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NCM
Nearwater Capital Markets Portfolio holdings
AUM
$4.24B
1-Year Est. Return
66.03%
This Fund
S&P 500
This Quarter
Est. Return
+13.37%
1 Year Est. Return
+66.03%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$5.85B
AUM Growth
-$1.63B
(-22%)
Cap. Flow
-$1.79B
Cap. Flow
% of AUM
-30.62%
Top 10 Holdings %
Top 10 Hldgs %
46.78%
Holding
182
New
38
Increased
22
Reduced
18
Closed
78
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$289M |
| 2 |
Marvell Technology
MRVL
|
+$131M |
| 3 |
Meta Platforms (Facebook)
META
|
+$120M |
| 4 |
Walmart Inc
WMT
|
+$109M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$88.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core S&P 500 ETF
IVV
|
+$837M |
| 2 |
NVIDIA
NVDA
|
+$422M |
| 3 |
Goldman Sachs
GS
|
+$210M |
| 4 |
Palantir
PLTR
|
+$162M |
| 5 |
Apple
AAPL
|
+$162M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.64% |
| 2 | Communication Services | 13.96% |
| 3 | Consumer Discretionary | 8.82% |
| 4 | Consumer Staples | 7.62% |
| 5 | Healthcare | 6.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RNAM
51
DELISTED
Avidity Biosciences
RNAM
| $26M | 0.44% |
+360,200
| New | +$23.3M |
|
52
Sphere Entertainment
SPHR
$6.29B
| $23.8M | 0.41% |
250,000
| – | – |
|
53
SPDR Gold MiniShares Trust
GLDM
$30.2B
| $23.6M | 0.4% |
+276,600
| New | +$22.7M |
|
54
Regeneron Pharmaceuticals
REGN
$82.2B
| $23.2M | 0.4% |
+30,000
| New | +$20.4M |
|
55
Vanguard FTSE Emerging Markets ETF
VWO
$126B
| $21M | 0.36% |
+390,000
| New | +$21.2M |
|
56
Huazhu Hotels Group
HTHT
$12.7B
| $20.2M | 0.35% |
428,800
| – | – |
|
57
Berkshire Hathaway Class B
BRK.B
$1.09T
| $20.1M | 0.34% |
40,000
-144,800
| -78% | -$72M |
|
58
Klaviyo
KVYO
$4.91B
| $19.5M | 0.33% |
+600,000
| New | +$16.8M |
|
59
Hyatt Hotels
H
$16.8B
| $19.2M | 0.33% |
+120,000
| New | +$18.4M |
|
60
Compass
COMP
$9.77B
| $18.2M | 0.31% |
+1,724,700
| New | +$15.7M |
|
61
Arcutis Biotherapeutics
ARQT
$3.3B
| $17.9M | 0.31% |
+615,000
| New | +$15.7M |
|
62
Adobe
ADBE
$103B
| $17.5M | 0.3% |
50,000
-50,000
| -50% | -$17M |
|
63
KLA
KLAC
$272B
| $17M | 0.29% |
140,000
| – | – |
|
|
TPC
64
Tutor Perini Cor
TPC
$5.05B
| $15.1M | 0.26% |
+225,000
| New | +$14.8M |
|
65
AvalonBay Communities
AVB
$25.7B
| $14.5M | 0.25% |
+80,000
| New | +$14.5M |
|
66
Progressive
PGR
$121B
| $13.9M | 0.24% |
61,000
-74,000
| -55% | -$16.7M |
|
67
ACM Research
ACMR
$5.66B
| $13.8M | 0.24% |
+350,800
| New | +$13.1M |
|
68
Cemex
CX
$16.2B
| $13.7M | 0.23% |
1,189,900
| – | – |
|
69
Box
BOX
$4.48B
| $13.6M | 0.23% |
456,000
+156,000
| +52% | +$4.89M |
|
70
Granite Construction
GVA
$5.52B
| $13.6M | 0.23% |
+118,000
| New | +$12.7M |
|
71
Prologis
PLD
$134B
| $12.8M | 0.22% |
100,000
| – | – |
|
72
Kanzhun
BZ
$7.19B
| $12.2M | 0.21% |
600,000
| – | – |
|
73
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.7B
| $12.1M | 0.21% |
+109,600
| New | +$12.2M |
|
74
Colgate-Palmolive
CL
$73.6B
| $12M | 0.21% |
152,000
| – | – |
|
75
Autodesk
ADSK
$52.7B
| $11.2M | 0.19% |
38,000
| – | – |
|
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Nearwater Capital Markets's Q4 2025 Portfolio in Review
As of Q4 2025, Nearwater Capital Markets held 182 positions worth $5.85B, down 22% from $7.48B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Nearwater Capital Markets withdrew a net $1.79B in Q4 2025, closing 78 positions and reducing 18 holdings. Its most notable exit was iShares Core S&P 500 ETF, an estimated $837M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 38% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Nearwater Capital Markets opened a new position in Vanguard FTSE Developed Markets ETF worth $295M.
- Nearwater Capital Markets's largest Q4 2025 buy was Vanguard FTSE Developed Markets ETF: 4,714,850 shares worth $295M.
- Nearwater Capital Markets added most to Meta Platforms (Facebook) in Q4 2025, an estimated $120M increase.
- Nearwater Capital Markets's biggest Q4 2025 reduction was NVIDIA, cutting an estimated $422M.
- Nearwater Capital Markets fully exited iShares Core S&P 500 ETF in Q4 2025, selling an estimated $837M.
- Nearwater Capital Markets's ten largest holdings make up 47% of its $5.85B portfolio in Q4 2025.
- Nearwater Capital Markets opened 38 new positions and closed 78 in Q4 2025.
- Nearwater Capital Markets's portfolio value fell 22% quarter-over-quarter to $5.85B.
Based on Nearwater Capital Markets's 13F filing for Q4 2025, filed 17 Feb 2026.