Aquamarine Financial Portfolio holdings
Aquamarine Financial is a Cayman Islands investment manager that puts money into bonds, stocks and real estate, with a focus on European and Latin American markets. Its funds include Aquamarine Credit Fund, the only one offered to investors in the United States. The firm serves high net worth individuals and families, and takes only qualified investors. It is owned entirely by a Cayman trust whose purpose is to hold the firm's shares and keep control of it.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
YPF Sociedad Anonima ADS
YPF
|
+$160M |
| 2 |
Banco Bradesco
BBD
|
+$110M |
| 3 |
Nu Holdings
NU
|
+$108M |
| 4 |
Galicia Financial Group
GGAL
|
+$54.3M |
| 5 |
Banco Macro
BMA
|
+$25.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ProShares UltraShort Bloomberg Crude Oil
SCO
|
+$28.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 61.32% |
| 2 | Energy | 31.62% |
| 3 | Materials | 3.73% |
| 4 | Technology | 1.78% |
| 5 | Healthcare | 1.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Banco Bradesco
BBD
$28.5B
| $649M | 35.83% |
186,948,134
+30,100,000
| +19% | +$110M |
2025 Q3
3 quarters
|
|
|
2
YPF Sociedad Anonima ADS
YPF
$18.4B
| $566M | 31.24% |
12,444,948
+3,418,273
| +38% | +$160M |
2025 Q3
3 quarters
|
|
|
3
Galicia Financial Group
GGAL
$5.19B
| $176M | 9.71% |
3,515,564
+1,154,582
| +49% | +$54.3M |
2025 Q3
3 quarters
|
|
|
4
Nu Holdings
NU
$56.1B
| $120M | 6.62% |
8,977,636
+7,977,636
| +798% | +$108M |
2026 Q1
1 quarter
|
|
|
5
Banco Macro
BMA
$3.85B
| $78M | 4.31% |
842,490
+310,000
| +58% | +$25.4M |
2025 Q3
3 quarters
|
|
6
Gerdau
GGB
$9.14B
| $67.6M | 3.73% |
16,726,171
| – | – |
2025 Q3
3 quarters
|
|
7
Santander
BSBR
$33B
| $54.6M | 3.01% |
10,394,184
+576,259
| +6% | +$3.27M |
2025 Q3
3 quarters
|
|
8
BBVA Argentina
BBAR
$2.37B
| $33.4M | 1.84% |
1,701,078
+465,756
| +38% | +$7.84M |
2025 Q3
3 quarters
|
|
9
Pagaya Technologies
PGY
$1.6B
| $32.3M | 1.78% |
+1,771,209
| New | +$25.1M |
2026 Q2
0 quarters
|
|
10
Oramed Pharmaceuticals
ORMP
$171M
| $12.1M | 0.67% |
2,512,175
+399,863
| +19% | +$1.59M |
2025 Q3
3 quarters
|
|
11
Alpha Tau Medical
DRTS
$1.21B
| $9.08M | 0.5% |
721,501
| – | – |
2026 Q1
1 quarter
|
|
12
DELISTED
Cosan
CSAN
| $6.04M | 0.33% |
2,096,904
| – | – |
2025 Q3
3 quarters
|
|
13
Innoviz Technologies
INVZ
$68.6M
| $4.44M | 0.25% |
5,828,949
+651,671
| +13% | +$446K |
2025 Q4
2 quarters
|
|
14
Pulsenmore Ltd
PLSM
$10.9M
| $1.95M | 0.11% |
338,541
| – | – |
2026 Q1
1 quarter
|
|
15
Transportadora de Gas del Sur
TGS
$3.56B
| $883K | 0.05% |
29,696
| – | – |
2025 Q3
3 quarters
|
|
16
Central Puerto
CEPU
$1.59B
| $287K | 0.02% |
19,314
| – | – |
2025 Q3
3 quarters
|
|
17
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
| $15.7K | ﹤0.01% |
559,653
| – | – |
2025 Q4
2 quarters
|
|
|
18
ProShares UltraShort Bloomberg Crude Oil
SCO
$827M
| – | – |
-850,000
| Closed | -$28.3M | – |
|
Similar funds
Aquamarine Financial's Q2 2026 Portfolio in Review
As of Q2 2026, Aquamarine Financial held 18 positions worth $1.81B, up 33% from $1.37B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Aquamarine Financial deployed $468M of net new capital in Q2 2026, opening 1 new position and adding to 9 existing holdings. Its largest new stake was Pagaya Technologies: 1,771,209 shares worth $32.3M.
By sector, the portfolio is most concentrated in Financials at 61% of assets, up from 61% a quarter earlier, followed by Energy and Materials.
On the sell side, the most notable exit was ProShares UltraShort Bloomberg Crude Oil, an estimated $28.3M sold.
- Aquamarine Financial's largest Q2 2026 buy was Pagaya Technologies: 1,771,209 shares worth $32.3M.
- Aquamarine Financial added most to YPF Sociedad Anonima ADS in Q2 2026, an estimated $160M increase.
- Aquamarine Financial fully exited ProShares UltraShort Bloomberg Crude Oil in Q2 2026, selling an estimated $28.3M.
- Aquamarine Financial's ten largest holdings make up 99% of its $1.81B portfolio in Q2 2026.
- Aquamarine Financial opened 1 new position and closed 1 in Q2 2026.
- Aquamarine Financial's portfolio value rose 33% quarter-over-quarter to $1.81B.
Based on Aquamarine Financial's 13F filing for Q2 2026, filed 12 Aug 2026.