13F HOLDINGS REPORT
Nearwater Capital Markets, Ltd
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001915842-26-000003
Total Value
$5.85B
Positions
104
Other Managers
0
Confidential Omitted
No
Holdings (104)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ALPHABET INC | GOOG | 1,309,000 | $409.7M | 7.01% |
| 2 | MICROSOFT CORP | MSFT | 741,000 | $358.4M | 6.13% |
| 3 | NVIDIA CORPORATION | NVDA | 1,862,000 | $347.3M | 5.94% |
| 4 | VANGUARD TAX-MANAGED FDS | 921943858 | 4,714,850 | $294.5M | 5.04% |
| 5 | BROADCOM INC | AVGO | 804,000 | $278.3M | 4.76% |
| 6 | META PLATFORMS INC | META | 410,000 | $270.6M | 4.63% |
| 7 | APPLE ORD | AAPL | 766,000 | $208.2M | 3.56% |
| 8 | MICRON TECHNOLOGY INC | MU | 690,000 | $196.9M | 3.37% |
| 9 | VANECK ETF TRUST | 92189F791 | 1,640,000 | $186.6M | 3.19% |
| 10 | WALMART INC | WMT | 1,661,000 | $185.1M | 3.16% |
| 11 | LAM RESEARCH CORP | LRCX | 820,000 | $140.4M | 2.40% |
| 12 | TESLA INC | TSLA | 285,500 | $128.4M | 2.20% |
| 13 | MARVELL TECHNOLOGY INC | MRVL | 1,495,000 | $127.0M | 2.17% |
| 14 | GILEAD SCIENCES INC | GILD | 1,013,000 | $124.3M | 2.13% |
| 15 | SOUTHWEST AIRLS CO | 844741108 | 2,800,000 | $115.7M | 1.98% |
| 16 | ISHARES TR | 464287184 | 2,785,000 | $106.6M | 1.82% |
| 17 | INSMED INC | INSM | 500,000 | $87.0M | 1.49% |
| 18 | BANK AMERICA CORP | 060505104 | 1,550,000 | $85.3M | 1.46% |
| 19 | VANGUARD INTL EQUITY INDEX FUND | 922042742 | 527,500 | $74.4M | 1.27% |
| 20 | SCHWAB CHARLES CORP | SCHW-PJ | 722,000 | $72.1M | 1.23% |
| 21 | MCDONALDS CORP | MCD | 230,000 | $70.3M | 1.20% |
| 22 | COSTCO WHSL CORP NEW | 22160K105 | 81,000 | $69.8M | 1.19% |
| 23 | TERNS PHARMACEUTICALS INC | TERN | 1,704,800 | $68.9M | 1.18% |
| 24 | ISHARES BITCOIN TRUST ETF | IBIT | 1,384,800 | $68.8M | 1.18% |
| 25 | TJX COS INC NEW | 872540109 | 440,000 | $67.6M | 1.16% |
| 26 | FISERV INC | FISV | 995,000 | $66.8M | 1.14% |
| 27 | SMUCKER J M CO | 832696405 | 680,000 | $66.5M | 1.14% |
| 28 | VANGUARD SCOTTSDALE FDS | 92206C870 | 782,100 | $65.5M | 1.12% |
| 29 | SANDISK CORP | SNDK | 271,400 | $64.4M | 1.10% |
| 30 | BOOKING HOLDINGS INC | BKNG | 12,000 | $64.3M | 1.10% |
| 31 | AMAZON COM INC | AMZN | 275,000 | $63.5M | 1.09% |
| 32 | VANGUARD BD INDEX FDS | 921937827 | 800,000 | $63.0M | 1.08% |
| 33 | ARISTA NETWORKS INC | ANET | 419,000 | $54.9M | 0.94% |
| 34 | CELCUITY INC | CELC | 520,200 | $51.9M | 0.89% |
| 35 | SERVICENOW INC | NOW | 330,000 | $50.6M | 0.86% |
| 36 | PEPSICO INC | PEP | 270,000 | $38.8M | 0.66% |
| 37 | TTM TECHNOLOGIES INC | TTMI | 558,900 | $38.6M | 0.66% |
| 38 | T-MOBILE US INC | TMUSZ | 189,000 | $38.4M | 0.66% |
| 39 | UNION PAC CORP | UNP | 161,000 | $37.2M | 0.64% |
| 40 | KENVUE INC | KVUE | 1,990,000 | $34.3M | 0.59% |
| 41 | GE AEROSPACE | 369604301 | 110,000 | $33.9M | 0.58% |
| 42 | NETFLIX INC | NFLX | 350,000 | $32.8M | 0.56% |
| 43 | WORKDAY INC | WDAY | 150,000 | $32.2M | 0.55% |
| 44 | STRIDE INC | LRN | 488,000 | $31.7M | 0.54% |
| 45 | PACKAGING CORP AMER | 695156109 | 143,000 | $29.5M | 0.50% |
| 46 | ISHARES TR | 464287465 | 300,000 | $28.8M | 0.49% |
| 47 | DISNEY WALT CO | 254687106 | 250,000 | $28.4M | 0.49% |
| 48 | HONEYWELL INTL INC | 438516106 | 145,700 | $28.4M | 0.49% |
| 49 | KRANESHARES TRUST | 500767306 | 800,000 | $27.2M | 0.47% |
| 50 | SIX FLAGS ENTERTAINMENT CORP | FUN | 1,755,500 | $26.9M | 0.46% |
| 51 | AVIDITY BIOSCIENCES INC | 05370A108 | 360,200 | $26.0M | 0.44% |
| 52 | SPHERE ENTERTAINMENT CO | SPHR | 250,000 | $23.8M | 0.41% |
| 53 | WORLD GOLD TR | GLDW | 276,600 | $23.6M | 0.40% |
| 54 | REGENERON PHARMACEUTICALS | REGN | 30,000 | $23.2M | 0.40% |
| 55 | VANGUARD INTL EQUITY INDEX FUND | 922042858 | 390,000 | $21.0M | 0.36% |
| 56 | H WORLD GROUP LTD | HWLDF | 428,800 | $20.2M | 0.35% |
| 57 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 40,000 | $20.1M | 0.34% |
| 58 | KLAVIYO INC | KVYO | 600,000 | $19.5M | 0.33% |
| 59 | HYATT HOTELS CORP | H | 120,000 | $19.2M | 0.33% |
| 60 | COMPASS INC | COMP | 1,724,700 | $18.2M | 0.31% |
| 61 | ARCUTIS BIOTHERAPEUTICS INC | ARQT | 615,000 | $17.9M | 0.31% |
| 62 | ADOBE INC | ADBE | 50,000 | $17.5M | 0.30% |
| 63 | KLA CORP | KLAC | 14,000 | $17.0M | 0.29% |
| 64 | TUTOR PERINI CORP | TPC | 225,000 | $15.1M | 0.26% |
| 65 | AVALONBAY CMNTYS INC | AWX | 80,000 | $14.5M | 0.25% |
| 66 | PROGRESSIVE INC | 743315103 | 61,000 | $13.9M | 0.24% |
| 67 | ACM RESH INC | 00108J109 | 350,800 | $13.8M | 0.24% |
| 68 | CEMEX SAB DE CV | CXMSF | 1,189,900 | $13.7M | 0.23% |
| 69 | BOX INC | BXCAP | 456,000 | $13.6M | 0.23% |
| 70 | GRANITE CONSTR INC | GVA | 118,000 | $13.6M | 0.23% |
| 71 | PROLOGIS INC | PLDGP | 100,000 | $12.8M | 0.22% |
| 72 | KANZHUN LIMITED | BZ | 600,000 | $12.2M | 0.21% |
| 73 | ISHARES TR | 464287242 | 109,600 | $12.1M | 0.21% |
| 74 | COLGATE PALMOLIVE CO | CL | 152,000 | $12.0M | 0.21% |
| 75 | AUTODESK INC | ADSK | 38,000 | $11.2M | 0.19% |
| 76 | REV GROUP INC | 749527107 | 181,000 | $11.0M | 0.19% |
| 77 | XCEL ENERGY INC | XELLL | 144,000 | $10.6M | 0.18% |
| 78 | TEXAS INSTRS INC | 882508104 | 60,000 | $10.4M | 0.18% |
| 79 | ISHARES TR | 464287432 | 110,000 | $9.6M | 0.16% |
| 80 | PDD HOLDINGS INC | PDD | 83,100 | $9.4M | 0.16% |
| 81 | CHENIERE ENERGY INC | LNG | 47,000 | $9.1M | 0.16% |
| 82 | SPDR SERIES TRUST | 78468R408 | 345,100 | $8.7M | 0.15% |
| 83 | BEACON FINANCIAL CORP | BBT | 329,500 | $8.7M | 0.15% |
| 84 | INTUIT | INTU | 13,000 | $8.6M | 0.15% |
| 85 | SEA LTD | SE | 67,500 | $8.6M | 0.15% |
| 86 | AUTOMATIC DATA PROCESSING INC | ADP | 32,000 | $8.2M | 0.14% |
| 87 | MOOG INC | MOG-B | 33,500 | $8.2M | 0.14% |
| 88 | DOMINOS PIZZA INC | DPZ | 19,000 | $7.9M | 0.14% |
| 89 | TAL EDUCATION GROUP | TAL | 700,000 | $7.6M | 0.13% |
| 90 | DELEK US HOLDINGS INC NEW | DK | 255,000 | $7.6M | 0.13% |
| 91 | EXPONENT INC | EXPO | 95,300 | $6.6M | 0.11% |
| 92 | AMERIS BANCORP | ABCB | 75,000 | $5.6M | 0.10% |
| 93 | ICICI BANK LIMITED | IBN | 180,300 | $5.4M | 0.09% |
| 94 | QFIN HOLDINGS INC | QFNHF | 250,000 | $4.8M | 0.08% |
| 95 | ISHARES GOLD TR | IAU | 44,100 | $3.6M | 0.06% |
| 96 | PIMCO ETF TR | 72201R882 | 55,400 | $3.6M | 0.06% |
| 97 | HAMILTON INSURANCE GROUP LTD | HG | 120,100 | $3.4M | 0.06% |
| 98 | ACADIAN ASSET MANAGEMENT INC | AAMI | 60,000 | $2.8M | 0.05% |
| 99 | NEKTAR THERAPEUTICS | NKTR | 61,500 | $2.6M | 0.04% |
| 100 | CNO FINL GROUP INC | 12621E103 | 53,800 | $2.3M | 0.04% |
| 101 | INDIVIOR PLC | INDV | 60,000 | $2.2M | 0.04% |
| 102 | VIRTUS INVT PARTNERS INC | 92828Q109 | 11,400 | $1.9M | 0.03% |
| 103 | SOLSTICE ADVANCED MATLS INC | 83443Q103 | 36,425 | $1.8M | 0.03% |
| 104 | FORD MTR CO | 345370860 | 1 | $13 | 0.00% |