.96
AMZN Amazon.com Inc. Reduce -16.9% 2.06% −0.91
CTAS Cintas Corp. Sold out 0.00% −0.71
TFX Teleflex Inc. Sold out 0.00% −0.55
WDC Western Digital Corp. Sold out 0.00% −0.52
CRL Charles River Laboratories Sold out 0.00% −0.51
FXI iShares China Large-Cap ETF Reduce -46.0% 0.52% −0.51
NFLX Netflix Inc. Sold out 0.00% −0.48
IBKR Interactive Brokers Gro Class A Sold out 0.00% −0.39
TLT iShares 20+ Year Treasury BD Reduce -69.4% 0.13% −0.38
NVDA Nvidia Corp. Reduce -2.0% 10.30% −0.35
QCOM Qualcomm Inc. Reduce -72.2% 0.11% −0.35
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.33
GD General Dynamics Corp. Sold out 0.00% −0.30
PLTR Palantir Technologies Inc. Class A Reduce -21.5% 2.17% −0.30
DIS The Walt Disney Co. Reduce -12.9% 0.59% −0.29
AXP American Express Co. Reduce -66.2% 0.11% −0.27
ADBE Adobe Inc. Reduce -16.0% 0.47% −0.27
CRM Salesforce Inc. Reduce -20.6% 0.35% −0.26
ISRG Intuitive Surgical Inc. Reduce -42.0% 0.16% −0.25
MRSH Marsh & McLennan Cos Sold out 0.00% −0.25
SYK Stryker Corp. Sold out 0.00% −0.25
CME Cme Group Inc. Sold out 0.00% −0.24
WFC Wells Fargo & Co. Reduce -28.0% 0.40% −0.24
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.23
PCG P G & E Corp. Sold out 0.00% −0.22
ADI Analog Devices Inc. Reduce -45.5% 0.20% −0.22
AVTR Avantor Inc. Sold out 0.00% −0.22
ADP Automatic Data Processing Reduce -52.2% 0.13% −0.20
UNH Unitedhealth Group Inc. Reduce -30.7% 0.36% −0.20
PEP Pepsico Inc. Reduce -40.0% 0.23% −0.20
TJX TJX Companies Inc. Reduce -42.2% 0.25% −0.19
EAT Brinker International Inc. Sold out 0.00% −0.19
CSCO Cisco Systems Inc. Reduce -13.3% 0.46% −0.18
NXP Semiconductors Sold out 0.00% −0.17
BSX Boston Scientific Corp. Sold out 0.00% −0.17
AMAT Applied Materials Inc. Reduce -36.6% 0.24% −0.16
WELL Welltower Inc. Reduce -50.0% 0.12% −0.13
Johnson Controls International Sold out 0.00% −0.12
ANET Arista Networks Inc. Reduce -43.7% 0.22% −0.11
PNC PNC Financial Services Group Reduce -33.3% 0.13% −0.09
GDXJ Vaneck Junior Gold Miners Reduce -22.5% 1.14% −0.06
GOOGL Alphabet Inc. Class A Reduce -7.3% 3.24% +0.21
GOOG Alphabet Inc. Class C Reduce -1.5% 1.84% +0.21

Portfolio Buys Q2 2025 → Q3 2025
FISV Fiserv Inc. New 1.72% +1.72
RY Royal Bank of Canada New 1.45% +1.45
SJM The JM Smucker Co. New 0.99% +0.99
CNQ Canadian Natural Resources New 0.88% +0.88
BMO Bank of Montreal New 0.84% +0.84
HD Home Depot Inc. Add +763.0% 0.94% +0.82
MSFT Microsoft Corp. Add +31.0% 6.50% +0.80
MFC Manulife Financial Corp. New 0.79% +0.79
TSLA Tesla Inc. Add +27.8% 2.02% +0.67
GILD Gilead Sciences Inc. Add +293.3% 0.88% +0.61
WMT Walmart Inc. Add +188.5% 0.89% +0.54
BKNG Booking Holdings Inc. Add +215.0% 0.91% +0.54
IBIT iShares Bitcoin Trust ETF New 0.52% +0.52
BAC Bank of America Corp. Add +51.4% 1.83% +0.50
WDAY Workday Inc. Class A New 0.48% +0.48
LLY Eli Lilly & Co. New 0.48% +0.48
CRDO Credo Technology Group Holdi New 0.47% +0.47
AAPL Apple Inc. Add +7.1% 4.66% +0.47
MDT Medtronic PLC New 0.45% +0.45
JNJ Johnson & Johnson New 0.44% +0.44
SLF Sun Life Financial Inc. New 0.39% +0.39
INSM Insmed Inc. New 0.39% +0.39
COST Costco Wholesale Corp. Add +122.1% 0.66% +0.28
FTS Fortis Inc. New 0.26% +0.26
IBM Intl Business Machines Corp. New 0.26% +0.26
KO The Coca-Cola Co. New 0.25% +0.25
FUN Six Flags Entertainment Corp. New 0.23% +0.23
MLYS Mineralys Therapeutics Inc. New 0.23% +0.23
HTHT H World Group Ltd.-ADR New 0.22% +0.22
PG The Procter & Gamble Co. New 0.22% +0.22
MRK Merck & Co. Inc. New 0.21% +0.21
SPHR Sphere Entertainment Co. New 0.21% +0.21
LIN Linde PLC New 0.21% +0.21
PM Philip Morris International Add +192.3% 0.38% +0.21
T AT&T Inc. New 0.20% +0.20
LRCX Lam Research Corp. Add +22.0% 0.70% +0.20
PGR Progressive Corp. Add +125.0% 0.45% +0.19
APP AppLovin Corp. Class A New 0.19% +0.19
BZ Kanzhun Ltd. - ADR New 0.19% +0.19
AEM Agnico Eagle Mines Ltd. New 0.18% +0.18
CHWY Chewy Inc. Class A New 0.17% +0.17
ORCL Oracle Corp. New 0.17% +0.17
SE Sea Ltd.-ADR New 0.16% +0.16
NXPI NXP Semiconductors NV New 0.15% +0.15
PDD PDD Holdings Inc. New 0.15% +0.15
GEV GE Vernova Inc. New 0.15% +0.15
CX Cemex Sab-Spons ADR Part Cer New 0.14% +0.14
INTU Intuit Inc. Add +158.5% 0.31% +0.14
DPZ Domino's Pizza Inc. New 0.11% +0.11
TAL Tal Education Group- ADR New 0.10% +0.10

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