Comprehensive Analysis of Deepwater Asset Management, LLC SEC 13F Filing
Report Period: Q3 2025 (Ending September 30, 2025)
Portfolio Value: $187.83 Million
Total Holdings: 19
1. Portfolio Overview
Deepwater Asset Management executed a significant portfolio restructuring during the third quarter of 2025, characterized by a substantial reduction in assets under management (AUM) and a complete overhaul of its holdings. The total portfolio value decreased by 25.6%, dropping fr...
The portfolio is highly concentrated, holding only 19 positions. This suggests a "high conviction" investment strategy where the manager allocates substantial capital to specific ideas rather than broad diversification. Notably, the portfolio is extremely evenly distributed among its top assets; the largest position (META) represents 7.64% of the portfolio, while positions 2 through 14 range between 7.60% and 5.49%. This lack of a dominant "mega-position" indicates a strategy focused on equal-weighted exposure to a select group of high-growth opportunities.
2. Key Holdings
The top 14 holdings in the portfolio are tightly clustered, making them all significant to the fund's performance. The top five positions are:
- META Platforms (7.64%): The largest holding, valued at $14.34 million. Despite being a Communication Services giant, it fits the firm's apparent focus on digital platforms.
- Nu Holdings (7.60%): A $14.28 million position in the Brazilian digital banking platform, representing a significant bet on emerging market fintech.
- Vertiv Holdings (7.56%): Valued at $14.19 million. This infrastructure play aligns with the AI data center theme, though it was reduced during the quarter.
- AppLovin Corp (7.41%): A $13.92 million new entry. This reflects a strong conviction in the ad-tech and mobile gaming sectors.
- Uber Technologies (7.37%): A $13.84 million new position, indicating a pivot toward mature, high-growth platform economics.