Aquamarine Financial (Cayman) Ltd — 13F Holdings & Portfolio
CIK 2104187 · latest 13F-HR filed 2026-08-12
Aquamarine Financial (Cayman) Ltd manages $1.81B in 13F-reported U.S. long-equity assets across 17 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are BBD (35.83%), YPF (31.24%), GGAL (9.71%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 1 new position and exited 1; 12 existing positions rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-12
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 98.7%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Sep 11, 2026.
23 LIME TREE BAY AVENUE
GRAND CAYMAN KY1-1002
Cayman Islands
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| AQUAMARINE PTC Control | TRUSTEE OF THE AQUAMARINE STAR TRUST since Sep 2026 | Less than 5% | Foreign Entity |
| MUNGALL, DAVID Control | DIRECTOR since May 2026 | Less than 5% | Individual |
| SILVA, EDUARDO, D'ANGELO P Control | DIRECTOR since May 2026 | Less than 5% | Individual |
| THE AQUAMARINE STAR TRUST Control | SHAREHOLDER since Jul 2026 | 75% or more | Foreign Entity |
| GUARINO, PETER, ROSERIO | CHIEF COMPLIANCE OFFICER since Feb 2026 | Less than 5% | Individual |
| MUNGALL, DAVID Control Indirect owner via AQUAMARINE PTC | SUPERVISOR since Aug 2026 | General partner, trustee or manager | Individual |
| SILVA, EDUARDO, D'ANGELO P Control Indirect owner via AQUAMARINE PTC | DIRECTOR since Aug 2026 | General partner, trustee or manager | Individual |
Ownership & leadership changes · 3 filings with changes since Feb 28, 2025
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedASTRAL RIVER LIMITED · SHAREHOLDER · 75% or more · control person · listed since Dec 2023
- AddedAQUAMARINE PTC · TRUSTEE OF THE AQUAMARINE STAR TRUST · Less than 5% · control person
- AddedMUNGALL, DAVID · SUPERVISOR · General partner, trustee or manager · indirect via AQUAMARINE PTC · control person
- AddedSILVA, EDUARDO, D'ANGELO P · DIRECTOR · General partner, trustee or manager · indirect via AQUAMARINE PTC · control person
- AddedTHE AQUAMARINE STAR TRUST · SHAREHOLDER · 75% or more · control person
- No longer listedMCLAUGHLIN, GWENDOLYN, ELIZABETH · DIRECTOR · Less than 5% · control person · listed since Dec 2023
- No longer listedSamadi, Jessica · DIRECTOR · Less than 5% · listed since Jan 2026
- AddedMUNGALL, DAVID · DIRECTOR · Less than 5% · control person
- AddedSILVA, EDUARDO, D'ANGELO P · DIRECTOR · Less than 5% · control person
- No longer listedMOROKA, KAGISHO · DIRECTOR · Less than 5% · listed since Feb 2025
- AddedGUARINO, PETER, ROSERIO · CHIEF COMPLIANCE OFFICER · Less than 5%
- AddedSamadi, Jessica · DIRECTOR · Less than 5%
- ChangedMCLAUGHLIN, GWENDOLYN, ELIZABETH · now a control person
- ListedASTRAL RIVER LIMITED · SHAREHOLDER · 75% or more · control person
- ListedMCLAUGHLIN, GWENDOLYN, ELIZABETH · DIRECTOR · Less than 5%
- ListedMOROKA, KAGISHO · DIRECTOR · Less than 5%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- YPF SOCIEDAD ANONIMA$148.7M +35.6%
- NU HLDGS LTD$105.6M +734.7%
- GRUPO FINANCIERO GALICIA S.A$65.2M +58.9%
- BANCO BRADESCO S A$60.3M +10.2%
- BANCO MACRO S A$36.8M +89.3%
Top Trims
- BANCO SANTANDER BRASIL S A-$3.7M -6.3%
- COSAN S A-$2.6M -30.1%
- TRANSPORTADORA DE GAS DEL SU-$144.9K -14.1%
- CENTRAL PUERTO S A-$38.0K -11.7%
Aquamarine Financial (Cayman) Ltd Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | BANCO BRADESCO S A | BBD | 059460303 | $649.0M | 35.83% | 186,948,134 | SH |
| 2 | YPF SOCIEDAD ANONIMA | YPF | 984245100 | $565.9M | 31.24% | 12,444,948 | SH |
| 3 | GRUPO FINANCIERO GALICIA S.A | GGAL | 399909100 | $175.9M | 9.71% | 3,515,564 | SH |
| 4 | NU HLDGS LTD | NU | G6683N103 | $119.9M | 6.62% | 8,977,636 | SH |
| 5 | BANCO MACRO S A | BMA | 05961W105 | $78.0M | 4.31% | 842,490 | SH |
| 6 | GERDAU SA | GGB | 373737105 | $67.6M | 3.73% | 16,726,171 | SH |
| 7 | BANCO SANTANDER BRASIL S A | BSBR | 05967A107 | $54.6M | 3.01% | 10,394,184 | SH |
| 8 | BANCO BBVA ARGENTINA S A | BBAR | 058934100 | $33.4M | 1.84% | 1,701,078 | SH |
| 9 | PAGAYA TECHNOLOGIES LTD | PGY | M7S64L123 | $32.3M | 1.78% | 1,771,209 | SH |
| 10 | ORAMED PHARMACEUTICALS INC | ORMP | 68403P203 | $12.1M | 0.67% | 2,512,175 | SH |
| 11 | ALPHA TAU MEDICAL LTD | DRTS | M0740A108 | $9.1M | 0.50% | 721,501 | SH |
| 12 | COSAN S A | CSAN | 22113B103 | $6.0M | 0.33% | 2,096,904 | SH |
| 13 | INNOVIZ TECHNOLOGIES LTD | INVZ | M5R635108 | $4.4M | 0.24% | 5,828,949 | SH |
| 14 | PULSENMORE LTD | PLSM | M8S7C5117 | $2.0M | 0.11% | 338,541 | SH |
| 15 | TRANSPORTADORA DE GAS DEL SU | TGS | 893870204 | $882.9K | 0.05% | 29,696 | SH |
| 16 | CENTRAL PUERTO S A | CEPU | 155038201 | $287.0K | 0.02% | 19,314 | SH |
| 17 | VALENS SEMICONDUCTOR LTD | VLN | M9607U107 | $15.7K | 0.00% | 559,653 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-12 | $1.81B | 17 | 0001493152-26-037413 |
| 2026-03-31 | 2026-05-15 | $1.37B | 17 | 0001493152-26-023398 |
| 2025-12-31 | 2026-01-28 | $1.23B | 13 | 0001493152-26-004011 |
| 2025-09-30 | 2026-01-12 | $974.7M | 11 | 0001493152-26-001866 |
23 LIME TREE BAY AVENUE
GRAND CAYMAN KY1-1002