# EDGAR Filing Document

**Accession Number:** 0001915842
**File Stem:** 0001915842-26-000003
**Filing Date:** 2026-2
**Character Count:** 14120
**Document Hash:** 12997049766e272dc7bd4f3391a1d98a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001915842-26-000003.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001915842-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nearwater Capital Markets, Ltd
- **CENTRAL INDEX KEY:** 0001915842

**ORGANIZATION NAME:**
- **EIN:** 981607067
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25109
- **FILM NUMBER:** 26639217

**BUSINESS ADDRESS:**
- **STREET 1:** FLEMING COURT, FLEMING'S PLACE
- **STREET 2:** 3RD FLOOR
- **CITY:** DUBLIN 4, DUBLIN
- **STATE:** L2
- **ZIP:** 00000
- **BUSINESS PHONE:** 2127749000

**MAIL ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVE.
- **STREET 2:** 33RD FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Nearwater Capital Markets Ltd<br>**Address:** ONE VANDERBILT AVE.<br>33RD FL.<br>NEW YORK, NY 10017

**Form 13F File Number:** 028-25109

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ursula Clay<br>**Title:** Chief Compliance Officer<br>**Phone:** 2127749470

**Signature, Place, and Date of Signing:**

Ursula Clay  New York, NY  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 104

**Form 13F Information Table Value Total:** $5847256277

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACADIAN ASSET MANAGEMENT INC | COM | 10948W103 |  | 2820000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| ACM RESH INC | COM CL A | 00108J109 |  | 13839060 | 350800 | SH |  | SOLE |  | 350800 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 17499500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 409717000 | 1309000 | SH |  | SOLE |  | 1309000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 63475500 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 5570250 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| APPLE ORD | COM | 037833100 |  | 208244760 | 766000 | SH |  | SOLE |  | 766000 | 0 | 0 |
| ARCUTIS BIOTHERAPEUTICS INC | COM | 03969K108 |  | 17859600 | 615000 | SH |  | SOLE |  | 615000 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 54901570 | 419000 | SH |  | SOLE |  | 419000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 11248380 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING INC | COM | 053015103 |  | 8231360 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 14504800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 25981226 | 360200 | SH |  | SOLE |  | 360200 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 85250000 | 1550000 | SH |  | SOLE |  | 1550000 | 0 | 0 |
| BEACON FINANCIAL CORP | COM | 084680107 |  | 8688915 | 329500 | SH |  | SOLE |  | 329500 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 20106000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 64263960 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| BOX INC | CL A | 10316T104 |  | 13638960 | 456000 | SH |  | SOLE |  | 456000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 278264400 | 804000 | SH |  | SOLE |  | 804000 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 51884748 | 520200 | SH |  | SOLE |  | 520200 | 0 | 0 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 13671951 | 1189900 | SH |  | SOLE |  | 1189900 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 9136330 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 |  | 2284886 | 53800 | SH |  | SOLE |  | 53800 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 12011040 | 152000 | SH |  | SOLE |  | 152000 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 18230079 | 1724700 | SH |  | SOLE |  | 1724700 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 69849540 | 81000 | SH |  | SOLE |  | 81000 | 0 | 0 |
| DELEK US HOLDINGS INC NEW | COM | 24665A103 |  | 7563300 | 255000 | SH |  | SOLE |  | 255000 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 28442500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 7919580 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| EXPONENT INC | COM | 30214U102 |  | 6619538 | 95300 | SH |  | SOLE |  | 95300 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 66834150 | 995000 | SH |  | SOLE |  | 995000 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 13 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 33883300 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 124335620 | 1013000 | SH |  | SOLE |  | 1013000 | 0 | 0 |
| GRANITE CONSTR INC | COM | 387328107 |  | 13611300 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 20175040 | 428800 | SH |  | SOLE |  | 428800 | 0 | 0 |
| HAMILTON INSURANCE GROUP LTD | CL B | G42706104 |  | 3350790 | 120100 | SH |  | SOLE |  | 120100 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 28424613 | 145700 | SH |  | SOLE |  | 145700 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 19238400 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 5372940 | 180300 | SH |  | SOLE |  | 180300 | 0 | 0 |
| INDIVIOR PLC | ORD | G4766E116 |  | 2152800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 87020000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 8611460 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 68755320 | 1384800 | SH |  | SOLE |  | 1384800 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 3579597 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 9587600 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 106637650 | 2785000 | SH |  | SOLE |  | 2785000 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 12076824 | 109600 | SH |  | SOLE |  | 109600 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 28809000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| KANZHUN LIMITED | SPONSORED ADS | 48553T106 |  | 12228000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 34327500 | 1990000 | SH |  | SOLE |  | 1990000 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 17011120 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 19482000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 27240000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 140367600 | 820000 | SH |  | SOLE |  | 820000 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 127045100 | 1495000 | SH |  | SOLE |  | 1495000 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 70294900 | 230000 | SH |  | SOLE |  | 230000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 270636900 | 410000 | SH |  | SOLE |  | 410000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 196932900 | 690000 | SH |  | SOLE |  | 690000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 358362420 | 741000 | SH |  | SOLE |  | 741000 | 0 | 0 |
| MOOG INC | CL A | 615394202 |  | 8158925 | 33500 | SH |  | SOLE |  | 33500 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 2600220 | 61500 | SH |  | SOLE |  | 61500 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 32816000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 347263000 | 1862000 | SH |  | SOLE |  | 1862000 | 0 | 0 |
| PACKAGING CORP AMER | COM | 695156109 |  | 29490890 | 143000 | SH |  | SOLE |  | 143000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 9422709 | 83100 | SH |  | SOLE |  | 83100 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 38750400 | 270000 | SH |  | SOLE |  | 270000 | 0 | 0 |
| PIMCO ETF TR | 25YR+ ZERO U S | 72201R882 |  | 3559450 | 55400 | SH |  | SOLE |  | 55400 | 0 | 0 |
| PROGRESSIVE INC | COM | 743315103 |  | 13890920 | 61000 | SH |  | SOLE |  | 61000 | 0 | 0 |
| PROLOGIS INC | COM | 74340W103 |  | 12766000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| QFIN HOLDINGS INC | AMERICAN DEP | 88557W101 |  | 4817500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 23156100 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| REV GROUP INC | COM | 749527107 |  | 11006610 | 181000 | SH |  | SOLE |  | 181000 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 64424932 | 271400 | SH |  | SOLE |  | 271400 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 72135020 | 722000 | SH |  | SOLE |  | 722000 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 8610975 | 67500 | SH |  | SOLE |  | 67500 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 50552700 | 330000 | SH |  | SOLE |  | 330000 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT CORP | COM | 83001C108 |  | 26929370 | 1755500 | SH |  | SOLE |  | 1755500 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 66510800 | 680000 | SH |  | SOLE |  | 680000 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 1769527 | 36425 | SH |  | SOLE |  | 36425 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 115724000 | 2800000 | SH |  | SOLE |  | 2800000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R408 |  | 8737932 | 345100 | SH |  | SOLE |  | 345100 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 23770000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| STRIDE INC | COM | 86333M108 |  | 31685840 | 488000 | SH |  | SOLE |  | 488000 | 0 | 0 |
| TAL EDUCATION GROUP | SPONSORED ADS | 874080104 |  | 7637000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 68873920 | 1704800 | SH |  | SOLE |  | 1704800 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 128395060 | 285500 | SH |  | SOLE |  | 285500 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 10409400 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 67588400 | 440000 | SH |  | SOLE |  | 440000 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 38374560 | 189000 | SH |  | SOLE |  | 189000 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 38564100 | 558900 | SH |  | SOLE |  | 558900 | 0 | 0 |
| TUTOR PERINI CORP | COM | 901109108 |  | 15079500 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 37242520 | 161000 | SH |  | SOLE |  | 161000 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 186599200 | 1640000 | SH |  | SOLE |  | 1640000 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 63048000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FUND | FTSE EMR MKT ETF | 922042858 |  | 20966400 | 390000 | SH |  | SOLE |  | 390000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FUND | TT WRLD ST ETF | 922042742 |  | 74409150 | 527500 | SH |  | SOLE |  | 527500 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 65500875 | 782100 | SH |  | SOLE |  | 782100 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 294536680 | 4714850 | SH |  | SOLE |  | 4714850 | 0 | 0 |
| VIRTUS INVT PARTNERS INC | COM | 92828Q109 |  | 1859910 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 185052010 | 1661000 | SH |  | SOLE |  | 1661000 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 32217000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 23613342 | 276600 | SH |  | SOLE |  | 276600 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 10635840 | 144000 | SH |  | SOLE |  | 144000 | 0 | 0 |

---