Aquamarine Financial (Cayman) Ltd Concentrated Active

CIK: 0002104187 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 28, 2026

Total Value ($000): $1,228,199 (100.0% shares, 0.0% debt)

Holdings (13)

New Positions (2)

INVZ INNOVIZ TECHNOLOGIES LTD 0.0%

Value ($000) $151 Shares 177,278 Est. Cost $1.58 Unrealized 0.0%

VLN/WS VALENS SEMICONDUCTOR LTD 0.0%

Value ($000) $14 Shares 559,653 Est. Cost $0.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INVZ	INNOVIZ TECHNOLOGIES LTD	177,278	$151	0.0%	$1.58	0.0%	SHS	M5R635108
VLN/WS	VALENS SEMICONDUCTOR LTD	559,653	$14	0.0%	$0.02	—	*W EXP 09/30/202	M9607U107

Increased Positions (6)

GGAL GRUPO FINANCIERO GALICIA S.A 9.2%

Value ($000) $113,133 (+208.3%) Shares 2,092,309 (+57.9%) Est. Cost $37.37 Unrealized —

BBD BANCO BRADESCO S A 42.1%

Value ($000) $517,056 (+8.4%) Shares 148,670,798 (+8.1%) Est. Cost $3.47 Unrealized —

BMA BANCO MACRO SA 4.1%

Value ($000) $50,895 (+163.9%) Shares 564,501 (+23.8%) Est. Cost $51.49 Unrealized —

GGB GERDAU SA 5.9%

Value ($000) $72,052 (+30.6%) Shares 19,526,171 (+9.7%) Est. Cost $3.15 Unrealized —

BBAR BANCO BBVA ARGENTINA S A 1.7%

Value ($000) $20,623 (+342.6%) Shares 1,141,305 (+103.8%) Est. Cost $13.29 Unrealized —

BSBR BANCO SANTANDER BRASIL S A 4.9%

Value ($000) $59,697 (+18.7%) Shares 9,770,322 (+8.6%) Est. Cost $5.63 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GGAL	GRUPO FINANCIERO GALICIA S.A	2,092,309 (+57.9%)	$113,133 (+208.3%)	9.2%	$37.37	—	SPONSORED ADR	399909100
BBD	BANCO BRADESCO S A	148,670,798 (+8.1%)	$517,056 (+8.4%)	42.1%	$3.47	—	SP ADR PFD NEW	059460303
BMA	BANCO MACRO SA	564,501 (+23.8%)	$50,895 (+163.9%)	4.1%	$51.49	—	SPON ADR B	05961W105
GGB	GERDAU SA	19,526,171 (+9.7%)	$72,052 (+30.6%)	5.9%	$3.15	—	SPON ADR REP PFD	373737105
BBAR	BANCO BBVA ARGENTINA S A	1,141,305 (+103.8%)	$20,623 (+342.6%)	1.7%	$13.29	—	SPONSORED ADS	058934100
BSBR	BANCO SANTANDER BRASIL S A	9,770,322 (+8.6%)	$59,697 (+18.7%)	4.9%	$5.63	—	ADS REP 1 UNIT	05967A107

Decreased Positions (2)

YPF YPF SOCIEDAD ANONIMA 30.9%

Value ($000) $379,411 (+20.4%) Shares 10,492,557 (-19.1%) Est. Cost $24.29 Unrealized —

CSAN COSAN S A 0.7%

Value ($000) $8,283 (-19.7%) Shares 2,096,904 (-6.4%) Est. Cost $4.60 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
YPF	YPF SOCIEDAD ANONIMA	10,492,557 (-19.1%)	$379,411 (+20.4%)	30.9%	$24.29	—	SPON ADR CL D	984245100
CSAN	COSAN S A	2,096,904 (-6.4%)	$8,283 (-19.7%)	0.7%	$4.60	—	ADS	22113B103

Unchanged Positions (3)

ORMP ORAMED PHARMACEUTICALS INC 0.5%

Value ($000) $5,623 Shares 1,973,057 Est. Cost $2.06 Unrealized +16.7%

TGS TRANSPORTADORA DE GAS SUR 0.1%

Value ($000) $923 Shares 29,696 Est. Cost $21.03 Unrealized —

CEPU CENTRAL PUERTO S A 0.0%

Value ($000) $338 Shares 19,314 Est. Cost $8.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORMP	ORAMED PHARMACEUTICALS INC	1,973,057	$5,623	0.5%	$2.06	+16.7%	COM NEW	68403P203
TGS	TRANSPORTADORA DE GAS SUR	29,696	$923	0.1%	$21.03	—	SPONSORED ADS B	893870204
CEPU	CENTRAL PUERTO S A	19,314	$338	0.0%	$8.01	—	SPONSORED ADR	155038201