Nearwater Capital Markets, Ltd

Portfolio Overview

Nearwater Capital Markets, Ltd disclosed 82 positions worth $4.2B in its Form 13F-HR for Q1 2026, followed by $AAPL and $NVDA. During the quarter the fund opened 42 new positions and exited 63 and a full exit from $MU. The portfolio is most concentrated in Technology (30.1% of disclosed assets). All figures are sourced directly from Nearwater Capital Markets, Ltd’s Form 13F-HR filing with the SEC under CIK 1915842.

• ST STR SPDR POR DE WO EX US ETF

  —

  Quality

  $275.7M6,039,200 sh
• 

  Apple Inc.

  $AAPL

  76.1#112

  Quality

  $256.4M1,010,100 sh
• 

  NVIDIA CORP

  $NVDA

  90.2#1

  Quality

  $249.0M1,428,000 sh

• VANECK JUNIOR GOLD MINERS ETF

  —

  Quality

  $196.6M1,638,000 sh

• VANGUARD FTSE DEVELOPED MARKETS ETF

  —

  Quality

  $142.7M2,227,000 sh
• 

  AMAZON COM INC

  $AMZN

  74.6

  Quality

  $133.3M640,000 sh
• 

  Sandisk Corp

  $SNDK

  88.8

  Quality

  $130.9M206,000 sh

• ISHARES CORE MSCI TOTL INTL STCK ETF

  —

  Quality

  $122.5M1,413,600 sh
• 

  Terns Pharmaceuticals, Inc.

  $TERN

  —

  Quality

  $113.4M2,150,400 sh
• 

  CATERPILLAR INC

  $CAT

  67.8

  Quality

  $107.7M152,000 sh

Company	Quality	Value	Shares
ST STR SPDR POR DE WO EX US ETF	—	$275.7M	6,039,200
Apple Inc.$AAPL	76.1#112	$256.4M	1,010,100
NVIDIA CORP$NVDA	90.2#1	$249.0M	1,428,000
VANECK JUNIOR GOLD MINERS ETF	—	$196.6M	1,638,000
VANGUARD FTSE DEVELOPED MARKETS ETF	—	$142.7M	2,227,000
AMAZON COM INC$AMZN	74.6	$133.3M	640,000
Sandisk Corp$SNDK	88.8	$130.9M	206,000
ISHARES CORE MSCI TOTL INTL STCK ETF	—	$122.5M	1,413,600
Terns Pharmaceuticals, Inc.$TERN	—	$113.4M	2,150,400
CATERPILLAR INC$CAT	67.8	$107.7M	152,000

Showing top 10 of 82 holdings.

Full Holdings — Nearwater Capital Markets, Ltd (Q1 2026)

All 82 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	—	ST STR SPDR POR DE WO EX US ETF	$275.7M	6.5%	NEW	—
2	$AAPL	Apple Inc.	$256.4M	6.0%	+32%	76.1
3	$NVDA	NVIDIA CORP	$249.0M	5.9%	-23%	90.2
4	—	VANECK JUNIOR GOLD MINERS ETF	$196.6M	4.6%	-0%	—
5	—	VANGUARD FTSE DEVELOPED MARKETS ETF	$142.7M	3.4%	-53%	—
6	$AMZN	AMAZON COM INC	$133.3M	3.1%	+133%	74.6
7	$SNDK	Sandisk Corp	$130.9M	3.1%	-24%	88.8
8	—	ISHARES CORE MSCI TOTL INTL STCK ETF	$122.5M	2.9%	NEW	—
9	$TERN	Terns Pharmaceuticals, Inc.	$113.4M	2.7%	+26%	—
10	$CAT	CATERPILLAR INC	$107.7M	2.5%	NEW	67.8
11	$AVGO	Broadcom Inc.	$93.2M	2.2%	-63%	86.4
12	$JNJ	JOHNSON & JOHNSON	$90.4M	2.1%	NEW	72.8
13	—	ISHARES MSCI ACWI ETF	$88.8M	2.1%	NEW	—
14	$GOOG	Alphabet Inc.	$84.0M	2.0%	-78%	80.2
15	—	VANECK GOLD MINERS ETF	$83.0M	2.0%	NEW	—
16	$WFC	WELLS FARGO & COMPANY/MN	$79.9M	1.9%	NEW	—
17	—	VANGUARD FTSE PACIFIC ETF	$77.0M	1.8%	NEW	—
18	$NEM	NEWMONT Corp /DE/	$76.0M	1.8%	NEW	88.3
19	—	GLOBAL X COPPER MINERS ETF	$71.3M	1.7%	NEW	—
20	—	KRANESHARES CSI CHINA INTERNET ETF	$67.7M	1.6%	+198%	—
21	$TER	TERADYNE, INC	$66.7M	1.6%	NEW	74.6
22	$RVMD	Revolution Medicines, Inc.	$65.9M	1.6%	NEW	—
23	$NCLH	Norwegian Cruise Line Holdings Ltd.	$63.7M	1.5%	NEW	—
24	$PG	PROCTER & GAMBLE Co	$62.8M	1.5%	NEW	72.9
25	$META	Meta Platforms, Inc.	$61.2M	1.4%	-74%	80.9
26	$MSFT	MICROSOFT CORP	$61.1M	1.4%	-78%	83.7
27	$BRK.B	BERKSHIRE HATHAWAY INC	$59.4M	1.4%	+210%	64.5
28	$MA	Mastercard Inc	$54.5M	1.3%	NEW	81.7
29	$CELC	Celcuity Inc.	$54.0M	1.3%	-9%	—
30	$IBIT	iShares Bitcoin Trust ETF	$53.2M	1.3%	+0%	—
31	$CVX	CHEVRON CORP	$51.9M	1.2%	NEW	54.7
32	$INSM	INSMED Inc	$49.1M	1.2%	-40%	29.4
33	$TTWO	TAKE TWO INTERACTIVE SOFTWARE INC	$44.6M	1.1%	NEW	47.2
34	—	ISHARES TOTAL US STOCK MARKET ETF	$44.2M	1.0%	NEW	—
35	$SPHR	Sphere Entertainment Co.	$44.0M	1.0%	+50%	50.3
36	$ABT	ABBOTT LABORATORIES	$43.6M	1.0%	NEW	67
37	$AMAT	APPLIED MATERIALS INC /DE	$42.4M	1.0%	NEW	74.8
38	$ANET	Arista Networks, Inc.	$39.2M	0.9%	-24%	86
39	$LLY	ELI LILLY & Co	$36.8M	0.9%	NEW	89.3
40	$HESM	Hess Midstream LP	$35.0M	0.8%	NEW	78.4
41	—	NEOS NASDAQ 100 HIGH INCOME ETF	$34.8M	0.8%	NEW	—
42	$MCD	MCDONALDS CORP	$33.9M	0.8%	-53%	73.9
43	—	ISHARES MSCI EMERGING MARKETS ETF	$32.8M	0.8%	NEW	—
44	$AMT	AMERICAN TOWER CORP /MA/	$32.8M	0.8%	NEW	69.8
45	$ADBE	ADOBE INC.	$32.3M	0.8%	+166%	80.4
46	$SNPS	SYNOPSYS INC	$31.7M	0.8%	NEW	63.1
47	$WBS	WEBSTER FINANCIAL CORP	$28.6M	0.7%	NEW	60.2
48	$CMI	CUMMINS INC	$28.5M	0.7%	NEW	58.9
49	$ROST	ROSS STORES, INC.	$28.2M	0.7%	NEW	71.5
50	$GILD	GILEAD SCIENCES, INC.	$27.9M	0.7%	-80%	77.8
51	$MSI	Motorola Solutions, Inc.	$26.0M	0.6%	NEW	73.8
52	$LRCX	LAM RESEARCH CORP	$25.2M	0.6%	-86%	82.4
53	$UNH	UNITEDHEALTH GROUP INC	$24.4M	0.6%	NEW	66.8
54	$GTLS	CHART INDUSTRIES INC	$22.7M	0.5%	NEW	60.6
55	$RTX	RTX Corp	$20.8M	0.5%	NEW	70
56	$SJM	J M SMUCKER Co	$19.3M	0.5%	-71%	46.4
57	$NKTR	NEKTAR THERAPEUTICS	$18.8M	0.4%	+325%	10.2
58	$OS	OneStream, Inc.	$17.0M	0.4%	NEW	41
59	$PEN	Penumbra Inc	$16.4M	0.4%	NEW	69.7
60	$COF	CAPITAL ONE FINANCIAL CORP	$16.1M	0.4%	NEW	71
61	$WDAY	Workday, Inc.	$14.9M	0.3%	-23%	74.2
62	$ARQT	Arcutis Biotherapeutics, Inc.	$14.3M	0.3%	-1%	41.2
63	$CX	CEMEX SAB DE CV	$13.6M	0.3%	+0%	—
64	—	SCHWAB FUNDAMNTL INTRNL EQT ETF	$10.5M	0.3%	NEW	—
65	$NOW	ServiceNow, Inc.	$9.9M	0.2%	-71%	76
66	$PBF	PBF Energy Inc.	$9.5M	0.2%	NEW	42.1
67	$MUFG	MITSUBISHI UFJ FINANCIAL GROUP INC	$9.1M	0.2%	NEW	—
68	$PDD	PDD Holdings Inc.	$8.5M	0.2%	+0%	—
69	$TAL	TAL Education Group	$8.0M	0.2%	+0%	—
70	$BZ	Kanzhun Ltd	$7.2M	0.2%	-10%	—
71	$TTMI	TTM TECHNOLOGIES INC	$6.4M	0.1%	-88%	59
72	$CALX	CALIX, INC	$5.8M	0.1%	NEW	46.8
73	$IBN	ICICI BANK LTD	$4.7M	0.1%	+0%	—
74	$REGN	REGENERON PHARMACEUTICALS, INC.	$3.9M	0.1%	-83%	75.1
75	$IAU	ISHARES GOLD TRUST	$3.8M	0.1%	-2%	—
76	$ACMR	ACM Research, Inc.	$3.7M	0.1%	-73%	54.8
77	$FUN	Six Flags Entertainment Corporation/NEW	$3.4M	0.1%	-89%	23.5
78	$QFIN	Qfin Holdings, Inc.	$3.2M	0.1%	+0%	—
79	$WELL	WELLTOWER INC.	$2.9M	0.1%	NEW	75.7
80	—	SCHWAB FUNDTL EMRG MKT EQT ETF	$2.6M	0.1%	NEW	—
81	$HTHT	H World Group Ltd	$1.4M	0.0%	-93%	—
82	$BAC	BANK OF AMERICA CORP /DE/	$828,750	0.0%	-99%	68.4