Ramirez Asset Management, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Ramirez Asset Management, Inc. reported 384 stock positions worth $495.6 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 6.7% of the portfolio, followed by KB Financial Group Inc.-ADR (KB, 2.8%) and Tencent Holdings Ltd.-Uns ADR (TCEHY, 2.7%). Compared with Q3 2024, it opened 8 new positions, sold out of 15, added to 44 and reduced 54. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +0%) and the biggest sale PDD (PDD, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001992110
- Portfolio Value
- $495.6M (Q4 2024)
- SEC Filing
- 0001992110-25-000003 ↗ filed Feb 12, 2025
Holdings Value
Holdings 384 stocks · $495.6M
| TSM Taiwan Semiconductor-SP ADR | 6.74% | 169,151 | $33.4M | Add +0.2% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 2.79% | 243,300 | $13.8M | Add +0.7% |
| TCEHY Tencent Holdings Ltd.-Uns ADR | 2.67% | 246,873 | $13.2M | Add +8.3% |
| MPNGY Meituan - Unsp ADR | 2.30% | 291,538 | $11.4M | Add +8.6% |
| IBN Icici Bank Ltd.-Spon ADR | 2.26% | 374,686 | $11.2M | Add +0.7% |
| SFTBY Softbank Group Corp.-Unsp ADR | 1.71% | 289,820 | $8.5M | Add +2.8% |
| JBSAY JBS SA-Sponsored ADR | 1.61% | 679,385 | $8.0M | Add +0.3% |
| NVDA Nvidia Corp. | 1.55% | 57,064 | $7.7M | No change |
| GBOOY Grupo Fin Banorte-Spon ADR | 1.47% | 225,027 | $7.3M | Reduce -4.5% |
| FTI Technipfmc PLC | 1.44% | 246,304 | $7.1M | Add +3.0% |
| MSFT Microsoft Corp. | 1.44% | 16,878 | $7.1M | No change |
| AAPL Apple Inc. | 1.41% | 27,954 | $7.0M | Reduce -6.4% |
| RNMBY Rheinmetall AG-Unsp ADR | 1.38% | 53,816 | $6.8M | Reduce -4.6% |
| BABA Alibaba Group Holding-SP ADR | 1.38% | 80,728 | $6.8M | Reduce -1.7% |
| SMFG Sumitomo Mitsui-Spons ADR | 1.31% | 449,014 | $6.5M | Add +3.2% |
| SHG Shinhan Financial Group-ADR | 1.29% | 194,165 | $6.4M | Reduce -2.5% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.28% | 1,282,897 | $6.4M | Add +1.3% |
| SBLK Star Bulk Carriers Corp. | 1.28% | 424,288 | $6.3M | Reduce -9.7% |
| EMBJ Embraer SA-Spon ADR | 1.22% | 165,280 | $6.1M | Reduce -3.0% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.21% | 120,898 | $6.0M | Add +3.4% |
| ASML ASML Holding NV-NY Reg SHS | 1.03% | 7,369 | $5.1M | Add +0.8% |
| DSCSY Disco Corp.-Unsponsored ADR | 1.01% | 184,409 | $5.0M | Add +3.3% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 1.01% | 426,850 | $5.0M | Add +3.1% |
| HTHIY Hitachi Ltd. -ADR | 0.96% | 94,920 | $4.8M | Add +7.3% |
| AXAHY AXA -Spons ADR | 0.93% | 130,291 | $4.6M | Reduce -0.2% |
| CX Cemex Sab-Spons ADR Part Cer | 0.91% | 799,917 | $4.5M | Add +6.3% |
| VIST Vista Energy Sab DE CV | 0.90% | 82,181 | $4.4M | Reduce -2.0% |
| TECK Teck Resources Ltd.-CLS B | 0.89% | 108,373 | $4.4M | Reduce -4.3% |
| PBR Petroleo Brasileiro-Spon ADR | 0.88% | 340,017 | $4.4M | Reduce -4.5% |
| MU Micron Technology Inc. | 0.87% | 51,151 | $4.3M | Reduce -3.7% |
| AMZN Amazon.com Inc. | 0.84% | 18,940 | $4.2M | No change |
| SIMO Silicon Motion Technol-ADR | 0.83% | 76,548 | $4.1M | Reduce -4.1% |
| BDORY Banco Do Brasil SA-Spon ADR | 0.83% | 1,055,986 | $4.1M | Add +3.2% |
| TCOM Trip.com Group Ltd.-ADR | 0.83% | 59,603 | $4.1M | Reduce -2.1% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.82% | 77,952 | $4.1M | Add +3106.6% |
| VEOEY Veolia Environnement-ADR | 0.81% | 285,479 | $4.0M | Add +11.2% |
| SCCO Southern Copper Corp. | 0.81% | 44,187 | $4.0M | Reduce -4.1% |
| UNCRY Unicredit SPA-ADR | 0.80% | 198,652 | $4.0M | Add +3.1% |
| FUJIY Fujifilm Holdings-Unsp ADR | 0.79% | 372,437 | $3.9M | Add +3.2% |
| BAESY Bae Systems PLC -Spon ADR | 0.79% | 67,760 | $3.9M | Add +3.4% |
| DQJCY Pan Pacific Intern-Unsp ADR | 0.78% | 141,638 | $3.9M | Add +3.3% |
| ENGIY Engie-Spon ADR | 0.78% | 243,726 | $3.9M | Reduce -10.0% |
| JPM JPMorgan Chase & Co. | 0.75% | 15,527 | $3.7M | No change |
| LIN Linde PLC | 0.73% | 8,669 | $3.6M | Add +8.1% |
| META Meta Platforms Inc. Class A | 0.73% | 6,155 | $3.6M | No change |
| RNECY Renesas Electro-Unspon ADR | 0.72% | 551,852 | $3.6M | Reduce -1.1% |
| SDZNY Sandoz Group AG-ADR | 0.72% | 86,737 | $3.6M | Add +1.4% |
| GOOGL Alphabet Inc. Class A | 0.70% | 18,356 | $3.5M | No change |
| GOOG Alphabet Inc. Class C | 0.70% | 18,230 | $3.5M | Reduce -0.2% |
| AZN Astrazeneca PLC-Spons ADR | 0.70% | 52,893 | $3.5M | Add +1.6% |
| EADSY Airbus SE - Unsp ADR | 0.64% | 79,215 | $3.2M | Add +3.2% |
| TRMD Torm PLC-A | 0.63% | 159,315 | $3.1M | Reduce -6.6% |
| DTEGY Deutsche Telekom AG-Spon ADR | 0.61% | 101,634 | $3.0M | Add +3.2% |
| V Visa Inc. Class A | 0.59% | 9,255 | $2.9M | No change |
| EEM iShares MSCI Emerging Market | 0.57% | 68,125 | $2.8M | Add +446.1% |
| IWF iShares Russell 1000 Growth | 0.57% | 7,050 | $2.8M | No change |
| LNSTY London Stock Exchg-Unsp ADR | 0.57% | 79,864 | $2.8M | Add +3.8% |
| ASX Ase Technology Holding -ADR | 0.56% | 273,638 | $2.8M | Reduce -1.8% |
| FCX Freeport-McMoran Inc. | 0.52% | 67,366 | $2.6M | Reduce -2.4% |
| ABBV Abbvie Inc. | 0.50% | 13,934 | $2.5M | No change |
| YMM Full Truck Alliance -SPN ADR | 0.49% | 226,732 | $2.5M | Reduce -2.1% |
| MARUY Marubeni Corp.-Unspons ADR | 0.48% | 15,718 | $2.4M | Add +12.2% |
| FRO Frontline PLC | 0.47% | 163,230 | $2.3M | Reduce -7.8% |
| CAT Caterpillar Inc. | 0.46% | 6,238 | $2.3M | No change |
| HOCPY Hoya Corp.-Sponsored ADR | 0.46% | 17,882 | $2.3M | Add +2.6% |
| ASHTY Ashtead Group PLC-Unspon ADR | 0.45% | 9,037 | $2.2M | Add +4.5% |
| AMP Ameriprise Financial Inc. | 0.45% | 4,197 | $2.2M | No change |
| SGBLY Standard Bank Group-Spon ADR | 0.45% | 188,347 | $2.2M | Reduce -1.9% |
| LVMUY LVMH Moet Hennessy-Unsp ADR | 0.42% | 15,926 | $2.1M | Reduce -2.9% |
| LNT Alliant Energy Corp. | 0.42% | 35,408 | $2.1M | No change |
| CP Canadian Pacific Kansas City | 0.42% | 28,778 | $2.1M | New |
| NSRGY Nestle SA-Spons ADR | 0.42% | 25,026 | $2.1M | Add +5901.4% |
| CRM Salesforce Inc. | 0.40% | 5,986 | $2.0M | No change |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.40% | 93,821 | $2.0M | Reduce -1.9% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.39% | 22,333 | $1.9M | Reduce -1.4% |
| DSNKY Daiichi Sankyo Co.-Spon ADR | 0.39% | 69,302 | $1.9M | Reduce -0.5% |
| CSLLY CSL Ltd.-Sponsored ADR | 0.38% | 21,803 | $1.9M | Reduce -3.3% |
| KEP Korea Elec Power Corp.-SP ADR | 0.37% | 268,765 | $1.8M | Reduce -10.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.37% | 42,030 | $1.8M | No change |
| BKNG Booking Holdings Inc. | 0.37% | 370 | $1.8M | No change |
| UNH Unitedhealth Group Inc. | 0.36% | 3,559 | $1.8M | No change |
| VCISY Vinci S.A.-Unspons ADR | 0.35% | 67,845 | $1.8M | Reduce -4.8% |
| AVGO Broadcom Inc. | 0.35% | 7,430 | $1.7M | No change |
| SNPS Synopsys Inc. | 0.35% | 3,539 | $1.7M | No change |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.34% | 174,563 | $1.7M | Reduce -10.2% |
| AU Anglogold Ashanti PLC | 0.34% | 73,316 | $1.7M | New |
| GD General Dynamics Corp. | 0.34% | 6,377 | $1.7M | No change |
| PH Parker Hannifin Corp. | 0.33% | 2,590 | $1.6M | No change |
| AZO AutoZone Inc. | 0.33% | 512 | $1.6M | No change |
| ETN Eaton Corp. PLC | 0.33% | 4,894 | $1.6M | No change |
| KT KT Corp.-SP ADR | 0.33% | 104,242 | $1.6M | Reduce -1.8% |
| ADBE Adobe Inc. | 0.32% | 3,591 | $1.6M | Add +16.6% |
| NDBKY Nedbank Group Ltd.-Spons ADR | 0.32% | 106,655 | $1.6M | Reduce -1.9% |
| MRK Merck & Co. Inc. | 0.32% | 15,866 | $1.6M | No change |
| AXP American Express Co. | 0.31% | 5,220 | $1.5M | No change |
| GLOB Globant SA | 0.31% | 7,070 | $1.5M | Reduce -1.8% |
| HON Honeywell International Inc. | 0.31% | 6,710 | $1.5M | No change |
| KLAC KLA Corp. | 0.30% | 2,383 | $1.5M | No change |
| AVB Avalonbay Communities Inc. | 0.30% | 6,665 | $1.5M | No change |
| CSL Carlisle Cos Inc. | 0.29% | 3,875 | $1.4M | No change |
Portfolio Sells Q3 2024 → Q4 2024
| PDD PDD Holdings Inc. | Reduce -99.3% | 0.01% | −1.61 |
| SBLK Star Bulk Carriers Corp. | Reduce -9.7% | 1.28% | −0.85 |
| SCBFY Standard Chartered- Unsp ADR | Reduce -99.0% | 0.01% | −0.68 |
| TRMD Torm PLC-A | Reduce -6.6% | 0.63% | −0.49 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -99.6% | 0.00% | −0.44 |
| SHG Shinhan Financial Group-ADR | Reduce -2.5% | 1.29% | −0.33 |
| FRO Frontline PLC | Reduce -7.8% | 0.47% | −0.31 |
| STLA Stellantis NV | Reduce -99.4% | 0.00% | −0.31 |
| BABA Alibaba Group Holding-SP ADR | Reduce -1.7% | 1.38% | −0.29 |
| MRO Marathon Oil Corp. | Sold out | 0.00% | −0.25 |
| TECK Teck Resources Ltd.-CLS B | Reduce -4.3% | 0.89% | −0.25 |
| SCCO Southern Copper Corp. | Reduce -4.1% | 0.81% | −0.21 |
| MU Micron Technology Inc. | Reduce -3.7% | 0.87% | −0.19 |
| GBOOY Grupo Fin Banorte-Spon ADR | Reduce -4.5% | 1.47% | −0.15 |
| FCX Freeport-McMoran Inc. | Reduce -2.4% | 0.52% | −0.14 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -1.4% | 0.39% | −0.13 |
| ENGIY Engie-Spon ADR | Reduce -10.0% | 0.78% | −0.12 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -4.5% | 0.88% | −0.10 |
| CSX CSX Corp. | Sold out | 0.00% | −0.10 |
| HXL Hexcel Corp. | Sold out | 0.00% | −0.10 |
| SIMO Silicon Motion Technol-ADR | Reduce -4.1% | 0.83% | −0.10 |
| KEP Korea Elec Power Corp.-SP ADR | Reduce -10.8% | 0.37% | −0.08 |
| ASMVY Asmpt Ltd.-Unsp ADR | Reduce -6.1% | 0.26% | −0.07 |
| SGBLY Standard Bank Group-Spon ADR | Reduce -1.9% | 0.45% | −0.07 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -10.2% | 0.34% | −0.06 |
| LVMUY LVMH Moet Hennessy-Unsp ADR | Reduce -2.9% | 0.42% | −0.06 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.06 |
| RNECY Renesas Electro-Unspon ADR | Reduce -1.1% | 0.72% | −0.05 |
| DSNKY Daiichi Sankyo Co.-Spon ADR | Reduce -0.5% | 0.39% | −0.05 |
| VCISY Vinci S.A.-Unspons ADR | Reduce -4.8% | 0.35% | −0.05 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −0.05 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -13.1% | 0.15% | −0.05 |
| CSLLY CSL Ltd.-Sponsored ADR | Reduce -3.3% | 0.38% | −0.05 |
| FMX Fomento Economico Mex-SP ADR | Reduce -10.9% | 0.20% | −0.05 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -9.7% | 0.21% | −0.04 |
| NDBKY Nedbank Group Ltd.-Spons ADR | Reduce -1.9% | 0.32% | −0.04 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Reduce -1.9% | 0.40% | −0.04 |
| EDU New Oriental Educatio-SP ADR | Reduce -4.8% | 0.18% | −0.03 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.03 |
| VST Vistra Corp. | Sold out | 0.00% | −0.03 |
| AXAHY AXA -Spons ADR | Reduce -0.2% | 0.93% | −0.03 |
| WF Woori Financial-Spon ADR | Reduce -2.6% | 0.26% | −0.03 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.03 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.02 |
| SRCL Stericycle Inc. | Sold out | 0.00% | −0.01 |
| STNG Scorpio Tankers Inc. | Reduce -18.6% | 0.01% | −0.01 |
| LDOS Leidos Holdings Inc. | Sold out | 0.00% | −0.01 |
| OLYMY Olympus Corp. - ADR | Reduce -40.9% | 0.00% | −0.00 |
| BG Bunge Global SA | Reduce -14.3% | 0.01% | −0.00 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| TSM Taiwan Semiconductor-SP ADR | Add +0.2% | 6.74% | +1.12 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +3106.6% | 0.82% | +0.79 |
| EEM iShares MSCI Emerging Market | Add +446.1% | 0.57% | +0.47 |
| CP Canadian Pacific Kansas City | New | 0.42% | +0.42 |
| NSRGY Nestle SA-Spons ADR | Add +5901.4% | 0.42% | +0.41 |
| AU Anglogold Ashanti PLC | New | 0.34% | +0.34 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +3.2% | 1.31% | +0.26 |
| TME Tencent Music Entertainm-ADR | New | 0.25% | +0.25 |
| DIDIY Didi Global Inc. | New | 0.24% | +0.24 |
| FTI Technipfmc PLC | Add +3.0% | 1.44% | +0.24 |
| PR Permian Resources Corp. Class A | New | 0.23% | +0.23 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +3.1% | 1.01% | +0.20 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +3.4% | 1.21% | +0.19 |
| ITT Itt Inc. | Add +290.3% | 0.25% | +0.18 |
| TCEHY Tencent Holdings Ltd.-Uns ADR | Add +8.3% | 2.67% | +0.18 |
| CACI Caci International Inc. Class A | Add +287.3% | 0.20% | +0.14 |
| KGS Kodiak Gas Services Inc. | New | 0.13% | +0.13 |
| IBN Icici Bank Ltd.-Spon ADR | Add +0.7% | 2.26% | +0.13 |
| SFTBY Softbank Group Corp.-Unsp ADR | Add +2.8% | 1.71% | +0.11 |
| DSCSY Disco Corp.-Unsponsored ADR | Add +3.3% | 1.01% | +0.11 |
| DQJCY Pan Pacific Intern-Unsp ADR | Add +3.3% | 0.78% | +0.11 |
| JBSAY JBS SA-Sponsored ADR | Add +0.3% | 1.61% | +0.10 |
| EADSY Airbus SE - Unsp ADR | Add +3.2% | 0.64% | +0.10 |
| LNSTY London Stock Exchg-Unsp ADR | Add +3.8% | 0.57% | +0.06 |
| HTHIY Hitachi Ltd. -ADR | Add +7.3% | 0.96% | +0.06 |
| DTEGY Deutsche Telekom AG-Spon ADR | Add +3.2% | 0.61% | +0.06 |
| MARUY Marubeni Corp.-Unspons ADR | Add +12.2% | 0.48% | +0.04 |
| IEMG iShares Core MSCI Emerging | Add +1507.1% | 0.04% | +0.04 |
| VWO Vanguard Ftse Emerging Marke | Add +147.8% | 0.06% | +0.04 |
| SDZNY Sandoz Group AG-ADR | Add +1.4% | 0.72% | +0.03 |
| WDAY Workday Inc. Class A | New | 0.03% | +0.03 |
| PIPR Piper Sandler Cos | New | 0.03% | +0.03 |
| CX Cemex Sab-Spons ADR Part Cer | Add +6.3% | 0.91% | +0.03 |
| ELV Elevance Health Inc. | Add +3636.4% | 0.03% | +0.03 |
| ICE Intercontinental Exchange Inc. | Add +21.9% | 0.18% | +0.03 |
| MPNGY Meituan - Unsp ADR | Add +8.6% | 2.30% | +0.02 |
| ADBE Adobe Inc. | Add +16.6% | 0.32% | +0.02 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +18.4% | 0.04% | +0.00 |
| VSGX Vanguard ESG Intl Stock ETF | Add +5.2% | 0.18% | +0.00 |
| LRCX Lam Research Corp. | Add +10.3% | 0.06% | +0.00 |
| LIN Linde PLC | Add +8.1% | 0.73% | −0.00 |
| VEOEY Veolia Environnement-ADR | Add +11.2% | 0.81% | −0.00 |
| HOCPY Hoya Corp.-Sponsored ADR | Add +2.6% | 0.46% | −0.01 |
| UNCRY Unicredit SPA-ADR | Add +3.1% | 0.80% | −0.01 |
| BAESY Bae Systems PLC -Spon ADR | Add +3.4% | 0.79% | −0.05 |
| ASHTY Ashtead Group PLC-Unspon ADR | Add +4.5% | 0.45% | −0.06 |
| KB KB Financial Group Inc.-ADR | Add +0.7% | 2.79% | −0.07 |
| AZN Astrazeneca PLC-Spons ADR | Add +1.6% | 0.70% | −0.08 |
| FUJIY Fujifilm Holdings-Unsp ADR | Add +3.2% | 0.79% | −0.10 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.8% | 1.03% | −0.14 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 352 | $959.3M | TSM, JBS, KB, ENGIY, ITUB |
| Q1 2026 | 349 | $831.7M | TSM, JBS, KB, ITUB, ENGIY |
| Q4 2025 | 384 | $758.2M | TSM, KB, JBS, ITUB, ENGIY |
| Q3 2025 | 357 | $720.1M | TSM, KB, JBS, ITUB, GBOOY |
| Q2 2025 | 344 | $661.2M | TSM, KB, ITUB, GBOOY, ENGIY |
| Q1 2025 | 378 | $480.7M | TSM, TCEHY, KB, MPNGY, BABA |
| Q4 2024 | 384 | $495.6M | TSM, KB, TCEHY, MPNGY, IBN |
| Q3 2024 | 391 | $521.2M | TSM, KB, TCEHY, MPNGY, SBLK |
| Q2 2024 | 394 | $491.3M | TSM, KB, TCEHY, IBN, PDD |
| Q1 2024 | 389 | $495.8M | TSM, KB, IBN, SBLK, TCEHY |