Nwi Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Nwi Management LP reported 42 stock positions worth $750.3 million. Its top holding was Natera (NTRA) at 15.3% of the portfolio, followed by MercadoLibre (MELI, 11.1%) and Meta Platforms Class A (META, 10.7%). Compared with Q4 2024, it opened 5 new positions, sold out of 9, added to 6 and reduced 2. The biggest buy was Meta Platforms Class A (META, shares +272%) and the biggest sale an exit from Invesco QQQ Trust Series 1 (QQQ).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001103887
Portfolio Value
$750.3M (Q1 2025)
SEC Filing
0001103887-25-000005 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $729.8M Q1 2024 Q2 2024: $779.0M Q2 2024 Q3 2024: $838.7M Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $750.3M $750.3M Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.6B Q2 2026

Holdings 42 stocks · $750.3M
NTRA Natera Inc. 15.27% 810,000 $114.5M Add +12.5%
MELI MercadoLibre Inc. 11.10% 42,700 $83.3M No change
META Meta Platforms Inc. Class A 10.72% 139,500 $80.4M Add +272.0%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 9.34% 2,000,000 $70.1M No change
GOOG Alphabet Inc. Class C 4.93% 237,000 $37.0M No change
INSM Insmed Inc. 4.58% 450,000 $34.3M Add +61.3%
AMZN Amazon.com Inc. 4.56% 180,000 $34.2M No change
IFS Intercorp Financial Services 4.54% 1,022,210 $34.1M No change
COHR Coherent Corp. 3.89% 450,000 $29.2M Reduce -44.4%
AAPL Apple Inc. 3.73% 126,100 $28.0M No change
TEVA Teva Pharmaceutical-SP ADR 3.40% 1,660,000 $25.5M Add +130.6%
MSFT Microsoft Corp. 3.17% 63,400 $23.8M No change
PANW Palo Alto Networks Inc. 2.84% 125,000 $21.3M No change
ARM Arm Holdings PLC-ADR 1.92% 135,000 $14.4M New
JPM JPMorgan Chase & Co. 1.83% 56,000 $13.7M No change
MU Micron Technology Inc. 1.68% 145,000 $12.6M No change
WDAY Workday Inc. Class A 1.49% 48,000 $11.2M No change
INDA iShares MSCI India ETF 1.44% 210,000 $10.8M Add +75.0%
WMT Walmart Inc. 1.40% 120,000 $10.5M No change
AMD Advanced Micro Devices 1.23% 90,000 $9.2M No change
BABA Alibaba Group Holding-SP ADR 0.79% 45,000 $6.0M No change
GGAL Grupo Financiero Galicia-ADR 0.72% 99,312 $5.4M Add +254.8%
CRWD CrowdStrike Holdings Inc. Class A 0.70% 15,000 $5.3M No change
TSLA Tesla Inc. 0.54% 15,700 $4.1M No change
AVGO Broadcom Inc. 0.51% 23,000 $3.9M New
AZN Astrazeneca PLC-Spons ADR 0.49% 50,000 $3.7M No change
XLV SS Health Care Select Sector 0.49% 25,000 $3.6M No change
MRVL Marvell Technology Inc. 0.37% 45,000 $2.8M New
TMUS T-Mobile US Inc. 0.28% 8,000 $2.1M No change
NET Cloudflare Inc. Class A 0.27% 18,000 $2.0M No change
NVDA Nvidia Corp. 0.23% 16,000 $1.7M Reduce -92.6%
XLE SS Energy Select Sector 0.20% 16,000 $1.5M No change
GLD SPDR Gold Shares 0.19% 5,000 $1.4M No change
XLF SS Financial Select Sector 0.17% 26,000 $1.3M No change
LLY Eli Lilly & Co. 0.17% 1,500 $1.2M No change
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 0.15% 63,000 $1.1M New
IWM iShares Russell 2000 ETF 0.13% 5,000 $997K New
IBB iShares Biotechnology ETF 0.11% 6,500 $831K No change
SLV iShares Silver Trust 0.10% 25,000 $775K No change
OXY Occidental Petroleum Corp. 0.10% 15,000 $740K No change
ARGT Global X MSCI Argentina ETF 0.10% 8,900 $719K No change
SMH Vaneck Semiconductor ETF 0.08% 3,000 $634K No change

Options reported separately and not counted above: MELI calls ($24.2M), YPF calls ($17.5M), META calls ($3.9M), EWZ calls ($116K).

Portfolio Sells Q4 2024 → Q1 2025
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −26.22
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −7.98
X United States Steel Corp. Sold out 0.00% −3.87
COHR Coherent Corp. Reduce -44.4% 3.89% −2.18
NVDA Nvidia Corp. Reduce -92.6% 0.23% −2.06
WDC Western Digital Corp. Sold out 0.00% −1.70
ADBE Adobe Inc. Sold out 0.00% −0.95
AR Antero Resources Corp. Sold out 0.00% −0.83
GEO The Geo Group Inc. Sold out 0.00% −0.20
CXW Corecivic Inc. Sold out 0.00% −0.19
AXON Axon Enterprise Inc. Sold out 0.00% −0.11

Portfolio Buys Q4 2024 → Q1 2025
META Meta Platforms Inc. Class A Add +272.0% 10.72% +8.98
NTRA Natera Inc. Add +12.5% 15.27% +6.24
INSM Insmed Inc. Add +61.3% 4.58% +3.05
TEVA Teva Pharmaceutical-SP ADR Add +130.6% 3.40% +2.14
ARM Arm Holdings PLC-ADR New 1.92% +1.92
INDA iShares MSCI India ETF Add +75.0% 1.44% +0.94
GGAL Grupo Financiero Galicia-ADR Add +254.8% 0.72% +0.58
AVGO Broadcom Inc. New 0.51% +0.51
MRVL Marvell Technology Inc. New 0.37% +0.37
BBAR Bbva Argentina SA-ADR New 0.15% +0.15
IWM iShares Russell 2000 ETF New 0.13% +0.13

Options Activity Q4 2024 → Q1 2025
GLD SPDR Gold Shares call Sold out 1,000,000 $242.1Mbefore exit
TLT iShares 20+ Year Treasury BD put Sold out 2,719,700 $237.5Mbefore exit
GOOG Alphabet Inc. Class C call Sold out 1,000,000 $190.4Mbefore exit
IBIT iShares Bitcoin Trust ETF put Sold out 1,900,000 $100.8Mbefore exit
LLY Eli Lilly & Co. call Sold out 100,000 $77.2Mbefore exit
CVX Chevron Corp. call Sold out 500,000 $72.4Mbefore exit
AMZN Amazon.com Inc. call Sold out 300,000 $65.8Mbefore exit
MELI MercadoLibre Inc. call New 12,400 $24.2M
META Meta Platforms Inc. Class A call New 6,800 $3.9M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 49$1.6BNTRA, MU, META, AAPL, INSM
Q1 2026Amended 49$1.6BQQQ, INSM, NTRA, NU, MSFT
Q4 2025Amended 48$1.6BQQQ, NTRA, INSM, MELI, MSFT
Q3 2025Amended 52$1.0BINSM, NTRA, MELI, IBIT, NU
Q2 2025Amended 45$1.1BNTRA, MELI, SMH, INSM, YPF
Q1 2025 42$750.3MNTRA, MELI, META, YPF, GOOG
Q4 2024 46$1.3BQQQ, NTRA, IBIT, YPF, COHR
Q3 2024 39$838.7MRSP, MSFT, XLE, COHR, NTRA
Q2 2024 37$779.0MMSFT, GDX, AAPL, COHR, AMZN
Q1 2024 45$729.8MMSFT, SLV, NVDA, DELL, META