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NCM

Nearwater Capital Markets Portfolio holdings

AUM $5.8B
1-Year Est. Return 88.72%
This Fund
S&P 500
This Quarter Est. Return
+38.52%
1 Year Est. Return
+88.72%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$5.8B
AUM Growth
+$1.56B
Cap. Flow
+$905M
Cap. Flow %
15.61%
Top 10 Hldgs %
40.13%
Holding
146
New
64
Increased
15
Reduced
15
Closed
46

Top Buys

Rank Stock Value
1
GDX icon
VanEck Gold Miners ETF
GDX
+$234M
2
RVMD icon
Revolution Medicines
RVMD
+$207M
3
AMZN icon
Amazon
AMZN
+$173M
4
UBER icon
Uber
UBER
+$160M
5
AMD icon
Advanced Micro Devices
AMD
+$159M

Top Sells

Rank Stock Value
1
SPDW icon
State Street SPDR Portfolio Developed World ex-US ETF
SPDW
+$276M
2
AAPL icon
Apple
AAPL
+$164M
3
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$143M
4
GDXJ icon
VanEck Junior Gold Miners ETF
GDXJ
+$138M
5
SNDK
Sandisk
SNDK
+$137M

Sector Composition

Rank Sector Weight
1 Technology 31.18%
2 Miscellaneous 17.07%
3 Consumer Discretionary 13.98%
4 Healthcare 13.37%
5 Industrials 9.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RVMD icon
1
Revolution Medicines
RVMD
$43.8B
$393M 6.77%
2,097,000
+1,419,000
+209% +$207M
AMZN icon
2
Amazon
AMZN
$2.66T
$317M 5.46%
1,329,000
+689,000
+108% +$173M
GDX icon
3
VanEck Gold Miners ETF
GDX
$26.5B
$268M 4.62%
3,551,500
+2,647,500
+293% +$234M
SNDK
4
Sandisk
SNDK
$253B
$250M 4.31%
110,000
-96,000
-47% -$137M
AMD icon
5
Advanced Micro Devices
AMD
$992B
$225M 3.89%
+388,000
New +$159M
NCLH icon
6
Norwegian Cruise Line
NCLH
$6.8B
$200M 3.45%
9,465,000
+6,060,000
+178% +$113M
GOOGL icon
7
Alphabet (Google) Class A
GOOGL
$4.17T
$189M 3.25%
527,900
+235,900
+81% +$84.9M
NVDA icon
8
NVIDIA
NVDA
$5.49T
$171M 2.95%
854,000
-574,000
-40% -$118M
UBER icon
9
Uber
UBER
$142B
$157M 2.71%
+2,181,000
New +$160M
MSFT icon
10
Microsoft
MSFT
$3.78T
$157M 2.7%
420,000
+255,000
+155% +$103M
TSLA icon
11
Tesla
TSLA
$1.39T
$140M 2.41%
+332,000
New +$132M
HUT
12
Hut 8
HUT
$11.4B
$134M 2.31%
+1,161,500
New +$113M
EWZ icon
13
iShares MSCI Brazil ETF
EWZ
$8.48B
$128M 2.2%
+3,700,000
New +$138M
AAPL icon
14
Apple
AAPL
$4.81T
$127M 2.19%
438,000
-572,100
-57% -$164M
SNPS icon
15
Synopsys
SNPS
$79.5B
$125M 2.15%
280,000
+200,000
+250% +$94M
FXI icon
16
iShares China Large-Cap ETF
FXI
$4.04B
$122M 2.11%
+3,877,000
New +$138M
IEMG icon
17
iShares Core MSCI Emerging Markets ETF
IEMG
$162B
$104M 1.79%
+1,250,200
New +$99.7M
TXN icon
18
Texas Instruments
TXN
$257B
$87.9M 1.52%
+295,000
New +$81.8M
DXCM icon
19
DexCom
DXCM
$32.7B
$84.2M 1.45%
+1,250,000
New +$83.3M
U icon
20
Unity
U
$17.5B
$82.3M 1.42%
+2,881,000
New +$76.6M
HON icon
21
Honeywell
HON
$66.6B
$78M 1.35%
+348,500
New +$77.8M
DT icon
22
Dynatrace
DT
$16.6B
$77.7M 1.34%
+1,770,000
New +$68.9M
HONA
23
Honeywell Aerospace
HONA
$49.3B
$77M 1.33%
+348,500
New +$76.9M
COF icon
24
Capital One
COF
$121B
$72.7M 1.25%
362,400
+273,900
+309% +$52.4M
MS icon
25
Morgan Stanley
MS
$303B
$71.1M 1.23%
+340,000
New +$67.3M
1
2 3 4 5

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Nearwater Capital Markets's Q2 2026 Portfolio in Review

As of Q2 2026, Nearwater Capital Markets held 146 positions worth $5.8B, up 37% from $4.24B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Nearwater Capital Markets deployed $905M of net new capital in Q2 2026, opening 64 new positions and adding to 15 existing holdings. Its largest new stake was Uber: 2,181,000 shares worth $157M.

By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 26% a quarter earlier, followed by Miscellaneous and Consumer Discretionary.

On the sell side, the largest reduction was Apple, an estimated $164M trimmed.

  • Nearwater Capital Markets's largest Q2 2026 buy was Uber: 2,181,000 shares worth $157M.
  • Nearwater Capital Markets added most to VanEck Gold Miners ETF in Q2 2026, an estimated $234M increase.
  • Nearwater Capital Markets's biggest Q2 2026 reduction was Apple, cutting an estimated $164M.
  • Nearwater Capital Markets fully exited State Street SPDR Portfolio Developed World ex-US ETF in Q2 2026, selling an estimated $276M.
  • Nearwater Capital Markets's ten largest holdings make up 40% of its $5.8B portfolio in Q2 2026.
  • Nearwater Capital Markets opened 64 new positions and closed 46 in Q2 2026.
  • Nearwater Capital Markets's portfolio value rose 37% quarter-over-quarter to $5.8B.

Based on Nearwater Capital Markets's 13F filing for Q2 2026, filed 14 Aug 2026.