1y return+27.3%S&P 500 +20.9%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2024: $138 against $127 in the S&P 500.2
Nearwater Capital Markets, LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| RVMDRevolution Medicines Ord | $392.7M | 6.8% | +209.3% |
| AMZNAmazon Com Ord | $316.8M | 5.5% | +107.7% |
| GDXVaneck Gold Miners Etf | $268.0M | 4.6% | +292.9% |
| SNDKSandisk Ord | $250.1M | 4.3% | −46.6% |
| AMDAdvanced Micro Devices Ord | $225.4M | 3.9% | New |
| Norwegian Cruise Line Holdings OrdCUSIP G66721104 | $199.8M | 3.4% | +178.0% |
| GOOGLAlphabet Cl A Ord | $188.7M | 3.3% | +80.8% |
| NVDANvidia Ord | $170.9M | 2.9% | −40.2% |
| UBERUber Technologies Ord | $157.4M | 2.7% | New |
| MSFTMicrosoft Ord | $156.7M | 2.7% | +154.5% |
| TSLATesla Ord | $139.6M | 2.4% | New |
| HUTHut 8 Ord | $134.1M | 2.3% | New |
| EWZIshares Msci Brazil Etf | $127.7M | 2.2% | New |
| AAPLApple Ord | $126.7M | 2.2% | −56.6% |
| SNPSSynopsys Ord | $124.9M | 2.2% | +250.0% |
| FXIIshares China Large Cap Etf | $122.5M | 2.1% | New |
| IEMGIshares Core Msci Emerging Etf | $103.6M | 1.8% | New |
| TXNTexas Instruments Ord | $87.9M | 1.5% | New |
| DXCMDexcom Ord | $84.2M | 1.5% | New |
| UUnity Software Ord | $82.3M | 1.4% | New |
| HONHoneywell International Ord | $78.0M | 1.3% | New |
| DTDynatrace Ord | $77.7M | 1.3% | New |
| HONAHoneywell Aerospace Ord | $77.0M | 1.3% | New |
| COFCapital One Financial Ord | $72.7M | 1.3% | +309.5% |
| MSMorgan Stanley Ord | $71.1M | 1.2% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| RVMDRevolution Medicines Ord | March 31, 2026 | +92.6% | $392.7M |
| GOOGLAlphabet Cl A Ord | December 31, 2024 | +88.8% | $188.7M |
| ANETArista Networks Ord | December 31, 2024 | +53.7% | $54.2M |
| NVDANvidia Ord | December 31, 2024 | +49.0% | $170.9M |
| EEMIshares Msci Emerging Markets Etf | March 31, 2026 | +20.5% | $47.9M |
| AAPLApple Ord | December 31, 2024 | +15.5% | $126.7M |
| ACWIIshares Msci Acwi Etf | March 31, 2026 | +13.4% | $67.8M |
| Norwegian Cruise Line Holdings OrdCUSIP G66721104 | March 31, 2026 | +12.9% | $199.8M |
| SNPSSynopsys Ord | March 31, 2026 | +12.5% | $124.9M |
| Webster Financial OrdCUSIP 947890109 | March 31, 2026 | +10.1% | $59.5M |
Sold off last quarter
- SPDWSt Str Spdr Por De Wo Ex Us Etf was $275.7M
- VEAVanguard Ftse Developed Markets Etf was $142.7M
- IXUSIshares Core Msci Totl Intl Stck Etf was $122.5M
- Terns Pharmaceuticals OrdCUSIP 880881107 was $113.4M
- CATCaterpillar Ord was $107.7M
- AVGOBroadcom Ord was $93.2M
- JNJJohnson & Johnson Ord was $90.4M
- WFCWells Fargo Ord was $79.9M
- VPLVanguard Ftse Pacific Etf was $77.0M
- NEMNewmont Ord was $76.0M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.0% | +14.8% |
| March 31, 2026 | −0.8% | −4.6% |
| December 31, 2025 | +3.7% | +2.4% |
| September 30, 2025 | +11.5% | +7.8% |
| June 30, 2025 | +14.5% | +10.5% |
| March 31, 2025 | −5.4% | −4.6% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Nearwater Capital Markets, Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1915842&type=13F-HR&dateb=&owner=include&count=40CIK 1915842
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1915842/000191584226000009/Filed August 14, 2026 · accession 0001915842-26-000009