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Aquamarine Financial 13F Holdings & Position Changes (Q2 2026)
Aquamarine FinancialCIK: 0002104187
Sector-focusedMomentum followerConcentrated strategy
Total reported value
$1.8B
Reporting period: 2026-06-30 · Number of holdings: 17
Aquamarine Financial disclosed 17 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.8B and a quarterly turnover rate of 32.4%.
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Personality snowflake
- Concentration
- 97.88
- Portfolio Stability
- 32.43
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 34
- Sizing Uniformity
- 81.68
Aquamarine Financial's disclosed holdings carry a Herfindahl concentration index of 0.245 — mathematically equivalent to about 4 equally-sized positions, well below its 17 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.83), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 8.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 7% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim BBD
+19.2% $60.3M
Add NU
+797.8% $105.6M
Sold out SCOUSD
New buy M7S64L123
Add GGAL
+48.9% $65.2M
Add BMA
+58.2% $36.8M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BBD | Banco Bradesco-adr | Stock-Other | 35.83% | -7.28% | +19.19% | |
| 2 | YPF | Ypf S.a.-sponsored Adr | Stock-Other | 31.24% | +0.69% | +37.87% | |
| 3 | GGAL | Grupo Financiero Galicia-adr | Stock-Other | 9.71% | +1.61% | +48.90% | |
| 4 | NU | Nu Holdings Ltd. | Stock-Financials | 6.62% | +5.57% | +797.76% | |
| 5 | BMA | Banco Macro Sa-adr | Stock-Other | 4.31% | +1.29% | +58.22% | |
| 6 | GGB | Gerdau SA -spon Adr | Stock-Other | 3.73% | -0.69% | — | |
| 7 | BSBR | Banco Santander Brasil-ads | Stock-Other | 3.01% | -1.25% | +5.87% | |
| 8 | BBAR | Bbva Argentina Sa-adr | Stock-Other | 1.84% | +0.39% | +37.70% | |
| 9 | ✓ | Pagaya Technologies LTD Cl | Stock-Other | 1.78% | +1.78% | NEW | |
| 10 | ORMP | Oramed Pharmaceuticals Inc | Stock-Other | 0.67% | +0.14% | +18.93% | |
| 11 | ✓ | Alpha Tau Medical LTD | Stock-Other | 0.50% | +0.13% | — | |
| 12 | CSAN | Cosan SA -adr | Stock-Other | 0.33% | -0.30% | — | |
| 13 | ✓ | Innoviz Technologies LTD Shs | Stock-Other | 0.24% | — | +12.59% | |
| 14 | ✓ | Pulsenmore LTD | Stock-Other | 0.11% | +0.02% | — | |
| 15 | TGS | Transportador Gas-adr Sp B | Stock-Other | 0.05% | -0.03% | — | |
| 16 | CEPU | Central Puerto-sponsored Adr | Stock-Other | 0.02% | — | — | |
| 17 | ✓ | Valens Semiconductor LTD | Stock-Other | — | — | — |
Portfolio Performance
Performance for Q3 2026
-5.1%
Performance Last 4 Quarters
+7.3%
- Stdev
- +26.8%
- Beta
- +0.19
- Alpha
- +9.2%
- Max Drawdown
- -7.8%
- Annualized Perf
- +9.9%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +0.88
- Stutzer
- +0.15
- Treynor
- +0.65
- Sterling
- —
- Calmar
- +1.27
- Information Ratio
- -0.17
- Tracking Error
- +29.3%
- Stdev Down
- +14.4%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.13
- Sharpe
- +0.47
- Stdev Sectors
- 0%
- Skewness
- +0.43
- Kurtosis
- -1
- Upside Potential
- +3.15
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Aquamarine Financial's most significant position changes for 2026-06-30: New buy: Pagaya Technologies LTD Cl; Sold out: Proshares Ultrashort Bloombe (SCOUSD); Add: Banco Bradesco-adr (BBD) — shares +19.19%; Add: Nu Holdings Ltd. (NU) — shares +797.76%; Add: Grupo Financiero Galicia-adr (GGAL) — shares +48.90%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NU | Nu Holdings Ltd. | +5.6% | +797.76% | Add |
| 2 | ✓ | Pagaya Technologies LTD Cl | +1.8% | NEW | New buy |
| 3 | GGAL | Grupo Financiero Galicia-adr | +1.6% | +48.90% | Add |
| 4 | BMA | Banco Macro Sa-adr | +1.3% | +58.22% | Add |
| 5 | YPF | Ypf S.a.-sponsored Adr | +0.7% | +37.87% | Add |
| 6 | BBAR | Bbva Argentina Sa-adr | +0.4% | +37.70% | Add |
| 7 | ORMP | Oramed Pharmaceuticals Inc | +0.1% | +18.93% | Add |
| 8 | ✓ | Alpha Tau Medical LTD | +0.1% | — | Unchanged |
| 9 | ✓ | Pulsenmore LTD | 0% | — | Unchanged |
| 10 | ✓ | Innoviz Technologies LTD Shs | — | +12.59% | Add |
| 11 | CEPU | Central Puerto-sponsored Adr | — | — | Unchanged |
| 12 | ✓ | Valens Semiconductor LTD | — | — | Unchanged |
| 13 | TGS | Transportador Gas-adr Sp B | 0% | — | Unchanged |
| 14 | CSAN | Cosan SA -adr | -0.3% | — | Unchanged |
| 15 | GGB | Gerdau SA -spon Adr | -0.7% | — | Unchanged |
| 16 | BSBR | Banco Santander Brasil-ads | -1.3% | +5.87% | Add |
| 17 | SCOUSD | Proshares Ultrashort Bloombe | -2.1% | EXIT | Sold out |
| 18 | BBD | Banco Bradesco-adr | -7.3% | +19.19% | Add |
Filing History
FAQ
What is Aquamarine Financial and what type of investor is it?
Aquamarine Financial is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.8B, spread across 17 disclosed positions.
What are Aquamarine Financial's largest equity positions?
Based on the latest 13F filing, Aquamarine Financial's top holdings by market value are:
1. Banco Bradesco-adr (BBD) — $649.0M (35.8%)
2. Ypf S.a.-sponsored Adr (YPF) — $565.9M (31.2%)
3. Grupo Financiero Galicia-adr (GGAL) — $175.9M (9.7%)
4. Nu Holdings Ltd. (NU) — $119.9M (6.6%)
5. Banco Macro Sa-adr (BMA) — $78.0M (4.3%)
What changes did Aquamarine Financial make in its most recent portfolio filing?
In the latest reported quarter, Aquamarine Financial made 11 notable position adjustments: 1 new positions were initiated, 9 existing holdings were added to, 0 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Pagaya Technologies LTD Cl; Sold out: Proshares Ultrashort Bloombe (SCOUSD); Add: Banco Bradesco-adr (BBD) — shares +19.19%; Add: Nu Holdings Ltd. (NU) — shares +797.76%; Add: Grupo Financiero Galicia-adr (GGAL) — shares +48.90%
What sectors does Aquamarine Financial focus on?
Aquamarine Financial is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 100.0%
Investment Profile
Aquamarine Financial returned an annualized 9.9% over the trailing 9 months — outperforming the S&P 500 by 9.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.19 (less volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 100.0% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 32 over the past 3 quarters — a shift toward more active trading.
It has added to its YPF position over the past two quarters (+$186.5M, now $565.9M), while trimming BSBR over the same stretch (-$5.1M, still holding $54.6M).
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