Institution

Nearwater Capital Markets, Ltd

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1915842

Reported value: $5.8bn
Positions we cover: 76
Copy, a year: +21.1%
Copy Sharpe ratio: 0.85

How copying its 13F would have done

CopyS&P 500 $10,000 copying Nearwater Capital Markets, Ltd's filed holdings in companies we cover from February 21, 2025, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −19.0% (S&P 500 −15.5%); beta 1.25; alpha +2.1% a year (t = 0.47); last 12 months +12.2% against +12.1%.

Reported value by quarter

Nearwater Capital Markets, Ltd: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2024-12-31	$3.5B
2025-03-31	$3.5B
2025-06-30	$6.3B
2025-09-30	$7.5B
2025-12-31	$5.8B
2026-03-31	$4.2B
2026-06-30	$5.8B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
RVMDRevolution Medicines, Inc.	6.77%	$392.7m	2.10M	+209.3% Added
AMZNAmazon	5.46%	$316.8m	1.33M	+107.7% Added
SNDKSandisk	4.31%	$250.1m	110.0K	−46.6% Reduced
AMDAdvanced Micro Devices	3.89%	$225.4m	388.0K	New
NCLHNorwegian Cruise Line Holdings	3.45%	$199.8m	9.46M	+178.0% Added
GOOGLAlphabet Inc. (Class A)	3.25%	$188.7m	527.9K	+80.8% Added
NVDANVIDIA Corporation	2.95%	$170.9m	854.0K	−40.2% Reduced
UBERUber	2.71%	$157.4m	2.18M	New
MSFTMicrosoft Corporation	2.70%	$156.7m	420.0K	+154.5% Added
TSLATesla, Inc.	2.41%	$139.6m	332.0K	New
HUTHut 8 Corp.	2.31%	$134.1m	1.16M	New
AAPLApple Inc.	2.19%	$126.7m	438.0K	−56.6% Reduced
SNPSSynopsys Inc	2.15%	$124.9m	280.0K	+250.0% Added
TXNTexas Instruments	1.52%	$87.9m	295.0K	New
DXCMDexcom	1.45%	$84.2m	1.25M	New
UUnity Software Inc.	1.42%	$82.3m	2.88M	New
HONHoneywell Technologies	1.35%	$78.0m	348.5K	New
DTDynatrace, Inc.	1.34%	$77.7m	1.77M	New
HONAHoneywell Aerospace	1.33%	$77.0m	348.5K	New
COFCapital One	1.25%	$72.7m	362.4K	+309.5% Added
MSMorgan Stanley	1.23%	$71.1m	340.0K	New
RTXRTX Corporation	1.00%	$57.9m	305.0K	+182.4% Added
ROSTRoss Stores	0.94%	$54.5m	256.0K	+96.9% Added
ANETArista Networks	0.94%	$54.2m	319.0K	0.0%
ROIVRoivant Sciences Ltd.	0.92%	$53.1m	1.50M	New
UALUnited Airlines Holdings	0.82%	$47.7m	351.0K	New
NSCNorfolk Southern	0.81%	$46.9m	149.0K	New
PHParker Hannifin	0.79%	$46.0m	47.0K	New
CIENCiena	0.79%	$45.6m	93.0K	New
HLTHilton Worldwide	0.78%	$45.3m	137.0K	New
ALGNAlign Technology	0.78%	$45.2m	268.0K	New
UNHUnitedHealth Group	0.72%	$41.6m	100.0K	+11.1% Added
SPHRSphere Entertainment Co.	0.68%	$39.7m	229.2K	−38.9% Reduced
TMOThermo Fisher Scientific	0.64%	$37.1m	74.0K	New
TERTeradyne	0.60%	$34.8m	72.0K	−68.0% Reduced
CARAvis Budget Group, Inc.	0.60%	$34.7m	235.0K	New
FTNTFortinet	0.58%	$33.6m	219.0K	New
PURRHyperliquid Strategies Inc	0.54%	$31.5m	4.00M	New
GMGeneral Motors	0.53%	$30.8m	400.0K	New
XPOXPO, Inc.	0.53%	$30.8m	150.0K	New
WULFTerawulf Inc.	0.51%	$29.6m	1.20M	New
KEYSKeysight Technologies	0.51%	$29.4m	84.0K	New
PLTRPalantir Technologies Inc.	0.46%	$26.8m	230.0K	New
TTMITTM Technologies Inc	0.46%	$26.5m	141.9K	+115.3% Added
NBIXNeurocrine Biosciences Inc	0.45%	$26.1m	155.0K	New
ISRGIntuitive Surgical	0.45%	$25.8m	65.0K	New
ADBEAdobe Inc.	0.37%	$21.5m	105.0K	−21.1% Reduced
NKTRNektar Therapeutics	0.32%	$18.3m	261.5K	0.0%
VEEVVeeva Systems Inc	0.29%	$16.9m	95.0K	New
TDYTeledyne Technologies	0.29%	$16.7m	25.0K	New
ATIATI Inc	0.27%	$15.8m	80.0K	New
EFXEquifax	0.26%	$14.8m	93.0K	New
AMPXAmprius Technologies, Inc.	0.25%	$14.3m	1.03M	New
PODDInsulet Corporation	0.24%	$13.7m	90.0K	New
KVUEKenvue	0.24%	$13.7m	715.8K	New
APGApi Group Corp	0.23%	$13.3m	314.0K	New
ARQTArcutis Biotherapeutics, Inc.	0.22%	$12.8m	486.7K	−19.9% Reduced
TXNMTxnm Energy Inc	0.22%	$12.7m	223.1K	New
TTWOTake TWO Interactive Software Inc	0.22%	$12.5m	50.0K	−77.9% Reduced
OKTAOkta, Inc.	0.21%	$12.3m	90.0K	New
FIVEFive Below, Inc	0.20%	$11.7m	65.0K	New
CXWCorecivic, Inc.	0.18%	$10.6m	350.0K	New
SLABSilicon Laboratories Inc.	0.18%	$10.4m	47.5K	New
MIAXMiami International Holdings, Inc.	0.18%	$10.4m	279.0K	New
GEOGEO Group Inc	0.18%	$10.3m	350.0K	New
TTDTrade Desk, Inc.	0.17%	$9.6m	532.0K	New
NOWServiceNow	0.16%	$9.4m	95.0K	0.0%
PLNTPlanet Fitness, Inc.	0.14%	$7.8m	150.0K	New
AMLXAmylyx Pharmaceuticals, Inc.	0.13%	$7.6m	425.0K	New
BZKanzhun Ltd	0.12%	$6.9m	538.3K	0.0%
CORZCore Scientific, Inc.	0.12%	$6.8m	265.7K	New
TALTAL Education Group	0.12%	$6.7m	700.0K	0.0%
LBRTLiberty Energy Inc.	0.11%	$6.5m	250.0K	New
AVPTAvepoint, Inc.	0.10%	$5.6m	500.0K	New
FUNSix Flags Entertainment Corporation	0.07%	$4.1m	194.0K	0.0%
CELCCelcuity Inc.	0.00%	$104,620	1.0K	−99.8% Reduced

Company	Bought (value)	Shares
RVMDRevolution Medicines, Inc.	$265.8m	1.42M
AMDAdvanced Micro Devices	$225.4m	388.0K
AMZNAmazon	$164.2m	689.0K
UBERUber	$157.4m	2.18M
TSLATesla, Inc.	$139.6m	332.0K
HUTHut 8 Corp.	$134.1m	1.16M
NCLHNorwegian Cruise Line Holdings	$127.9m	6.06M
MSFTMicrosoft Corporation	$95.1m	255.0K
SNPSSynopsys Inc	$89.2m	200.0K
TXNTexas Instruments	$87.9m	295.0K
GOOGLAlphabet Inc. (Class A)	$84.3m	235.9K
DXCMDexcom	$84.2m	1.25M
UUnity Software Inc.	$82.3m	2.88M
HONHoneywell Technologies	$78.0m	348.5K
DTDynatrace, Inc.	$77.7m	1.77M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
SNDKSandisk	−$218.3m	−96.0K
AAPLApple Inc.	−$165.5m	−572.1K
NVDANVIDIA Corporation	−$114.9m	−574.0K
CATCaterpillar Inc.	−$107.7m	−152.0K
AVGOBroadcom	−$93.2m	−301.0K
JNJJohnson & Johnson	−$90.4m	−370.0K
WFCWells Fargo	−$79.9m	−1.00M
NEMNewmont	−$76.0m	−702.0K
TERTeradyne	−$74.0m	−153.0K
PGProcter & Gamble	−$62.8m	−435.0K
METAMeta Platforms	−$61.2m	−107.0K
MAMastercard	−$54.5m	−109.0K
CVXChevron Corporation	−$51.9m	−251.0K
CELCCelcuity Inc.	−$49.4m	−472.1K
INSMInsmed Inc	−$49.1m	−300.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
CATCaterpillar Inc.	$107.7m	152.0K
AVGOBroadcom	$93.2m	301.0K
JNJJohnson & Johnson	$90.4m	370.0K
WFCWells Fargo	$79.9m	1.00M
NEMNewmont	$76.0m	702.0K
PGProcter & Gamble	$62.8m	435.0K
METAMeta Platforms	$61.2m	107.0K
MAMastercard	$54.5m	109.0K
CVXChevron Corporation	$51.9m	251.0K
INSMInsmed Inc	$49.1m	300.0K
ABTAbbott Laboratories	$43.6m	425.0K
AMATApplied Materials	$42.4m	124.0K
LLYLilly (Eli)	$36.8m	40.0K
HESMHess Midstream LP	$35.0m	900.0K
MCDMcDonald's	$33.9m	109.0K
AMTAmerican Tower	$32.8m	190.0K
CMICummins	$28.5m	53.0K
GILDGilead Sciences	$27.9m	200.0K
MSIMotorola Solutions	$26.0m	60.0K
LRCXLam Research	$25.2m	118.0K
SJMThe J.M. Smucker Company	$19.3m	200.0K
PENPenumbra Inc	$16.4m	50.0K
WDAYWorkday, Inc.	$14.9m	115.0K
PBFPBF Energy Inc.	$9.5m	200.0K
PDDPDD Holdings Inc.	$8.5m	83.1K
CALXCalix, Inc	$5.8m	118.2K
REGNRegeneron Pharmaceuticals	$3.9m	5.0K
ACMRACM Research, Inc.	$3.7m	94.2K
QFINQfin Holdings, Inc.	$3.2m	250.0K
WELLWelltower	$2.9m	14.6K

Technology40.0%
Consumer Discretionary18.1%
Health Care17.1%
Industrials14.5%
Communication Services5.5%
Financials4.1%
Consumer Staples0.3%
Utilities0.3%
Energy0.1%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestFebruary 21, 2025 to November 2, 2026	+21.1%	+16.0%	0.85	0.78	−19.0%	1.25
Last yearNovember 7, 2025 to November 2, 2026	+15.8%	+14.2%	0.71	0.84	−11.0%	1.30

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.