CIK: 0002104187
Total reported value
$1.4B
Reporting period: 2026-03-31 · Number of holdings: 17
Aquamarine Financial (Cayman) Ltd disclosed 17 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.4B and a quarterly turnover rate of 14.6%.
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Aquamarine Financial (Cayman) Ltd's disclosed holdings carry a Herfindahl concentration index of 0.291 — mathematically equivalent to about 3 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 2.05), 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 8.8 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 1% 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.
Trim GGB
-14.3% -$11.7M
Trim BMA
-5.7% -$9.7M
Trim GGAL
+12.8% -$2.5M
Add BBD
+5.5% $71.6M
Trim BSBR
+0.5% -$1.5M
Trim YPF
-14.0% $37.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BBD | Banco Bradesco-adr | Stock-Other | 43.11% | +1.01% | +5.50% | |
| 2 | YPF | Ypf S.a.-sponsored Adr | Stock-Other | 30.55% | -0.34% | -13.97% | |
| 3 | GGAL | Grupo Financiero Galicia-adr | Stock-Other | 8.10% | -1.11% | +12.84% | |
| 4 | GGB | Gerdau SA -spon Adr | Stock-Other | 4.42% | -1.45% | -14.34% | |
| 5 | BSBR | Banco Santander Brasil-ads | Stock-Other | 4.26% | -0.60% | +0.49% | |
| 6 | BMA | Banco Macro Sa-adr | Stock-Other | 3.02% | -1.12% | -5.67% | |
| 7 | SCOUSD | Proshares Ultrashort Bloombe | ETF-Other | 2.07% | +2.07% | NEW | |
| 8 | BBAR | Bbva Argentina Sa-adr | Stock-Other | 1.45% | -0.23% | +8.24% | |
| 9 | NU | Nu Holdings Ltd. | Stock-Financials | 1.05% | +1.05% | NEW | |
| 10 | CSAN | Cosan SA -adr | Stock-Other | 0.63% | -0.04% | — | |
| 11 | ORMP | Oramed Pharmaceuticals INC | Stock-Other | 0.53% | +0.07% | +7.06% | |
| 12 | ✓ | Alpha Tau Medical LTD | Stock-Other | 0.37% | +0.37% | NEW | |
| 13 | ✓ | Innoviz Technologies LTD Shs | Stock-Other | 0.24% | +0.23% | +2820.43% | |
| 14 | ✓ | Pulsenmore LTD | Stock-Other | 0.09% | +0.09% | NEW | |
| 15 | TGS | Transportador Gas-adr Sp B | Stock-Other | 0.08% | — | — | |
| 16 | CEPU | Central Puerto-sponsored Adr | Stock-Other | 0.02% | -0.01% | — | |
| 17 | ✓ | Valens Semiconductor LTD | Stock-Other | — | — | — |
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
+12.3%
Aquamarine Financial (Cayman) Ltd's most significant position changes for 2026-03-31: New buy: Proshares Ultrashort Bloombe (SCOUSD); New buy: Nu Holdings Ltd. (NU); New buy: Alpha Tau Medical LTD; New buy: Pulsenmore LTD; Trim: Gerdau SA -spon Adr (GGB) — shares -14.34%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BBD | Banco Bradesco-adr | +1% | +5.50% | Add |
| 2 | ✓ | Innoviz Technologies LTD Shs | +0.2% | +2820.43% | Add |
| 3 | ORMP | Oramed Pharmaceuticals INC | +0.1% | +7.06% | Add |
| 4 | TGS | Transportador Gas-adr Sp B | — | — | Unchanged |
| 5 | ✓ | Valens Semiconductor LTD | — | — | Unchanged |
| 6 | CEPU | Central Puerto-sponsored Adr | 0% | — | Unchanged |
| 7 | CSAN | Cosan SA -adr | 0% | — | Unchanged |
| 8 | BBAR | Bbva Argentina Sa-adr | -0.2% | +8.24% | Add |
| 9 | YPF | Ypf S.a.-sponsored Adr | -0.3% | -13.97% | Trim |
| 10 | BSBR | Banco Santander Brasil-ads | -0.6% | +0.49% | Add |
| 11 | GGAL | Grupo Financiero Galicia-adr | -1.1% | +12.84% | Add |
| 12 | BMA | Banco Macro Sa-adr | -1.1% | -5.67% | Trim |
| 13 | GGB | Gerdau SA -spon Adr | -1.5% | -14.34% | Trim |
| 14 | SCOUSD | Proshares Ultrashort Bloombe | — | NEW | New buy |
| 15 | NU | Nu Holdings Ltd. | — | NEW | New buy |
| 16 | ✓ | Alpha Tau Medical LTD | — | NEW | New buy |
| 17 | ✓ | Pulsenmore LTD | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-28 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2026-01-12 | 13F-HR | View on EDGAR |
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