Q4 2025 · 13F-HR
Aquamarine Financial (Cayman) Ltdholdings as filed
Filed 2026-01-28 · accession 0001493152-26-004011
$1.23B
Reported value
13
Positions
2025-12-31
Period end
The Brief · Aquamarine Financial (Cayman) Ltd · Q4 2025
AI · grounded in 13F
Aquamarine Financial (Cayman) Ltd more than doubled its position in BBAR, increasing share count by 103.8%. The fund also accumulated shares in GGAL by 57.9% and BMA by 23.8%. These moves contributed to a total of 8 new or increased positions, while the fund trimmed its holdings in YPF by 19.1% and CSAN by 6.4%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 059460303 | BBD | BANCO BRADESCO S A | $517.1M | 42.1% | 148,670,798 | Common | SOLE |
| 984245100 | YPF | YPF SOCIEDAD ANONIMA | $379.4M | 30.9% | 10,492,557 | Common | SOLE |
| 399909100 | GGAL | GRUPO FINANCIERO GALICIA S.A | $113.1M | 9.21% | 2,092,309 | Common | SOLE |
| 373737105 | GGB | GERDAU SA | $72.1M | 5.87% | 19,526,171 | Common | SOLE |
| 05967A107 | BSBR | BANCO SANTANDER BRASIL S A | $59.7M | 4.86% | 9,770,322 | Common | SOLE |
| 05961W105 | BMA | BANCO MACRO SA | $50.9M | 4.14% | 564,501 | Common | SOLE |
| 058934100 | BBAR | BANCO BBVA ARGENTINA S A | $20.6M | 1.68% | 1,141,305 | Common | SOLE |
| 22113B103 | CSAN | COSAN S A | $8.3M | 0.67% | 2,096,904 | Common | SOLE |
| 68403P203 | ORMP | ORAMED PHARMACEUTICALS INC | $5.6M | 0.46% | 1,973,057 | Common | SOLE |
| 893870204 | TGS | TRANSPORTADORA DE GAS SUR | $923,249 | 0.08% | 29,696 | Common | SOLE |
| 155038201 | CEPU | CENTRAL PUERTO S A | $337,995 | 0.03% | 19,314 | Common | SOLE |
| M5R635108 | INVZ | INNOVIZ TECHNOLOGIES LTD | $151,236 | 0.01% | 177,278 | Common | SOLE |
| M9607U107 | VLN/WS | VALENS SEMICONDUCTOR LTD | $13,991 | 0.00% | 559,653 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.