Ramirez Asset Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Ramirez Asset Management, Inc. reported 357 stock positions worth $720.1 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.3% of the portfolio, followed by KB Financial Group Inc.-ADR (KB, 2.5%) and JBS NV-A (JBS, 2.5%). Compared with Q2 2025, it opened 25 new positions, sold out of 12, added to 77 and reduced 79. The biggest buy was a new position in Mizuho Financial Group-ADR (MFG) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001992110
- Portfolio Value
- $720.1M (Q3 2025)
- SEC Filing
- 0001992110-25-000014 ↗ filed Nov 12, 2025
Holdings Value
Holdings 357 stocks · $720.1M
| TSM Taiwan Semiconductor-SP ADR | 5.26% | 135,572 | $37.9M | Reduce -31.2% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 2.54% | 220,172 | $18.3M | Reduce -27.6% |
| JBS JBS NV-A | 2.46% | 1,184,404 | $17.7M | Add +45.5% |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.19% | 2,145,922 | $15.8M | Reduce -0.8% |
| GBOOY Grupo Fin Banorte-Spon ADR | 1.99% | 284,956 | $14.3M | Reduce -0.3% |
| TCEHY Tencent Holdings Ltd.-Uns ADR | 1.80% | 152,280 | $13.0M | Add +7.5% |
| RNMBY Rheinmetall AG-Unsp ADR | 1.60% | 24,634 | $11.5M | Reduce -3.1% |
| SMFG Sumitomo Mitsui-Spons ADR | 1.60% | 686,270 | $11.5M | Add +35.7% |
| KOF Coca-Cola Femsa Sab-SP ADR | 1.59% | 137,957 | $11.5M | Add +31.7% |
| SHG Shinhan Financial Group-ADR | 1.56% | 223,336 | $11.2M | Add +2.4% |
| ENGIY Engie-Spon ADR | 1.54% | 518,253 | $11.1M | Add +0.7% |
| MARUY Marubeni Corp.-Unspons ADR | 1.48% | 42,476 | $10.6M | Reduce -3.0% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 1.40% | 535,828 | $10.1M | Add +52.5% |
| CCJ Cameco Corp. | 1.38% | 118,095 | $9.9M | Reduce -1.3% |
| NVDA Nvidia Corp. | 1.28% | 49,294 | $9.2M | Reduce -0.3% |
| CX Cemex Sab-Spons ADR Part Cer | 1.27% | 1,018,917 | $9.2M | Add +2.2% |
| DTEGY Deutsche Telekom AG-Spon ADR | 1.25% | 263,477 | $9.0M | Add +40.1% |
| MSFT Microsoft Corp. | 1.20% | 16,657 | $8.6M | Reduce -0.0% |
| BABA Alibaba Group Holding-SP ADR | 1.15% | 46,170 | $8.3M | Add +7.3% |
| AXAHY AXA -Spons ADR filed as AXA SA SPONSORED ADR | 1.14% | 171,145 | $8.2M | Reduce -0.7% |
| EMBJ Embraer SA-Spon ADR | 1.13% | 134,845 | $8.2M | Add +8.2% |
| SW Smurfit Westrock PLC | 1.11% | 188,409 | $8.0M | Add +2.0% |
| AVGO Broadcom Inc. | 1.04% | 22,769 | $7.5M | Reduce -13.8% |
| JPM JPMorgan Chase & Co. | 1.04% | 23,765 | $7.5M | Add +6.0% |
| BAESY Bae Systems PLC -Spon ADR | 1.02% | 66,093 | $7.3M | Reduce -3.5% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 1.01% | 456,778 | $7.3M | Reduce -4.9% |
| MFG Mizuho Financial Group-ADR | 1.01% | 1,082,290 | $7.3M | New |
| VCISY Vinci S.A.-Unspons ADR | 0.99% | 206,683 | $7.2M | Add +0.7% |
| SCBFY Standard Chartered- Unsp ADR | 0.97% | 181,227 | $7.0M | Reduce -4.5% |
| VEOEY Veolia Environnement-ADR | 0.95% | 403,726 | $6.9M | Reduce -4.8% |
| SBGSY Schneider Elect SE-Unsp ADR | 0.95% | 122,305 | $6.8M | Reduce -4.5% |
| ISNPY Intesa Sanpaolo-Spon ADR | 0.92% | 166,903 | $6.6M | Reduce -4.1% |
| SUZ Suzano SA - Spon ADR | 0.89% | 682,217 | $6.4M | New |
| DSCSY Disco Corp.-Unsponsored ADR | 0.86% | 196,981 | $6.2M | Reduce -3.8% |
| AAPL Apple Inc. | 0.84% | 23,764 | $6.1M | Reduce -13.6% |
| VIV Telefonica Brasil-ADR | 0.83% | 468,739 | $6.0M | Add +9.8% |
| CPNG Coupang Inc. | 0.81% | 180,166 | $5.8M | Add +0.9% |
| HTHIY Hitachi Ltd. -ADR | 0.80% | 217,260 | $5.8M | Reduce -5.5% |
| LIN Linde PLC | 0.78% | 11,801 | $5.6M | Add +0.2% |
| SDZNY Sandoz Group AG-ADR | 0.77% | 93,399 | $5.5M | Reduce -5.1% |
| ABBV Abbvie Inc. | 0.76% | 23,547 | $5.5M | Add +6.9% |
| SCCO Southern Copper Corp. | 0.74% | 43,954 | $5.3M | Reduce -3.0% |
| LNSTY London Stock Exchg-Unsp ADR | 0.74% | 185,003 | $5.3M | Reduce -1.0% |
| AU Anglogold Ashanti PLC | 0.73% | 75,046 | $5.3M | Reduce -1.8% |
| NSRGY Nestle SA-Spons ADR | 0.73% | 57,151 | $5.2M | Add +88.8% |
| CLLNY Cellnex Telecom Sau-Unsp ADR | 0.72% | 300,376 | $5.2M | Reduce -3.9% |
| RECKITT BENCKISER-SPON ADR | 0.72% | 334,713 | $5.2M | Add +1.3% |
| FUJIY Fujifilm Holdings-Unsp ADR | 0.70% | 404,683 | $5.0M | Reduce -4.7% |
| ASX Ase Technology Holding -ADR | 0.70% | 453,422 | $5.0M | Add +9.2% |
| ETN Eaton Corp. PLC | 0.67% | 12,834 | $4.8M | Reduce -21.1% |
| NDBKY Nedbank Group Ltd.-Spons ADR | 0.66% | 381,734 | $4.7M | Add +34.2% |
| CAT Caterpillar Inc. | 0.65% | 9,850 | $4.7M | Add +11.4% |
| SSEZY Sse PLC-SPN ADR | 0.64% | 197,893 | $4.6M | Reduce -6.8% |
| NGG National Grid PLC-SP ADR | 0.63% | 62,717 | $4.6M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.63% | 60,541 | $4.6M | Add +7.3% |
| EADSY Airbus SE - Unsp ADR | 0.63% | 77,756 | $4.5M | Reduce -3.8% |
| GD General Dynamics Corp. | 0.60% | 12,748 | $4.3M | Add +18.8% |
| CP Canadian Pacific Kansas City | 0.60% | 58,144 | $4.3M | Reduce -4.1% |
| AMZN Amazon.com Inc. | 0.60% | 19,608 | $4.3M | Reduce -0.9% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.59% | 431,152 | $4.3M | New |
| SGBLY Standard Bank Group-Spon ADR | 0.59% | 311,089 | $4.3M | Add +76.3% |
| GOOGL Alphabet Inc. Class A | 0.59% | 17,456 | $4.2M | No change |
| MIELY Mitsubishi Electric-Unsp ADR | 0.57% | 79,676 | $4.1M | Reduce -4.6% |
| META Meta Platforms Inc. Class A | 0.57% | 5,561 | $4.1M | No change |
| GRAB Grab Holdings Ltd. Class A | 0.55% | 659,160 | $4.0M | Add +9.4% |
| PCRHY Panasonic Holdings Corp. | 0.55% | 362,196 | $3.9M | Reduce -4.1% |
| MS Morgan Stanley | 0.53% | 23,846 | $3.8M | Add +46.4% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.53% | 196,883 | $3.8M | Add +8.7% |
| LNT Alliant Energy Corp. | 0.52% | 55,990 | $3.8M | Add +6.9% |
| AER Aercap Holdings NV | 0.52% | 30,696 | $3.7M | Reduce -4.0% |
| SFTBY Softbank Group Corp.-Unsp ADR | 0.51% | 57,675 | $3.6M | Reduce -82.0% |
| RNECY Renesas Electro-Unspon ADR | 0.50% | 620,718 | $3.6M | Reduce -5.2% |
| KEP Korea Elec Power Corp.-SP ADR | 0.50% | 274,531 | $3.6M | Reduce -1.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.50% | 46,657 | $3.6M | Reduce -5.1% |
| KT KT Corp.-SP ADR | 0.49% | 181,442 | $3.5M | Add +85.4% |
| MU Micron Technology Inc. | 0.49% | 20,979 | $3.5M | Reduce -56.6% |
| PSX Phillips 66 | 0.47% | 25,002 | $3.4M | Add +10.8% |
| ESLOY Essilorluxot-Unspon ADR | 0.47% | 20,956 | $3.4M | New |
| IWF iShares Russell 1000 Growth | 0.46% | 7,050 | $3.3M | No change |
| CICHY China Construct-Unspon ADR | 0.45% | 167,854 | $3.2M | Add +8.4% |
| KGS Kodiak Gas Services Inc. | 0.45% | 86,970 | $3.2M | Add +446.1% |
| EONGY E.on SE -Sponsored ADR | 0.45% | 170,835 | $3.2M | Reduce -3.2% |
| SIMO Silicon Motion Technol-ADR | 0.44% | 33,263 | $3.2M | Reduce -55.1% |
| HIG Hartford Insurance Group Inc. | 0.42% | 22,540 | $3.0M | Add +6.6% |
| ABT Abbott Laboratories | 0.42% | 22,319 | $3.0M | Add +6.0% |
| C Citigroup Inc. | 0.41% | 29,431 | $3.0M | Add +28.9% |
| YMM Full Truck Alliance -SPN ADR | 0.41% | 229,278 | $3.0M | Add +7.7% |
| WEGZY Weg SA- SPN ADR filed as WEG SA BRAZIL SPONSORED ADR | 0.39% | 412,664 | $2.8M | Add +4.5% |
| TME Tencent Music Entertainm-ADR | 0.38% | 116,188 | $2.7M | Add +7.4% |
| FMX Fomento Economico Mex-SP ADR | 0.37% | 27,344 | $2.7M | Add +5.9% |
| CSCO Cisco Systems Inc. | 0.36% | 38,249 | $2.6M | Add +30.1% |
| DSNKY Daiichi Sankyo Co.-Spon ADR | 0.36% | 116,246 | $2.6M | Reduce -5.6% |
| NNGRY NN Group NV - Unspon ADR | 0.36% | 73,906 | $2.6M | Add +11.4% |
| ASHTY Ashtead Group PLC-Unspon ADR | 0.36% | 9,715 | $2.6M | Reduce -6.2% |
| GFI Gold Fields Ltd.-Spons ADR | 0.36% | 61,557 | $2.6M | Add +8.0% |
| STLA Stellantis NV | 0.35% | 271,201 | $2.5M | Reduce -2.5% |
| HOCPY Hoya Corp.-Sponsored ADR | 0.34% | 17,683 | $2.5M | Reduce -4.6% |
| BMA Banco Macro SA-ADR | 0.33% | 56,718 | $2.4M | Add +69.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.32% | 44,272 | $2.3M | Add +1.6% |
| PR Permian Resources Corp. Class A | 0.32% | 177,460 | $2.3M | Add +6.4% |
Portfolio Sells Q2 2025 → Q3 2025
| TSM Taiwan Semiconductor-SP ADR | Reduce -31.2% | 5.26% | −1.49 |
| KB KB Financial Group Inc.-ADR | Reduce -27.6% | 2.54% | −1.27 |
| SFTBY Softbank Group Corp.-Unsp ADR | Reduce -82.0% | 0.51% | −1.26 |
| MU Micron Technology Inc. | Reduce -56.6% | 0.49% | −0.41 |
| SIMO Silicon Motion Technol-ADR | Reduce -55.1% | 0.44% | −0.40 |
| AVB Avalonbay Communities Inc. | Reduce -86.3% | 0.04% | −0.31 |
| LNSTY London Stock Exchg-Unsp ADR | Reduce -1.0% | 0.74% | −0.29 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.29 |
| WF Woori Financial-Spon ADR | Reduce -98.2% | 0.01% | −0.29 |
| CSLLY CSL Ltd.-Sponsored ADR | Sold out | 0.00% | −0.29 |
| ETN Eaton Corp. PLC | Reduce -21.1% | 0.67% | −0.21 |
| HTHIY Hitachi Ltd. -ADR | Reduce -5.5% | 0.80% | −0.21 |
| ELV Elevance Health Inc. | Reduce -90.4% | 0.02% | −0.20 |
| CLLNY Cellnex Telecom Sau-Unsp ADR | Reduce -3.9% | 0.72% | −0.19 |
| VEOEY Veolia Environnement-ADR | Reduce -4.8% | 0.95% | −0.18 |
| V Visa Inc. Class A | Reduce -25.8% | 0.31% | −0.16 |
| SSEZY Sse PLC-SPN ADR | Reduce -6.8% | 0.64% | −0.16 |
| CI The Cigna Group | Sold out | 0.00% | −0.15 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.14 |
| PRU Prudential Financial Inc. | Reduce -95.3% | 0.01% | −0.14 |
| AXAHY AXA -Spons ADR | Reduce -0.7% | 1.14% | −0.14 |
| CP Canadian Pacific Kansas City | Reduce -4.1% | 0.60% | −0.13 |
| RNECY Renesas Electro-Unspon ADR | Reduce -5.2% | 0.50% | −0.12 |
| KEP Korea Elec Power Corp.-SP ADR | Reduce -1.5% | 0.50% | −0.10 |
| CSL Carlisle Cos Inc. | Reduce -26.7% | 0.13% | −0.09 |
| SBGSY Schneider Elect SE-Unsp ADR | Reduce -4.5% | 0.95% | −0.08 |
| SNPS Synopsys Inc. | Reduce -17.6% | 0.20% | −0.07 |
| DSNKY Daiichi Sankyo Co.-Spon ADR | Reduce -5.6% | 0.36% | −0.07 |
| STLA Stellantis NV | Reduce -2.5% | 0.35% | −0.07 |
| PCRHY Panasonic Holdings Corp. | Reduce -4.1% | 0.55% | −0.07 |
| AMZN Amazon.com Inc. | Reduce -0.9% | 0.60% | −0.06 |
| AVGO Broadcom Inc. | Reduce -13.8% | 1.04% | −0.06 |
| MSFT Microsoft Corp. | Reduce -0.0% | 1.20% | −0.06 |
| BAESY Bae Systems PLC -Spon ADR | Reduce -3.5% | 1.02% | −0.05 |
| DSCSY Disco Corp.-Unsponsored ADR | Reduce -3.8% | 0.86% | −0.05 |
| AER Aercap Holdings NV | Reduce -4.0% | 0.52% | −0.05 |
| EONGY E.on SE -Sponsored ADR | Reduce -3.2% | 0.45% | −0.04 |
| GOOG Alphabet Inc. Class C | Reduce -30.2% | 0.31% | −0.04 |
| SDZNY Sandoz Group AG-ADR | Reduce -5.1% | 0.77% | −0.04 |
| ADBE Adobe Inc. | Reduce -5.9% | 0.16% | −0.04 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.04 |
| ASHTY Ashtead Group PLC-Unspon ADR | Reduce -6.2% | 0.36% | −0.04 |
| AMP Ameriprise Financial Inc. | Reduce -0.1% | 0.19% | −0.03 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -0.8% | 2.19% | −0.03 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.03 |
| OTIS Otis Worldwide Corp. | Reduce -63.6% | 0.01% | −0.03 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.03 |
| RNMBY Rheinmetall AG-Unsp ADR | Reduce -3.1% | 1.60% | −0.03 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -5.1% | 0.50% | −0.02 |
| VSGX Vanguard ESG Intl Stock ETF | Reduce -13.1% | 0.12% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| MFG Mizuho Financial Group-ADR | New | 1.01% | +1.01 |
| SUZ Suzano SA - Spon ADR | New | 0.89% | +0.89 |
| JBS JBS NV-A | Add +45.5% | 2.46% | +0.66 |
| NGG National Grid PLC-SP ADR | New | 0.63% | +0.63 |
| AXIAY Axia Energia-ADR | New | 0.59% | +0.59 |
| TLK Telkom Indonesia Persero-ADR | Add +52.5% | 1.40% | +0.50 |
| ESLOY Essilorluxot-Unspon ADR | New | 0.47% | +0.47 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +35.7% | 1.60% | +0.44 |
| TCEHY Tencent Holdings Ltd.-Uns ADR | Add +7.5% | 1.80% | +0.43 |
| BABA Alibaba Group Holding-SP ADR | Add +7.3% | 1.15% | +0.41 |
| KGS Kodiak Gas Services Inc. | Add +446.1% | 0.45% | +0.36 |
| NSRGY Nestle SA-Spons ADR | Add +88.8% | 0.73% | +0.28 |
| SGBLY Standard Bank Group-Spon ADR | Add +76.3% | 0.59% | +0.25 |
| CX Cemex Sab-Spons ADR Part Cer | Add +2.2% | 1.27% | +0.23 |
| DTEGY Deutsche Telekom AG-Spon ADR | Add +40.1% | 1.25% | +0.21 |
| KT KT Corp.-SP ADR | Add +85.4% | 0.49% | +0.18 |
| MS Morgan Stanley | Add +46.4% | 0.53% | +0.18 |
| GFI Gold Fields Ltd.-Spons ADR | Add +8.0% | 0.36% | +0.15 |
| ABBV Abbvie Inc. | Add +6.9% | 0.76% | +0.14 |
| CAT Caterpillar Inc. | Add +11.4% | 0.65% | +0.13 |
| TCOM Trip.com Group Ltd.-ADR | Add +7.3% | 0.63% | +0.13 |
| GD General Dynamics Corp. | Add +18.8% | 0.60% | +0.13 |
| BNY Bank of New York Mellon Corp. | Add +143.9% | 0.20% | +0.13 |
| C Citigroup Inc. | Add +28.9% | 0.41% | +0.12 |
| SCHW Schwab (charles) Corp. | New | 0.11% | +0.11 |
| HUBB Hubbell Inc. | Add +193.2% | 0.16% | +0.11 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Add +8.7% | 0.53% | +0.11 |
| VIV Telefonica Brasil-ADR | Add +9.8% | 0.83% | +0.09 |
| GRAB Grab Holdings Ltd. Class A | Add +9.4% | 0.55% | +0.09 |
| SHG Shinhan Financial Group-ADR | Add +2.4% | 1.56% | +0.07 |
| TMO Thermo Fisher Scientific Inc. | Add +36.8% | 0.21% | +0.07 |
| NDBKY Nedbank Group Ltd.-Spons ADR | Add +34.2% | 0.66% | +0.07 |
| EEM iShares MSCI Emerging Market | Add +138.6% | 0.11% | +0.07 |
| PSX Phillips 66 | Add +10.8% | 0.47% | +0.07 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +31.7% | 1.59% | +0.06 |
| EMBJ Embraer SA-Spon ADR | Add +8.2% | 1.13% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +6.0% | 1.04% | +0.06 |
| TME Tencent Music Entertainm-ADR | Add +7.4% | 0.38% | +0.06 |
| CSCO Cisco Systems Inc. | Add +30.1% | 0.36% | +0.05 |
| DIDIY Didi Global Inc. | Add +8.7% | 0.25% | +0.05 |
| ASX Ase Technology Holding -ADR | Add +9.2% | 0.70% | +0.05 |
| LLY Eli Lilly & Co. | Add +60.3% | 0.16% | +0.05 |
| LNT Alliant Energy Corp. | Add +6.9% | 0.52% | +0.05 |
| BLX Bladex Inc. | Add +11.9% | 0.26% | +0.04 |
| RECKITT BENCKISER-SPON ADR | Add +1.3% | 0.72% | +0.04 |
| BPOP Popular Inc. | Add +9.1% | 0.26% | +0.03 |
| DCI Donaldson Co. Inc. | New | 0.03% | +0.03 |
| YMM Full Truck Alliance -SPN ADR | Add +7.7% | 0.41% | +0.03 |
| FLS Flowserve Corp. | New | 0.03% | +0.03 |
| WHGLY WH Group Ltd. - Spon ADR | Add +8.9% | 0.26% | +0.03 |
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 |