Nwi Management LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed December 5, 2025), Nwi Management LP reported 45 stock positions worth $1.1 billion. Its top holding was Natera (NTRA) at 13.2% of the portfolio, followed by MercadoLibre (MELI, 10.2%) and Vaneck Semiconductor ETF (SMH, 7.9%). Compared with Q1 2025, it opened 5 new positions, sold out of 2, added to 9 and reduced 5. The biggest buy was Vaneck Semiconductor ETF (SMH, shares +10200%) and the biggest sale Meta Platforms Class A (META, shares −81%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001103887
Portfolio Value
$1.1B (Q2 2025)
SEC Filing
0001103887-25-000012 ↗ filed Dec 5, 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 Q1 2025 Q2 2025: $1.1B $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 45 stocks · $1.1B
NTRA Natera Inc. 13.18% 849,420 $143.5M Add +4.9%
MELI MercadoLibre Inc. 10.25% 42,700 $111.6M No change
SMH Vaneck Semiconductor ETF 7.91% 309,000 $86.2M Add +10200.0%
INSM Insmed Inc. 6.65% 720,000 $72.5M Add +60.0%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 5.78% 2,000,000 $62.9M No change
AAPL Apple Inc. 5.77% 306,100 $62.8M Add +142.7%
SLV iShares Silver Trust 5.51% 1,829,000 $60.0M Add +7216.0%
NVDA Nvidia Corp. 4.24% 292,000 $46.1M Add +1725.0%
COHR Coherent Corp. 3.69% 450,000 $40.1M No change
IFS Intercorp Financial Services 3.55% 1,022,210 $38.6M No change
ARM Arm Holdings PLC-ADR 3.34% 225,000 $36.4M Add +66.7%
TEVA Teva Pharmaceutical-SP ADR 3.18% 2,065,000 $34.6M Add +24.4%
MSFT Microsoft Corp. 2.61% 57,100 $28.4M Reduce -9.9%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 2.52% 2,000,000 $27.4M New
PANW Palo Alto Networks Inc. 2.07% 110,000 $22.5M Reduce -12.0%
LLY Eli Lilly & Co. 2.04% 28,500 $22.2M Add +1800.0%
META Meta Platforms Inc. Class A 1.83% 27,000 $19.9M Reduce -80.7%
GOOG Alphabet Inc. Class C 1.81% 111,000 $19.7M Reduce -53.2%
MU Micron Technology Inc. 1.64% 145,000 $17.9M No change
JPM JPMorgan Chase & Co. 1.49% 56,000 $16.2M No change
AMD Advanced Micro Devices 1.17% 90,000 $12.8M No change
VRNA Verona Pharma Ltd. 1.17% 135,000 $12.8M New
WMT Walmart Inc. 1.08% 120,000 $11.7M No change
INDA iShares MSCI India ETF 1.07% 210,000 $11.7M No change
WDAY Workday Inc. Class A 1.06% 48,000 $11.5M No change
CRWD CrowdStrike Holdings Inc. Class A 0.70% 15,000 $7.6M No change
AVGO Broadcom Inc. 0.58% 23,000 $6.3M No change
BABA Alibaba Group Holding-SP ADR 0.47% 45,000 $5.1M No change
CVNA Carvana Co. 0.46% 15,000 $5.1M New
APP AppLovin Corp. Class A 0.46% 14,400 $5.0M New
GGAL Grupo Financiero Galicia-ADR 0.46% 99,312 $5.0M No change
NET Cloudflare Inc. Class A 0.32% 18,000 $3.5M No change
AZN Astrazeneca PLC-Spons ADR 0.32% 50,000 $3.5M No change
MRVL Marvell Technology Inc. 0.32% 45,000 $3.5M No change
XLV SS Health Care Select Sector 0.31% 25,000 $3.4M No change
TMUS T-Mobile US Inc. 0.17% 8,000 $1.9M No change
GLD SPDR Gold Shares 0.14% 5,000 $1.5M No change
XLF SS Financial Select Sector 0.13% 26,000 $1.4M No change
XLE SS Energy Select Sector 0.12% 16,000 $1.4M No change
TSLA Tesla Inc. 0.12% 4,000 $1.3M Reduce -74.5%
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 0.10% 63,000 $1.0M No change
IBB iShares Biotechnology ETF 0.08% 6,500 $822K No change
ARGT Global X MSCI Argentina ETF 0.07% 8,900 $754K No change
OXY Occidental Petroleum Corp. 0.06% 15,000 $630K No change
ALLO Allogene Therapeutics Inc. 0.01% 100,000 $113K New

Options reported separately and not counted above: NVDA calls ($344.4M), SLV calls ($107.7M), XLF calls ($104.7M), NU calls ($73.5M), TSLA calls ($64.8M), SMH calls ($49.3M), MELI calls ($32.4M), INSM calls ($30.3M), YPF calls ($15.7M), ET calls ($12.2M), META calls ($5.0M).

Portfolio Sells Q1 2025 → Q2 2025
META Meta Platforms Inc. Class A Reduce -80.7% 1.83% −8.89
AMZN Amazon.com Inc. Sold out 0.00% −4.56
GOOG Alphabet Inc. Class C Reduce -53.2% 1.81% −3.13
PANW Palo Alto Networks Inc. Reduce -12.0% 2.07% −0.78
MSFT Microsoft Corp. Reduce -9.9% 2.61% −0.56
TSLA Tesla Inc. Reduce -74.5% 0.12% −0.43
IWM iShares Russell 2000 ETF Sold out 0.00% −0.13

Portfolio Buys Q1 2025 → Q2 2025
SMH Vaneck Semiconductor ETF Add +10200.0% 7.91% +7.83
SLV iShares Silver Trust Add +7216.0% 5.51% +5.41
NVDA Nvidia Corp. Add +1725.0% 4.24% +4.01
NU Nu Holdings Ltd./Cayman Isl-A New 2.52% +2.52
INSM Insmed Inc. Add +60.0% 6.65% +2.08
AAPL Apple Inc. Add +142.7% 5.77% +2.03
LLY Eli Lilly & Co. Add +1800.0% 2.04% +1.88
ARM Arm Holdings PLC-ADR Add +66.7% 3.34% +1.42
VRNA Verona Pharma Ltd. New 1.17% +1.17
CVNA Carvana Co. New 0.46% +0.46
APP AppLovin Corp. Class A New 0.46% +0.46
ALLO Allogene Therapeutics Inc. New 0.01% +0.01
TEVA Teva Pharmaceutical-SP ADR Add +24.4% 3.18% −0.22
NTRA Natera Inc. Add +4.9% 13.18% −2.09

Options Activity Q1 2025 → Q2 2025
NVDA Nvidia Corp. call New 2,180,000 $344.4M
SLV iShares Silver Trust call New 3,283,600 $107.7M
XLF SS Financial Select Sector call New 2,000,000 $104.7M
NU Nu Holdings Ltd./Cayman Isl-A call New 5,358,200 $73.5M
TSLA Tesla Inc. call New 204,000 $64.8M
SMH Vaneck Semiconductor ETF call New 176,800 $49.3M
INSM Insmed Inc. call New 301,000 $30.3M
ET Energy Transfer LP call New 673,800 $12.2M
EWZ iShares MSCI Brazil ETF call Sold out 4,500 $116Kbefore exit

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