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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
+6.87%
1 Year Est. Return
+88.72%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$4.24B
AUM Growth
-$1.61B
Cap. Flow
-$1.57B
Cap. Flow %
-37.07%
Top 10 Hldgs %
40.77%
Holding
146
New
42
Increased
8
Reduced
26
Closed
64

Top Buys

Rank Stock Value
1
SPDW icon
State Street SPDR Portfolio Developed World ex-US ETF
SPDW
+$283M
2
IXUS icon
iShares Core MSCI Total International Stock ETF
IXUS
+$126M
3
CAT icon
Caterpillar
CAT
+$105M
4
ACWI icon
iShares MSCI ACWI ETF
ACWI
+$92.2M
5
GDX icon
VanEck Gold Miners ETF
GDX
+$89.1M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$320M
2
MSFT icon
Microsoft
MSFT
+$241M
3
MU icon
Micron Technology
MU
+$197M
4
META icon
Meta Platforms (Facebook)
META
+$194M
5
WMT icon
Walmart Inc
WMT
+$185M

Sector Composition

Rank Sector Weight
1 Miscellaneous 31.05%
2 Technology 26.23%
3 Healthcare 13.18%
4 Consumer Discretionary 6.42%
5 Financials 5.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FISV
101
Fiserv Inc
FISV
$24.1B
– –
-995,000
Closed -$66.8M
FXI icon
102
iShares China Large-Cap ETF
FXI
$4.04B
– –
-2,785,000
Closed -$107M
GE icon
103
GE Aerospace
GE
$330B
– –
-110,000
Closed -$33.9M
GLDM icon
104
SPDR Gold MiniShares Trust
GLDM
$30.5B
– –
-276,600
Closed -$23.6M
GVA icon
105
Granite Construction
GVA
$5.17B
– –
-118,000
Closed -$13.6M
H icon
106
Hyatt Hotels
H
$15.3B
– –
-120,000
Closed -$19.2M
HG icon
107
Hamilton Insurance Group
HG
$3.29B
– –
-120,100
Closed -$3.35M
HON icon
108
Honeywell
HON
$66.6B
– –
-145,700
Closed -$28.4M
INDV icon
109
Indivior Pharmaceuticals
INDV
$4.32B
– –
-60,000
Closed -$2.15M
INTU icon
110
Intuit
INTU
$71.6B
– –
-13,000
Closed -$8.61M
KLAC icon
111
KLA
KLAC
$256B
– –
-140,000
Closed -$17M
KVUE icon
112
Kenvue
KVUE
$34.4B
– –
-1,990,000
Closed -$34.3M
KVYO icon
113
Klaviyo
KVYO
$4.34B
– –
-600,000
Closed -$19.5M
LNG icon
114
Cheniere Energy
LNG
$55.2B
– –
-47,000
Closed -$9.14M
LQD icon
115
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$27.1B
– –
-109,600
Closed -$12.1M
LRN icon
116
Stride
LRN
$3.14B
– –
-488,000
Closed -$31.7M
LUV icon
117
Southwest Airlines
LUV
$20.6B
– –
-2,800,000
Closed -$116M
MOG.A icon
118
Moog Inc Class A
MOG.A
$12.3B
– –
-33,500
Closed -$8.16M
MRVL icon
119
Marvell Technology
MRVL
$237B
– –
-1,495,000
Closed -$127M
MU icon
120
Micron Technology
MU
$1.2T
– –
-690,000
Closed -$197M
NFLX icon
121
Netflix
NFLX
$293B
– –
-350,000
Closed -$32.8M
PEP icon
122
PepsiCo
PEP
$176B
– –
-270,000
Closed -$38.8M
PGR icon
123
Progressive
PGR
$122B
– –
-61,000
Closed -$13.9M
PKG icon
124
Packaging Corp of America
PKG
$20.8B
– –
-143,000
Closed -$29.5M
PLD icon
125
Prologis
PLD
$126B
– –
-100,000
Closed -$12.8M
2 3 4
5
6

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SCM
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CCM
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LFG
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JWCA
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KCM
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MSRPS
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SDIC
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Nearwater Capital Markets's Q1 2026 Portfolio in Review

As of Q1 2026, Nearwater Capital Markets held 146 positions worth $4.24B, down 28% from $5.85B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Nearwater Capital Markets withdrew a net $1.57B in Q1 2026, closing 64 positions and reducing 26 holdings. Its most notable exit was Micron Technology, an estimated $197M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, up from 17% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Nearwater Capital Markets opened a new position in State Street SPDR Portfolio Developed World ex-US ETF worth $276M.

  • Nearwater Capital Markets's largest Q1 2026 buy was State Street SPDR Portfolio Developed World ex-US ETF: 6,039,200 shares worth $276M.
  • Nearwater Capital Markets added most to Amazon in Q1 2026, an estimated $80.4M increase.
  • Nearwater Capital Markets's biggest Q1 2026 reduction was Alphabet (Google) Class A, cutting an estimated $320M.
  • Nearwater Capital Markets fully exited Micron Technology in Q1 2026, selling an estimated $197M.
  • Nearwater Capital Markets's ten largest holdings make up 41% of its $4.24B portfolio in Q1 2026.
  • Nearwater Capital Markets opened 42 new positions and closed 64 in Q1 2026.
  • Nearwater Capital Markets's portfolio value fell 28% quarter-over-quarter to $4.24B.

Based on Nearwater Capital Markets's 13F filing for Q1 2026, filed 15 May 2026.