Ramirez Asset Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Ramirez Asset Management, Inc. reported 378 stock positions worth $480.7 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.9% of the portfolio, followed by Tencent Holdings Ltd.-Uns ADR (TCEHY, 3.1%) and KB Financial Group Inc.-ADR (KB, 2.7%). Compared with Q4 2024, it opened 37 new positions, sold out of 43, added to 51 and reduced 142. The biggest buy was Itau Unibanco H-Spon PRF ADR (ITUB, shares +45%) and the biggest sale Icici Bank Ltd.-Spon ADR (IBN, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001992110
- Portfolio Value
- $480.7M (Q1 2025)
- SEC Filing
- 0001992110-25-000005 ↗ filed May 7, 2025
Holdings Value
Holdings 378 stocks · $480.7M
| TSM Taiwan Semiconductor-SP ADR | 5.93% | 171,712 | $28.5M | Add +1.5% |
| TCEHY Tencent Holdings Ltd.-Uns ADR | 3.08% | 231,569 | $14.8M | Reduce -6.2% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 2.75% | 244,242 | $13.2M | Add +0.4% |
| MPNGY Meituan - Unsp ADR | 2.29% | 274,412 | $11.0M | Reduce -5.9% |
| BABA Alibaba Group Holding-SP ADR | 2.13% | 77,322 | $10.2M | Reduce -4.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.12% | 1,856,717 | $10.2M | Add +44.7% |
| JBSAY JBS SA-Sponsored ADR | 1.87% | 626,054 | $9.0M | Reduce -7.8% |
| GBOOY Grupo Fin Banorte-Spon ADR | 1.80% | 249,157 | $8.7M | Add +10.7% |
| SBLK Star Bulk Carriers Corp. | 1.63% | 502,529 | $7.8M | Add +18.4% |
| FTI Technipfmc PLC | 1.49% | 225,875 | $7.2M | Reduce -8.3% |
| RNMBY Rheinmetall AG-Unsp ADR | 1.46% | 24,579 | $7.0M | Reduce -54.3% |
| SHG Shinhan Financial Group-ADR | 1.44% | 215,892 | $6.9M | Add +11.2% |
| SFTBY Softbank Group Corp.-Unsp ADR | 1.37% | 263,685 | $6.6M | Reduce -9.0% |
| SMFG Sumitomo Mitsui-Spons ADR | 1.32% | 409,398 | $6.3M | Reduce -8.8% |
| MSFT Microsoft Corp. | 1.31% | 16,763 | $6.3M | Reduce -0.7% |
| AAPL Apple Inc. | 1.29% | 27,816 | $6.2M | Reduce -0.5% |
| ENGIY Engie-Spon ADR | 1.28% | 315,284 | $6.1M | Add +29.4% |
| CX Cemex Sab-Spons ADR Part Cer | 1.14% | 980,740 | $5.5M | Add +22.6% |
| BAESY Bae Systems PLC -Spon ADR | 1.11% | 66,555 | $5.4M | Reduce -1.8% |
| NVDA Nvidia Corp. | 1.11% | 49,421 | $5.4M | Reduce -13.4% |
| BDORY Banco Do Brasil SA-Spon ADR | 1.11% | 1,082,627 | $5.3M | Add +2.5% |
| VEOEY Veolia Environnement-ADR | 1.11% | 309,833 | $5.3M | Add +8.5% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 1.09% | 386,020 | $5.3M | Reduce -9.6% |
| AXAHY AXA -Spons ADR | 1.08% | 122,026 | $5.2M | Reduce -6.3% |
| KOF Coca-Cola Femsa Sab-SP ADR | 1.00% | 52,791 | $4.8M | Add +285.9% |
| PBR Petroleo Brasileiro-Spon ADR | 0.99% | 332,500 | $4.8M | Reduce -2.2% |
| EMBJ Embraer SA-Spon ADR | 0.93% | 96,620 | $4.5M | Reduce -41.5% |
| MARUY Marubeni Corp.-Unspons ADR | 0.92% | 27,816 | $4.4M | Add +77.0% |
| MU Micron Technology Inc. | 0.89% | 49,371 | $4.3M | Reduce -3.5% |
| SBGSY Schneider Elect SE-Unsp ADR | 0.83% | 87,973 | $4.0M | New |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.80% | 261,417 | $3.9M | New |
| AMZN Amazon.com Inc. | 0.80% | 20,195 | $3.8M | Add +6.6% |
| SIMO Silicon Motion Technol-ADR | 0.79% | 75,260 | $3.8M | Reduce -1.7% |
| HTHIY Hitachi Ltd. -ADR | 0.79% | 164,460 | $3.8M | Reduce -13.4% |
| JPM JPMorgan Chase & Co. | 0.78% | 15,344 | $3.8M | Reduce -1.2% |
| SCCO Southern Copper Corp. | 0.78% | 40,261 | $3.7M | Reduce -8.9% |
| VIST Vista Energy Sab DE CV | 0.76% | 78,140 | $3.6M | Reduce -4.9% |
| TCOM Trip.com Group Ltd.-ADR | 0.75% | 56,703 | $3.6M | Reduce -4.9% |
| LIN Linde PLC | 0.73% | 7,526 | $3.5M | Reduce -13.2% |
| RNECY Renesas Electro-Unspon ADR | 0.72% | 520,511 | $3.5M | Reduce -5.7% |
| EADSY Airbus SE - Unsp ADR | 0.72% | 78,450 | $3.4M | Reduce -1.0% |
| DTEGY Deutsche Telekom AG-Spon ADR | 0.71% | 92,181 | $3.4M | Reduce -9.3% |
| DSCSY Disco Corp.-Unsponsored ADR | 0.69% | 166,101 | $3.3M | Reduce -9.9% |
| SDZNY Sandoz Group AG-ADR | 0.69% | 79,106 | $3.3M | Reduce -8.8% |
| FUJIY Fujifilm Holdings-Unsp ADR | 0.67% | 340,937 | $3.2M | Reduce -8.5% |
| V Visa Inc. Class A | 0.66% | 9,085 | $3.2M | Reduce -1.8% |
| META Meta Platforms Inc. Class A | 0.66% | 5,511 | $3.2M | Reduce -10.5% |
| VCISY Vinci S.A.-Unspons ADR | 0.65% | 99,922 | $3.1M | Add +47.3% |
| CCJ Cameco Corp. | 0.64% | 75,195 | $3.1M | Add +7419.5% |
| ABBV Abbvie Inc. | 0.61% | 13,927 | $2.9M | Reduce -0.1% |
| CP Canadian Pacific Kansas City | 0.60% | 41,241 | $2.9M | Add +43.3% |
| AZN Astrazeneca PLC-Spons ADR | 0.60% | 38,983 | $2.9M | Reduce -26.3% |
| AU Anglogold Ashanti PLC | 0.59% | 76,939 | $2.9M | Add +4.9% |
| GOOGL Alphabet Inc. Class A | 0.58% | 18,156 | $2.8M | Reduce -1.1% |
| YMM Full Truck Alliance -SPN ADR | 0.57% | 214,140 | $2.7M | Reduce -5.5% |
| LNSTY London Stock Exchg-Unsp ADR | 0.56% | 73,205 | $2.7M | Reduce -8.3% |
| NDBKY Nedbank Group Ltd.-Spons ADR | 0.55% | 189,948 | $2.7M | Add +78.1% |
| EONGY E.on SE -Sponsored ADR filed as E ON AG | 0.54% | 171,082 | $2.6M | New |
| TRMD Torm PLC-A | 0.53% | 156,065 | $2.6M | Reduce -2.0% |
| IWF iShares Russell 1000 Growth | 0.53% | 7,050 | $2.5M | No change |
| FMX Fomento Economico Mex-SP ADR | 0.52% | 25,767 | $2.5M | Add +126.0% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.52% | 182,509 | $2.5M | Add +4.5% |
| MIELY Mitsubishi Electric-Unsp ADR | 0.51% | 67,571 | $2.5M | New |
| NSRGY Nestle SA-Spons ADR | 0.51% | 24,278 | $2.5M | Reduce -3.0% |
| FRO Frontline PLC | 0.50% | 163,283 | $2.4M | Add +0.0% |
| DSNKY Daiichi Sankyo Co.-Spon ADR | 0.49% | 100,000 | $2.3M | Add +44.3% |
| SGBLY Standard Bank Group-Spon ADR | 0.48% | 178,225 | $2.3M | Reduce -5.4% |
| CLLNY Cellnex Telecom Sau-Unsp ADR | 0.48% | 130,619 | $2.3M | New |
| ASX Ase Technology Holding -ADR | 0.47% | 259,106 | $2.3M | Reduce -5.3% |
| LNT Alliant Energy Corp. | 0.47% | 35,176 | $2.3M | Reduce -0.7% |
| SSEZY Sse PLC-SPN ADR | 0.46% | 108,485 | $2.2M | New |
| AVGO Broadcom Inc. | 0.46% | 13,322 | $2.2M | Add +79.3% |
| GOOG Alphabet Inc. Class C | 0.46% | 14,090 | $2.2M | Reduce -22.7% |
| AER Aercap Holdings NV | 0.44% | 20,500 | $2.1M | New |
| KEP Korea Elec Power Corp.-SP ADR | 0.43% | 279,980 | $2.1M | Add +4.2% |
| ETN Eaton Corp. PLC | 0.41% | 7,191 | $2.0M | Add +46.9% |
| AZO AutoZone Inc. | 0.41% | 512 | $2.0M | No change |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.40% | 91,165 | $1.9M | Reduce -2.8% |
| UNH Unitedhealth Group Inc. | 0.39% | 3,559 | $1.9M | No change |
| SW Smurfit Westrock PLC | 0.37% | 39,614 | $1.8M | New |
| KT KT Corp.-SP ADR | 0.36% | 98,533 | $1.7M | Reduce -5.5% |
| ASHTY Ashtead Group PLC-Unspon ADR | 0.36% | 8,124 | $1.7M | Reduce -10.1% |
| GD General Dynamics Corp. | 0.36% | 6,377 | $1.7M | No change |
| BKNG Booking Holdings Inc. | 0.35% | 370 | $1.7M | No change |
| HOCPY Hoya Corp.-Sponsored ADR | 0.35% | 15,135 | $1.7M | Reduce -15.4% |
| PH Parker Hannifin Corp. | 0.33% | 2,590 | $1.6M | No change |
| CRM Salesforce Inc. | 0.33% | 5,824 | $1.6M | Reduce -2.7% |
| TME Tencent Music Entertainm-ADR | 0.32% | 108,197 | $1.6M | Reduce -0.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.32% | 22,122 | $1.5M | Reduce -0.9% |
| PR Permian Resources Corp. Class A | 0.32% | 109,900 | $1.5M | Add +41.4% |
| SNPS Synopsys Inc. | 0.31% | 3,527 | $1.5M | Reduce -0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.31% | 35,864 | $1.5M | Reduce -14.7% |
| CSLLY CSL Ltd.-Sponsored ADR filed as C S L LIMITED F | 0.30% | 18,751 | $1.5M | Reduce -14.0% |
| STLD Steel Dynamics Inc. | 0.30% | 11,604 | $1.5M | No change |
| CICHY China Construct-Unspon ADR | 0.30% | 80,584 | $1.4M | Reduce -5.6% |
| HON Honeywell International Inc. | 0.29% | 6,660 | $1.4M | Reduce -0.8% |
| AVB Avalonbay Communities Inc. | 0.29% | 6,541 | $1.4M | Reduce -1.9% |
| AXP American Express Co. | 0.29% | 5,208 | $1.4M | Reduce -0.2% |
| MPC Marathon Petroleum Corp. | 0.29% | 9,531 | $1.4M | No change |
| ABT Abbott Laboratories | 0.29% | 10,382 | $1.4M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| IBN Icici Bank Ltd.-Spon ADR | Reduce -99.3% | 0.02% | −2.24 |
| HSBC HSBC Holdings PLC-Spons ADR | Reduce -99.7% | 0.00% | −1.20 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -96.4% | 0.04% | −0.99 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.89 |
| UNCRY Unicredit SPA-ADR | Reduce -99.6% | 0.00% | −0.79 |
| DQJCY Pan Pacific Intern-Unsp ADR | Reduce -99.6% | 0.00% | −0.78 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -93.6% | 0.06% | −0.76 |
| EEM iShares MSCI Emerging Market | Reduce -94.0% | 0.04% | −0.54 |
| FCX Freeport-McMoran Inc. | Reduce -96.7% | 0.02% | −0.50 |
| NVDA Nvidia Corp. | Reduce -13.4% | 1.11% | −0.43 |
| LVMUY LVMH Moet Hennessy-Unsp ADR | Reduce -99.5% | 0.00% | −0.42 |
| SFTBY Softbank Group Corp.-Unsp ADR | Reduce -9.0% | 1.37% | −0.34 |
| DSCSY Disco Corp.-Unsponsored ADR | Reduce -9.9% | 0.69% | −0.32 |
| GLOB Globant SA | Sold out | 0.00% | −0.31 |
| EMBJ Embraer SA-Spon ADR | Reduce -41.5% | 0.93% | −0.29 |
| ASMVY Asmpt Ltd.-Unsp ADR | Sold out | 0.00% | −0.26 |
| GOOG Alphabet Inc. Class C | Reduce -22.7% | 0.46% | −0.24 |
| MSI Motorola Solutions Inc. | Reduce -80.6% | 0.05% | −0.23 |
| CAT Caterpillar Inc. | Reduce -45.7% | 0.23% | −0.22 |
| AMP Ameriprise Financial Inc. | Reduce -35.3% | 0.27% | −0.18 |
| HTHIY Hitachi Ltd. -ADR | Reduce -13.4% | 0.79% | −0.17 |
| ISNPY Intesa Sanpaolo-Spon ADR | Sold out | 0.00% | −0.16 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.15 |
| VIST Vista Energy Sab DE CV | Reduce -4.9% | 0.76% | −0.14 |
| AAPL Apple Inc. | Reduce -0.5% | 1.29% | −0.13 |
| MSFT Microsoft Corp. | Reduce -0.7% | 1.31% | −0.13 |
| PPG PPG Industries Inc. | Reduce -72.3% | 0.04% | −0.12 |
| GOOGL Alphabet Inc. Class A | Reduce -1.1% | 0.58% | −0.12 |
| FUJIY Fujifilm Holdings-Unsp ADR | Reduce -8.5% | 0.67% | −0.12 |
| CHD Church & Dwight Co. Inc. | Reduce -64.5% | 0.07% | −0.11 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -26.3% | 0.60% | −0.10 |
| HOCPY Hoya Corp.-Sponsored ADR | Reduce -15.4% | 0.35% | −0.10 |
| FANG Diamondback Energy Inc. | Reduce -61.0% | 0.06% | −0.10 |
| ASHTY Ashtead Group PLC-Unspon ADR | Reduce -10.1% | 0.36% | −0.09 |
| TRMD Torm PLC-A | Reduce -2.0% | 0.53% | −0.09 |
| AMAT Applied Materials Inc. | Reduce -28.4% | 0.17% | −0.09 |
| ASX Ase Technology Holding -ADR | Reduce -5.3% | 0.47% | −0.08 |
| CSLLY CSL Ltd.-Sponsored ADR | Reduce -14.0% | 0.30% | −0.08 |
| CRM Salesforce Inc. | Reduce -2.7% | 0.33% | −0.08 |
| BSX Boston Scientific Corp. | Reduce -37.3% | 0.21% | −0.08 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -4.9% | 0.75% | −0.08 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -0.9% | 0.32% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -10.5% | 0.66% | −0.07 |
| CEG Constellation Energy | Sold out | 0.00% | −0.06 |
| BAC Bank of America Corp. | Reduce -14.7% | 0.31% | −0.06 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.05 |
| ADBE Adobe Inc. | Reduce -4.2% | 0.27% | −0.05 |
| BX Blackstone Inc. | Reduce -30.6% | 0.07% | −0.05 |
| AMD Advanced Micro Devices | Reduce -15.5% | 0.13% | −0.05 |
| SIMO Silicon Motion Technol-ADR | Reduce -1.7% | 0.79% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| ITUB Itau Unibanco H-Spon PRF ADR | Add +44.7% | 2.12% | +0.84 |
| SBGSY Schneider Elect SE-Unsp ADR | New | 0.83% | +0.83 |
| TLK Telkom Indonesia Persero-ADR | New | 0.80% | +0.80 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +285.9% | 1.00% | +0.79 |
| CCJ Cameco Corp. | Add +7419.5% | 0.64% | +0.63 |
| EONGY E.on SE -Sponsored ADR | New | 0.54% | +0.54 |
| MIELY Mitsubishi Electric-Unsp ADR | New | 0.51% | +0.51 |
| ENGIY Engie-Spon ADR | Add +29.4% | 1.28% | +0.50 |
| CLLNY Cellnex Telecom Sau-Unsp ADR | New | 0.48% | +0.48 |
| SSEZY Sse PLC-SPN ADR | New | 0.46% | +0.46 |
| MARUY Marubeni Corp.-Unspons ADR | Add +77.0% | 0.92% | +0.44 |
| AER Aercap Holdings NV | New | 0.44% | +0.44 |
| SW Smurfit Westrock PLC | New | 0.37% | +0.37 |
| SBLK Star Bulk Carriers Corp. | Add +18.4% | 1.63% | +0.35 |
| GBOOY Grupo Fin Banorte-Spon ADR | Add +10.7% | 1.80% | +0.33 |
| FMX Fomento Economico Mex-SP ADR | Add +126.0% | 0.52% | +0.33 |
| VCISY Vinci S.A.-Unspons ADR | Add +47.3% | 0.65% | +0.30 |
| VEOEY Veolia Environnement-ADR | Add +8.5% | 1.11% | +0.30 |
| CPNG Coupang Inc. | New | 0.29% | +0.29 |
| GRAB Grab Holdings Ltd. Class A | New | 0.29% | +0.29 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.28% | +0.28 |
| BDORY Banco Do Brasil SA-Spon ADR | Add +2.5% | 1.11% | +0.28 |
| BMA Banco Macro SA-ADR | New | 0.27% | +0.27 |
| AU Anglogold Ashanti PLC | Add +4.9% | 0.59% | +0.25 |
| CX Cemex Sab-Spons ADR Part Cer | Add +22.6% | 1.14% | +0.23 |
| NDBKY Nedbank Group Ltd.-Spons ADR | Add +78.1% | 0.55% | +0.23 |
| CP Canadian Pacific Kansas City | Add +43.3% | 0.60% | +0.18 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Add +4.5% | 0.52% | +0.17 |
| LLY Eli Lilly & Co. | New | 0.16% | +0.16 |
| SHG Shinhan Financial Group-ADR | Add +11.2% | 1.44% | +0.15 |
| TT Trane Technologies PLC | Add +190.6% | 0.20% | +0.13 |
| AVGO Broadcom Inc. | Add +79.3% | 0.46% | +0.12 |
| ORCL Oracle Corp. | New | 0.11% | +0.11 |
| DSNKY Daiichi Sankyo Co.-Spon ADR | Add +44.3% | 0.49% | +0.10 |
| PR Permian Resources Corp. Class A | Add +41.4% | 0.32% | +0.09 |
| ETN Eaton Corp. PLC | Add +46.9% | 0.41% | +0.08 |
| KEP Korea Elec Power Corp.-SP ADR | Add +4.2% | 0.43% | +0.06 |
| NDAQ Nasdaq Inc. | New | 0.05% | +0.05 |
| FITB Fifth Third Bancorp | New | 0.05% | +0.05 |
| EXPE Expedia Group Inc. | New | 0.04% | +0.04 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +11.8% | 0.19% | +0.04 |
| FRO Frontline PLC | Add +0.0% | 0.50% | +0.04 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.03% | +0.03 |
| DIDIY Didi Global Inc. | Add +3.4% | 0.27% | +0.03 |
| VSGX Vanguard ESG Intl Stock ETF | Add +3.8% | 0.20% | +0.02 |
| ACM Aecom | New | 0.02% | +0.02 |
| EQT Eqt Corp. | New | 0.02% | +0.02 |
| HD Home Depot Inc. | Add +12.2% | 0.20% | +0.02 |
| WMT Walmart Inc. | Add +180.0% | 0.03% | +0.02 |
| HOOD Robinhood Markets Inc. Class A | New | 0.02% | +0.02 |
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 |