# Aquamarine Financial (Cayman) Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2104187. Source: https://holderbook.com/funds/2104187-aquamarine-financial-cayman-ltd/

- Reported value: $1.8B
- Positions: 17
- Weight of the ten largest: 98.7%
- Filed: 2026-08-12

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 |
|---|---|---|---|---|---|
| BANCO BRADESCO S A | [BBD](https://holderbook.com/stocks/BBD/) | $649.0M | 186,948,134 | 35.8% | 4 |
| YPF SOCIEDAD ANONIMA | [YPF](https://holderbook.com/stocks/YPF/) | $565.9M | 12,444,948 | 31.2% | 4 |
| GRUPO FINANCIERO GALICIA S.A | [GGAL](https://holderbook.com/stocks/GGAL/) | $175.9M | 3,515,564 | 9.7% | 4 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $119.9M | 8,977,636 | 6.6% | 2 |
| BANCO MACRO SA | [BMA](https://holderbook.com/stocks/BMA/) | $78.0M | 842,490 | 4.3% | 4 |
| GERDAU SA | [GGB](https://holderbook.com/stocks/GGB/) | $67.6M | 16,726,171 | 3.7% | 4 |
| BANCO SANTANDER BRASIL S A | [BSBR](https://holderbook.com/stocks/BSBR/) | $54.6M | 10,394,184 | 3.0% | 4 |
| BANCO BBVA ARGENTINA S A | [BBAR](https://holderbook.com/stocks/BBAR/) | $33.4M | 1,701,078 | 1.8% | 4 |
| PAGAYA TECHNOLOGIES LTD | [PGY](https://holderbook.com/stocks/PGY/) | $32.3M | 1,771,209 | 1.8% | 1 |
| ORAMED PHARMACEUTICALS INC | [ORMP](https://holderbook.com/stocks/ORMP/) | $12.1M | 2,512,175 | 0.7% | 4 |
| ALPHA TAU MEDICAL LTD | [DRTS](https://holderbook.com/stocks/DRTS/) | $9.1M | 721,501 | 0.5% | 2 |
| COSAN S A | [CSAN](https://holderbook.com/stocks/CSAN/) | $6.0M | 2,096,904 | 0.3% | 4 |
| INNOVIZ TECHNOLOGIES LTD | [INVZ](https://holderbook.com/stocks/INVZ/) | $4.4M | 5,828,949 | 0.2% | 3 |
| PULSENMORE LTD | [PLSM](https://holderbook.com/stocks/PLSM/) | $2.0M | 338,541 | 0.1% | 2 |
| TRANSPORTADORA DE GAS DEL SU | [TGS](https://holderbook.com/stocks/TGS/) | $882.9K | 29,696 | 0.0% | 4 |
| CENTRAL PUERTO S A | [CEPU](https://holderbook.com/stocks/CEPU/) | $287.0K | 19,314 | 0.0% | 4 |
| VALENS SEMICONDUCTOR LTD | [VLNWF](https://holderbook.com/stocks/VLNWF/) | $15.7K | 559,653 | 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 | -0.8% | +14.8% | -15.6% | 97% |
| Q1 2026 | +10.5% | -4.6% | +15.1% | 98% |
| Q4 2025 | +23.3% | +2.4% | +20.9% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.8B | 17 |
| Q1 2026 | $1.4B | 17 |
| Q4 2025 | $1.2B | 13 |
| Q3 2025 | $974.7M | 11 |