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

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 Q3 2025 Q4 2025: $5.8B $5.8B Q4 2025 Q1 2026: $4.2B Q1 2026 Q2 2026: $5.8B Q2 2026

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%
INDV Indivior Ltd. 0.04% 60,000 $2.2M No change
VRTS Virtus Investment Partners 0.03% 11,400 $1.9M No change
SOLS Solstice Adv Materials Inc. 0.03% 36,425 $1.8M Reduce -39.0%
F Ford Motor Co. filed as FORD MTR CO 0.00% 1 $13 New

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

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