Aquamarine Financial (Cayman) portfolio

What changed this quarter

10 positions with a change (1 new, 9 added to); also, 1 exited through an acquisition or merger. 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• YPF Sociedad Anonima+38%more sharesIncreased
  30.6% → 31.2%
• Nu Holdings+798%more sharesIncreased
  1.1% → 6.6%
• Bank Bradesco+19%more sharesIncreased
  43.1% → 35.8%
• Grupo Financiero Galicia+49%more sharesIncreased
  8.1% → 9.7%
• Pagaya Technologies+1.8 ppof portfolioNew
  — → 1.8%
• Macro Bank+58%more sharesIncreased
  3.0% → 4.3%
• Banco Bbva Argentina+38%more sharesIncreased
  1.5% → 1.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Bank BradescoBBD35.8%
• YPF Sociedad AnonimaYPF31.2%
• Grupo Financiero GaliciaGGAL9.7%
• Nu HoldingsNU6.6%
• Macro BankBMA4.3%
• GerdauGGB3.7%
• Banco Santander (brasil)BSBR3.0%
• Banco Bbva ArgentinaBBAR1.8%
• Pagaya TechnologiesPGY1.8%
• Oramed PharmaceuticalsORMP0.7%
• Alpha Tau MedicalDRTS0.5%
• CosanCSANY0.3%
• Innoviz TechnologiesINVZ0.2%
• PulsenmorePLSM0.1%
• Transportadora De Gas DEL SUTGSunder 0.1%
• Central PuertoCEPUunder 0.1%
• Valens SemiconductorVLNWF(warrant)under 0.1%