Nwi Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed June 1, 2026), Nwi Management LP reported 48 stock positions worth $1.6 billion. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 24.6% of the portfolio, followed by Natera (NTRA, 10.7%) and Insmed (INSM, 10.5%). Compared with Q3 2025, it opened 9 new positions, sold out of 13, added to 6 and reduced 10. The biggest buy was a new position in Invesco QQQ Trust Series 1 (QQQ) and the biggest sale an exit from iShares Bitcoin Trust ETF (IBIT).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001103887
- Portfolio Value
- $1.6B (Q4 2025)
- SEC Filing
- 0001103887-26-000004 ↗ filed Jun 1, 2026
Holdings Value
Holdings 48 stocks · $1.6B
| QQQ Invesco QQQ Trust Series 1 | 24.60% | 655,200 | $402.5M | New |
| NTRA Natera Inc. | 10.68% | 762,603 | $174.7M | Reduce -8.2% |
| INSM Insmed Inc. | 10.51% | 988,460 | $172.0M | Reduce -3.2% |
| MELI MercadoLibre Inc. | 5.26% | 42,700 | $86.0M | No change |
| MSFT Microsoft Corp. | 4.35% | 147,100 | $71.1M | Add +157.6% |
| TEVA Teva Pharmaceutical-SP ADR | 3.94% | 2,065,000 | $64.4M | No change |
| XLV SS Health Care Select Sector | 3.84% | 406,300 | $62.9M | Add +1525.2% |
| TSM Taiwan Semiconductor-SP ADR | 2.84% | 153,000 | $46.5M | New |
| IFS Intercorp Financial Services | 2.63% | 1,022,210 | $43.1M | No change |
| MU Micron Technology Inc. | 2.51% | 144,000 | $41.1M | Reduce -0.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.25% | 2,201,400 | $36.9M | Reduce -45.0% |
| GOOG Alphabet Inc. Class C | 2.11% | 110,000 | $34.5M | Reduce -0.9% |
| AVGO Broadcom Inc. | 1.71% | 81,000 | $28.0M | New |
| AAPL Apple Inc. | 1.60% | 96,100 | $26.1M | No change |
| NAMS Newamsterdam Pharma Co. NV | 1.50% | 702,000 | $24.6M | New |
| META Meta Platforms Inc. Class A | 1.45% | 36,000 | $23.8M | Add +33.3% |
| ARM Arm Holdings PLC-ADR | 1.38% | 206,730 | $22.6M | Reduce -8.1% |
| NVDA Nvidia Corp. | 1.28% | 112,000 | $20.9M | No change |
| PANW Palo Alto Networks Inc. | 1.24% | 110,000 | $20.3M | No change |
| AMZN Amazon.com Inc. | 1.23% | 87,000 | $20.1M | Add +176.2% |
| FLR Fluor Corp. | 1.21% | 500,000 | $19.8M | New |
| ORCL Oracle Corp. | 1.19% | 100,000 | $19.5M | New |
| JPM JPMorgan Chase & Co. | 1.08% | 55,000 | $17.7M | Reduce -1.8% |
| FIGR Figure Technology Solut Class A | 1.02% | 407,044 | $16.6M | Add +96.6% |
| WMT Walmart Inc. | 0.82% | 120,000 | $13.4M | No change |
| LMT Lockheed Martin Corp. | 0.80% | 27,000 | $13.1M | No change |
| RTX RTX Corp. | 0.71% | 63,000 | $11.6M | No change |
| INDA iShares MSCI India ETF | 0.69% | 210,000 | $11.3M | No change |
| RSP Invesco S&P 500 Equal Weight | 0.63% | 54,000 | $10.3M | New |
| WDAY Workday Inc. Class A | 0.59% | 45,000 | $9.7M | Reduce -6.3% |
| COGT Cogent Biosciences Inc. | 0.52% | 241,671 | $8.6M | New |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.50% | 226,475 | $8.2M | Reduce -79.0% |
| SLV iShares Silver Trust | 0.49% | 125,000 | $8.1M | Add +400.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.43% | 15,000 | $7.0M | No change |
| STUB Stubhub Holdings Inc. Class A | 0.41% | 500,000 | $6.8M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.40% | 45,000 | $6.6M | No change |
| GGAL Grupo Financiero Galicia-ADR | 0.33% | 99,312 | $5.4M | No change |
| AZN Astrazeneca PLC-Spons ADR | 0.28% | 50,000 | $4.6M | No change |
| NET Cloudflare Inc. Class A | 0.22% | 18,000 | $3.5M | No change |
| ETHA iShares Ethereum Trust ETF | 0.14% | 99,000 | $2.2M | New |
| GLD SPDR Gold Shares | 0.12% | 5,000 | $2.0M | No change |
| TSLA Tesla Inc. | 0.11% | 4,000 | $1.8M | No change |
| TMUS T-Mobile US Inc. | 0.10% | 8,000 | $1.6M | No change |
| LLY Eli Lilly & Co. | 0.10% | 1,500 | $1.6M | Reduce -94.7% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.07% | 63,000 | $1.1M | No change |
| SMH Vaneck Semiconductor ETF | 0.07% | 3,000 | $1.1M | No change |
| ARGT Global X MSCI Argentina ETF | 0.05% | 8,900 | $814K | No change |
| ALLO Allogene Therapeutics Inc. | 0.01% | 100,000 | $137K | No change |
Options reported separately and not counted above: NU calls ($117.2M), AMZN calls ($110.8M), MSFT calls ($87.1M), ASHR calls ($82.1M), FCX calls ($50.8M), MELI calls ($50.0M), YPF calls ($18.1M), NTRA calls ($15.5M), PYPL calls ($4.1M).
Portfolio Sells Q3 2025 → Q4 2025
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −6.42 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -45.0% | 2.25% | −4.07 |
| INSM Insmed Inc. | Reduce -3.2% | 10.51% | −4.01 |
| NTRA Natera Inc. | Reduce -8.2% | 10.68% | −2.52 |
| YPF YPF S.A.-Sponsored ADR | Reduce -79.0% | 0.50% | −2.09 |
| LLY Eli Lilly & Co. | Reduce -94.7% | 0.10% | −2.05 |
| ARM Arm Holdings PLC-ADR | Reduce -8.1% | 1.38% | −1.76 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −1.42 |
| JPM JPMorgan Chase & Co. | Reduce -1.8% | 1.08% | −0.66 |
| DOCU Docusign Inc. | Sold out | 0.00% | −0.61 |
| GOOG Alphabet Inc. Class C | Reduce -0.9% | 2.11% | −0.56 |
| WDAY Workday Inc. Class A | Reduce -6.3% | 0.59% | −0.55 |
| AIFC AI Financial Corp. | Sold out | 0.00% | −0.48 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.37 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.14 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.14 |
| IBB iShares Biotechnology ETF | Sold out | 0.00% | −0.09 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.07 |
| XMTR Xometry Inc. Class A | Sold out | 0.00% | −0.03 |
| ACM Aecom | Sold out | 0.00% | −0.03 |
| ZM Zoom Communications Inc. | Sold out | 0.00% | −0.02 |
| ZBRA Zebra Technologies Corp. Class A | Sold out | 0.00% | −0.02 |
| MU Micron Technology Inc. | Reduce -0.7% | 2.51% | +0.12 |
Portfolio Buys Q3 2025 → Q4 2025
| QQQ Invesco QQQ Trust Series 1 | New | 24.60% | +24.60 |
| XLV SS Health Care Select Sector | Add +1525.2% | 3.84% | +3.50 |
| TSM Taiwan Semiconductor-SP ADR | New | 2.84% | +2.84 |
| AVGO Broadcom Inc. | New | 1.71% | +1.71 |
| NAMS Newamsterdam Pharma Co. NV | New | 1.50% | +1.50 |
| MSFT Microsoft Corp. | Add +157.6% | 4.35% | +1.43 |
| FLR Fluor Corp. | New | 1.21% | +1.21 |
| ORCL Oracle Corp. | New | 1.19% | +1.19 |
| RSP Invesco S&P 500 Equal Weight | New | 0.63% | +0.63 |
| AMZN Amazon.com Inc. | Add +176.2% | 1.23% | +0.54 |
| COGT Cogent Biosciences Inc. | New | 0.52% | +0.52 |
| SLV iShares Silver Trust | Add +400.0% | 0.49% | +0.39 |
| FIGR Figure Technology Solut Class A | Add +96.6% | 1.02% | +0.27 |
| ETHA iShares Ethereum Trust ETF | New | 0.14% | +0.14 |
| META Meta Platforms Inc. Class A | Add +33.3% | 1.45% | −0.51 |
Options Activity Q3 2025 → Q4 2025
| IWM iShares Russell 2000 ETF | put | Sold out | 1,000,000 | $242.0Mbefore exit |
| NU Nu Holdings Ltd./Cayman Isl-A | call | Add +16.7% | 7,000,000 | $117.2M |
| AMZN Amazon.com Inc. | call | Add +60.0% | 480,000 | $110.8M |
| MSFT Microsoft Corp. | call | New | 180,000 | $87.1M |
| XLV SS Health Care Select Sector | call | Sold out | 540,000 | $75.2Mbefore exit |
| IBIT iShares Bitcoin Trust ETF | call | Sold out | 1,000,000 | $65.0Mbefore exit |
| FCX Freeport-McMoran Inc. | call | New | 999,300 | $50.8M |
| SLV iShares Silver Trust | call | Sold out | 979,700 | $41.5Mbefore exit |
| ARM Arm Holdings PLC-ADR | call | Sold out | 250,000 | $35.4Mbefore exit |
| INDA iShares MSCI India ETF | call | Sold out | 566,900 | $29.5Mbefore exit |
| NTRA Natera Inc. | call | Reduce -74.7% | 67,700 | $15.5M |
| DOCU Docusign Inc. | call | Sold out | 170,800 | $12.3Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 49 | $1.6B | NTRA, MU, META, AAPL, INSM |
| Q1 2026Amended | 49 | $1.6B | QQQ, INSM, NTRA, NU, MSFT |
| Q4 2025Amended | 48 | $1.6B | QQQ, NTRA, INSM, MELI, MSFT |
| Q3 2025Amended | 52 | $1.0B | INSM, NTRA, MELI, IBIT, NU |
| Q2 2025Amended | 45 | $1.1B | NTRA, MELI, SMH, INSM, YPF |
| Q1 2025 | 42 | $750.3M | NTRA, MELI, META, YPF, GOOG |
| Q4 2024 | 46 | $1.3B | QQQ, NTRA, IBIT, YPF, COHR |
| Q3 2024 | 39 | $838.7M | RSP, MSFT, XLE, COHR, NTRA |
| Q2 2024 | 37 | $779.0M | MSFT, GDX, AAPL, COHR, AMZN |
| Q1 2024 | 45 | $729.8M | MSFT, SLV, NVDA, DELL, META |