Nearwater Capital Markets, Ltd
Long book
$4.24B
Q1 2026
Positions
82
Top-10 weight
41%
concentration
Last quarter
+16.4%
SPY +14.8%
Turnover
73%
of book per quarter
Strategy in plain words
auto-generated from filingsNearwater Capital Markets, Ltd is a quantitative fund whose holdings reflect models, not opinions, running a $4.24B US long book across 82 positions.
The portfolio is moderately concentrated (top 10 ≈ 41% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: STE STR SPDR PT DW EU ETF, APPLE INC, NVIDIA CORP, VANECK JUNIOR GOLD MINERS, VANGUARD FTSE DEVELOPED ETF.
Over the last 6 quarters its long book ran on average 2.2pp per quarter ahead of the S&P 500, beating the index in 5 of 6 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
-5.1%
Q1 2025
+15.0%
Q2 2025
+11.8%
Q3 2025
+4.0%
Q4 2025
-0.9%
Q1 2026
+16.4%
Sector allocation
Technology 44%
Healthcare 15%
Industrials 10%
Financials 7%
Consumer discretionary 7%
Other 7%
Services media 4%
Energy 3%
Long book by quarter
What does Nearwater Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 1.0M | $256.4M | 6.0% | +31.9% |
| NVDA NVIDIA CORP | Technology | 1.4M | $249.0M | 5.9% | -23.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 640.0K | $133.3M | 3.1% | +132.7% |
| SNDK SANDISK CORP | Technology | 206.0K | $130.9M | 3.1% | -24.1% |
| 430 TERNS PHARMACEUTICALS INC | — | 2.2M | $113.4M | 2.7% | +26.1% |
| CAT CATERPILLAR INC | Industrials | 152.0K | $107.7M | 2.5% | New |
| AVGO BROADCOM INC | Technology | 301.0K | $93.2M | 2.2% | -62.6% |
| JNJ JOHNSON & JOHNSON | Healthcare | 370.0K | $90.4M | 2.1% | New |
| GOOGL ALPHABET INC-CL A | Technology | 292.0K | $84.0M | 2.0% | -77.7% |
| WFC WELLS FARGO & CO | Financials | 1.0M | $79.9M | 1.9% | New |
| NEM NEWMONT CORP | Materials | 702.0K | $76.0M | 1.8% | New |
| TER TERADYNE INC | Technology | 225.0K | $66.7M | 1.6% | New |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 678.0K | $65.9M | 1.6% | New |
| NCLH NORWEGIAN CRUISE LINE HOLDIN | Industrials | 3.4M | $63.7M | 1.5% | New |
| PG PROCTER & GAMBLE CO/THE | Other | 435.0K | $62.8M | 1.5% | New |
| META META PLATFORMS INC-CLASS A | Technology | 107.0K | $61.2M | 1.4% | -73.9% |
| MSFT MICROSOFT CORP | Technology | 165.0K | $61.1M | 1.4% | -77.7% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 124.0K | $59.4M | 1.4% | +210.0% |
| MA MASTERCARD INC - A | Services media | 109.0K | $54.5M | 1.3% | New |
| CELC CELCUITY INC | Healthcare | 473.1K | $54.0M | 1.3% | -9.1% |
| CVX CHEVRON CORP | Energy | 251.0K | $51.9M | 1.2% | New |
| INSM INSMED INC | Healthcare | 300.0K | $49.1M | 1.2% | -40.0% |
| TTWO TAKE-TWO INTERACTIVE SOFTWRE | Technology | 226.0K | $44.6M | 1.1% | New |
| SPHR SPHERE ENTERTAINMENT CO | Services media | 375.0K | $44.0M | 1.0% | +50.0% |
| ABT ABBOTT LABORATORIES | Healthcare | 425.0K | $43.6M | 1.0% | New |
| AMAT APPLIED MATERIALS INC | Technology | 124.0K | $42.4M | 1.0% | New |
| ANET ARISTA NETWORKS INC | Technology | 319.0K | $39.2M | 0.9% | -23.9% |
| LLY ELI LILLY & CO | Healthcare | 40.0K | $36.8M | 0.9% | New |
| HESM HESS MIDSTREAM LP - CLASS A | Energy | 900.0K | $35.0M | 0.8% | New |
| MCD MCDONALD'S CORP | Consumer discretionary | 109.0K | $33.9M | 0.8% | -52.6% |
| ADBE ADOBE INC | Technology | 133.0K | $32.3M | 0.8% | +166.0% |
| SNPS SYNOPSYS INC | Technology | 80.0K | $31.7M | 0.7% | New |
| WBS WEBSTER FINANCIAL CORP | Financials | 412.0K | $28.6M | 0.7% | New |
| CMI CUMMINS INC | Industrials | 53.0K | $28.5M | 0.7% | New |
| ROST ROSS STORES INC | Consumer discretionary | 130.0K | $28.2M | 0.7% | New |
| GILD GILEAD SCIENCES INC | Healthcare | 200.0K | $27.9M | 0.7% | -80.3% |
| MSI MOTOROLA SOLUTIONS INC | Technology | 60.0K | $26.0M | 0.6% | New |
| LRCX LAM RESEARCH CORP | Industrials | 118.0K | $25.2M | 0.6% | -85.6% |
| UNH UNITEDHEALTH GROUP INC | Financials | 90.0K | $24.4M | 0.6% | New |
| GTLS CHART INDUSTRIES INC | Industrials | 110.0K | $22.7M | 0.5% | New |
| RTX RTX CORP | Industrials | 108.0K | $20.8M | 0.5% | New |
| SJM JM SMUCKER CO/THE | Consumer staples | 200.0K | $19.3M | 0.5% | -70.6% |
| NKTR NEKTAR THERAPEUTICS | Healthcare | 261.5K | $18.8M | 0.4% | +325.2% |
| K4F ONESTREAM INC | — | 707.8K | $17.0M | 0.4% | New |
| PEN PENUMBRA INC | Healthcare | 50.0K | $16.4M | 0.4% | New |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 88.5K | $16.1M | 0.4% | New |
| WDAY WORKDAY INC-CLASS A | Technology | 115.0K | $14.9M | 0.4% | -23.3% |
| ARQT ARCUTIS BIOTHERAPEUTICS INC | Healthcare | 607.3K | $14.3M | 0.3% | -1.3% |
| NOW SERVICENOW INC | Technology | 95.0K | $9.9M | 0.2% | -71.2% |
| PBF PBF ENERGY INC-CLASS A | Energy | 200.0K | $9.5M | 0.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 82 | $4.24B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 104 | $5.85B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 144 | $7.48B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 103 | $6.25B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 89 | $3.51B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 78 | $3.50B | canonical | SEC ↗ |
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