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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

Frec Markets, Inc.

Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0002111359-26-000002

Total Value
$342.1M
Positions
343
Other Managers
1
Confidential Omitted
No
View on SEC.gov

Holdings (343)

#IssuerTicker / CUSIPSharesValue% of Filing
1NVIDIA CORPORATIONNVDA166,889$31.1M9.10%
2APPLE INCAAPL94,564$25.7M7.51%
3MICROSOFT CORPMSFT45,336$21.9M6.41%
4BROADCOM INCAVGO34,222$11.8M3.46%
5AMAZON COM INCAMZN44,865$10.4M3.03%
6ALPHABET INCGOOG27,814$8.7M2.55%
7ALPHABET INCGOOG27,122$8.5M2.48%
8TAIWAN SEMICONDUCTOR MFG LTD87403910021,842$6.6M1.94%
9META PLATFORMS INCMETA9,171$6.1M1.77%
10TESLA INCTSLA13,143$5.9M1.73%
11ELI LILLY & COLLY3,972$4.3M1.25%
12JPMORGAN CHASE & CO.VYLD12,646$4.1M1.19%
13BERKSHIRE HATHAWAY INC DELBRK-A7,678$3.9M1.13%
14MICRON TECHNOLOGY INCMU12,095$3.5M1.01%
15PALANTIR TECHNOLOGIES INCPLTR16,441$2.9M0.85%
16JOHNSON & JOHNSONJNJ14,037$2.9M0.85%
17ADVANCED MICRO DEVICES INCAMD13,230$2.8M0.83%
18WALMART INCWMT23,654$2.6M0.77%
19LAM RESEARCH CORPLRCX15,206$2.6M0.76%
20VISA INCV7,327$2.6M0.75%
21AMPHENOL CORP NEW03209510118,582$2.5M0.73%
22MASTERCARD INCORPORATEDMA4,237$2.4M0.71%
23EXXON MOBIL CORPXOM18,788$2.3M0.66%
24APPLIED MATLS INC0382221058,533$2.2M0.64%
25INTERNATIONAL BUSINESS MACHSINTR6,552$1.9M0.57%
26CISCO SYS INCCSCO25,171$1.9M0.57%
27ABBVIE INCABBV8,374$1.9M0.56%
28COCA COLA COKO25,678$1.8M0.52%
29BANK AMERICA CORP06050510431,623$1.7M0.51%
30ORACLE CORPORCL-PD8,793$1.7M0.50%
31KLA CORPKLAC1,386$1.7M0.49%
32SALESFORCE INCCRM5,780$1.5M0.45%
33GE AEROSPACE3696043014,845$1.5M0.44%
34ASML HOLDING N VASMLF1,365$1.5M0.43%
35GOLDMAN SACHS GROUP INCGSCE1,622$1.4M0.42%
36TE CONNECTIVITY PLCTEL6,200$1.4M0.41%
37QUALCOMM INCQCOM8,244$1.4M0.41%
38NETFLIX INCNFLX14,934$1.4M0.41%
39INTUITINTU2,108$1.4M0.41%
40ALIBABA GROUP HLDG LTDBBAAY9,304$1.4M0.40%
41PEPSICO INCPEP9,379$1.3M0.39%
42WELLS FARGO CO NEW94974610114,221$1.3M0.39%
43UNITEDHEALTH GROUP INCUNH3,942$1.3M0.38%
44ANALOG DEVICES INCADI4,782$1.3M0.38%
45MORGAN STANLEYMS-PQ7,013$1.2M0.36%
46TEXAS INSTRS INC8825081047,130$1.2M0.36%
47PROCTER AND GAMBLE CO7427181098,615$1.2M0.36%
48MERCK & CO INCMRK11,634$1.2M0.36%
49ACCENTURE PLC IRELANDACN4,550$1.2M0.36%
50CATERPILLAR INCCAT2,130$1.2M0.36%
51TJX COS INC NEW8725401097,910$1.2M0.36%
52COSTCO WHSL CORP NEW22160K1051,397$1.2M0.35%
53CADENCE DESIGN SYSTEM INCCDNS3,816$1.2M0.35%
54AMERICAN EXPRESS COAXP3,180$1.2M0.34%
55RTX CORPORATIONRTX6,093$1.1M0.33%
56PHILIP MORRIS INTL INC7181721096,950$1.1M0.33%
57CITIGROUP INCC-PR9,536$1.1M0.33%
58CHEVRON CORP NEWCVX7,223$1.1M0.32%
59ARISTA NETWORKS INCANET8,287$1.1M0.32%
60THERMO FISHER SCIENTIFIC INCTMO1,873$1.1M0.32%
61MCDONALDS CORPMCD3,535$1.1M0.32%
62INTEL CORPINTC28,723$1.1M0.31%
63CROWDSTRIKE HLDGS INCCRWD2,169$1.0M0.30%
64WESTERN DIGITAL CORPWDC5,852$1.0M0.29%
65INTUITIVE SURGICAL INCISRG1,779$1.0M0.29%
66BOOKING HOLDINGS INCBKNG186$999,2110.29%
67ADOBE INCADBE2,832$991,2500.29%
68HOME DEPOT INCHD2,844$978,6510.29%
69S&P GLOBAL INCSPGI1,856$970,3900.28%
70GE VERNOVA INCGEV1,443$943,5860.28%
71CAPITAL ONE FINL CORP14040H1053,757$910,6060.27%
72SERVICENOW INCNOW5,889$902,1660.26%
73AUTODESK INCADSK2,994$886,3630.26%
74MONOLITHIC PWR SYS INC609839105955$866,1030.25%
75CORNING INCGLW9,769$855,4320.25%
76CHUBB LIMITEDCB2,658$829,6780.24%
77ABBOTT LABSABLZF6,512$815,9390.24%
78APPLOVIN CORPAPP1,189$801,1840.23%
79DISNEY WALT CO2546871066,966$792,5890.23%
80SCHWAB CHARLES CORPSCHW-PJ7,879$787,2510.23%
81GILEAD SCIENCES INCGILD6,157$755,7310.22%
82LOWES COS INC5486611073,107$749,3500.22%
83ASTRAZENECA PLCAZN8,110$745,5780.22%
84SEAGATE TECHNOLOGY HLDNGS PLSE2,664$733,8200.21%
85NEWMONT CORPNEMCL7,256$724,6040.21%
86ELEVANCE HEALTH INC FORMERLYELV2,048$718,0450.21%
87BLACKROCK INCBLK664$711,6740.21%
88AMGEN INCAMGN2,165$708,8780.21%
89HSBC HLDGS PLCHBCYF9,004$708,3580.21%
90COLGATE PALMOLIVE COCL8,898$703,1240.21%
91AT&T INCT-PC27,443$681,6990.20%
92UBER TECHNOLOGIES INCUBER8,148$665,8100.19%
93NOVARTIS AGNVSEF4,807$662,8560.19%
94LINDE PLCLIN1,541$657,2800.19%
95VERIZON COMMUNICATIONS INCVZ15,788$643,0600.19%
96PROGRESSIVE CORP7433151032,812$640,3750.19%
97DANAHER CORPORATION2358511022,792$639,2620.19%
98HOWMET AEROSPACE INCHWM3,086$632,8840.18%
99WELLTOWER INCWELL3,375$626,6160.18%
100COMCAST CORP NEWCCZ20,944$626,0410.18%
101PFIZER INCPFE25,133$625,8150.18%
102PARKER-HANNIFIN CORPPH704$619,4250.18%
103NEXTERA ENERGY INCNEE-PW7,667$615,5370.18%
104TOYOTA MOTOR CORPTOYOF2,863$612,9290.18%
105BOEING COBA-PA2,785$604,8750.18%
106DUKE ENERGY CORP NEWDUKB5,131$601,4220.18%
107CONSTELLATION ENERGY CORPCEG1,698$600,1240.18%
108VERTEX PHARMACEUTICALS INCVRTX1,317$597,3620.17%
109SYNOPSYS INCSNPS1,270$596,9490.17%
110PROLOGIS INC.PLDGP4,599$587,1790.17%
111BOSTON SCIENTIFIC CORPBSX6,100$581,6560.17%
112MICROCHIP TECHNOLOGY INC.MCHPP9,126$581,5640.17%
113PALO ALTO NETWORKS INCPANW3,129$576,5010.17%
114HDFC BANK LTDHDB15,447$564,4510.16%
115EATON CORP PLCETN1,758$560,0190.16%
116MOODYS CORPMCO1,086$555,0460.16%
117MARVELL TECHNOLOGY INCMRVL6,494$551,8780.16%
118WASTE MGMT INC DEL94106L1092,482$545,3810.16%
119BRISTOL-MYERS SQUIBB COCELG-RI10,002$539,5470.16%
120BLACKSTONE INCBX3,466$534,3600.16%
121CVS HEALTH CORPCVS6,726$533,7990.16%
122MCKESSON CORPMCK650$533,7060.16%
123MEDTRONIC PLCMDT5,491$527,5350.15%
124NXP SEMICONDUCTORS N VNXPI2,374$515,4290.15%
125HILTON WORLDWIDE HLDGS INCHLT1,778$510,9730.15%
126BANCO SANTANDER SABCDRF43,405$509,1400.15%
127MONSTER BEVERAGE CORP NEWMNST6,586$504,9810.15%
128GENERAL DYNAMICS CORPGD1,498$504,5940.15%
129BANK NEW YORK MELLON CORP0640581004,316$501,1250.15%
130SHELL PLCRYDAF6,783$498,4280.15%
131CONSOLIDATED EDISON INCED5,006$497,2080.15%
132QUANTA SVCS INC74762E1021,170$493,8330.14%
133COGNIZANT TECHNOLOGY SOLUTIOCTSH5,925$491,8340.14%
134SAP SESAPGF2,018$490,2160.14%
135CONOCOPHILLIPSCOP5,207$487,4640.14%
136UNION PAC CORPUNP2,089$483,2390.14%
137ALTRIA GROUP INCMO8,285$477,7350.14%
138CENCORA INCCOR1,413$477,2490.14%
139SOUTHERN COSOMN5,451$475,3750.14%
140TERADYNE INCTER2,447$473,7460.14%
141CUMMINS INCCMI927$473,5420.14%
142CME GROUP INCCME1,722$470,3640.14%
143KKR & CO INCKKRT3,636$463,6330.14%
144HCA HEALTHCARE INCHCA986$460,7470.13%
145APOLLO GLOBAL MGMT INC03769M1063,154$456,6210.13%
146CINTAS CORPCTAS2,418$454,8140.13%
147GENERAL MTRS CO37045V1005,587$454,4000.13%
148MARRIOTT INTL INC NEW5719032021,448$449,4270.13%
149STRYKER CORPORATIONSYK1,249$439,0600.13%
150JOHNSON CTLS INTL PLCG515021053,657$437,9830.13%
151MITSUBISHI UFJ FINL GROUP IN60682210427,585$437,5070.13%
152WARNER BROS DISCOVERY INCWBD15,133$436,1540.13%
153DOORDASH INCDASH1,915$433,8540.13%
154ROSS STORES INCROST2,407$433,6730.13%
155REALTY INCOME CORPO7,651$431,3080.13%
156AMERICAN ELEC PWR CO INC0255371013,709$427,7780.13%
157ON SEMICONDUCTOR CORPON7,766$420,5330.12%
158PRUDENTIAL FINL INCPUKPF3,710$418,8610.12%
159ARCH CAP GROUP LTDG0450A1054,355$417,8220.12%
160LOEWS CORPL3,966$417,6930.12%
161DELL TECHNOLOGIES INCDELL3,311$416,8270.12%
162KEYSIGHT TECHNOLOGIES INCKEYS2,051$416,8140.12%
163ROYAL CARIBBEAN GROUPV7780T1031,487$414,7670.12%
164MARSH & MCLENNAN COS INC5717481022,233$414,4460.12%
165AUTOMATIC DATA PROCESSING INADP1,598$411,0860.12%
166PNC FINL SVCS GROUP INC6934751051,933$403,5740.12%
167WILLIAMS COS INC9694571006,640$399,1580.12%
168EMERSON ELEC COEMR2,993$397,3070.12%
169STARBUCKS CORPSBUX4,710$396,6940.12%
170T-MOBILE US INCTMUSZ1,949$395,8770.12%
171FAIR ISAAC CORPFICO234$395,7420.12%
172DEERE & CODE848$394,9210.12%
173HONEYWELL INTL INC4385161062,023$394,8440.12%
174IQVIA HLDGS INCIQV1,749$394,2470.12%
175TRUIST FINL CORP89832Q1097,947$391,0910.11%
176FEDEX CORPFDX1,348$389,5670.11%
177LOCKHEED MARTIN CORPLMT804$389,3530.11%
178REGENERON PHARMACEUTICALSREGN494$381,4200.11%
179ELECTRONIC ARTS INCEA1,856$379,4120.11%
180BIOGEN INCBIIB2,154$379,2010.11%
181US BANCORP DELUSB-PS7,076$377,5850.11%
182TAKE-TWO INTERACTIVE SOFTWARTTWO1,454$372,4550.11%
183GSK PLCGLAXF7,586$372,0540.11%
184FREEPORT-MCMORAN INCFCX7,264$368,9680.11%
185PTC INCPTC2,099$365,8310.11%
186IDEXX LABS INC45168D104531$359,4670.11%
187ROCKWELL AUTOMATION INCROK921$358,4060.10%
188CENTENE CORP DELCNC8,692$357,6950.10%
189HEWLETT PACKARD ENTERPRISE CHPE-PC14,810$355,7410.10%
190GARTNER INCIT1,407$355,0700.10%
191BANCO BILBAO VIZCAYA ARGENTABBVXF15,027$350,2800.10%
192AMERICAN TOWER CORP NEW03027X1001,989$349,2250.10%
193TRAVELERS COMPANIES INCTRV1,202$348,7200.10%
194OREILLY AUTOMOTIVE INC67103H1073,817$348,1850.10%
195ILLINOIS TOOL WKS INC4523081091,413$348,0780.10%
196UBS GROUP AGUBS7,509$347,7550.10%
197INTERCONTINENTAL EXCHANGE IN45866F1042,136$346,0470.10%
198VALERO ENERGY CORPVLO2,103$342,5020.10%
199AMERICAN INTL GROUP INC0268747843,943$337,3620.10%
200REPUBLIC SVCS INC7607591001,591$337,2690.10%
201FORTINET INCFTNT4,235$336,3260.10%
202JABIL INCJBL1,473$335,9290.10%
203UNITED PARCEL SERVICE INCUPS3,378$335,1590.10%
204CSX CORPCSX9,215$334,0620.10%
205TRANE TECHNOLOGIES PLCTT855$332,9770.10%
206PDD HOLDINGS INCPDD2,932$332,5120.10%
207ECOLAB INCECL1,263$331,6280.10%
208CITIZENS FINL GROUP INCCIA5,660$330,6490.10%
209HARTFORD INSURANCE GROUP INCHIG-PG2,384$328,6030.10%
210DEVON ENERGY CORP NEW25179M1038,949$327,8020.10%
211AGILENT TECHNOLOGIES INCA2,405$327,3390.10%
212L3HARRIS TECHNOLOGIES INCLHX1,113$326,9690.10%
213ENTERGY CORP NEWENO3,531$326,4170.10%
214EXELON CORPEXC7,442$324,4340.09%
215NETAPP INCNTAP3,027$324,1730.09%
216OCCIDENTAL PETE CORP6745991057,861$323,2740.09%
217AON PLCAON915$323,0250.09%
218ASE TECHNOLOGY HLDG CO LTDASX19,765$318,2200.09%
219WABTEC9297401081,489$317,8930.09%
220NOVO-NORDISK A SNONOF6,234$317,2010.09%
221CARDINAL HEALTH INCCAH1,539$316,4030.09%
222NORTHROP GRUMMAN CORPNOC553$315,7430.09%
223ROPER TECHNOLOGIES INCROP709$315,6950.09%
224RIO TINTO PLCRTNTF3,935$314,9390.09%
225DIAMONDBACK ENERGY INCFANG2,093$314,7780.09%
226GALLAGHER ARTHUR J & CO3635761091,209$312,9920.09%
227EDWARDS LIFESCIENCES CORPEW3,663$312,2900.09%
228CHIPOTLE MEXICAN GRILL INCCMG8,350$308,9570.09%
229VISTRA CORPVST1,895$305,8000.09%
230UNITED AIRLS HLDGS INCUNTCW2,726$304,8460.09%
231AFLAC INCAFL2,754$303,7630.09%
232SIMON PPTY GROUP INC NEW8288061091,640$303,6810.09%
233NASDAQ INCNDAQ3,119$303,0060.09%
234BHP GROUP LTDBHPLF5,010$302,4730.09%
235MOTOROLA SOLUTIONS INCMSI785$301,1000.09%
236ONEOK INC NEWOKE4,073$299,3710.09%
2373M COMMM1,855$297,0210.09%
238THE CIGNA GROUP1255231001,073$295,3640.09%
239FOX CORPFOX4,518$293,4090.09%
240BECTON DICKINSON & COBDX1,508$292,8050.09%
241DOVER CORPDOV1,493$291,6220.09%
242SONY GROUP CORPSNEJF11,366$290,9880.09%
243KEURIG DR PEPPER INCKDP10,372$290,5290.08%
244ROLLINS INCROL4,819$289,2440.08%
245TRANSDIGM GROUP INCTDG216$287,5860.08%
246DELTA AIR LINES INC DELDAL4,139$287,3040.08%
247STATE STR CORPSTT-PG2,222$286,7780.08%
248ALLSTATE CORPALL-PJ1,374$286,0580.08%
249AXON ENTERPRISE INCAXON502$285,6330.08%
250CORTEVA INCCTVA4,224$283,1760.08%
251WW GRAINGER INC384802104279$281,8630.08%
252TOTALENERGIES SETTE4,265$279,0580.08%
253UDR INCUDR7,548$276,8740.08%
254SLB LIMITEDSLB7,211$276,7730.08%
255AMERIPRISE FINL INC03076C106563$276,2770.08%
256NORFOLK SOUTHN CORP655844108955$275,8830.08%
257UNILEVER PLCUNLYF4,216$275,7790.08%
258SYNCHRONY FINANCIALSYF-PB3,275$273,3130.08%
259UNITED RENTALS INCURI336$272,6650.08%
260GENERAL MLS INC3703341045,846$271,8690.08%
261NATIONAL GRID PLCNMPWP3,501$270,8300.08%
262SUMITOMO MITSUI FINL GROUP I86562M20913,950$269,6610.08%
263CBRE GROUP INCCBRE1,675$269,3930.08%
264AMETEK INCAME1,310$269,1480.08%
265HALLIBURTON COHAL9,523$269,1260.08%
266NUCOR CORPNUE1,627$265,4970.08%
267TRIMBLE INCTRMB3,384$265,1820.08%
268M & T BK CORP55261F1041,313$264,7290.08%
269LLOYDS BANKING GROUP PLCLLOBF49,717$263,5010.08%
270MARATHON PETE CORPMARA1,617$263,0650.08%
271DOLLAR GEN CORP NEW2566771051,980$263,0050.08%
272KINDER MORGAN INC DELEP-PC9,525$261,8580.08%
273FIRSTENERGY CORPFE5,835$261,2740.08%
274FASTENAL COFAST6,473$259,7910.08%
275METTLER TOLEDO INTERNATIONALMTD186$259,5770.08%
276SEMPRASREA2,929$258,6210.08%
277VERISK ANALYTICS INCVRSK1,155$258,4000.08%
278ICICI BANK LIMITEDIBN8,669$258,3460.08%
279PACCAR INCPCAR2,347$257,1270.08%
280DATADOG INCDDOG1,889$256,9180.08%
281NIKE INCNKE4,026$256,5530.07%
282BRITISH AMERN TOB PLC1104481074,505$255,1080.07%
283AIRBNB INCABNB1,873$254,3130.07%
284NATWEST GROUP PLCRBSPF14,514$253,9960.07%
285TARGET CORPTGT2,589$253,1590.07%
286KROGER COKR3,991$249,3970.07%
287FORD MTR CO34537086018,913$248,1430.07%
288ANHEUSER BUSCH INBEV SA/NVBUDFF3,870$247,8430.07%
289VERISIGN INCVRSN1,016$246,9380.07%
290OLD DOMINION FREIGHT LINE INODFL1,556$243,9960.07%
291CHURCH & DWIGHT CO INCCHD2,900$243,2380.07%
292FIRST SOLAR INCFSLR930$243,0890.07%
293SHERWIN WILLIAMS COSHW747$242,3380.07%
294EXPEDIA GROUP INCEXPE854$242,1230.07%
295XCEL ENERGY INCXELLL3,266$241,2510.07%
296EVERGY INCEVRG3,306$239,6980.07%
297D R HORTON INC23331A1091,648$237,3650.07%
298INFOSYS LTDINFY13,316$237,2950.07%
299YUM BRANDS INCYUM1,559$235,9860.07%
300CONAGRA BRANDS INCCAG13,434$232,5590.07%
301HUNTINGTON BANCSHARES INCHBANP13,394$232,3870.07%
302BAKER HUGHES COMPANYBKR5,099$232,2530.07%
303PUBLIC SVC ENTERPRISE GRP IN7445731062,846$228,5850.07%
304TARGA RES CORPTRGP1,234$227,7530.07%
305BARCLAYS PLCBCLYF8,947$227,7040.07%
306WILLIS TOWERS WATSON PLC LTDWTW691$227,2730.07%
307MARTIN MARIETTA MATLS INC573284106364$227,0870.07%
308SYSCO CORPSYY3,062$225,6730.07%
309VULCAN MATLS CO929160109788$224,9210.07%
310MSCI INCMSCI391$224,4170.07%
311VENTAS INCVTR2,884$223,2230.07%
312PHILLIPS 66PSX1,727$222,9160.07%
313APA CORPORATIONAPA9,062$221,6670.06%
314DOMINION ENERGY INCD3,780$221,5200.06%
315NETEASE INCNETTF1,603$220,6100.06%
316HENRY JACK & ASSOC INC4262811011,193$217,7860.06%
317DEUTSCHE BANK A GD181908985,645$217,7020.06%
318ATMOS ENERGY CORPATO1,281$214,8430.06%
319REGIONS FINANCIAL CORP NEWRF-PF7,858$212,9530.06%
320FIFTH THIRD BANCORPFITBM4,529$212,0050.06%
321EBAY INC.EBAY2,387$207,9130.06%
322CBOE GLOBAL MKTS INC12503M108827$207,7540.06%
323CARNIVAL CORPCUKPF6,782$207,1440.06%
324WEC ENERGY GROUP INCWEC1,948$205,4410.06%
325KENVUE INCKVUE11,821$203,9180.06%
326CMS ENERGY CORPCMS-PC2,910$203,5400.06%
327MIZUHO FINANCIAL GROUP INCMZHOF27,481$201,1620.06%
328AMERICAN WTR WKS CO INC NEW0304201031,535$200,3330.06%
329VALE S AVALE14,447$188,2500.06%
330PG&E CORPPCG-PX11,578$186,0690.05%
331HOST HOTELS & RESORTS INCHST10,444$185,1730.05%
332VIATRIS INCVTRS12,962$161,3820.05%
333TELEFONAKTIEBOLAGET LM ERICS29482160815,891$153,3490.04%
334ITAU UNIBANCO HLDG S A46556210620,135$144,1720.04%
335NOKIA CORPNOKBF20,663$133,6910.04%
336HALEON PLCHLNCF11,983$121,1520.04%
337PARK HOTELS & RESORTS INCPK10,931$114,3450.03%
338AMCOR PLCAMCCF11,371$94,8350.03%
339NOMURA HLDGS INCNRSCF10,550$88,5180.03%
340BANCO BRADESCO S A05946030320,504$68,2780.02%
341COTY INCCOTY18,425$56,7500.02%
342AMBEV SAABEV20,365$50,3030.01%
343WIPRO LTDWIT15,645$44,4330.01%