Nearwater Capital Markets, Ltd

CIK 0001915842 · Q1 2026

13F Equity AUM

$4.2B

-27.5% QoQ

Positions

-21 QoQ

AUM Rank

#1,124

Top 9%

Skill Alpha (FF)

—

Building track record (4q)

Quarters Tracked

~1 years

Portfolio Concentration

Top 5: 26.4%Top 10: 40.8%Top 20: 59.9%

SPDW6.5%

AAPL6.0%

NVDA5.9%

GDXJ4.6%

VEA3.4%

AMZN3.1%

SNDK3.1%

IXUS2.9%

TERN2.7%

CAT2.5%

Others (72)59.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services36.8%

Technology26.2%

Healthcare13.2%

Consumer Cyclical6.4%

Communication Services5.5%

Industrials4.4%

Energy2.3%

Consumer Defensive2.1%

Other3.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 82Median: 0.81%Avg: 1.22%

0–0.5%

28(6.0%)

0.5–1%

18(13.3%)

1–3%

29(48.0%)

3–5%

4(14.2%)

5%+

3(18.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 82Unique: 0vs 20 funds

1.1%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.6%

JPMORGAN CHASE & CO

1.7%

BANK OF AMERICA CORP /DE/

1.7%

BlackRock, Inc.

1.9%

FMR LLC

2.6%

STATE STREET CORP

VANGUARD CAPITAL MANAGEMENT LLC

1.8%

GEODE CAPITAL MANAGEMENT, LLC

1.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New42Increased8Decreased26Exited64

New Positions

SPDW6.5%

+6.0M

IXUS2.9%

+1.4M

CAT2.5%

+152K

JNJ2.1%

+370K

ACWI2.1%

+642K

GDX2.0%

+904K

WFC1.9%

+1.0M

VPL1.8%

+788K

NEM1.8%

+702K

COPX1.7%

+934K

Increased

KWEB1.6%

+1.6M(+198%)

TERN2.7%

+446K(+26%)

AMZN3.1%

+365K(+133%)

AAPL6.0%

+244K(+32%)

NKTR0.4%

+200K(+325%)

SPHR1.0%

+125K(+50%)

BRK/B1.4%

+84K(+210%)

ADBE0.8%

+83K(+166%)

Decreased

VEA3.4%

-2,487,850(-53%)

FUN0.1%

-1,561,500(-89%)

BAC0.0%

-1,533,000(-99%)

GOOGL2.0%

-1,017,000(-78%)

GILD0.7%

-813,000(-80%)

LRCX0.6%

-702,000(-86%)

MSFT1.4%

-576,000(-78%)

AVGO2.2%

-503,000(-63%)

TTMI0.1%

-493,000(-88%)

SJM0.5%

-480,000(-71%)

Exited

-690,000

-1,661,000

-285,500

-1,495,000

-2,800,000

-2,785,000

-527,500

SCHW

-722,000

COST

-81,000

TJX

-440,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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