Nearwater Capital Markets, Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Nearwater Capital Markets, Ltd reported 104 stock positions worth $5.8 billion. Its top holding was Alphabet Class A (GOOGL) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.1%) and Nvidia (NVDA, 5.9%). Compared with Q3 2025, it opened 37 new positions, sold out of 78, added to 22 and reduced 19. The biggest buy was a new position in Vanguard Ftse Developed ETF (VEA) and the biggest sale an exit from iShares Core S&P 500 ETF (IVV).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001915842
- Portfolio Value
- $5.8B (Q4 2025)
- SEC Filing
- 0001915842-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 104 stocks · $5.8B
| GOOGL Alphabet Inc. Class A | 7.01% | 1,309,000 | $409.7M | Add +31.2% |
| MSFT Microsoft Corp. | 6.13% | 741,000 | $358.4M | Reduce -21.1% |
| NVDA Nvidia Corp. | 5.94% | 1,862,000 | $347.3M | Reduce -54.9% |
| VEA Vanguard Ftse Developed ETF | 5.04% | 4,714,850 | $294.5M | New |
| AVGO Broadcom Inc. | 4.76% | 804,000 | $278.3M | Reduce -4.7% |
| META Meta Platforms Inc. Class A | 4.63% | 410,000 | $270.6M | Add +77.5% |
| AAPL Apple Inc. | 3.56% | 766,000 | $208.2M | Reduce -44.0% |
| MU Micron Technology Inc. | 3.37% | 690,000 | $196.9M | Add +102.3% |
| GDXJ Vaneck Junior Gold Miners | 3.19% | 1,640,000 | $186.6M | Add +90.7% |
| WMT Walmart Inc. | 3.16% | 1,661,000 | $185.1M | Add +155.9% |
| LRCX Lam Research Corp. | 2.40% | 820,000 | $140.4M | Add +110.0% |
| TSLA Tesla Inc. | 2.20% | 285,500 | $128.4M | Reduce -16.0% |
| MRVL Marvell Technology Inc. | 2.17% | 1,495,000 | $127.0M | New |
| GILD Gilead Sciences Inc. | 2.13% | 1,013,000 | $124.3M | Add +71.7% |
| LUV Southwest Airlines Co. | 1.98% | 2,800,000 | $115.7M | Add +75.0% |
| FXI iShares China Large-Cap ETF | 1.82% | 2,785,000 | $106.6M | Add +196.3% |
| INSM Insmed Inc. | 1.49% | 500,000 | $87.0M | Add +150.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.46% | 1,550,000 | $85.3M | Reduce -41.5% |
| VT Vanguard Tot World STK ETF | 1.27% | 527,500 | $74.4M | New |
| SCHW Schwab (charles) Corp. | 1.23% | 722,000 | $72.1M | Reduce -49.3% |
| MCD McDonald's Corp. | 1.20% | 230,000 | $70.3M | Add +72.9% |
| COST Costco Wholesale Corp. | 1.19% | 81,000 | $69.8M | Add +52.0% |
| TERN Terns Pharmaceuticals Inc. | 1.18% | 1,704,800 | $68.9M | New |
| IBIT iShares Bitcoin Trust ETF | 1.18% | 1,384,800 | $68.8M | Add +130.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.16% | 440,000 | $67.6M | Add +238.5% |
| FISV Fiserv Inc. | 1.14% | 995,000 | $66.8M | No change |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 1.14% | 680,000 | $66.5M | No change |
| VCIT Vanguard Int-Term Corporate | 1.12% | 782,100 | $65.5M | New |
| SNDK Sandisk Corp. | 1.10% | 271,400 | $64.4M | New |
| BKNG Booking Holdings Inc. | 1.10% | 12,000 | $64.3M | Reduce -4.8% |
| AMZN Amazon.com Inc. | 1.09% | 275,000 | $63.5M | Reduce -60.9% |
| BSV Vanguard Short-Term Bond ETF | 1.08% | 800,000 | $63.0M | New |
| ANET Arista Networks Inc. | 0.94% | 419,000 | $54.9M | Add +272.1% |
| CELC Celcuity Inc. | 0.89% | 520,200 | $51.9M | New |
| NOW ServiceNow Inc. | 0.86% | 330,000 | $50.6M | Add +187.0% |
| PEP Pepsico Inc. | 0.66% | 270,000 | $38.8M | Add +125.0% |
| TTMI TTM Technologies | 0.66% | 558,900 | $38.6M | New |
| TMUS T-Mobile US Inc. | 0.66% | 189,000 | $38.4M | New |
| UNP Union Pacific Corp. | 0.64% | 161,000 | $37.2M | Add +61.0% |
| KVUE Kenvue Inc. | 0.59% | 1,990,000 | $34.3M | New |
| GE General Electric filed as GE AEROSPACE | 0.58% | 110,000 | $33.9M | Add +49.0% |
| NFLX Netflix Inc. | 0.56% | 350,000 | $32.8M | New |
| WDAY Workday Inc. Class A | 0.55% | 150,000 | $32.2M | No change |
| LRN Stride Inc. | 0.54% | 488,000 | $31.7M | New |
| PKG Packaging Corp. of America | 0.50% | 143,000 | $29.5M | Add +160.0% |
| EFA iShares MSCI Eafe ETF | 0.49% | 300,000 | $28.8M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.49% | 250,000 | $28.4M | Reduce -34.8% |
| HON Honeywell International Inc. | 0.49% | 145,700 | $28.4M | Reduce -39.0% |
| KWEB Kranesh Csi China Internet | 0.47% | 800,000 | $27.2M | New |
| FUN Six Flags Entertainment Corp. | 0.46% | 1,755,500 | $26.9M | Add +132.4% |
| RNAM Avidity Biosciences Inc. | 0.44% | 360,200 | $26.0M | New |
| SPHR Sphere Entertainment Co. | 0.41% | 250,000 | $23.8M | No change |
| GLDM SPDR Gold Minishares Trust | 0.40% | 276,600 | $23.6M | New |
| REGN Regeneron Pharmaceuticals | 0.40% | 30,000 | $23.2M | New |
| VWO Vanguard Ftse Emerging Marke | 0.36% | 390,000 | $21.0M | New |
| HTHT H World Group Ltd.-ADR | 0.34% | 428,800 | $20.2M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.34% | 40,000 | $20.1M | Reduce -78.3% |
| KVYO Klaviyo Inc. Class A | 0.33% | 600,000 | $19.5M | New |
| H Hyatt Hotels Corp. Class A | 0.33% | 120,000 | $19.2M | New |
| COMP Compass Inc. Class A | 0.31% | 1,724,700 | $18.2M | New |
| ARQT Arcutis Biotherapeutics Inc. | 0.31% | 615,000 | $17.9M | New |
| ADBE Adobe Inc. | 0.30% | 50,000 | $17.5M | Reduce -50.0% |
| KLAC KLA Corp. | 0.29% | 14,000 | $17.0M | No change |
| TPC Tutor Perini Corp. | 0.26% | 225,000 | $15.1M | New |
| AVB Avalonbay Communities Inc. | 0.25% | 80,000 | $14.5M | New |
| PGR Progressive Corp. | 0.24% | 61,000 | $13.9M | Reduce -54.8% |
| ACMR Acm Research Inc. Class A | 0.24% | 350,800 | $13.8M | New |
| CX Cemex Sab-Spons ADR Part Cer | 0.23% | 1,189,900 | $13.7M | No change |
| BOX Box Inc. Class A | 0.23% | 456,000 | $13.6M | Add +52.0% |
| GVA Granite Construction Inc. | 0.23% | 118,000 | $13.6M | New |
| PLD Prologis Inc. | 0.22% | 100,000 | $12.8M | No change |
| BZ Kanzhun Ltd. - ADR | 0.21% | 600,000 | $12.2M | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.21% | 109,600 | $12.1M | New |
| CL Colgate-Palmolive Co. | 0.21% | 152,000 | $12.0M | No change |
| ADSK Autodesk Inc. | 0.19% | 38,000 | $11.2M | No change |
| REVG Rev Group Inc. | 0.19% | 181,000 | $11.0M | New |
| XEL Xcel Energy Inc. | 0.18% | 144,000 | $10.6M | New |
| TXN Texas Instruments Inc. | 0.18% | 60,000 | $10.4M | Reduce -32.6% |
| TLT iShares 20+ Year Treasury BD | 0.16% | 110,000 | $9.6M | No change |
| PDD PDD Holdings Inc. | 0.16% | 83,100 | $9.4M | No change |
| LNG Cheniere Energy Inc. | 0.16% | 47,000 | $9.1M | No change |
| SJNK SS SPDR BB St Hi Yield ETF | 0.15% | 345,100 | $8.7M | New |
| BBT Beacon Financial Corp. | 0.15% | 329,500 | $8.7M | New |
| INTU Intuit Inc. | 0.15% | 13,000 | $8.6M | Reduce -61.3% |
| SE Sea Ltd.-ADR | 0.15% | 67,500 | $8.6M | No change |
| ADP Automatic Data Processing | 0.14% | 32,000 | $8.2M | No change |
| MOG.A Moog Inc. Class A | 0.14% | 33,500 | $8.2M | No change |
| DPZ Domino's Pizza Inc. | 0.14% | 19,000 | $7.9M | No change |
| TAL Tal Education Group- ADR | 0.13% | 700,000 | $7.6M | No change |
| DK Delek US Holdings Inc. | 0.13% | 255,000 | $7.6M | New |
| EXPO Exponent Inc. | 0.11% | 95,300 | $6.6M | No change |
| ABCB Ameris Bancorp | 0.10% | 75,000 | $5.6M | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.09% | 180,300 | $5.4M | No change |
| QFIN Qfin Holdings Inc.-ADR | 0.08% | 250,000 | $4.8M | No change |
| IAU iShares Gold Trust | 0.06% | 44,100 | $3.6M | New |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | 0.06% | 55,400 | $3.6M | Reduce -11.6% |
| HG Hamilton Insurance Grou Class B | 0.06% | 120,100 | $3.4M | No change |
| AAMI Acadian Asset Management Inc. | 0.05% | 60,000 | $2.8M | No change |
| NKTR Nektar Therapeutics | 0.04% | 61,500 | $2.6M | New |
| CNO Cno Financial Group Inc. | 0.04% | 53,800 | $2.3M | Reduce -9.3% |
Portfolio Sells Q3 2025 → Q4 2025
| IVV iShares Core S&P 500 ETF | Sold out | 0.00% | −11.19 |
| NVDA Nvidia Corp. | Reduce -54.9% | 5.94% | −4.36 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −2.81 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −2.17 |
| MS Morgan Stanley | Sold out | 0.00% | −1.95 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −1.84 |
| RY Royal Bank of Canada | Sold out | 0.00% | −1.45 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −1.38 |
| AAPL Apple Inc. | Reduce -44.0% | 3.56% | −1.10 |
| AMZN Amazon.com Inc. | Reduce -60.9% | 1.09% | −0.98 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.94 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -78.3% | 0.34% | −0.90 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −0.88 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.84 |
| MFC Manulife Financial Corp. | Sold out | 0.00% | −0.79 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.76 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.72 |
| SCHW Schwab (charles) Corp. | Reduce -49.3% | 1.23% | −0.59 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.48 |
| CRDO Credo Technology Group Holdi | Sold out | 0.00% | −0.47 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.46 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.45 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.44 |
| LMT Lockheed Martin Corp. | Sold out | 0.00% | −0.43 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.40 |
| SLF Sun Life Financial Inc. | Sold out | 0.00% | −0.39 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.39 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.39 |
| PM Philip Morris International | Sold out | 0.00% | −0.38 |
| MSFT Microsoft Corp. | Reduce -21.1% | 6.13% | −0.37 |
| BAC Bank of America Corp. | Reduce -41.5% | 1.46% | −0.37 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.36 |
| C Citigroup Inc. | Sold out | 0.00% | −0.36 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.35 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.29 |
| FTS Fortis Inc. | Sold out | 0.00% | −0.26 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.26 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.25 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.24 |
| MLYS Mineralys Therapeutics Inc. | Sold out | 0.00% | −0.23 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.22 |
| RTX RTX Corp. | Sold out | 0.00% | −0.22 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.22 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.21 |
| PGR Progressive Corp. | Reduce -54.8% | 0.24% | −0.21 |
| LIN Linde PLC | Sold out | 0.00% | −0.21 |
| T AT&T Inc. | Sold out | 0.00% | −0.20 |
| ADI Analog Devices Inc. | Sold out | 0.00% | −0.20 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.19 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.19 |
Portfolio Buys Q3 2025 → Q4 2025
| VEA Vanguard Ftse Developed ETF | New | 5.04% | +5.04 |
| GOOGL Alphabet Inc. Class A | Add +31.2% | 7.01% | +3.76 |
| MU Micron Technology Inc. | Add +102.3% | 3.37% | +2.61 |
| META Meta Platforms Inc. Class A | Add +77.5% | 4.63% | +2.36 |
| WMT Walmart Inc. | Add +155.9% | 3.16% | +2.27 |
| MRVL Marvell Technology Inc. | New | 2.17% | +2.17 |
| GDXJ Vaneck Junior Gold Miners | Add +90.7% | 3.19% | +2.05 |
| LRCX Lam Research Corp. | Add +110.0% | 2.40% | +1.70 |
| FXI iShares China Large-Cap ETF | Add +196.3% | 1.82% | +1.31 |
| LUV Southwest Airlines Co. | Add +75.0% | 1.98% | +1.30 |
| VT Vanguard Tot World STK ETF | New | 1.27% | +1.27 |
| GILD Gilead Sciences Inc. | Add +71.7% | 2.13% | +1.25 |
| TERN Terns Pharmaceuticals Inc. | New | 1.18% | +1.18 |
| VCIT Vanguard Int-Term Corporate | New | 1.12% | +1.12 |
| INSM Insmed Inc. | Add +150.0% | 1.49% | +1.10 |
| SNDK Sandisk Corp. | New | 1.10% | +1.10 |
| BSV Vanguard Short-Term Bond ETF | New | 1.08% | +1.08 |
| TJX TJX Companies Inc. | Add +238.5% | 1.16% | +0.90 |
| CELC Celcuity Inc. | New | 0.89% | +0.89 |
| ANET Arista Networks Inc. | Add +272.1% | 0.94% | +0.72 |
| MCD McDonald's Corp. | Add +72.9% | 1.20% | +0.66 |
| TTMI TTM Technologies | New | 0.66% | +0.66 |
| TMUS T-Mobile US Inc. | New | 0.66% | +0.66 |
| IBIT iShares Bitcoin Trust ETF | Add +130.8% | 1.18% | +0.65 |
| KVUE Kenvue Inc. | New | 0.59% | +0.59 |
| NOW ServiceNow Inc. | Add +187.0% | 0.86% | +0.58 |
| NFLX Netflix Inc. | New | 0.56% | +0.56 |
| LRN Stride Inc. | New | 0.54% | +0.54 |
| COST Costco Wholesale Corp. | Add +52.0% | 1.19% | +0.53 |
| EFA iShares MSCI Eafe ETF | New | 0.49% | +0.49 |
| KWEB Kranesh Csi China Internet | New | 0.47% | +0.47 |
| RNAM Avidity Biosciences Inc. | New | 0.44% | +0.44 |
| PEP Pepsico Inc. | Add +125.0% | 0.66% | +0.44 |
| GLDM SPDR Gold Minishares Trust | New | 0.40% | +0.40 |
| REGN Regeneron Pharmaceuticals | New | 0.40% | +0.40 |
| VWO Vanguard Ftse Emerging Marke | New | 0.36% | +0.36 |
| PKG Packaging Corp. of America | Add +160.0% | 0.50% | +0.34 |
| KVYO Klaviyo Inc. Class A | New | 0.33% | +0.33 |
| H Hyatt Hotels Corp. Class A | New | 0.33% | +0.33 |
| UNP Union Pacific Corp. | Add +61.0% | 0.64% | +0.32 |
| COMP Compass Inc. Class A | New | 0.31% | +0.31 |
| ARQT Arcutis Biotherapeutics Inc. | New | 0.31% | +0.31 |
| GE General Electric | Add +49.0% | 0.58% | +0.28 |
| TPC Tutor Perini Corp. | New | 0.26% | +0.26 |
| AVB Avalonbay Communities Inc. | New | 0.25% | +0.25 |
| ACMR Acm Research Inc. Class A | New | 0.24% | +0.24 |
| GVA Granite Construction Inc. | New | 0.23% | +0.23 |
| FUN Six Flags Entertainment Corp. | Add +132.4% | 0.46% | +0.23 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | New | 0.21% | +0.21 |
| REVG Rev Group Inc. | New | 0.19% | +0.19 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 100 | $5.8B | RVMD, AMZN, GDX, SNDK, AMD |
| Q1 2026 | 82 | $4.2B | SPDW, AAPL, NVDA, GDXJ, VEA |
| Q4 2025 | 104 | $5.8B | GOOGL, MSFT, NVDA, VEA, AVGO |
| Q3 2025 | 144 | $7.5B | IVV, NVDA, MSFT, AAPL, AVGO |
| Q2 2025 | 103 | $6.3B | IVV, NVDA, META, AVGO, MSFT |
| Q1 2025 | 89 | $3.5B | IVV, SPY, AVGO, NVDA, MSFT |
| Q4 2024 | 78 | $3.5B | IVV, AVGO, NVDA, MA, GS |