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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
Cap. Flow
-$1.79B
Cap. Flow %
-30.62%
Top 10 Hldgs %
46.78%
Holding
182
New
38
Increased
22
Reduced
18
Closed
78

Top Buys

Rank Stock Value
1
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$289M
2
MRVL icon
Marvell Technology
MRVL
+$131M
3
META icon
Meta Platforms (Facebook)
META
+$120M
4
WMT icon
Walmart Inc
WMT
+$109M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$88.9M

Top Sells

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$837M
2
NVDA icon
NVIDIA
NVDA
+$422M
3
GS icon
Goldman Sachs
GS
+$210M
4
PLTR icon
Palantir
PLTR
+$162M
5
AAPL icon
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
REVG
76
DELISTED
REV Group
REVG
$11M 0.19%
+181,000
New +$10.2M
XEL icon
77
Xcel Energy
XEL
$49.1B
$10.6M 0.18%
+144,000
New +$11.4M
TXN icon
78
Texas Instruments
TXN
$253B
$10.4M 0.18%
60,000
-29,000
-33% -$4.97M
TLT icon
79
iShares 20+ Year Treasury Bond ETF
TLT
$40.6B
$9.59M 0.16%
110,000
– –
PDD icon
80
Pinduoduo
PDD
$127B
$9.42M 0.16%
83,100
– –
LNG icon
81
Cheniere Energy
LNG
$55.4B
$9.14M 0.16%
47,000
– –
SJNK icon
82
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
$4.8B
$8.74M 0.15%
+345,100
New +$8.75M
BBT
83
Beacon Financial Corp
BBT
$2.69B
$8.69M 0.15%
+329,500
New +$8.35M
INTU icon
84
Intuit
INTU
$91.6B
$8.61M 0.15%
13,000
-20,600
-61% -$13.6M
SE icon
85
Sea Limited
SE
$78.5B
$8.61M 0.15%
67,500
– –
ADP icon
86
Automatic Data Processing
ADP
$107B
$8.23M 0.14%
32,000
– –
MOG.A icon
87
Moog Inc Class A
MOG.A
$13.6B
$8.16M 0.14%
33,500
– –
DPZ icon
88
Domino's
DPZ
$11.7B
$7.92M 0.14%
19,000
– –
TAL icon
89
TAL Education Group
TAL
$6.58B
$7.64M 0.13%
700,000
– –
DK icon
90
Delek US
DK
$4.12B
$7.56M 0.13%
+255,000
New +$9.1M
EXPO icon
91
Exponent
EXPO
$3.22B
$6.62M 0.11%
95,300
– –
ABCB icon
92
Ameris Bancorp
ABCB
$5.94B
$5.57M 0.1%
+75,000
New +$5.58M
IBN icon
93
ICICI Bank
IBN
$107B
$5.37M 0.09%
180,300
– –
QFIN icon
94
Qfin Holdings
QFIN
$1.53B
$4.82M 0.08%
250,000
– –
IAU icon
95
iShares Gold Trust
IAU
$65.4B
$3.58M 0.06%
+44,100
New +$3.45M
ZROZ icon
96
PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund
ZROZ
$1.3B
$3.56M 0.06%
55,400
-7,300
-12% -$494K
HG icon
97
Hamilton Insurance Group
HG
$2.32B
$3.35M 0.06%
120,100
– –
AAMI
98
Acadian Asset Management
AAMI
$3.27B
$2.82M 0.05%
60,000
– –
NKTR icon
99
Nektar Therapeutics
NKTR
$2.57B
$2.6M 0.04%
+61,500
New +$3.44M
CNO icon
100
CNO Financial Group
CNO
$5.02B
$2.28M 0.04%
53,800
-5,500
-9% -$224K
2 3
4
5 6

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CIC
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IWM
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IUHSA
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NEI
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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.