Institutional Manager · CIK 0002104187
Aquamarine Financial (Cayman) Ltd
George Town, E9 · File #028-25910
Latest AUM
$974.7M
Positions
11
Top-10 Concentration
100.0%
Filings
2
Portfolio Value Over Time
2025-12
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | YPF SOCIEDAD ANONIMA | YPF | +2,481,138 | +$60.3M | -$124.5M |
| REDUCE | BANCO BRADESCO S A | 059460303 | -11,137,145 | -$38.6M | -$1.3M |
| REDUCE | GRUPO FINANCIERO GALICIA S.A | GGAL | -767,309 | -$21.3M | -$55.2M |
| REDUCE | GERDAU SA | GGB | -1,724,943 | -$5.3M | -$11.5M |
| REDUCE | BANCO BBVA ARGENTINA S A | BBAR | -581,305 | -$4.8M | -$11.1M |
| REDUCE | BANCO MACRO SA | 05961W105 | -108,540 | -$4.6M | -$27.0M |
| REDUCE | BANCO SANTANDER BRASIL S A | BSBR | -775,000 | -$4.3M | -$5.1M |
| ADD | COSAN S A | CSAN | +144,149 | +$663,085 | +$1.4M |
| EXITED | INNOVIZ TECHNOLOGIES LTD | INVZW | -177,278 | -$151,236 | $0 |
| EXITED | VALENS SEMICONDUCTOR LTD | VLN-WT | -559,653 | -$13,991 | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202513 pos · $1.23B
- 13F HOLDINGS REPORTQ/E Dec 202511 pos · $974.7M
Top 13 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | BANCO BRADESCO S A | 059460303 | 148,670,798 | $517.1M | 42.10% |
| 2 | YPF SOCIEDAD ANONIMA | YPF | 10,492,557 | $379.4M | 30.89% |
| 3 | GRUPO FINANCIERO GALICIA S.A | GGAL | 2,092,309 | $113.1M | 9.21% |
| 4 | GERDAU SA | GGB | 19,526,171 | $72.1M | 5.87% |
| 5 | BANCO SANTANDER BRASIL S A | BSBR | 9,770,322 | $59.7M | 4.86% |
| 6 | BANCO MACRO SA | 05961W105 | 564,501 | $50.9M | 4.14% |
| 7 | BANCO BBVA ARGENTINA S A | BBAR | 1,141,305 | $20.6M | 1.68% |
| 8 | COSAN S A | CSAN | 2,096,904 | $8.3M | 0.67% |
| 9 | ORAMED PHARMACEUTICALS INC | ORMP | 1,973,057 | $5.6M | 0.46% |
| 10 | TRANSPORTADORA DE GAS SUR | 893870204 | 29,696 | $923,249 | 0.08% |
| 11 | CENTRAL PUERTO S A | CEPU | 19,314 | $337,995 | 0.03% |
| 12 | INNOVIZ TECHNOLOGIES LTD | INVZW | 177,278 | $151,236 | 0.01% |
| 13 | VALENS SEMICONDUCTOR LTD | VLN-WT | 559,653 | $13,991 | 0.00% |