# Nearwater Capital Markets, Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1915842. Source: https://holderbook.com/funds/1915842-nearwater-capital-markets-ltd/

- Reported value: $5.8B
- Positions: 100
- Weight of the ten largest: 40.1%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $392.7M | 2,097,000 | 6.8% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $316.8M | 1,329,000 | 5.5% | 7 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $268.0M | 3,551,500 | 4.6% | 2 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $250.1M | 110,000 | 4.3% | 3 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $225.4M | 388,000 | 3.9% | 1 |
| NORWEGIAN CRUISE LINE HLDGS | [NCLH](https://holderbook.com/stocks/NCLH/) | $199.8M | 9,465,000 | 3.4% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $188.7M | 527,900 | 3.3% | 7 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $170.9M | 854,000 | 2.9% | 7 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $157.4M | 2,181,000 | 2.7% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $156.7M | 420,000 | 2.7% | 7 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $139.6M | 332,000 | 2.4% | 1 |
| HUT 8 CORP | [HUT](https://holderbook.com/stocks/HUT/) | $134.1M | 1,161,500 | 2.3% | 1 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $127.7M | 3,700,000 | 2.2% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $126.7M | 438,000 | 2.2% | 7 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $124.9M | 280,000 | 2.2% | 2 |
| ISHARES TR | [FXI](https://holderbook.com/stocks/FXI/) | $122.5M | 3,877,000 | 2.1% | 1 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $103.6M | 1,250,200 | 1.8% | 1 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $87.9M | 295,000 | 1.5% | 1 |
| DEXCOM INC | [DXCM](https://holderbook.com/stocks/DXCM/) | $84.2M | 1,250,000 | 1.5% | 1 |
| UNITY SOFTWARE INC | [U](https://holderbook.com/stocks/U/) | $82.3M | 2,881,000 | 1.4% | 1 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $78.0M | 348,500 | 1.3% | 1 |
| DYNATRACE INC | [DT](https://holderbook.com/stocks/DT/) | $77.7M | 1,770,000 | 1.3% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $77.0M | 348,500 | 1.3% | 1 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $72.7M | 362,400 | 1.3% | 2 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $71.1M | 340,000 | 1.2% | 1 |
| ISHARES TR | [ACWI](https://holderbook.com/stocks/ACWI/) | $67.8M | 431,900 | 1.2% | 2 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $61.9M | 453,000 | 1.1% | 1 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $59.5M | 778,000 | 1.0% | 2 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $57.9M | 305,000 | 1.0% | 2 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $54.5M | 256,000 | 0.9% | 2 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $54.2M | 319,000 | 0.9% | 7 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $53.1M | 1,500,000 | 0.9% | 1 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $48.3M | 465,000 | 0.8% | 1 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $47.9M | 700,000 | 0.8% | 2 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $47.7M | 351,000 | 0.8% | 1 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $46.9M | 149,000 | 0.8% | 1 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $46.0M | 47,000 | 0.8% | 1 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $45.6M | 93,000 | 0.8% | 1 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $45.3M | 137,000 | 0.8% | 1 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $45.2M | 268,000 | 0.8% | 1 |
| VANECK ETF TRUST | [GDXJ](https://holderbook.com/stocks/GDXJ/) | $44.2M | 450,000 | 0.8% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $44.0M | 88,000 | 0.8% | 7 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $41.6M | 100,000 | 0.7% | 2 |
| SPHERE ENTERTAINMENT CO | [SPHR](https://holderbook.com/stocks/SPHR/) | $39.7M | 229,200 | 0.7% | 4 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $38.5M | 500,000 | 0.7% | 2 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $38.4M | 184,000 | 0.7% | 2 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $37.1M | 74,000 | 0.6% | 1 |
| ROUNDHILL ETF TRUST | - | $36.9M | 500,000 | 0.6% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $35.3M | 100,000 | 0.6% | 1 |
| TERADYNE INC | [TER](https://holderbook.com/stocks/TER/) | $34.8M | 72,000 | 0.6% | 2 |
| AVIS BUDGET GROUP INC | [CAR](https://holderbook.com/stocks/CAR/) | $34.7M | 235,000 | 0.6% | 1 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $33.6M | 219,000 | 0.6% | 1 |
| HYPERLIQUID STRATEGIES INC | [PURR](https://holderbook.com/stocks/PURR/) | $31.5M | 4,000,000 | 0.5% | 1 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $30.8M | 400,000 | 0.5% | 1 |
| XPO INC | [XPO](https://holderbook.com/stocks/XPO/) | $30.8M | 150,000 | 0.5% | 1 |
| TERAWULF INC | [WULF](https://holderbook.com/stocks/WULF/) | $29.6M | 1,200,000 | 0.5% | 1 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $29.4M | 84,000 | 0.5% | 1 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $29.2M | 878,000 | 0.5% | 4 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $26.8M | 230,000 | 0.5% | 1 |
| ISHARES TR | [IDEV](https://holderbook.com/stocks/IDEV/) | $26.7M | 300,000 | 0.5% | 1 |
| TTM TECHNOLOGIES INC | [TTMI](https://holderbook.com/stocks/TTMI/) | $26.5M | 141,900 | 0.5% | 3 |
| NEUROCRINE BIOSCIENCES INC | [NBIX](https://holderbook.com/stocks/NBIX/) | $26.1M | 155,000 | 0.5% | 1 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $25.8M | 65,000 | 0.4% | 1 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $21.5M | 105,000 | 0.4% | 5 |
| SUNOCOCORP LLC | [SUNC](https://holderbook.com/stocks/SUNC/) | $18.6M | 275,000 | 0.3% | 1 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $18.3M | 261,500 | 0.3% | 3 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $16.9M | 95,000 | 0.3% | 1 |
| TELEDYNE TECHNOLOGIES INC | [TDY](https://holderbook.com/stocks/TDY/) | $16.7M | 25,000 | 0.3% | 1 |
| ATI INC | [ATI](https://holderbook.com/stocks/ATI/) | $15.8M | 80,000 | 0.3% | 1 |
| EQUIFAX INC | [EFX](https://holderbook.com/stocks/EFX/) | $14.8M | 93,000 | 0.3% | 1 |
| AMPRIUS TECHNOLOGIES INC | [AMPX](https://holderbook.com/stocks/AMPX/) | $14.3M | 1,034,700 | 0.2% | 1 |
| INSULET CORP | [PODD](https://holderbook.com/stocks/PODD/) | $13.7M | 90,000 | 0.2% | 1 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $13.7M | 715,800 | 0.2% | 1 |
| QORVO INC | [QRVO](https://holderbook.com/stocks/QRVO/) | $13.5M | 145,000 | 0.2% | 1 |
| AMPLIFY ETF TR | [SILJ](https://holderbook.com/stocks/SILJ/) | $13.4M | 515,900 | 0.2% | 1 |
| API GROUP CORP | [APG](https://holderbook.com/stocks/APG/) | $13.3M | 314,000 | 0.2% | 1 |
| GLOBAL X FDS | [URA](https://holderbook.com/stocks/URA/) | $13.1M | 300,000 | 0.2% | 1 |
| ARCUTIS BIOTHERAPEUTICS INC | [ARQT](https://holderbook.com/stocks/ARQT/) | $12.8M | 486,700 | 0.2% | 3 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $12.7M | 223,100 | 0.2% | 1 |
| TAKE-TWO INTERACTIVE SOFTWAR | [TTWO](https://holderbook.com/stocks/TTWO/) | $12.5M | 50,000 | 0.2% | 2 |
| OKTA INC | [OKTA](https://holderbook.com/stocks/OKTA/) | $12.3M | 90,000 | 0.2% | 1 |
| FIVE BELOW INC | [FIVE](https://holderbook.com/stocks/FIVE/) | $11.7M | 65,000 | 0.2% | 1 |
| CORECIVIC INC | [CXW](https://holderbook.com/stocks/CXW/) | $10.6M | 350,000 | 0.2% | 1 |
| SILICON LABORATORIES INC | [SLAB](https://holderbook.com/stocks/SLAB/) | $10.4M | 47,500 | 0.2% | 1 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $10.4M | 279,000 | 0.2% | 1 |
| GEO GROUP INC | [GEO](https://holderbook.com/stocks/GEO/) | $10.3M | 350,000 | 0.2% | 1 |
| THE TRADE DESK INC | [TTD](https://holderbook.com/stocks/TTD/) | $9.6M | 532,000 | 0.2% | 1 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $9.4M | 95,000 | 0.2% | 6 |
| PLANET FITNESS MASTER ISSUER | [PLNT](https://holderbook.com/stocks/PLNT/) | $7.8M | 150,000 | 0.1% | 1 |
| AMYLYX PHARMACEUTICALS INC | [AMLX](https://holderbook.com/stocks/AMLX/) | $7.6M | 425,000 | 0.1% | 1 |
| KANZHUN LIMITED | [BZ](https://holderbook.com/stocks/BZ/) | $6.9M | 538,300 | 0.1% | 4 |
| CORE SCIENTIFIC INC NEW | [CORZ](https://holderbook.com/stocks/CORZ/) | $6.8M | 265,700 | 0.1% | 1 |
| TAL ED GROUP | [TAL](https://holderbook.com/stocks/TAL/) | $6.7M | 700,000 | 0.1% | 4 |
| LIBERTY ENERGY INC | [LBRT](https://holderbook.com/stocks/LBRT/) | $6.5M | 250,000 | 0.1% | 1 |
| RBC BEARINGS INC | [RBC](https://holderbook.com/stocks/RBC/) | $6.5M | 10,040 | 0.1% | 1 |
| CEMEX SA EURO MTN BE 144A | [CX](https://holderbook.com/stocks/CX/) | $6.2M | 519,900 | 0.1% | 4 |
| AVEPOINT INC | [AVPT](https://holderbook.com/stocks/AVPT/) | $5.6M | 500,000 | 0.1% | 1 |
| SIX FLAGS ENTERTAINMENT CORP | [FUN](https://holderbook.com/stocks/FUN/) | $4.1M | 194,000 | 0.1% | 4 |
| J P MORGAN EXCHANGE TRADED F | [JEMA](https://holderbook.com/stocks/JEMA/) | $1.8M | 28,000 | 0.0% | 1 |
| CELCUITY INC | [CELC](https://holderbook.com/stocks/CELC/) | $104.6K | 1,000 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +19.4% | +14.8% | +4.6% | 97% |
| Q1 2026 | -0.8% | -4.6% | +3.9% | 99% |
| Q4 2025 | +3.7% | +2.4% | +1.3% | 100% |
| Q3 2025 | +11.6% | +7.8% | +3.8% | 100% |
| Q2 2025 | +14.6% | +10.5% | +4.2% | 100% |
| Q1 2025 | -5.4% | -4.6% | -0.8% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $5.8B | 100 |
| Q1 2026 | $4.2B | 82 |
| Q4 2025 | $5.8B | 104 |
| Q3 2025 | $7.5B | 144 |
| Q2 2025 | $6.3B | 103 |
| Q1 2025 | $3.5B | 89 |
| Q4 2024 | $3.5B | 78 |