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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
GOOGL icon
1
Alphabet (Google) Class A
GOOGL
$4.33T
$410M 7.01%
1,309,000
+311,000
+31% +$88.9M
MSFT icon
2
Microsoft
MSFT
$3.71T
$358M 6.13%
741,000
-197,675
-21% -$99.1M
NVDA icon
3
NVIDIA
NVDA
$5.42T
$347M 5.94%
1,862,000
-2,268,200
-55% -$422M
VEA icon
4
Vanguard FTSE Developed Markets ETF
VEA
$236B
$295M 5.04%
+4,714,850
New +$289M
AVGO icon
5
Broadcom
AVGO
$2.04T
$278M 4.76%
804,000
-40,000
-5% -$14.3M
META icon
6
Meta Platforms (Facebook)
META
$1.51T
$271M 4.63%
410,000
+179,000
+77% +$120M
AAPL icon
7
Apple
AAPL
$4.57T
$208M 3.56%
766,000
-602,900
-44% -$162M
MU icon
8
Micron Technology
MU
$991B
$197M 3.37%
690,000
+349,000
+102% +$80.1M
GDXJ icon
9
VanEck Junior Gold Miners ETF
GDXJ
$8.46B
$187M 3.19%
1,640,000
+780,000
+91% +$80.6M
WMT icon
10
Walmart Inc
WMT
$890B
$185M 3.16%
1,661,000
+1,011,900
+156% +$109M
LRCX icon
11
Lam Research
LRCX
$390B
$140M 2.4%
820,000
+429,600
+110% +$66.8M
TSLA icon
12
Tesla
TSLA
$1.3T
$128M 2.2%
285,500
-54,500
-16% -$24.2M
MRVL icon
13
Marvell Technology
MRVL
$196B
$127M 2.17%
+1,495,000
New +$131M
GILD icon
14
Gilead Sciences
GILD
$165B
$124M 2.13%
1,013,000
+423,000
+72% +$51.4M
LUV icon
15
Southwest Airlines
LUV
$23B
$116M 1.98%
2,800,000
+1,200,000
+75% +$41.9M
FXI icon
16
iShares China Large-Cap ETF
FXI
$4.31B
$107M 1.82%
2,785,000
+1,845,000
+196% +$73.2M
INSM icon
17
Insmed
INSM
$28.6B
$87M 1.49%
500,000
+300,000
+150% +$54.7M
BAC icon
18
Bank of America
BAC
$442B
$85.3M 1.46%
1,550,000
-1,100,000
-42% -$58.1M
VT icon
19
Vanguard Total World Stock ETF
VT
$79.8B
$74.4M 1.27%
+527,500
New +$73.7M
SCHW
20
Charles Schwab
SCHW
$187B
$72.1M 1.23%
722,000
-702,879
-49% -$66.7M
MCD icon
21
McDonald's
MCD
$195B
$70.3M 1.2%
230,000
+97,000
+73% +$29.7M
COST icon
22
Costco
COST
$420B
$69.8M 1.19%
81,000
+27,700
+52% +$25.1M
TERN
23
DELISTED
Terns Pharmaceuticals
TERN
$68.9M 1.18%
+1,704,800
New +$39.4M
IBIT icon
24
iShares Bitcoin Trust
IBIT
$47.8B
$68.8M 1.18%
1,384,800
+784,800
+131% +$44.6M
TJX icon
25
TJX Companies
TJX
$178B
$67.6M 1.16%
440,000
+310,000
+238% +$45.8M
1
2 3 4 5

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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.