NWI Management Portfolio holdings
NWI Management is a global macro investment manager that puts an emphasis on emerging markets. It has been in business since 1999 and runs private and offshore funds for institutional and high net worth investors. Hari Hariharan and Chandrika Hariharan own and control the firm. Its process starts with a top-down read of economic and policy indicators, which sets the themes and direction of the portfolio before it picks instruments. It may take long and short positions in government and corporate bonds, stocks, currencies and commodities.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street Health Care Select Sector SPDR ETF
XLV
|
+$80.3M |
| 2 |
Apple
AAPL
|
+$80.1M |
| 3 |
Meta Platforms (Facebook)
META
|
+$66M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$64.3M |
| 5 |
Revolution Medicines
RVMD
|
+$26.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco QQQ Trust
QQQ
|
+$423M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$71.4M |
| 3 |
Teva Pharmaceutical Industries Limited
TEVA
|
+$67.4M |
| 4 |
Microsoft
MSFT
|
+$56.1M |
| 5 |
Eli Lilly
LLY
|
+$55.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 33.27% |
| 2 | Technology | 21.8% |
| 3 | Healthcare | 20.41% |
| 4 | Communication Services | 9.97% |
| 5 | Financials | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
Figure Technology Solutions
FIGR
$5.29B
| $18M | 0.83% |
585,000
+195,000
| +50% | +$6.52M |
2025 Q3
3 quarters
|
|
|
27
CALL
Meta Platforms (Facebook)
META
$1.63T
| $17.5M | 0.81% |
+31,100
| New | +$19M |
2026 Q2
0 quarters
|
|
28
Northrop Grumman
NOC
$79.9B
| $15.8M | 0.73% |
31,100
+9,600
| +45% | +$5.54M |
2026 Q1
1 quarter
|
|
29
Oracle
ORCL
$423B
| $14.7M | 0.68% |
100,000
| – | – |
2025 Q4
2 quarters
|
|
30
Lockheed Martin
LMT
$149B
| $13.8M | 0.64% |
27,000
| – | – |
2025 Q3
3 quarters
|
|
31
Walmart Inc
WMT
$962B
| $13.6M | 0.63% |
120,000
| – | – |
2020 Q3
23 quarters
|
|
32
Invesco S&P 500 Equal Weight ETF
RSP
$101B
| $11.5M | 0.53% |
54,000
| – | – |
2025 Q4
2 quarters
|
|
33
CrowdStrike
CRWD
$267B
| $11.4M | 0.53% |
60,000
| – | – |
2024 Q1
9 quarters
|
|
34
iShares MSCI India ETF
INDA
$5.82B
| $10.4M | 0.48% |
210,000
| – | – |
2023 Q4
10 quarters
|
|
35
Abivax
ABVX
$7.8B
| $9.6M | 0.44% |
+72,000
| New | +$8.15M |
2026 Q2
0 quarters
|
|
36
Cogent Biosciences
COGT
$5.55B
| $9.35M | 0.43% |
241,671
| – | – |
2025 Q4
2 quarters
|
|
37
Waters Corp
WAT
$47.2B
| $7.31M | 0.34% |
19,489
| – | – |
2026 Q1
1 quarter
|
|
38
Galicia Financial Group
GGAL
$5.42B
| $4.97M | 0.23% |
99,312
| – | – |
2024 Q3
7 quarters
|
|
39
AstraZeneca
AZN
$270B
| $4.74M | 0.22% |
25,000
| – | – |
2020 Q4
22 quarters
|
|
40
Alibaba
BABA
$248B
| $4.32M | 0.2% |
45,000
| – | – |
2019 Q3
27 quarters
|
|
41
iShares Silver Trust
SLV
$25.4B
| $3.48M | 0.16% |
65,000
| – | – |
2020 Q3
23 quarters
|
|
42
Newmont
NEM
$116B
| $2.1M | 0.1% |
+22,500
| New | +$2.45M |
2026 Q2
0 quarters
|
|
43
Vistra
VST
$47.3B
| $2M | 0.09% |
+12,600
| New | +$1.95M |
2026 Q2
0 quarters
|
|
44
VanEck Semiconductor ETF
SMH
$70.2B
| $1.97M | 0.09% |
3,000
| – | – |
2024 Q2
8 quarters
|
|
45
Jones Lang LaSalle
JLL
$16.1B
| $1.95M | 0.09% |
+6,300
| New | +$1.96M |
2026 Q2
0 quarters
|
|
46
McDonald's
MCD
$182B
| $1.95M | 0.09% |
+7,200
| New | +$2.06M |
2026 Q2
0 quarters
|
|
47
SPDR Gold Trust
GLD
$135B
| $1.84M | 0.09% |
5,000
| – | – |
2023 Q4
10 quarters
|
|
48
iShares MSCI South Korea ETF
EWY
$23.7B
| $1.82M | 0.08% |
9,000
| – | – |
2026 Q1
1 quarter
|
|
|
49
Eli Lilly
LLY
$1.22T
| $1.8M | 0.08% |
1,500
-54,000
| -97% | -$55.2M |
2024 Q4
6 quarters
|
|
|
50
Teva Pharmaceutical Industries Limited
TEVA
$48.4B
| $1.36M | 0.06% |
40,000
-2,025,000
| -98% | -$67.4M |
2024 Q4
6 quarters
|
|
Similar funds
NWI Management's Q2 2026 Portfolio in Review
As of Q2 2026, NWI Management held 64 positions worth $2.16B, up 23% from $1.76B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
NWI Management withdrew a net $332M in Q2 2026, closing 9 positions and reducing 5 holdings. Its most notable exit was Invesco QQQ Trust, an estimated $423M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 33% of assets, down from 35% a quarter earlier, followed by Technology and Healthcare.
Against the trend, NWI Management opened a new position in Revolution Medicines worth $33.7M.
- NWI Management's largest Q2 2026 buy was Revolution Medicines: 180,000 shares worth $33.7M.
- NWI Management added most to State Street Health Care Select Sector SPDR ETF in Q2 2026, an estimated $80.3M increase.
- NWI Management's biggest Q2 2026 reduction was Teva Pharmaceutical Industries Limited, cutting an estimated $67.4M.
- NWI Management fully exited Invesco QQQ Trust in Q2 2026, selling an estimated $423M.
- NWI Management's ten largest holdings make up 65% of its $2.16B portfolio in Q2 2026.
- NWI Management opened 12 new positions and closed 9 in Q2 2026.
- NWI Management's portfolio value rose 23% quarter-over-quarter to $2.16B.
Based on NWI Management's 13F filing for Q2 2026, filed 14 Aug 2026.