NWI Management LP

NEW YORK, NY

$1.6bn in 49 US stocks at the end of 30 June 2026. The top 10 are 71.9% of the money. It changed about 44.3% of the portfolio this quarter.

Value

$1.6bn

Stocks

Top 10 share

71.9%

Turnover

44.3%

What changed this quarter

New

Bought for the first time this quarter.

Revolution MedicinesRVMD
2.2% of the fund
Abivax SAABVX
0.6% of the fund
AstrazenecaAZN
0.3% of the fund
NewmontNEM
0.1% of the fund
VistraVST
0.1% of the fund
Jones Lang LasalleJLL
0.1% of the fund
McDonald'sMCD
0.1% of the fund

Added

Bought more of a stock they already held.

Meta PlatformsMETA
7.1% of the fund
+10%
AppleAAPL
7.0% of the fund
+96%
AlphabetGOOG
6.5% of the fund
+32%
Select Sector Spdr TRXLV
5.7% of the fund
+1030%
TeslaTSLA
1.3% of the fund
+513%

Cut

Sold some of their stake.

NateraNTRA
13.2% of the fund
-50%
Micron TechnologyMU
9.9% of the fund
-53%
InsmedINSM
6.9% of the fund
-50%
Nu HoldingsNU
6.0% of the fund
-43%
Taiwan Semiconductor ManufacturingTSM
5.8% of the fund
-38%
Intercorp Financial ServicesIFS
3.7% of the fund
-50%
NvidiaNVDA
2.4% of the fund
-18%
Becton DickinsonBDX
2.2% of the fund
-50%
Palo Alto NetworksPANW
2.0% of the fund
-59%
MicrosoftMSFT
1.5% of the fund
-84%
Amazon.comAMZN
1.3% of the fund
-50%
JPMorgan ChaseJPM
1.2% of the fund
-50%
Figure Technology SolutionsFIGR
1.1% of the fund
-25%
Northrop GrummanNOC
1.0% of the fund
-28%
OracleORCL
0.9% of the fund
-50%
Lockheed MartinLMT
0.9% of the fund
-50%
WalmartWMT
0.9% of the fund
-50%
Invesco Exchange Traded FD TRSP
0.7% of the fund
-50%
CrowdStrike HoldingsCRWD
0.7% of the fund
-50%
Ishares TRINDA
0.7% of the fund
-50%
Cogent BiosciencesCOGT
0.6% of the fund
-50%
WatersWAT
0.5% of the fund
-50%
Grupo Financiero Galicia S.AGGAL
0.3% of the fund
-50%
Alibaba Group HldgBABA
0.3% of the fund
-50%
Ishares Silver TRSLV
0.2% of the fund
-50%

Sold out

Sold their entire stake.

Invesco QQQ TRQQQ
-100%
IsharesEWZ
-100%
ARM HoldingsARM
-100%
Kraneshares TrustKWEB
-100%
AstrazenecaAZN
-100%
Direxion Shares ETF TrustKORU
-100%
StubHub HoldingsSTUB
-100%

Holdings

NateraNTRA
Share
13.2%
Value
$207m
Shares
762,603
-50%
Micron TechnologyMU
Share
9.9%
Value
$155m
Shares
134,400
-53%
Meta PlatformsMETA
Share
7.1%
Value
$112m
Shares
198,000
+10%
AppleAAPL
Share
7.0%
Value
$109m
Shares
376,100
+96%
InsmedINSM
Share
6.9%
Value
$108m
Shares
1,014,000
-50%
AlphabetGOOG
Share
6.5%
Value
$102m
Shares
290,000
+32%
Nu HoldingsNU
Share
6.0%
Value
$94m
Shares
7,039,000
-43%
Taiwan Semiconductor ManufacturingTSM
Share
5.8%
Value
$90m
Shares
189,000
-38%
Select Sector Spdr TRXLV
Share
5.7%
Value
$90m
Shares
565,000
+1030%
Intercorp Financial ServicesIFS
Share
3.7%
Value
$57m
Shares
1,022,210
-50%
NvidiaNVDA
Share
2.4%
Value
$37m
Shares
184,000
-18%
Becton DickinsonBDX
Share
2.2%
Value
$34m
Shares
225,000
-50%
Revolution MedicinesRVMD
Share
2.2%
Value
$34m
Shares
180,000
New
Palo Alto NetworksPANW
Share
2.0%
Value
$31m
Shares
90,000
-59%
RTXRTX
Share
1.5%
Value
$24m
Shares
126,000
Held
NewAmsterdam PharmaNAMS
Share
1.5%
Value
$24m
Shares
702,000
Held
MicrosoftMSFT
Share
1.5%
Value
$23m
Shares
62,500
-84%
Amazon.comAMZN
Share
1.3%
Value
$21m
Shares
87,000
-50%
TeslaTSLA
Share
1.3%
Value
$21m
Shares
49,000
+513%
JPMorgan ChaseJPM
Share
1.2%
Value
$18m
Shares
55,000
-50%
Figure Technology SolutionsFIGR
Share
1.1%
Value
$18m
Shares
585,000
-25%
Northrop GrummanNOC
Share
1.0%
Value
$16m
Shares
31,100
-28%
OracleORCL
Share
0.9%
Value
$15m
Shares
100,000
-50%
Lockheed MartinLMT
Share
0.9%
Value
$14m
Shares
27,000
-50%
WalmartWMT
Share
0.9%
Value
$14m
Shares
120,000
-50%
Invesco Exchange Traded FD TRSP
Share
0.7%
Value
$11m
Shares
54,000
-50%
CrowdStrike HoldingsCRWD
Share
0.7%
Value
$11m
Shares
15,000
-50%
Ishares TRINDA
Share
0.7%
Value
$10m
Shares
210,000
-50%
Abivax SAABVX
Share
0.6%
Value
$10m
Shares
72,000
New
Cogent BiosciencesCOGT
Share
0.6%
Value
$9m
Shares
241,671
-50%
WatersWAT
Share
0.5%
Value
$7m
Shares
19,489
-50%
Grupo Financiero Galicia S.AGGAL
Share
0.3%
Value
$5m
Shares
99,312
-50%
AstrazenecaAZN
Share
0.3%
Value
$5m
Shares
25,000
New
Alibaba Group HldgBABA
Share
0.3%
Value
$4m
Shares
45,000
-50%
Ishares Silver TRSLV
Share
0.2%
Value
$3m
Shares
65,000
-50%
NewmontNEM
Share
0.1%
Value
$2m
Shares
22,500
New
VistraVST
Share
0.1%
Value
$2m
Shares
12,600
New
Vaneck ETF TrustSMH
Share
0.1%
Value
$2m
Shares
3,000
-50%
Jones Lang LasalleJLL
Share
0.1%
Value
$2m
Shares
6,300
New
McDonald'sMCD
Share
0.1%
Value
$2m
Shares
7,200
New
Spdr Gold TRGLD
Share
0.1%
Value
$2m
Shares
5,000
-50%
IsharesEWY
Share
0.1%
Value
$2m
Shares
9,000
-50%
Eli LillyLLY
Share
0.1%
Value
$2m
Shares
1,500
-100%
Teva Pharmaceutical IndustriesTEVA
Share
<0.1%
Value
$1m
Shares
40,000
-99%
T-Mobile USTMUS
Share
<0.1%
Value
$1m
Shares
8,000
-50%
Banco BBVA ArgentinaBBAR
Share
<0.1%
Value
$1m
Shares
63,000
-50%
Ishares Ethereum TRETHA
Share
<0.1%
Value
$1m
Shares
99,000
-50%
Global X FDSARGT
Share
<0.1%
Value
$813,000
Shares
8,900
-50%
Allogene TherapeuticsALLO
Share
<0.1%
Value
$208,000
Shares
100,000
-50%

Company	Share of fund	Value	Shares	Change
NateraNTRA	13.2%	$207m	762,603	-50%
Micron TechnologyMU	9.9%	$155m	134,400	-53%
Meta PlatformsMETA	7.1%	$112m	198,000	+10%
AppleAAPL	7.0%	$109m	376,100	+96%
InsmedINSM	6.9%	$108m	1,014,000	-50%
AlphabetGOOG	6.5%	$102m	290,000	+32%
Nu HoldingsNU	6.0%	$94m	7,039,000	-43%
Taiwan Semiconductor ManufacturingTSM	5.8%	$90m	189,000	-38%
Select Sector Spdr TRXLV	5.7%	$90m	565,000	+1030%
Intercorp Financial ServicesIFS	3.7%	$57m	1,022,210	-50%
NvidiaNVDA	2.4%	$37m	184,000	-18%
Becton DickinsonBDX	2.2%	$34m	225,000	-50%
Revolution MedicinesRVMD	2.2%	$34m	180,000	New
Palo Alto NetworksPANW	2.0%	$31m	90,000	-59%
RTXRTX	1.5%	$24m	126,000	Held
NewAmsterdam PharmaNAMS	1.5%	$24m	702,000	Held
MicrosoftMSFT	1.5%	$23m	62,500	-84%
Amazon.comAMZN	1.3%	$21m	87,000	-50%
TeslaTSLA	1.3%	$21m	49,000	+513%
JPMorgan ChaseJPM	1.2%	$18m	55,000	-50%
Figure Technology SolutionsFIGR	1.1%	$18m	585,000	-25%
Northrop GrummanNOC	1.0%	$16m	31,100	-28%
OracleORCL	0.9%	$15m	100,000	-50%
Lockheed MartinLMT	0.9%	$14m	27,000	-50%
WalmartWMT	0.9%	$14m	120,000	-50%
Invesco Exchange Traded FD TRSP	0.7%	$11m	54,000	-50%
CrowdStrike HoldingsCRWD	0.7%	$11m	15,000	-50%
Ishares TRINDA	0.7%	$10m	210,000	-50%
Abivax SAABVX	0.6%	$10m	72,000	New
Cogent BiosciencesCOGT	0.6%	$9m	241,671	-50%
WatersWAT	0.5%	$7m	19,489	-50%
Grupo Financiero Galicia S.AGGAL	0.3%	$5m	99,312	-50%
AstrazenecaAZN	0.3%	$5m	25,000	New
Alibaba Group HldgBABA	0.3%	$4m	45,000	-50%
Ishares Silver TRSLV	0.2%	$3m	65,000	-50%
NewmontNEM	0.1%	$2m	22,500	New
VistraVST	0.1%	$2m	12,600	New
Vaneck ETF TrustSMH	0.1%	$2m	3,000	-50%
Jones Lang LasalleJLL	0.1%	$2m	6,300	New
McDonald'sMCD	0.1%	$2m	7,200	New
Spdr Gold TRGLD	0.1%	$2m	5,000	-50%
IsharesEWY	0.1%	$2m	9,000	-50%
Eli LillyLLY	0.1%	$2m	1,500	-100%
Teva Pharmaceutical IndustriesTEVA	<0.1%	$1m	40,000	-99%
T-Mobile USTMUS	<0.1%	$1m	8,000	-50%
Banco BBVA ArgentinaBBAR	<0.1%	$1m	63,000	-50%
Ishares Ethereum TRETHA	<0.1%	$1m	99,000	-50%
Global X FDSARGT	<0.1%	$813,000	8,900	-50%
Allogene TherapeuticsALLO	<0.1%	$208,000	100,000	-50%

Options (6)

Invesco QQQ TRQQQ
Type
Put
Value
$221m
Contracts
300,000
Vaneck ETF TrustSMH
Type
Put
Value
$197m
Contracts
300,000
Spdr Gold TRGLD
Type
Call
Value
$80m
Contracts
216,000
IsharesEWY
Type
Put
Value
$61m
Contracts
300,000
TeslaTSLA
Type
Call
Value
$21m
Contracts
50,000
Meta PlatformsMETA
Type
Call
Value
$18m
Contracts
31,100

Company	Type	Value	Contracts
Invesco QQQ TRQQQ	Put	$221m	300,000
Vaneck ETF TrustSMH	Put	$197m	300,000
Spdr Gold TRGLD	Call	$80m	216,000
IsharesEWY	Put	$61m	300,000
TeslaTSLA	Call	$21m	50,000
Meta PlatformsMETA	Call	$18m	31,100

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is down 27.3% since 30 June 2025.

Where the money is

Technology30.1%

Health care27.6%

Media & telecom13.8%

Financial services12.1%

Industrials3.4%

Retail & consumer2.8%

Everyday goods0.9%

Materials0.1%

Utilities0.1%

Real estate0.1%

Other9.0%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.