# EDGAR Filing Document

**Accession Number:** 0001915842
**File Stem:** 0001915842-25-000018
**Filing Date:** 2025-8
**Character Count:** 14051
**Document Hash:** c805d60212c7c1f91b551d171271fd0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001915842-25-000018.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001915842-25-000018

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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:** 251210428

**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:** 06-30-2025

**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:** Olivia Reinecke<br>**Title:** Compliance Associate<br>**Phone:** 2127749467

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

Olivia Reinecke  New York, NY  08-13-2025<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:** 103

**Form 13F Information Table Value Total:** $6250130186

      (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 |
| 3M Co | COM | 88579Y101 |  | 10656800 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 23202500 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| Adobe Inc | COM | 00724F101 |  | 46038720 | 119000 | SH |  | SOLE |  | 119000 | 0 | 0 |
| Advanced Micro Devices Inc | COM | 007903107 |  | 90816000 | 640000 | SH |  | SOLE |  | 640000 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 10546000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Alphabet Inc. | Class A | 02079K305 |  | 189623480 | 1076000 | SH |  | SOLE |  | 1076000 | 0 | 0 |
| Alphabet Inc. | Class C | 02079K107 |  | 101999250 | 575000 | SH |  | SOLE |  | 575000 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 185625879 | 846100 | SH |  | SOLE |  | 846100 | 0 | 0 |
| American Express Company | COM | 025816109 |  | 24082990 | 75500 | SH |  | SOLE |  | 75500 | 0 | 0 |
| Analog Devices Inc | COM | 032654105 |  | 26182200 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 262207260 | 1278000 | SH |  | SOLE |  | 1278000 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 24989055 | 136500 | SH |  | SOLE |  | 136500 | 0 | 0 |
| Arista Networks Inc. | COM | 040413205 |  | 20462000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| Autodesk inc | COM | 052769106 |  | 11763660 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING | COM | 053015103 |  | 20662800 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| Avantor Inc | COM | 05352A100 |  | 13460000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| Bank of America Corporation | COM | 060505104 |  | 82810000 | 1750000 | SH |  | SOLE |  | 1750000 | 0 | 0 |
| Berkshire Hathaway Inc | Class B | 084670702 |  | 85981290 | 177000 | SH |  | SOLE |  | 177000 | 0 | 0 |
| BlackRock Inc. | COM | 09290D101 |  | 6295500 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Blueprint Medicines Corporation | COM | 09627Y109 |  | 20508800 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| Booking Holdings Inc | COM | 09857L108 |  | 23156960 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| boston scientific corporation | COM | 101137107 |  | 10741000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Box Inc | Class A | 10316T104 |  | 10251000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| Brinker Intl Inc | COM | 109641100 |  | 11721450 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| BROADCOM Inc | COM | 11135F101 |  | 374408228 | 1358274 | SH |  | SOLE |  | 1358274 | 0 | 0 |
| The Charles Schwab Corporation | COM | 808513105 |  | 130005960 | 1424879 | SH |  | SOLE |  | 1424879 | 0 | 0 |
| Cheniere Energy Inc | COM | 16411R208 |  | 11445440 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 14971803 | 104559 | SH |  | SOLE |  | 104559 | 0 | 0 |
| Charles River Laboratories International Inc | COM | 159864107 |  | 31863300 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| Cintas Corp. | COM | 172908105 |  | 44574000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 40240400 | 580000 | SH |  | SOLE |  | 580000 | 0 | 0 |
| Citigroup Inc | COM | 172967424 |  | 22556800 | 265000 | SH |  | SOLE |  | 265000 | 0 | 0 |
| CME Group Inc | Class A | 12572Q105 |  | 15159100 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| Colgate-Palmolive Company | COM | 194162103 |  | 13816800 | 152000 | SH |  | SOLE |  | 152000 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 8974000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Costco Wholesale Corporation | COM | 22160K105 |  | 23758560 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| CrowdStrike Holdings Inc | Class A | 22788C105 |  | 30558600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 7954700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 9163000 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 8236500 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| General Electric Company | COM | 369604301 |  | 18995382 | 73800 | SH |  | SOLE |  | 73800 | 0 | 0 |
| General Dynamics Corporation | COM | 369550108 |  | 18957900 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 16630500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| Goldman Sachs Group Inc | COM | 38141G104 |  | 186856616 | 264015 | SH |  | SOLE |  | 264015 | 0 | 0 |
| The Home Depot Inc | COM | 437076102 |  | 7332800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Honeywell International Inc | COM | 438516106 |  | 37079619 | 159222 | SH |  | SOLE |  | 159222 | 0 | 0 |
| Interactive Brokers Group Inc | Class A | 45841N107 |  | 24380400 | 440000 | SH |  | SOLE |  | 440000 | 0 | 0 |
| Intercontinental Exchange Inc. | COM | 45866F104 |  | 14677600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| Intuit Inc | COM | 461202103 |  | 10239190 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| Intuitive Surgical Inc. | COM | 46120E602 |  | 25854904 | 47579 | SH |  | SOLE |  | 47579 | 0 | 0 |
| ISHARES TR | COM | 464287432 |  | 31770000 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| ISHARES TR | COM | 464287184 |  | 63962400 | 1740000 | SH |  | SOLE |  | 1740000 | 0 | 0 |
| iShares Core S 500 ETF | COM | 464287200 |  | 776125000 | 1250000 | SH |  | SOLE |  | 1250000 | 0 | 0 |
| Johnson Controls International PLC | COM | 00BY7QL61 |  | 7393400 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 104947420 | 362000 | SH |  | SOLE |  | 362000 | 0 | 0 |
| KLA Corp | COM | 482480100 |  | 12540360 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| Lam Research Corporation | COM | 512807306 |  | 31148800 | 320000 | SH |  | SOLE |  | 320000 | 0 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 20841300 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| Lululemon Athletica Inc | COM | 550021109 |  | 13066900 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| Marsh  McLennan Companies Inc. | COM | 571748102 |  | 15418274 | 70519 | SH |  | SOLE |  | 70519 | 0 | 0 |
| Mastercard Incorporated | Class A | 57636Q104 |  | 56194000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| McDonald's Corporation | COM | 580135101 |  | 38858610 | 133000 | SH |  | SOLE |  | 133000 | 0 | 0 |
| Meta Platforms Inc | Class A | 30303M102 |  | 425508885 | 576500 | SH |  | SOLE |  | 576500 | 0 | 0 |
| Micron Technology Inc | COM | 595112103 |  | 42028250 | 341000 | SH |  | SOLE |  | 341000 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 356431571 | 716575 | SH |  | SOLE |  | 716575 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 129141716 | 916809 | SH |  | SOLE |  | 916809 | 0 | 0 |
| Netflix Inc | COM | 64110L106 |  | 30264338 | 22600 | SH |  | SOLE |  | 22600 | 0 | 0 |
| NextEra Energy Inc. | COM | 65339F101 |  | 11107200 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| NVIDIA Corporation | COM | 67066G104 |  | 666133237 | 4216300 | SH |  | SOLE |  | 4216300 | 0 | 0 |
| NVR Inc | COM | 62944T105 |  | 7385660 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| PAYPAL HOLDINGS INC | COM | 000953878 |  | 10924500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PACKAGING CORP OF AMERICA | COM | 695156109 |  | 10364750 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| Palantir Technologies Inc. | Class A | 69608A108 |  | 154598876 | 1134088 | SH |  | SOLE |  | 1134088 | 0 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 26408000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| PG Corporation | COM | 69331C108 |  | 13940000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| Philip Morris International Inc | COM | 718172109 |  | 10927800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| PNC Financial Services Group Inc | COM | 693475105 |  | 13981500 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| Progressive Corporation | COM | 743315103 |  | 16011600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| Prologis Inc. | COM | 74340W103 |  | 10512000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Qualcomm Inc | COM | 747525103 |  | 28666800 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| Raymond James Financial Inc | COM | 754730109 |  | 10735900 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| Raytheon Technologies Corporation | COM | 75513E101 |  | 14602000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| salesforce.com Inc | COM | 79466L302 |  | 38176600 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 23645840 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| Southwest Airlines Co | COM | 844741108 |  | 38928000 | 1200000 | SH |  | SOLE |  | 1200000 | 0 | 0 |
| Stryker Corporation | COM | 863667101 |  | 15362313 | 38830 | SH |  | SOLE |  | 38830 | 0 | 0 |
| Teleflex Inc | COM | 879369106 |  | 34324400 | 290000 | SH |  | SOLE |  | 290000 | 0 | 0 |
| Tesla Inc | COM | 88160R101 |  | 84497560 | 266000 | SH |  | SOLE |  | 266000 | 0 | 0 |
| Texas Instruments Incorporated | COM | 882508104 |  | 12457200 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 8109200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| The TJX Companies Inc. | COM | 872540109 |  | 27785250 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| The Travelers Companies Inc | COM | 89417E109 |  | 4013100 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| Truist Financial Corporation | COM | 89832Q109 |  | 8598000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 20526000 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 23008000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 35564580 | 114000 | SH |  | SOLE |  | 114000 | 0 | 0 |
| VANECK ETF TRUST | COM | 92189F791 |  | 75024900 | 1110000 | SH |  | SOLE |  | 1110000 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 22000500 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| Walt Disney Co | COM | 254687106 |  | 54564400 | 440000 | SH |  | SOLE |  | 440000 | 0 | 0 |
| Wells Fargo  Company | COM | 949746101 |  | 40060000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 15373000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Western Digital Corporation | COM | 958102105 |  | 32250960 | 504000 | SH |  | SOLE |  | 504000 | 0 | 0 |
| W.W. Grainger Inc | COM | 384802104 |  | 11442640 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |

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