Aquamarine Financial (Cayman) Ltd

Aquamarine Financial (Cayman)'s Q1 2026 13F is a $1.37B, 17-position portfolio that is one of the most geographically concentrated Latin American books in institutional data -- 9 of 17 positions (52.9%) are Brazilian or Argentine financial-services, energy, or materials names, and the portfolio has zero US large-cap, zero technology (except Israeli biotech/semiconductor toes), and zero European exposure. Total AUM grew from $1.23B in Q4 2025 to $1.37B in Q1 2026 (+$136.4M or +11.1%), driven by mark-to-market appreciation in the portfolio's two mega-position anchors (Banco Bradesco +$71.6M, YPF +$37.8M) and new capital deployment into four opens. The portfolio's defining structural feature is extreme dual-anchor concentration: Banco Bradesco (BBD, $589M, 43.1%, 156.8M shares, +5.5% shares, +$71.6M, the largest position and its Brazilian-banking anchor) and YPF S.A. (YPF, $417M, 30.6%, 9.03M shares, -14.0% shares but +$37.8M-in-value-appreciation despite the reduction -- YPF's stock rallied sharply in Q1 2026 on Argentine macroeconomic stabilization and energy-sector recovery) together total $1.01B or 73.7% of AUM. The Q1 2026 activity: 4 new opens (ProShares Short Oil ETF SCO $28.3M -- a thematic hedge against the portfolio's energy exposure, particularly YPF; Nu Holdings NU $14.4M -- Brazilian digital-bank, a complementary fintech to the BBD anchor; Alpha Tau Medical $5.1M -- Israeli radiopharmaceutical biotech; PulseMore $1.2M -- Israeli medical-device), 0 sold, 6 increased, 3 decreased, 4 unchanged. Banco Bradesco was the largest absolute increase (+$71.6M, +5.5% shares) -- the manager added to Brazil's largest private-sector bank into Q1 strength, signaling continued conviction in Brazilian retail-banking credit quality and rate-cycle positioning. Grupo Financiero Galicia (GGAL, $111M, 8.1%, +12.8% shares) -- Argentina's largest financial-services conglomerate -- was increased despite mark-to-market weakness, a high-conviction add on Argentine banking recovery. Oramed Pharmaceuticals (ORMP, $7.2M, +7.1% shares) -- Israeli oral- insulin biotech -- increased; the only non-Latin-American position besides the two new Israeli opens. Three decreased: YPF (-14.0% shares, but value INCREASED $37.8M -- the manager took partial profits into YPF's Q1 rally), Gerdau GGB (-14.3% shares, -$11.7M) -- Brazilian steelmaker, reduced as iron-ore prices declined; Banco Macro BMA (-5.7% shares, -$9.7M) -- Argentine private bank, reduced modestly. The sector breakdown -- Unknown $777.9M (56.9%, primarily YPF classified as Unknown and the Israeli names without GICS), Financial Services $588.7M (43.1%, overwhelmingly BBD) -- reflects the portfolio's identity as a Latin American financial-services specialist with a large energy-overlay. The 76.50 whaleScore on $1.37B reflects AUM just above threshold. The portfolio's identity reads as a Latin American special-situations / macro-conviction fund: the manager has built the portfolio around two massive single-name exposures (Brazilian banking via BBD at 43% and Argentine energy via YPF at 31%) and uses the remaining 26% for satellite Latin American financials (Galicia, Santander Brasil, Macro, BBVA Argentina), Argentine energy infrastructure (TGS, Central Puerto), Brazilian energy/agribusiness (Cosan), commodity exposure (Gerdau steel, SCO oil-short hedge), and speculative biotech/tech toes in Israel (Oramed, Alpha Tau, Innoviz, PulseMore, Valens). The Q1 2026 delta is best read as: Aquamarine Financial, a $1.37B Latin American macro-and-financial-services fund, grew AUM +11.1% in Q1 2026 -- driven primarily by YPF's +$37.8M mark-to-market rally (the Argentine energy recovery story) and BBD's +$71.6M appreciation -- while adding four new speculative opens (SCO oil-hedge, Nu digital-bank, Alpha Tau and PulseMore Israeli biotech) and increasing BBD +5.5% and GGAL +12.8% into strength. The manager reduced YPF -14.0% (partial profit-taking into the rally) and Gerdau/Macro modestly. The $1.37B post-Q1 portfolio remains one of the most geographically and thematically concentrated in institutional data -- a pure Latin American financial-and-energy play with 74% of AUM in two names.