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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

Ramirez Asset Management, Inc.

Quarter ended Q2 2025 · Filed July 24, 2025 · Accession 0001992110-25-000010

Total Value
$661.2M
Positions
344
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (344)

#IssuerTicker / CUSIPSharesValue% of Filing
1TAIWAN SEMICONDUCTOR MFG ADR874039100196,995$44.6M6.75%
2KB FINANCIAL GROUP INC ADR48241A105304,298$25.1M3.80%
3ITAU UNIBANCO HLDG PREF ADR4655621062,162,787$14.7M2.22%
4Grupo Financiero Banorte S A B40052P107285,896$13.0M1.97%
5ENGIE SA ADR29286D105514,441$12.0M1.82%
6JBS N.V. COM SHS CL AJBS814,236$11.9M1.80%
7SOFTBANK GROUP CORP ADR83404D109321,137$11.7M1.77%
8RHEINMETALL AG ADRRH25,420$10.7M1.62%
9COCA COLA FEMSA SAB DE CV ADRCOCSF104,723$10.1M1.53%
10SHINHAN FINANCIAL GROUP ADRSHG218,158$9.9M1.49%
11TENCENT HLDGS LTD ADRXHLD141,606$9.1M1.38%
12Cameco CorpCCJ119,637$8.9M1.34%
13MARUBENI CORP ADR57381020743,771$8.8M1.34%
14AXA ADRAXTA172,419$8.4M1.28%
15Microsoft CorpMSFT16,663$8.3M1.25%
16Smurfit Westrock PlcSW184,782$8.0M1.21%
17Nvidia CorporationNVDA49,421$7.8M1.18%
18SUMITOMO MITSUI FINL GROUP ADR86562M209505,871$7.6M1.16%
19VINCI SA ADR927320101205,186$7.5M1.14%
20VEOLIA ENVIRONMENT ADR92334N103424,043$7.5M1.14%
21Broadcom IncAVGO26,422$7.3M1.10%
22EMBRAER SA ADREMBJ124,629$7.1M1.07%
23BAE SYSTEM PLC ADRBAESF68,509$7.1M1.07%
24CEMEX SA ADRCXMSF997,387$6.9M1.05%
25DEUTSCHE TELEKOM AG ADRDTEGF188,040$6.8M1.03%
26LONDON STOCK EXCHANGE GROUP AD54211N101186,934$6.8M1.03%
27SCHNEIDER ELECTRIC SA ADR80687P106128,132$6.8M1.03%
28HITACHI LTD ADRHTHIF229,908$6.7M1.01%
29Mitsubishi Ufj Financial Group606822104480,219$6.6M1.00%
30JPMorgan Chase & CoVYLD22,415$6.5M0.98%
31STANDARD CHARTERED PLC ADS853254100189,817$6.3M0.95%
32CELLNEX TELECOM S A UNSPONSORD15117X105312,520$6.0M0.91%
33DISCO CORP ADRDISPF204,668$6.0M0.91%
34INTESA SANPAOLO SPA ADR46115H107174,103$6.0M0.91%
35MICRON TECHNOLOGY INCMU48,349$6.0M0.90%
36PT TELEKOM INDONESIA ADR715684106351,350$6.0M0.90%
37Eaton Corp plcETN16,261$5.8M0.88%
38Apple IncAAPL27,501$5.6M0.85%
39SILICON MOTION TECHNOLOGY CORPSIMO74,012$5.6M0.84%
40Linde plcLIN11,779$5.5M0.84%
41SANDOZ GROUP AG ADS79992610098,424$5.4M0.81%
42Coupang Inc Cl ACPNG178,638$5.4M0.81%
43SSE PLC SPONSORED ADR78467K107212,232$5.3M0.81%
44ALIBABA GROUP HOLDING LTD ADRBBAAY43,013$4.9M0.74%
45TELEFONICA BRASIL SA NEW ADRVIV426,868$4.9M0.74%
46Canadian Pacific Kansas City CCP60,653$4.8M0.73%
47FUJIFILM HLDGS CORP ADR35958N107424,735$4.6M0.70%
48SOUTHERN COPPER CORPSCCO45,318$4.6M0.69%
49Reckitt Benckiser Group plc AD756255204330,522$4.5M0.68%
50Amazon com IncAMZN19,795$4.3M0.66%
51ASE TECHNOLOGY HOLDING CO ADSASX415,180$4.3M0.65%
52AIRBUS SE ADRAIIR80,854$4.2M0.64%
53Meta Platforms Inc Cl AMETA5,561$4.1M0.62%
54Abbvie IncABBV22,027$4.1M0.62%
55PANASONIC HLDGS CORP UNSPONSOR69832A304377,719$4.1M0.62%
56RENESAS ELECTRONICS CORP ADR75972B101654,903$4.1M0.61%
57KOREA ELEC POWER CORP ADR500631106278,651$4.0M0.60%
58Nedbank Group Limited Sp ADR63975K104284,471$3.9M0.59%
59Aercap Holdings NvAER31,972$3.7M0.57%
60MITSUBISHI ELEC CORP ADR60677620183,495$3.6M0.54%
61ANGLOGOLD ASHANTI PLC COM SHSAU76,389$3.5M0.53%
62ASTRAZENECA PLC ADRAZN49,187$3.4M0.52%
63Caterpillar IncCAT8,840$3.4M0.52%
64TRIP.COM GROUP LTD ADRTRPCF56,427$3.3M0.50%
65E.ON AG ADRENAKF176,503$3.2M0.49%
66Alliant Energy CorpLNT52,376$3.2M0.48%
67Visa Inc Cl AV8,885$3.2M0.48%
68General Dynamics CorpGD10,727$3.1M0.47%
69CHINA CONSTR BANK CORP ADR168919108154,778$3.1M0.47%
70Weg Sa Brazil Sp Adr94858P209394,699$3.1M0.47%
71Alphabet Inc Cl AGOOG17,456$3.1M0.47%
72GRAB HOLDINGS LIMITED CLASS AGRABW602,415$3.0M0.46%
73NESTLE SA ADR64106940630,263$3.0M0.45%
74iShares Russell 1000 Growth ET4642876147,050$3.0M0.45%
75DAIICHI SANKYO CO LTD ADR23381D102123,174$2.9M0.43%
76Abbott LaboratoriesABLZF21,049$2.9M0.43%
77STELLANTIS NV SHSSTLA278,270$2.8M0.42%
78BANCO BILBAO VIZCAYA ARGENTARIBBVXF181,087$2.8M0.42%
79Phillips 66PSX22,562$2.7M0.41%
80Hartford Insurance Group Inc CHIG-PG21,140$2.7M0.41%
81FOMENTO ECONOMICO MEXICANO ADR34441910625,813$2.7M0.40%
82ASHTEAD GROUP PLC ADR04505510010,360$2.7M0.40%
83FULL TRUCK ALLIANCE CO LTD ADSYMM212,854$2.5M0.38%
84GRUPO FINANCIERO GALICIA S.ASPGGAL48,818$2.5M0.37%
85Alphabet Inc Cl CGOOG13,340$2.4M0.36%
86Avalonbay Communities IncAWX11,541$2.3M0.36%
87BANCO MACRO SA ADR B05961W10533,433$2.3M0.36%
88Morgan StanleyMS-PQ16,290$2.3M0.35%
89Permian Resources Corp Class APR166,800$2.3M0.34%
90STANDARD BANK GROUP LTD ADR853118206176,412$2.3M0.34%
91HOYA CORP ADR44325110318,534$2.2M0.33%
92NN Group NV ADRNNBR66,316$2.2M0.33%
93Booking Holdings IncBKNG370$2.1M0.32%
94TENCENT MUSIC ENTMT GROUP ADSXHLD108,144$2.1M0.32%
95Paychex IncPAYX14,412$2.1M0.32%
96Bank of America Corp06050510443,597$2.1M0.31%
97Cisco Systems IncCSCO29,407$2.0M0.31%
98KT CORP ADRKT97,850$2.0M0.31%
99WOORI FINANCIAL GROUP INC ADR98106410839,157$1.9M0.29%
100Citigroup Inc NewC-PR22,835$1.9M0.29%
101NOVO NORDISK AS ADRNONOF27,948$1.9M0.29%
102CSL LTD ADR12637N20424,067$1.9M0.29%
103ONEOK IncOKE22,817$1.9M0.28%
104Parker Hannifin CorpPH2,590$1.8M0.27%
105Synopsys IncSNPS3,512$1.8M0.27%
106Autozone IncAZO460$1.7M0.26%
107CMS Energy CorpCMS-PC24,204$1.7M0.25%
108American Express CoAXP5,208$1.7M0.25%
109KLA Corp NewKLAC1,846$1.7M0.25%
110Marathon Petroleum CorpMARA9,531$1.6M0.24%
111Salesforce IncCRM5,724$1.6M0.24%
112Public StoragePSA-PS5,299$1.6M0.24%
113Honeywell Intl Inc4385161066,610$1.5M0.23%
114WH GROUP LTD SPONSORED ADR92890T20579,882$1.5M0.23%
115AGRICULTURAL BK CHINA LTD ADR00850M10284,983$1.5M0.23%
116PING AN INSURANCE GROUP ADR RE72341E304118,653$1.5M0.23%
117Steel Dynamics IncSTLD11,604$1.5M0.22%
118IntuitINTU1,880$1.5M0.22%
119POPULAR INC COM NEWBPOPM13,408$1.5M0.22%
120Ameriprise Financial Inc03076C1062,717$1.5M0.22%
121Carlisle Cos Inc1423391003,864$1.4M0.22%
122Banco Latino Americano ComerP1699413235,718$1.4M0.22%
123Elevance Health IncELV3,649$1.4M0.21%
124Stryker CorporationSYK3,516$1.4M0.21%
125Nasdaq IncNDAQ15,451$1.4M0.21%
126GOLD FIELDS LTD NEW ADRGFIOF57,012$1.3M0.20%
127Itt IncITT8,578$1.3M0.20%
128DIDI GLOBAL INC SPONSORED ADSDIDIY269,626$1.3M0.20%
129Adobe IncADBE3,391$1.3M0.20%
130Trane Technologies plcTT2,874$1.3M0.19%
131S&P Global IncSPGI2,297$1.2M0.18%
132Caci International Inc Cl A1271903042,490$1.2M0.18%
133Intercontinental Exchange Inc45866F1045,917$1.1M0.16%
134Boston Scientific CorpBSX9,836$1.1M0.16%
135Applied Materials Inc0382221055,513$1.0M0.15%
136Equinix IncEQIX1,266$1.0M0.15%
137The Cigna Group1255231003,009$994,7150.15%
138Prudential Financial IncPUKPF9,237$992,4230.15%
139Home Depot IncHD2,674$980,3950.15%
140VANGUARD ESG INTL STOCK ETF92191072514,800$969,4000.15%
141iShares Core S&P 500 ETF4642872001,555$965,4990.15%
142Old Dominion Freight Line IncODFL5,905$958,3810.14%
143Marriott Intl Inc Cl A5719032023,463$946,1260.14%
144Thermo Fisher Scientific IncTMO2,265$918,3670.14%
145Advanced Micro Devices IncAMD6,199$879,6380.13%
146Oracle CorpORCL-PD3,886$849,5960.13%
147D R Horton Inc23331A1096,077$783,4470.12%
148Eli Lilly & CoLLY942$734,3170.11%
149Prologis IncPLDGP6,705$704,8300.11%
150Lowes Cos Inc5486611073,073$681,8070.10%
151Sherwin Williams CoSHW1,834$629,7220.10%
152Valero Energy CorpVLO4,665$627,0690.09%
153Kodiak Gas Services Inc50012A10815,925$545,7500.08%
154Bank New York Mellon Corp0640581005,522$503,1090.08%
155Cencora IncCOR1,647$493,8530.07%
156State Street CorpSTT-PG4,597$488,8450.07%
157Fortinet IncFTNT4,387$463,7940.07%
158Arista Networks IncANET4,528$463,2600.07%
159WW Grainger Inc384802104445$462,9070.07%
160Arch Capital Group LtdG0450A1054,724$430,1200.07%
161DTE Energy CoDTK3,235$428,5080.06%
162Cadence Design System IncCDNS1,371$422,4740.06%
163Verisk Analytics IncVRSK1,334$415,5410.06%
164Hilton Worldwide Holdings IncHLT1,525$406,1680.06%
165Msci IncMSCI686$395,6440.06%
166Lam Research Corp NewLRCX3,980$387,4130.06%
167Royal Caribbean GroupV7780T1031,234$386,4150.06%
168Hubbell IncHUBB938$383,0890.06%
169Curtiss Wright CorpCW775$378,6260.06%
170Digital Realty Trust Inc2538681032,018$351,7980.05%
171Labcorp Holdings IncLH1,297$340,4750.05%
172Regions Financial CorpRF-PF14,450$339,8640.05%
173Blackstone IncBX2,266$338,9480.05%
174Martin Marietta Materials Inc573284106595$326,6310.05%
175Ameren CorpAEE3,394$325,9600.05%
176Ametek IncAME1,795$324,8230.05%
177Keysight Technologies IncKEYS1,949$319,3630.05%
178ISHARES MSCI EMERGING MKTS ETF4642872346,462$311,7200.05%
179Eastgroup Properties Inc2772761011,834$306,4980.05%
180Expedia Group Inc NewEXPE1,803$304,1300.05%
181Goldman Sachs Group IncGSCE425$300,7940.05%
182Otis Worldwide CorpOTIS3,021$299,1390.05%
183Teledyne Technologies IncTDY561$287,4060.04%
184Church & Dwight Co IncCHD2,976$286,0230.04%
185First Industrial Realty Trust32054K1035,862$282,1380.04%
186SPDR S&P 500 ETF TrustSPY450$278,0320.04%
187Baker Hughes Company Cl ABKR7,122$273,0570.04%
188Molina Healthcare IncMOH908$270,4930.04%
189Ross Stores IncROST2,057$262,4320.04%
190Diamondback Energy IncFANG1,905$261,7470.04%
191Vanguard S&P 500 Etf922908363448$254,4770.04%
192Technology Select Sector SPDR81369Y8031,000$253,2300.04%
193Motorola Solutions IncMSI596$250,5940.04%
194Lennar Corp Cl ALEN-B2,247$248,5410.04%
195Cummins IncCMI740$242,3500.04%
196Snowflake Inc Cl ASNOW1,050$234,9580.04%
197Assurant IncAIZN1,180$233,0380.04%
198Fifth Third Bancorp ComFITBM5,628$231,4800.04%
199Crowdstrike Holdings Inc Cl ACRWD450$229,1890.03%
200Extra Space Storage IncEXR1,483$218,6540.03%
201PPG Industries Inc6935061071,902$216,3520.03%
202Ansys Inc03662Q105595$208,9760.03%
203Darden Restaurants IncDRI900$196,1730.03%
204Johnson Controls Intl PlcG515021051,800$190,1160.03%
205SPDR S&P Software & Services E78464A5991,000$189,8200.03%
206ASML Holding NV Ny RegistryASMLF225$180,3130.03%
207Tyler Technologies IncTYL300$177,8520.03%
208ISHARES MSCI EMexCHINA ETF46434G7642,672$168,7100.03%
209Robinhood Mkts Inc Cl A7707001021,800$168,5340.03%
210iShares Russell Mid-Cap Growth4642874811,200$166,4160.03%
211Vanguard Industrials Etf92204A603580$162,4410.02%
212Cooper Cos Inc2166485012,212$157,4060.02%
213Vanguard Financials Etf92204A4051,210$154,0330.02%
214Wisdomtree India Earnings FundWT3,200$151,9040.02%
215Ishares Msci China Etf46429B6712,700$148,7700.02%
216Costco Wholesale Corp22160K105150$148,4910.02%
217Datadog Inc Cl ADDOG1,100$147,7630.02%
218iShares Core S&P Mid-Cap ETF4642875072,375$147,2970.02%
219Berkshire Hathaway Inc Cl BBRK-A300$145,7310.02%
220Steris plcSTE594$142,6910.02%
221Johnson & JohnsonJNJ926$141,4460.02%
222Ingersoll Rand IncIR1,700$141,4060.02%
223Vanguard FTSE Emerging Markets9220428582,818$139,3550.02%
224SAP SE ADRSAPGF450$136,8450.02%
225Vanguard S&P Mid-Cap 400 Etf9219328851,280$134,3740.02%
226KKR & Co IncKKRT1,000$133,0300.02%
227Wal-Mart IncWMT1,300$127,1140.02%
228Vanguard Health Care Etf92204A504510$126,6530.02%
229Autodesk IncADSK400$123,8280.02%
230Palo Alto Networks IncPANW600$122,7840.02%
231Accenture plc Ireland Class AACN400$119,5560.02%
232PepsiCo IncPEP900$118,8360.02%
233Vanguard Russell 2000 Etf92206C6641,332$116,1770.02%
234Waste Management Inc Del94106L109500$114,4100.02%
235Walt Disney Co254687106900$111,6090.02%
236Hubspot IncHUBS200$111,3260.02%
237Piper Sandler Companies ComPIPR400$111,1760.02%
238Invesco QQQ Trust Series IIVZ200$110,3280.02%
239Novartis AG ADRNVSEF900$108,9090.02%
240Carlyle Group IncCGABL2,100$107,9400.02%
241SPDR S&P Biotech ETF78464A8701,275$105,7360.02%
242ServiceNow IncNOW100$102,8080.02%
243CRH PLCCRH1,100$100,9800.02%
244Vanguard FTSE Europe ETF9220428741,300$100,7500.02%
245Netflix IncNFLX75$100,4350.02%
246Workday Inc Cl AWDAY400$96,0000.01%
247Insulet CorpPODD300$94,2540.01%
248Jacobs Solutions IncJ700$92,0150.01%
249Aecom ComACM800$90,2880.01%
250Kimberly Clark CorpKMB700$90,2440.01%
251Rubrik Inc Cl ARBRK1,000$89,5900.01%
252Carrier Global CorporationCARR1,200$87,8280.01%
253Freeport McMoran Inc Cl BFCX2,000$86,7000.01%
254Air Prods & Chems IncAIIR300$84,6180.01%
255Constellation Brands Inc Cl ASTZ500$81,3400.01%
256Metlife IncMET-PF1,000$80,4200.01%
257Wells Fargo Co9497461011,000$80,1200.01%
258Coterra Energy IncCTRA3,000$76,1400.01%
259Lumentum Holdings IncLITE800$76,0480.01%
260Eqt Corp ComEQT1,300$75,8160.01%
261Vanguard Consumer Staples Etf92204A207345$75,5550.01%
262JFrog LtdFROG1,700$74,5960.01%
263Vanguard Utilities Etf92204A876420$74,1340.01%
264Schlumberger LtdSLB2,125$71,8250.01%
265Vanguard FTSE Developed Market9219438581,255$71,5480.01%
266Medtronic plcMDT800$69,7360.01%
267Chevron CorpCVX464$66,4400.01%
268nVent Electric plcNVT900$65,9250.01%
269Chart Industries Inc16115Q308400$65,8600.01%
270Timken CoTKR900$65,2950.01%
271VISTA ENERGY S.A.B. DE C.V.VSOGF1,328$63,5130.01%
272Kenvue IncKVUE3,000$62,7900.01%
273On Holding Ag Namen Akt AH5919C1041,200$62,4600.01%
274MEITUAN ADRMPNGF1,950$62,2400.01%
275Vanguard FTSE Pacific ETF922042866750$61,6350.01%
276Dell Technologies Inc Cl CDELL500$61,3000.01%
277Icon plcICLR400$58,1800.01%
278Apollo Global Mgmt Inc03769M106400$56,7480.01%
279Deere & CoDE100$50,8490.01%
280Natera IncNTRA300$50,6820.01%
281Hershey CoHSY300$49,7850.01%
282iShares TR US Infrastruc46435U7131,000$49,1900.01%
283Public Service Enterprise Grou744573106583$49,0770.01%
284Vici Properties Inc9256521091,500$48,9000.01%
285Merck & Co IncMRK600$47,4960.01%
286Builders Firstsource IncBLDR400$46,6760.01%
287Bristol Myers Squibb CoCELG-RI916$42,4020.01%
288Iron Mountain Inc Com46284V101400$41,0280.01%
289Warner Music Group Corp Cl AWMG1,500$40,8600.01%
290United Parcel Service Inc Cl BUPS400$40,3760.01%
291Pure Storage Inc Cl A74624M102700$40,3060.01%
292Samsara Inc Cl AIOT1,000$39,7800.01%
293Danaher Corporation235851102200$39,5080.01%
294Kinder Morgan IncEP-PC1,272$37,3970.01%
295Uber Technologies IncUBER400$37,3200.01%
296Gitlab Inc Class AGTLB800$36,0880.01%
297iShares MSCI EAFE ETF464287465400$35,7560.01%
298OLYMPUS CORP ADR68163W2082,898$34,4080.01%
299Truist Financial Corp89832Q109800$34,3920.01%
300Zimmer Biomet Holdings IncZBH350$31,9230.00%
301STAR BULK CARRIERS CORP NEWSBLK1,797$30,9900.00%
302Ishares Msci India Etf46429B598500$27,8400.00%
303Azek Co Inc Cl A05478C105500$27,1750.00%
304Progressive Corp743315103100$26,6860.00%
305Edison Intl281020107500$25,8000.00%
306Comcast Corp Cl ACCZ700$24,9830.00%
307Trinity Industries Inc896522109900$24,3090.00%
308Kratos Defense & Sec Solutions50077B207500$23,2250.00%
309MPLX LPMPLXP450$23,1790.00%
310Vanguard Total Stock Market Et92290876975$22,7950.00%
311iShares Russell 2000 ETF464287655100$21,5790.00%
312ICICI BANK LTDIBN637$21,4270.00%
313Pfizer IncPFE836$20,2650.00%
314Mondelez Intl Inc Cl A609207105300$20,2320.00%
315ISHARES CORE MSCI EMERGING46434G103290$17,4340.00%
316Toronto Dominion BankTORO235$17,2610.00%
317Duke Energy CorpDUKB144$16,9920.00%
318Chipotle Mexican Grill IncCMG300$16,8450.00%
319Fortive CorpFTV300$15,6390.00%
320Industrial Select Sector SPDR81369Y704100$14,7520.00%
321Health Care Select Sector SPDR81369Y209100$13,4790.00%
322SK TELECOM LTD ADR NEWSKM557$13,0070.00%
323Xylem IncXYL100$12,9360.00%
324Spectrum Brands Holdings IncSPB200$10,6000.00%
325O Reilly Automotive Inc67103H107105$9,4640.00%
326PDD HOLDINGS INC ADRPDD90$9,4460.00%
327Dominion Energy IncD166$9,3820.00%
328Weyerhaeuser CoWY302$7,7580.00%
329ISHARES MSCI ACWI EX US ETF464288240126$7,6990.00%
330DR REDDY'S LABORATORIES LTD256135203500$7,5150.00%
331Ralliant CorpRAL100$4,8490.00%
332Amentum Holdings IncAMTM142$3,3530.00%
333Viatris IncVTRS241$2,1520.00%
334ANGLO AMERICAN PLC ADR03485P300137$2,0180.00%
335Paramount Global Class B92556H206155$1,9990.00%
336PETROLEO BRASILEIRO SA71654V40887$1,0880.00%
337BANCO DO BRASIL SA SPON ADR059578104217$8830.00%
338NEW ORIENTAL ED & TECH GRP INC6475812066$3410.00%
339ARCOS DORADOS HLDGS INC CL-AARCO31$2470.00%
340Zimvie Inc98888T10725$2340.00%
341MARUI GROUP CO LTD ADR NEW5738143083$1270.00%
342SUZUKI MTR CORP ADR86959X1071$600.00%
343MMC NORILSK NICKEL PJSC ADR55315J10293$00.00%
344PJSC LUKOIL ADR69343P105311$00.00%