# EDGAR Filing Document

**Accession Number:** 0001915842
**File Stem:** 0001915842-25-000021
**Filing Date:** 2025-11
**Character Count:** 18040
**Document Hash:** b6f11dabacc16ed6381a1598a3205c56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001915842-25-000021.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001915842-25-000021

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**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:** 251479439

**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:** 09-30-2025

**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:** 212-774-9470

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

Ursula Clay  New York, NY  11-13-2025<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:** 144

**Form 13F Information Table Value Total:** $7479452302

      (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 ORD | COM | 10948W103 |  | 2889600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| APPLE ORD | COM | 037833100 |  | 348563007 | 1368900 | SH |  | SOLE |  | 1368900 | 0 | 0 |
| ABBVIE ORD | COM | 00287Y109 |  | 28942500 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| ABBOTT LABORATORIES ORD | COM | 002824100 |  | 4272686 | 31900 | SH |  | SOLE |  | 31900 | 0 | 0 |
| ADOBE ORD | COM | 00724F101 |  | 35275000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ANALOG DEVICES ORD | COM | 032654105 |  | 14742000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING ORD | COM | 053015103 |  | 9392000 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| AUTODESK ORD | COM | 052769106 |  | 12071460 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| AGNICO EAGLE ORD | COM | 008474108 |  | 13476589 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| AFLAC ORD | COM | 001055102 |  | 11170000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| APPLIED MATERIAL ORD | COM | 038222105 |  | 17710010 | 86500 | SH |  | SOLE |  | 86500 | 0 | 0 |
| ADVANCED MICRO DEVICES ORD | COM | 007903107 |  | 103545600 | 640000 | SH |  | SOLE |  | 640000 | 0 | 0 |
| AMAZON COM ORD | COM | 023135106 |  | 154423581 | 703300 | SH |  | SOLE |  | 703300 | 0 | 0 |
| ARISTA NETWORKS ORD | COM | 040413205 |  | 16406946 | 112600 | SH |  | SOLE |  | 112600 | 0 | 0 |
| APPLOVIN CL A ORD | COM | 03831W108 |  | 14155238 | 19700 | SH |  | SOLE |  | 19700 | 0 | 0 |
| BROADCOM ORD | COM | 11135F101 |  | 278444040 | 844000 | SH |  | SOLE |  | 844000 | 0 | 0 |
| AMERICAN EXPRESS ORD | COM | 025816109 |  | 8470080 | 25500 | SH |  | SOLE |  | 25500 | 0 | 0 |
| BANK OF AMERICA ORD | COM | 060505104 |  | 136713500 | 2650000 | SH |  | SOLE |  | 2650000 | 0 | 0 |
| BOOKING HOLDINGS ORD | COM | 09857L108 |  | 68030802 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| BLACKROCK ORD | COM | 09290D101 |  | 6995220 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| BANK OF MONTREAL ORD | COM | 063671101 |  | 63151604 | 485000 | SH |  | SOLE |  | 485000 | 0 | 0 |
| VANGUARD TOTAL BOND MARKET ETF | TOTAL BND MRKT | 921937835 |  | 4045728 | 54400 | SH |  | SOLE |  | 54400 | 0 | 0 |
| BOX CL A ORD | COM | 10316T104 |  | 9681000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| BERKSHIRE HATHAWAY CL B ORD | COM | 084670702 |  | 92906352 | 184800 | SH |  | SOLE |  | 184800 | 0 | 0 |
| KANZHUN ADR REP 2 ORD | COM | 48553T106 |  | 14016000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| CITIGROUP ORD | COM | 172967424 |  | 26897500 | 265000 | SH |  | SOLE |  | 265000 | 0 | 0 |
| CATERPILLAR ORD | COM | 149123101 |  | 1908600 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CHEWY CL A ORD | COM | 16679L109 |  | 12741750 | 315000 | SH |  | SOLE |  | 315000 | 0 | 0 |
| COLGATE PALMOLIVE ORD | COM | 194162103 |  | 12150880 | 152000 | SH |  | SOLE |  | 152000 | 0 | 0 |
| CNO FINANCIAL GROUP ORD | COM | 12621E103 |  | 2345315 | 59300 | SH |  | SOLE |  | 59300 | 0 | 0 |
| CDN NATURAL RESOURCE ORD | COM | 136385101 |  | 65504078 | 2045000 | SH |  | SOLE |  | 2045000 | 0 | 0 |
| CONOCOPHILLIPS ORD | COM | 20825C104 |  | 9459000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| COSTCO WHOLESALE ORD | COM | 22160K105 |  | 49336079 | 53300 | SH |  | SOLE |  | 53300 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDING ORD | COM | G25457105 |  | 34960961 | 240100 | SH |  | SOLE |  | 240100 | 0 | 0 |
| SALESFORCE ORD | COM | 79466L302 |  | 26354400 | 111200 | SH |  | SOLE |  | 111200 | 0 | 0 |
| CROWDSTRIKE HOLDINGS CL A ORD | COM | 22788C105 |  | 29422800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| CISCO SYSTEMS ORD | COM | 17275R102 |  | 34387892 | 502600 | SH |  | SOLE |  | 502600 | 0 | 0 |
| CHEVRON ORD | COM | 166764100 |  | 16236967 | 104559 | SH |  | SOLE |  | 104559 | 0 | 0 |
| CEMEX ADR REP 10 PAR CRTFCT | SPON ADR NEW | 151290889 |  | 10697201 | 1189900 | SH |  | SOLE |  | 1189900 | 0 | 0 |
| WALT DISNEY ORD | COM | 254687106 |  | 43876400 | 383200 | SH |  | SOLE |  | 383200 | 0 | 0 |
| DOMINOS PIZZA ORD | COM | 25754A201 |  | 8202490 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| EQUINIX REIT ORD | COM | 29444U700 |  | 7832400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ESCO TECHNOLOGIES ORD | COM | 296315104 |  | 7304406 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| EXPONENT ORD | COM | 30214U102 |  | 6621444 | 95300 | SH |  | SOLE |  | 95300 | 0 | 0 |
| FREEPORT MCMORAN ORD | COM | 35671D857 |  | 7451800 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| FISERV ORD | COM | 337738108 |  | 128285350 | 995000 | SH |  | SOLE |  | 995000 | 0 | 0 |
| FORTIS ORD | COM | 349553107 |  | 19632994 | 387000 | SH |  | SOLE |  | 387000 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT ORD | COM | 83001C108 |  | 17164960 | 755500 | SH |  | SOLE |  | 755500 | 0 | 0 |
| ISHARES CHINA LARGE CAP ETF | CHINA LG-CAP ETF | 464287184 |  | 38671600 | 940000 | SH |  | SOLE |  | 940000 | 0 | 0 |
| VANECK JUNIOR GOLD MINERS ETF | JUNIOR GOLD MINE | 92189F791 |  | 85165800 | 860000 | SH |  | SOLE |  | 860000 | 0 | 0 |
| GE AEROSPACE ORD | COM | 369604301 |  | 22200516 | 73800 | SH |  | SOLE |  | 73800 | 0 | 0 |
| GE VERNOVA ORD | COM | 36828A101 |  | 10883730 | 17700 | SH |  | SOLE |  | 17700 | 0 | 0 |
| GILEAD SCIENCES ORD | COM | 375558103 |  | 65490000 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| ALPHABET CL C ORD | COM | 02079K107 |  | 137971075 | 566500 | SH |  | SOLE |  | 566500 | 0 | 0 |
| ALPHABET CL A ORD | COM | 02079K305 |  | 242613800 | 998000 | SH |  | SOLE |  | 998000 | 0 | 0 |
| GOLDMAN SACHS GROUP ORD | COM | 38141G104 |  | 210248345 | 264015 | SH |  | SOLE |  | 264015 | 0 | 0 |
| WW GRAINGER ORD | COM | 384802104 |  | 10482560 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| HYDRO ONE ORD | COM | 448811208 |  | 6244385 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| HOME DEPOT ORD | COM | 437076102 |  | 69935794 | 172600 | SH |  | SOLE |  | 172600 | 0 | 0 |
| HAMILTON INSURANCE GROUP CL B ORD | COM | G42706104 |  | 2978480 | 120100 | SH |  | SOLE |  | 120100 | 0 | 0 |
| HOME BANCSHARES ORD | COM | 436893200 |  | 2314940 | 81800 | SH |  | SOLE |  | 81800 | 0 | 0 |
| HONEYWELL INTERNATIONAL ORD | COM | 438516106 |  | 50246350 | 238700 | SH |  | SOLE |  | 238700 | 0 | 0 |
| H WORLD GROUP ADR | H WORLD GROUP LTD | 44332N106 |  | 16770368 | 428800 | SH |  | SOLE |  | 428800 | 0 | 0 |
| ISHARES BITCOIN ETF | SHS BEN INT | 46438F101 |  | 39000000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHINES ORD | COM | 459200101 |  | 19553688 | 69300 | SH |  | SOLE |  | 69300 | 0 | 0 |
| ICICI BANK ADR REP 2 ORD | COM | 45104G104 |  | 5450469 | 180300 | SH |  | SOLE |  | 180300 | 0 | 0 |
| INDIVIOR ORD | COM | G4766E116 |  | 1446600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| INSMED ORD | COM | 457669307 |  | 28802000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| INTUIT ORD | COM | 461202103 |  | 22945776 | 33600 | SH |  | SOLE |  | 33600 | 0 | 0 |
| INTUITIVE SURGICAL ORD | COM | 46120E602 |  | 12334156 | 27579 | SH |  | SOLE |  | 27579 | 0 | 0 |
| ISHARES CORE S 500 ETF | CORE S ETF | 464287200 |  | 836625000 | 1250000 | SH |  | SOLE |  | 1250000 | 0 | 0 |
| JOHNSON CONTROLS INTERNATIONAL ORD | COM | G51502105 |  | 7696500 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| JOHNSON  JOHNSON ORD | COM | 478160104 |  | 33245806 | 179300 | SH |  | SOLE |  | 179300 | 0 | 0 |
| JOYY ADR | ADS REPSTG COM A | 46591M109 |  | 2666755 | 45500 | SH |  | SOLE |  | 45500 | 0 | 0 |
| JPMORGAN CHASE ORD | COM | 46625H100 |  | 53623100 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| KLA ORD | COM | 482480100 |  | 15100400 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| COCA-COLA ORD | COM | 191216100 |  | 19053736 | 287300 | SH |  | SOLE |  | 287300 | 0 | 0 |
| LINDE ORD | COM | G54950103 |  | 15390000 | 32400 | SH |  | SOLE |  | 32400 | 0 | 0 |
| ELI LILLY ORD | COM | 532457108 |  | 35708400 | 46800 | SH |  | SOLE |  | 46800 | 0 | 0 |
| LOCKHEED MARTIN ORD | COM | 539830109 |  | 32448650 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| CHENIERE ENERGY ORD | COM | 16411R208 |  | 11044060 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| LANTHEUS HOLDINGS ORD | COM | 516544103 |  | 6134284 | 119600 | SH |  | SOLE |  | 119600 | 0 | 0 |
| LAM RESEARCH ORD | COM | 512807306 |  | 52274560 | 390400 | SH |  | SOLE |  | 390400 | 0 | 0 |
| LULULEMON ATHLETICA ORD | COM | 550021109 |  | 9786150 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| SOUTHWEST AIRLINES ORD | COM | 844741108 |  | 51056000 | 1600000 | SH |  | SOLE |  | 1600000 | 0 | 0 |
| MASTERCARD CL A ORD | COM | 57636Q104 |  | 56881000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| MCDONALD'S ORD | COM | 580135101 |  | 40417370 | 133000 | SH |  | SOLE |  | 133000 | 0 | 0 |
| MEDTRONIC ORD | COM | G5960L103 |  | 33334000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| META PLATFORMS CL A ORD | COM | 30303M102 |  | 169641780 | 231000 | SH |  | SOLE |  | 231000 | 0 | 0 |
| MANULIFE FINANCIAL ORD | COM | 56501R106 |  | 59207302 | 1900000 | SH |  | SOLE |  | 1900000 | 0 | 0 |
| MINERALYS THERAPEUTICS ORD | COM | 603170101 |  | 17064000 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| 3M ORD | COM | 88579Y101 |  | 10862600 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| MOOG CL A ORD | COM | 615394202 |  | 6956945 | 33500 | SH |  | SOLE |  | 33500 | 0 | 0 |
| MERCK  CO ORD | COM | 58933Y105 |  | 15577408 | 185600 | SH |  | SOLE |  | 185600 | 0 | 0 |
| MORGAN STANLEY ORD | COM | 617446448 |  | 145735959 | 916809 | SH |  | SOLE |  | 916809 | 0 | 0 |
| MICROSOFT ORD | COM | 594918104 |  | 486186716 | 938675 | SH |  | SOLE |  | 938675 | 0 | 0 |
| MICRON TECHNOLOGY ORD | COM | 595112103 |  | 57056120 | 341000 | SH |  | SOLE |  | 341000 | 0 | 0 |
| NEXTERA ENERGY ORD | COM | 65339F101 |  | 13980748 | 185200 | SH |  | SOLE |  | 185200 | 0 | 0 |
| SERVICENOW ORD | COM | 81762P102 |  | 21166440 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| NVIDIA ORD | COM | 67066G104 |  | 770612716 | 4130200 | SH |  | SOLE |  | 4130200 | 0 | 0 |
| NVR ORD | COM | 62944T105 |  | 8034660 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| NXP SEMICONDUCTORS ORD | COM | N6596X109 |  | 11386500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ORACLE ORD | COM | 68389X105 |  | 12655800 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| PDD HOLDINGS ADS | SPONSORED ADS | 722304102 |  | 10983327 | 83100 | SH |  | SOLE |  | 83100 | 0 | 0 |
| PEPSICO ORD | COM | 713448108 |  | 16852800 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| PROCTER  GAMBLE ORD | COM | 742718109 |  | 16732485 | 108900 | SH |  | SOLE |  | 108900 | 0 | 0 |
| PROGRESSIVE ORD | COM | 743315103 |  | 33338250 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| PACKAGING CORP OF AMERICA ORD | COM | 695156109 |  | 11986150 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| PROLOGIS REIT | COM | 74340W103 |  | 11452000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PALANTIR TECHNOLOGIES CL A ORD | COM | 69608A108 |  | 162424579 | 890388 | SH |  | SOLE |  | 890388 | 0 | 0 |
| PHILIP MORRIS INTERNATIONAL ORD | COM | 718172109 |  | 28449880 | 175400 | SH |  | SOLE |  | 175400 | 0 | 0 |
| PNC FINANCIAL SERVICES GROUP ORD | COM | 693475105 |  | 10046500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| QUALCOMM ORD | COM | 747525103 |  | 8318000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| QFIN HOLDINGS ADR | AMERICAN DEP | 88557W101 |  | 7195000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| RAYMOND JAMES ORD | COM | 754730109 |  | 12082000 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| RTX ORD | COM | 75513E101 |  | 16733000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ROYAL BANK OF CANADA ORD | COM | 780087102 |  | 108791951 | 738000 | SH |  | SOLE |  | 738000 | 0 | 0 |
| CHARLES SCHWAB ORD | COM | 808513105 |  | 136033198 | 1424879 | SH |  | SOLE |  | 1424879 | 0 | 0 |
| SEA ADS REP CL A ORD | COM | 81141R100 |  | 12064275 | 67500 | SH |  | SOLE |  | 67500 | 0 | 0 |
| JM SMUCKER ORD | COM | 832696405 |  | 73848000 | 680000 | SH |  | SOLE |  | 680000 | 0 | 0 |
| SUN LIFE FINANCIAL ORD | COM | 866796105 |  | 29429229 | 490000 | SH |  | SOLE |  | 490000 | 0 | 0 |
| S GLOBAL ORD | COM | 78409V104 |  | 4088364 | 8400 | SH |  | SOLE |  | 8400 | 0 | 0 |
| SPHERE ENTERTAINMENT CL A ORD | COM | 55826T102 |  | 15530000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| SIRIUSPOINT ORD | COM | G8192H106 |  | 3603528 | 199200 | SH |  | SOLE |  | 199200 | 0 | 0 |
| AT ORD | COM | 00206R102 |  | 15003912 | 531300 | SH |  | SOLE |  | 531300 | 0 | 0 |
| TAL EDUCATION GRP 3 ADR REP CL A ORD | COM | 874080104 |  | 7840000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| TECK RESOURCES CL B ORD | COM | 878742204 |  | 4387509 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| TRUIST FINANCIAL ORD | COM | 89832Q109 |  | 9144000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| TJX ORD | COM | 872540109 |  | 18790200 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| ISHARES 20 PLS YEAR TREASURY BND ETF | 20 YR TR BD ETF | 464287432 |  | 9830700 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC ORD | COM | 883556102 |  | 13532058 | 27900 | SH |  | SOLE |  | 27900 | 0 | 0 |
| TRAVELERS COMPANIES ORD | COM | 89417E109 |  | 4188300 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| TESLA ORD | COM | 88160R101 |  | 151204800 | 340000 | SH |  | SOLE |  | 340000 | 0 | 0 |
| TEXAS INSTRUMENTS ORD | COM | 882508104 |  | 16351970 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |
| UBER TECHNOLOGIES ORD | COM | 90353T100 |  | 21553400 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| UNITEDHEALTH GRP ORD | COM | 91324P102 |  | 27278700 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| UNION PACIFIC ORD | COM | 907818108 |  | 23637000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| VIRTUS INVESTMENT PARTNERS ORD | COM | 92828Q109 |  | 2166342 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| WORKDAY CL A ORD | COM | 98138H101 |  | 36109500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| WELLTOWER ORD | COM | 95040Q104 |  | 8907000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| WELLS FARGO ORD | COM | 949746101 |  | 30175200 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| WALMART ORD | COM | 931142103 |  | 66896246 | 649100 | SH |  | SOLE |  | 649100 | 0 | 0 |
| EXXON MOBIL ORD | COM | 30231G102 |  | 9583750 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| PIMCO 25YR ZERO CUPN US TRS INDX ETF | 25YR+ ZERO U S | 72201R882 |  | 4261092 | 62700 | SH |  | SOLE |  | 62700 | 0 | 0 |

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