# EDGAR Filing Document

**Accession Number:** 0001915842
**File Stem:** 0001915842-26-000007
**Filing Date:** 2026-5
**Character Count:** 12323
**Document Hash:** ad3cfa2e103d47099144dcf5fa93c91b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001915842-26-000007.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001915842-26-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**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:** 26983133

**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:** 03-31-2026

**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  05-15-2026<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:** 82

**Form 13F Information Table Value Total:** $4239140027

      (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 |
| ABBOTT LABORATORIES ORD | COM | 002824100 |  | 43634750 | 425000 | SH |  | SOLE |  | 425000 | 0 | 0 |
| ACM RESEARCH CL A ORD | COM CL A | 00108J109 |  | 3706770 | 94200 | SH |  | SOLE |  | 94200 | 0 | 0 |
| ADOBE ORD | COM | 00724F101 |  | 32329640 | 133000 | SH |  | SOLE |  | 133000 | 0 | 0 |
| ALPHABET CL A ORD | CAP STK CL A | 02079K305 |  | 83967520 | 292000 | SH |  | SOLE |  | 292000 | 0 | 0 |
| AMAZON COM ORD | COM | 023135106 |  | 133292800 | 640000 | SH |  | SOLE |  | 640000 | 0 | 0 |
| AMERICAN TOWER REIT | COM | 03027X100 |  | 32790200 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| APPLE ORD | COM | 037833100 |  | 256353279 | 1010100 | SH |  | SOLE |  | 1010100 | 0 | 0 |
| APPLIED MATERIAL ORD | COM | 038222105 |  | 42381960 | 124000 | SH |  | SOLE |  | 124000 | 0 | 0 |
| ARCUTIS BIOTHERAPEUTICS ORD | COM | 03969K108 |  | 14307988 | 607300 | SH |  | SOLE |  | 607300 | 0 | 0 |
| ARISTA NETWORKS ORD | COM SHS | 040413205 |  | 39166820 | 319000 | SH |  | SOLE |  | 319000 | 0 | 0 |
| BANK OF AMERICA ORD | COM | 060505104 |  | 828750 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| BERKSHIRE HATHAWAY CL B ORD | CL B NEW | 084670702 |  | 59420800 | 124000 | SH |  | SOLE |  | 124000 | 0 | 0 |
| BROADCOM ORD | COM | 11135F101 |  | 93162510 | 301000 | SH |  | SOLE |  | 301000 | 0 | 0 |
| CALIX NETWORKS ORD | COM | 13100M509 |  | 5790618 | 118200 | SH |  | SOLE |  | 118200 | 0 | 0 |
| CAPITAL ONE FINANCIAL ORD | COM | 14040H105 |  | 16145055 | 88500 | SH |  | SOLE |  | 88500 | 0 | 0 |
| CATERPILLAR ORD | COM | 149123101 |  | 107685920 | 152000 | SH |  | SOLE |  | 152000 | 0 | 0 |
| CELCUITY ORD | COM | 15102K100 |  | 53999634 | 473100 | SH |  | SOLE |  | 473100 | 0 | 0 |
| CEMEX ADR REP 10 PAR CRTFCT | SPON ADR NEW | 151290889 |  | 13612456 | 1189900 | SH |  | SOLE |  | 1189900 | 0 | 0 |
| CHART INDUSTRIES ORD | COM | 16115Q308 |  | 22742500 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| CHEVRON ORD | COM | 166764100 |  | 51931900 | 251000 | SH |  | SOLE |  | 251000 | 0 | 0 |
| CUMMINS ORD | COM | 231021106 |  | 28515060 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| ELI LILLY ORD | COM | 532457108 |  | 36790800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| GILEAD SCIENCES ORD | COM | 375558103 |  | 27874000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| GLOBAL X COPPER MINERS ETF | GLOBAL X COPPER | 37954Y830 |  | 71341440 | 934400 | SH |  | SOLE |  | 934400 | 0 | 0 |
| H WORLD GROUP ADR | SPONSORED ADS | 44332N106 |  | 1408120 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| HESS MIDSTREAM CL A ORD | CL A SHS | 428103105 |  | 34983000 | 900000 | SH |  | SOLE |  | 900000 | 0 | 0 |
| ICICI BANK ADR REP 2 ORD | ADR | 45104G104 |  | 4669770 | 180300 | SH |  | SOLE |  | 180300 | 0 | 0 |
| INSMED ORD | COM PAR $.01 | 457669307 |  | 49056000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| ISHARES BITCOIN ETF | SHS BEN INT | 46438F101 |  | 53204016 | 1384800 | SH |  | SOLE |  | 1384800 | 0 | 0 |
| ISHARES CORE MSCI TOTL INTL STCK ETF | CORE MSCI TOTAL | 46432F834 |  | 122474304 | 1413600 | SH |  | SOLE |  | 1413600 | 0 | 0 |
| ISHARES ESG AWARE MSCI EM ETF | ESG AWR MSCI EM | 46434G863 |  | 9094000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| ISHARES GOLD ETF | ISHARES NEW | 464285204 |  | 3826144 | 43400 | SH |  | SOLE |  | 43400 | 0 | 0 |
| ISHARES MSCI ACWI ETF | MSCI ACWI ETF | 464288257 |  | 88792029 | 641700 | SH |  | SOLE |  | 641700 | 0 | 0 |
| ISHARES MSCI EMERGING MARKETS ETF | MSCI EMG MKT ETF | 464287234 |  | 32796225 | 577500 | SH |  | SOLE |  | 577500 | 0 | 0 |
| ISHARES TOTAL US STOCK MARKET ETF | CORE S TTL STK | 464287150 |  | 44153300 | 310000 | SH |  | SOLE |  | 310000 | 0 | 0 |
| JM SMUCKER ORD | COM NEW | 832696405 |  | 19288000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| JOHNSON  JOHNSON ORD | COM | 478160104 |  | 90442800 | 370000 | SH |  | SOLE |  | 370000 | 0 | 0 |
| KANZHUN ADR REP 2 ORD | SPONSORED ADS | 48553T106 |  | 7207837 | 538300 | SH |  | SOLE |  | 538300 | 0 | 0 |
| KRANESHARES CSI CHINA INTERNET ETF | CSI CHI INTERNET | 500767306 |  | 67697516 | 2381200 | SH |  | SOLE |  | 2381200 | 0 | 0 |
| LAM RESEARCH ORD | COM NEW | 512807306 |  | 25211880 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| MASTERCARD CL A ORD | CL A | 57636Q104 |  | 54462940 | 109000 | SH |  | SOLE |  | 109000 | 0 | 0 |
| MCDONALD'S ORD | COM | 580135101 |  | 33876110 | 109000 | SH |  | SOLE |  | 109000 | 0 | 0 |
| META PLATFORMS CL A ORD | CL A | 30303M102 |  | 61217910 | 107000 | SH |  | SOLE |  | 107000 | 0 | 0 |
| MICROSOFT ORD | COM | 594918104 |  | 61078050 | 165000 | SH |  | SOLE |  | 165000 | 0 | 0 |
| MOTOROLA SOLUTIONS ORD | COM NEW | 620076307 |  | 26038200 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| NEKTAR THERAPEUTICS ORD | COM NEW | 640268306 |  | 18814925 | 261500 | SH |  | SOLE |  | 261500 | 0 | 0 |
| NEOS NASDAQ 100 HIGH INCOME ETF | NASDAQ 100 HIGH | 78433H675 |  | 34783000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| NEWMONT ORD | COM | 651639106 |  | 75991500 | 702000 | SH |  | SOLE |  | 702000 | 0 | 0 |
| NORWEGIAN CRUISE LINE HOLDINGS ORD | SHS | G66721104 |  | 63673500 | 3405000 | SH |  | SOLE |  | 3405000 | 0 | 0 |
| NVIDIA ORD | COM | 67066G104 |  | 249043200 | 1428000 | SH |  | SOLE |  | 1428000 | 0 | 0 |
| ONESTREAM CL A ORD | CL A | 68278B107 |  | 16987200 | 707800 | SH |  | SOLE |  | 707800 | 0 | 0 |
| PBF ENERGY CL A ORD | CL A | 69318G106 |  | 9524000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| PDD HOLDINGS ADS | SPONSORED ADS | 722304102 |  | 8491158 | 83100 | SH |  | SOLE |  | 83100 | 0 | 0 |
| PENUMBRA ORD | COM | 70975L107 |  | 16418500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PROCTER  GAMBLE ORD | COM | 742718109 |  | 62831400 | 435000 | SH |  | SOLE |  | 435000 | 0 | 0 |
| QFIN HOLDINGS ADR | AMERICAN DEP | 88557W101 |  | 3227500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| REGENERON PHARMACEUTICALS ORD | COM | 75886F107 |  | 3863200 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| REVOLUTION MEDICINES ORD | COM | 76155X100 |  | 65935500 | 678000 | SH |  | SOLE |  | 678000 | 0 | 0 |
| ROSS STORES ORD | COM | 778296103 |  | 28161900 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| RTX ORD | COM | 75513E101 |  | 20833200 | 108000 | SH |  | SOLE |  | 108000 | 0 | 0 |
| SANDISK ORD | COM | 80004C200 |  | 130880040 | 206000 | SH |  | SOLE |  | 206000 | 0 | 0 |
| SCHWAB FUNDAMNTL INTRNL EQT ETF | FUNDAMENTAL INTL | 808524755 |  | 10471020 | 214000 | SH |  | SOLE |  | 214000 | 0 | 0 |
| SCHWAB FUNDTL EMRG MKT EQT ETF | FUNDAMENTAL EMER | 808524730 |  | 2559594 | 66900 | SH |  | SOLE |  | 66900 | 0 | 0 |
| SERVICENOW ORD | COM | 81762P102 |  | 9932250 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT ORD | COM | 83001C108 |  | 3443500 | 194000 | SH |  | SOLE |  | 194000 | 0 | 0 |
| SPHERE ENTERTAINMENT CL A ORD | CL A | 55826T102 |  | 44025000 | 375000 | SH |  | SOLE |  | 375000 | 0 | 0 |
| ST STR SPDR POR DE WO EX US ETF | PORTFOLIO DEVLPD | 78463X889 |  | 275689480 | 6039200 | SH |  | SOLE |  | 6039200 | 0 | 0 |
| SYNOPSYS ORD | COM | 871607107 |  | 31718400 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| TAKE TWO INTERACTIVE SOFTWARE ORD | COM | 874054109 |  | 44635000 | 226000 | SH |  | SOLE |  | 226000 | 0 | 0 |
| TAL EDUCATION GRP 3 ADR REP CL A ORD | SPONSORED ADS | 874080104 |  | 7959000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| TERADYNE ORD | COM | 880770102 |  | 66703500 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| TERNS PHARMACEUTICALS ORD | COM | 880881107 |  | 113369088 | 2150400 | SH |  | SOLE |  | 2150400 | 0 | 0 |
| TTM TECHNOLOGIES ORD | COM | 87305R109 |  | 6419978 | 65900 | SH |  | SOLE |  | 65900 | 0 | 0 |
| UNITEDHEALTH GRP ORD | COM | 91324P102 |  | 24353100 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| VANECK GOLD MINERS ETF | GOLD MINERS ETF | 92189F106 |  | 82960080 | 904000 | SH |  | SOLE |  | 904000 | 0 | 0 |
| VANECK JUNIOR GOLD MINERS ETF | JUNIOR GOLD MINE | 92189F791 |  | 196625520 | 1638000 | SH |  | SOLE |  | 1638000 | 0 | 0 |
| VANGUARD FTSE DEVELOPED MARKETS ETF | VAN FTSE DEV MKT | 921943858 |  | 142706160 | 2227000 | SH |  | SOLE |  | 2227000 | 0 | 0 |
| VANGUARD FTSE PACIFIC ETF | FTSE PACIFIC ETF | 922042866 |  | 77001467 | 787900 | SH |  | SOLE |  | 787900 | 0 | 0 |
| WEBSTER FINANCIAL ORD | COM | 947890109 |  | 28601040 | 412000 | SH |  | SOLE |  | 412000 | 0 | 0 |
| WELLS FARGO ORD | COM | 949746101 |  | 79928440 | 1004000 | SH |  | SOLE |  | 1004000 | 0 | 0 |
| WELLTOWER ORD | COM | 95040Q104 |  | 2886566 | 14600 | SH |  | SOLE |  | 14600 | 0 | 0 |
| WORKDAY CL A ORD | CL A | 98138H101 |  | 14940800 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |

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