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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 | |
|---|---|---|---|---|---|---|
151
Manulife Financial
MFC
$72.6B
| – | – |
-1,900,000
| Closed | -$59.2M |
|
152
Mineralys Therapeutics
MLYS
$2.38B
| – | – |
-450,000
| Closed | -$17.1M |
|
153
3M
MMM
$94.8B
| – | – |
-70,000
| Closed | -$10.9M |
|
154
Merck
MRK
$328B
| – | – |
-185,600
| Closed | -$15.6M |
|
155
Morgan Stanley
MS
$342B
| – | – |
-916,809
| Closed | -$146M |
|
156
NextEra Energy
NEE
$179B
| – | – |
-185,200
| Closed | -$14M |
|
157
NVR
NVR
$16.8B
| – | – |
-1,000
| Closed | -$8.03M |
|
158
NXP Semiconductors
NXPI
$58.9B
| – | – |
-50,000
| Closed | -$11.4M |
|
159
Oracle
ORCL
$442B
| – | – |
-45,000
| Closed | -$12.7M |
|
160
Procter & Gamble
PG
$335B
| – | – |
-108,900
| Closed | -$16.7M |
|
|
161
Palantir
PLTR
$411B
| – | – |
-890,388
| Closed | -$162M |
|
162
Philip Morris
PM
$290B
| – | – |
-175,400
| Closed | -$28.4M |
|
163
PNC Financial Services
PNC
$102B
| – | – |
-50,000
| Closed | -$10M |
|
164
Qualcomm
QCOM
$171B
| – | – |
-50,000
| Closed | -$8.32M |
|
165
Raymond James Financial
RJF
$34.9B
| – | – |
-70,000
| Closed | -$12.1M |
|
166
RTX Corp
RTX
$300B
| – | – |
-100,000
| Closed | -$16.7M |
|
167
Royal Bank of Canada
RY
$297B
| – | – |
-738,000
| Closed | -$109M |
|
168
Sun Life Financial
SLF
$44.4B
| – | – |
-490,000
| Closed | -$29.4M |
|
169
S&P Global
SPGI
$121B
| – | – |
-8,400
| Closed | -$4.09M |
|
170
SiriusPoint
SPNT
$2.66B
| – | – |
-199,200
| Closed | -$3.6M |
|
171
AT&T
T
$166B
| – | – |
-531,300
| Closed | -$15M |
|
172
Teck Resources
TECK
$32.4B
| – | – |
-100,000
| Closed | -$4.39M |
|
173
Truist Financial
TFC
$64.3B
| – | – |
-200,000
| Closed | -$9.14M |
|
174
Thermo Fisher Scientific
TMO
$223B
| – | – |
-27,900
| Closed | -$13.5M |
|
175
Travelers Companies
TRV
$77.2B
| – | – |
-15,000
| Closed | -$4.19M |
|
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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.