Nwi Management LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 5, 2025), Nwi Management LP reported 52 stock positions worth $1.0 billion. Its top holding was Insmed (INSM) at 14.5% of the portfolio, followed by Natera (NTRA, 13.2%) and MercadoLibre (MELI, 9.9%). Compared with Q2 2025, it opened 12 new positions, sold out of 5, added to 2 and reduced 6. The biggest buy was Insmed (INSM, shares +42%) and the biggest sale Vaneck Semiconductor ETF (SMH, shares −99%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001103887
Portfolio Value
$1.0B (Q3 2025)
SEC Filing
0001103887-25-000011 ↗ 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 Q2 2025 Q3 2025: $1.0B $1.0B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.6B Q2 2026

Holdings 52 stocks · $1.0B
INSM Insmed Inc. 14.52% 1,021,000 $147.0M Add +41.8%
NTRA Natera Inc. 13.20% 830,303 $133.7M Reduce -2.3%
MELI MercadoLibre Inc. 9.85% 42,700 $99.8M No change
IBIT iShares Bitcoin Trust ETF 6.42% 1,000,000 $65.0M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 6.33% 4,000,900 $64.1M Add +100.0%
TEVA Teva Pharmaceutical-SP ADR 4.12% 2,065,000 $41.7M No change
IFS Intercorp Financial Services 4.04% 1,022,210 $40.9M No change
ARM Arm Holdings PLC-ADR 3.14% 225,000 $31.8M No change
MSFT Microsoft Corp. 2.92% 57,100 $29.6M No change
GOOG Alphabet Inc. Class C 2.67% 111,000 $27.0M No change
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 2.59% 1,080,000 $26.2M Reduce -46.0%
AAPL Apple Inc. 2.42% 96,100 $24.5M Reduce -68.6%
MU Micron Technology Inc. 2.40% 145,000 $24.3M No change
PANW Palo Alto Networks Inc. 2.21% 110,000 $22.4M No change
LLY Eli Lilly & Co. 2.15% 28,500 $21.7M No change
NVDA Nvidia Corp. 2.06% 112,000 $20.9M Reduce -61.6%
META Meta Platforms Inc. Class A 1.96% 27,000 $19.8M No change
JPM JPMorgan Chase & Co. 1.74% 56,000 $17.7M No change
VRNA Verona Pharma Ltd. 1.42% 135,000 $14.4M No change
LMT Lockheed Martin Corp. 1.33% 27,000 $13.5M New
WMT Walmart Inc. 1.22% 120,000 $12.4M No change
WDAY Workday Inc. Class A 1.14% 48,000 $11.6M No change
INDA iShares MSCI India ETF 1.08% 210,000 $10.9M No change
RTX RTX Corp. 1.04% 63,000 $10.5M New
STUB Stubhub Holdings Inc. Class A 0.83% 500,000 $8.4M New
BABA Alibaba Group Holding-SP ADR 0.79% 45,000 $8.0M No change
FIGR Figure Technology Solut Class A 0.74% 207,000 $7.5M New
CRWD CrowdStrike Holdings Inc. Class A 0.73% 15,000 $7.4M No change
AMZN Amazon.com Inc. 0.68% 31,500 $6.9M New
DOCU Docusign Inc. 0.61% 85,400 $6.2M New
AIFC AI Financial Corp. filed as ALT5 SIGMA CORP 0.48% 1,800,000 $4.8M New
NET Cloudflare Inc. Class A 0.38% 18,000 $3.9M No change
AZN Astrazeneca PLC-Spons ADR 0.38% 50,000 $3.8M No change
MRVL Marvell Technology Inc. 0.37% 45,000 $3.8M No change
XLV SS Health Care Select Sector 0.34% 25,000 $3.5M No change
GGAL Grupo Financiero Galicia-ADR 0.27% 99,312 $2.7M No change
TMUS T-Mobile US Inc. 0.19% 8,000 $1.9M No change
TSLA Tesla Inc. 0.18% 4,000 $1.8M No change
GLD SPDR Gold Shares 0.18% 5,000 $1.8M No change
XLE SS Energy Select Sector 0.14% 16,000 $1.4M No change
XLF SS Financial Select Sector 0.14% 26,000 $1.4M No change
SLV iShares Silver Trust 0.10% 25,000 $1.1M Reduce -98.6%
SMH Vaneck Semiconductor ETF 0.10% 3,000 $979K Reduce -99.0%
IBB iShares Biotechnology ETF 0.09% 6,500 $938K No change
OXY Occidental Petroleum Corp. 0.07% 15,000 $709K No change
ARGT Global X MSCI Argentina ETF 0.06% 8,900 $621K No change
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 0.05% 63,000 $524K No change
XMTR Xometry Inc. Class A 0.03% 5,000 $272K New
ACM Aecom 0.03% 2,000 $261K New
ZM Zoom Communications Inc. 0.02% 3,000 $248K New
ZBRA Zebra Technologies Corp. Class A 0.02% 825 $245K New
ALLO Allogene Therapeutics Inc. 0.01% 100,000 $124K No change

Options reported separately and not counted above: IWM puts ($242.0M), NU calls ($96.1M), ASHR calls ($82.5M), XLV calls ($75.2M), AMZN calls ($65.9M), IBIT calls ($65.0M), MELI calls ($58.0M), NTRA calls ($43.1M), SLV calls ($41.5M), ARM calls ($35.4M), INDA calls ($29.5M), DOCU calls ($12.3M), and 2 more.

Portfolio Sells Q2 2025 → Q3 2025
SMH Vaneck Semiconductor ETF Reduce -99.0% 0.10% −7.82
SLV iShares Silver Trust Reduce -98.6% 0.10% −5.41
COHR Coherent Corp. Sold out 0.00% −3.69
AAPL Apple Inc. Reduce -68.6% 2.42% −3.35
YPF YPF S.A.-Sponsored ADR Reduce -46.0% 2.59% −3.19
NVDA Nvidia Corp. Reduce -61.6% 2.06% −2.17
AMD Advanced Micro Devices Sold out 0.00% −1.17
AVGO Broadcom Inc. Sold out 0.00% −0.58
CVNA Carvana Co. Sold out 0.00% −0.46
APP AppLovin Corp. Class A Sold out 0.00% −0.46
NTRA Natera Inc. Reduce -2.3% 13.20% +0.02

Portfolio Buys Q2 2025 → Q3 2025
INSM Insmed Inc. Add +41.8% 14.52% +7.87
IBIT iShares Bitcoin Trust ETF New 6.42% +6.42
NU Nu Holdings Ltd./Cayman Isl-A Add +100.0% 6.33% +3.81
LMT Lockheed Martin Corp. New 1.33% +1.33
RTX RTX Corp. New 1.04% +1.04
STUB Stubhub Holdings Inc. Class A New 0.83% +0.83
FIGR Figure Technology Solut Class A New 0.74% +0.74
AMZN Amazon.com Inc. New 0.68% +0.68
DOCU Docusign Inc. New 0.61% +0.61
AIFC AI Financial Corp. New 0.48% +0.48
XMTR Xometry Inc. Class A New 0.03% +0.03
ACM Aecom New 0.03% +0.03
ZM Zoom Communications Inc. New 0.02% +0.02
ZBRA Zebra Technologies Corp. Class A New 0.02% +0.02

Options Activity Q2 2025 → Q3 2025
NVDA Nvidia Corp. call Sold out 2,180,000 $344.4Mbefore exit
IWM iShares Russell 2000 ETF put New 1,000,000 $242.0M
XLF SS Financial Select Sector call Sold out 2,000,000 $104.7Mbefore exit
NU Nu Holdings Ltd./Cayman Isl-A call Add +12.0% 6,000,000 $96.1M
ASHR Xtrackers Harvest Csi 300 CH call New 2,500,000 $82.5M
XLV SS Health Care Select Sector call New 540,000 $75.2M
AMZN Amazon.com Inc. call New 300,000 $65.9M
IBIT iShares Bitcoin Trust ETF call New 1,000,000 $65.0M
TSLA Tesla Inc. call Sold out 204,000 $64.8Mbefore exit
MELI MercadoLibre Inc. call Add +100.0% 24,800 $58.0M
SMH Vaneck Semiconductor ETF call Sold out 176,800 $49.3Mbefore exit
NTRA Natera Inc. call New 267,700 $43.1M
SLV iShares Silver Trust call Reduce -70.2% 979,700 $41.5M
ARM Arm Holdings PLC-ADR call New 250,000 $35.4M
INSM Insmed Inc. call Sold out 301,000 $30.3Mbefore exit
INDA iShares MSCI India ETF call New 566,900 $29.5M
DOCU Docusign Inc. call New 170,800 $12.3M
ET Energy Transfer LP call Sold out 673,800 $12.2Mbefore exit
META Meta Platforms Inc. Class A call Sold out 6,800 $5.0Mbefore exit
PYPL PayPal Holdings Inc. call New 70,300 $4.7M

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