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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
REVG
126
DELISTED
REV Group
REVG
– –
-181,000
Closed -$11M
RNAM
127
DELISTED
Avidity Biosciences
RNAM
– –
-360,200
Closed -$26M
SCHW
128
Charles Schwab
SCHW
$171B
– –
-722,000
Closed -$72.1M
SE icon
129
Sea Limited
SE
$60.4B
– –
-67,500
Closed -$8.61M
SJNK icon
130
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
$4.62B
– –
-345,100
Closed -$8.74M
TJX icon
131
TJX Companies
TJX
$147B
– –
-440,000
Closed -$67.6M
TLT icon
132
iShares 20+ Year Treasury Bond ETF
TLT
$44B
– –
-110,000
Closed -$9.59M
TMUS icon
133
T-Mobile US
TMUS
$175B
– –
-189,000
Closed -$38.4M
TSLA icon
134
Tesla
TSLA
$1.39T
– –
-285,500
Closed -$128M
TXN icon
135
Texas Instruments
TXN
$257B
– –
-60,000
Closed -$10.4M
UNP icon
136
Union Pacific
UNP
$163B
– –
-161,000
Closed -$37.2M
VCIT icon
137
Vanguard Intermediate-Term Corporate Bond ETF
VCIT
$67.7B
– –
-782,100
Closed -$65.5M
VRTS icon
138
Virtus Investment Partners
VRTS
$869M
– –
-11,400
Closed -$1.86M
VT icon
139
Vanguard Total World Stock ETF
VT
$80.9B
– –
-527,500
Closed -$74.4M
VWO icon
140
Vanguard FTSE Emerging Markets ETF
VWO
$126B
– –
-390,000
Closed -$21M
WMT icon
141
Walmart Inc
WMT
$847B
– –
-1,661,000
Closed -$185M
XEL icon
142
Xcel Energy
XEL
$44.2B
– –
-144,000
Closed -$10.6M
ZROZ icon
143
PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund
ZROZ
$1.56B
– –
-55,400
Closed -$3.56M
AAMI
144
Acadian Asset Management
AAMI
$3.28B
– –
-60,000
Closed -$2.82M
TPC
145
Tutor Perini Cor
TPC
$4.44B
– –
-225,000
Closed -$15.1M
SOLS
146
Solstice Advanced Materials
SOLS
$8.9B
– –
-36,425
Closed -$1.77M
2 3 4 5
6

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DWA
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SCM
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CCM
Carronade Capital Management Darien, Connecticut $5.77B AUM 89.67% 1-Year Est. Return
LFG
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JWCA
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KCM
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MSRPS
Maryland State Retirement & Pension System Baltimore, Maryland $5.84B AUM 38.19% 1-Year Est. Return
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.