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NWI MANAGEMENT LP

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13F filer, CIK 1103887, NEW YORK, NY

NWI MANAGEMENT LP reported $2,171,811,000 across 57 holdings for the quarter ended 2025-12-31, in a 13F-HR/A filed 2026-06-01. Its ten largest share positions make up 71.16% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001103887-26-000004

A NEW HOLDINGS amendment repeated most of the original and was read as a restatement (H3).

Period
2025-12-31
Reported value
$2.17B
Holdings
57
Top 10 weight
71.16%
New
11
Sold out
20

Largest buys vs the previous quarter

SecurityShares changeApprox. value
QQQnew+655,200$402M
XLVadded+381,300$59M
TSMnew+153,000$46.5M
MSFTadded+90,000$43.5M
AVGOnew+81,000$28M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
IBITexited-1,000,000-$65M
YPFreduced-853,525-$30.9M
NUreduced-1,799,500-$30.1M
LLYreduced-27,000-$29M
NTRAreduced-67,700-$15.5M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR/A 0001103887-26-000004, largest first. % of portfolio is the value over $1,636,242,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
QQQINVESCO QQQ TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 648,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 655,200 shares 655,200$402M24.6%newTimeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 540,000 shares; 2024Q4: 720,000 shares; 2025Q1: 810,000 shares; 2025Q2: 849,420 shares; 2025Q3: 830,303 shares; 2025Q4: 762,603 shares 762,603$175M10.68%-67,700Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,540 shares; 2024Q4: 279,000 shares; 2025Q1: 450,000 shares; 2025Q2: 720,000 shares; 2025Q3: 1,021,000 shares; 2025Q4: 988,460 shares 988,460$172M10.51%-32,540Timeline
MELIMERCADOLIBRE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 42,700 shares; 2025Q1: 42,700 shares; 2025Q2: 42,700 shares; 2025Q3: 42,700 shares; 2025Q4: 42,700 shares 42,700$86M5.26%0Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 213,400 shares; 2024Q4: 63,400 shares; 2025Q1: 63,400 shares; 2025Q2: 57,100 shares; 2025Q3: 57,100 shares; 2025Q4: 147,100 shares 147,100$71.1M4.35%+90,000Timeline
TEVATEVA PHARMACEUTICAL INDS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 720,000 shares; 2025Q1: 1,660,000 shares; 2025Q2: 2,065,000 shares; 2025Q3: 2,065,000 shares; 2025Q4: 2,065,000 shares 2,065,000$64.4M3.94%0Timeline
XLVSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,000 shares; 2024Q4: 25,000 shares; 2025Q1: 25,000 shares; 2025Q2: 25,000 shares; 2025Q3: 25,000 shares; 2025Q4: 406,300 shares 406,300$62.9M3.84%+381,300Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 153,000 shares 153,000$46.5M2.84%newTimeline
IFSINTERCORP FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,022,210 shares; 2024Q4: 1,022,210 shares; 2025Q1: 1,022,210 shares; 2025Q2: 1,022,210 shares; 2025Q3: 1,022,210 shares; 2025Q4: 1,022,210 shares 1,022,210$43.1M2.63%0Timeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 145,000 shares; 2024Q4: 145,000 shares; 2025Q1: 145,000 shares; 2025Q2: 145,000 shares; 2025Q3: 145,000 shares; 2025Q4: 144,000 shares 144,000$41.1M2.51%-1,000Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000,000 shares; 2025Q3: 4,000,900 shares; 2025Q4: 2,201,400 shares 2,201,400$36.9M2.25%-1,799,500Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,000 shares; 2024Q4: 237,000 shares; 2025Q1: 237,000 shares; 2025Q2: 111,000 shares; 2025Q3: 111,000 shares; 2025Q4: 110,000 shares 110,000$34.5M2.11%-1,000Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 23,000 shares; 2025Q2: 23,000 shares; 2025Q3: not reported; 2025Q4: 81,000 shares 81,000$28M1.71%newTimeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 126,100 shares; 2024Q4: 126,100 shares; 2025Q1: 126,100 shares; 2025Q2: 306,100 shares; 2025Q3: 96,100 shares; 2025Q4: 96,100 shares 96,100$26.1M1.6%0Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 702,000 shares 702,000$24.6M1.51%newTimeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,500 shares; 2024Q4: 37,500 shares; 2025Q1: 139,500 shares; 2025Q2: 27,000 shares; 2025Q3: 27,000 shares; 2025Q4: 36,000 shares 36,000$23.8M1.45%+9,000Timeline
ARMARM HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 135,000 shares; 2025Q2: 225,000 shares; 2025Q3: 225,000 shares; 2025Q4: 206,730 shares 206,730$22.6M1.38%-18,270Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,000 shares; 2024Q4: 216,000 shares; 2025Q1: 16,000 shares; 2025Q2: 292,000 shares; 2025Q3: 112,000 shares; 2025Q4: 112,000 shares 112,000$20.9M1.28%0Timeline
PANWPALO ALTO NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 62,500 shares; 2024Q4: 125,000 shares; 2025Q1: 125,000 shares; 2025Q2: 110,000 shares; 2025Q3: 110,000 shares; 2025Q4: 110,000 shares 110,000$20.3M1.24%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,000 shares; 2024Q4: 180,000 shares; 2025Q1: 180,000 shares; 2025Q2: not reported; 2025Q3: 31,500 shares; 2025Q4: 87,000 shares 87,000$20.1M1.23%+55,500Timeline
FLRFLUOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 500,000 shares 500,000$19.8M1.21%newTimeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 100,000 shares 100,000$19.5M1.19%newTimeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,000 shares; 2024Q4: 56,000 shares; 2025Q1: 56,000 shares; 2025Q2: 56,000 shares; 2025Q3: 56,000 shares; 2025Q4: 55,000 shares 55,000$17.7M1.08%-1,000Timeline
FIGRFIGURE TECHNOLOGY SOLUTIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 207,000 shares; 2025Q4: 407,044 shares 407,044$16.6M1.02%+200,044Timeline
WMTWALMART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,000 shares; 2024Q4: 120,000 shares; 2025Q1: 120,000 shares; 2025Q2: 120,000 shares; 2025Q3: 120,000 shares; 2025Q4: 120,000 shares 120,000$13.4M0.82%0Timeline
LMTLOCKHEED MARTIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 27,000 shares; 2025Q4: 27,000 shares 27,000$13.1M0.8%0Timeline
RTXRTX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 63,000 shares; 2025Q4: 63,000 shares 63,000$11.6M0.71%0Timeline
INDAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,000 shares; 2024Q4: 120,000 shares; 2025Q1: 210,000 shares; 2025Q2: 210,000 shares; 2025Q3: 210,000 shares; 2025Q4: 210,000 shares 210,000$11.3M0.69%0Timeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 54,000 shares 54,000$10.3M0.63%newTimeline
WDAYWORKDAY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,000 shares; 2024Q4: 48,000 shares; 2025Q1: 48,000 shares; 2025Q2: 48,000 shares; 2025Q3: 48,000 shares; 2025Q4: 45,000 shares 45,000$9.66M0.59%-3,000Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 241,671 shares 241,671$8.58M0.52%newTimeline
YPFYPF SOCIEDAD ANONIMAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 1,080,000 shares; 2025Q4: 226,475 shares 226,475$8.19M0.5%-853,525Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,000 shares; 2024Q4: 25,000 shares; 2025Q1: 25,000 shares; 2025Q2: 1,829,000 shares; 2025Q3: 25,000 shares; 2025Q4: 125,000 shares 125,000$8.05M0.49%+100,000Timeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,000 shares; 2024Q4: 15,000 shares; 2025Q1: 15,000 shares; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares; 2025Q4: 15,000 shares 15,000$7.03M0.43%0Timeline
STUBSTUBHUB HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares 500,000$6.76M0.41%0Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 45,000 shares; 2024Q4: 45,000 shares; 2025Q1: 45,000 shares; 2025Q2: 45,000 shares; 2025Q3: 45,000 shares; 2025Q4: 45,000 shares 45,000$6.6M0.4%0Timeline
GGALGRUPO FINANCIERO GALICIA S.AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,987 shares; 2024Q4: 27,987 shares; 2025Q1: 99,312 shares; 2025Q2: 99,312 shares; 2025Q3: 99,312 shares; 2025Q4: 99,312 shares 99,312$5.36M0.33%0Timeline
AZNASTRAZENECA PLC-SPONS ADRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$4.6M0.28%0Timeline
NETCLOUDFLARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,000 shares; 2024Q4: 18,000 shares; 2025Q1: 18,000 shares; 2025Q2: 18,000 shares; 2025Q3: 18,000 shares; 2025Q4: 18,000 shares 18,000$3.55M0.22%0Timeline
ETHAISHARES ETHEREUM TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 99,000 shares 99,000$2.22M0.14%newTimeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000 shares; 2024Q4: 5,000 shares; 2025Q1: 5,000 shares; 2025Q2: 5,000 shares; 2025Q3: 5,000 shares; 2025Q4: 5,000 shares 5,000$1.98M0.12%0Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,000 shares; 2024Q4: 15,700 shares; 2025Q1: 15,700 shares; 2025Q2: 4,000 shares; 2025Q3: 4,000 shares; 2025Q4: 4,000 shares 4,000$1.8M0.11%0Timeline
TMUST-MOBILE US INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 8,000 shares; 2025Q1: 8,000 shares; 2025Q2: 8,000 shares; 2025Q3: 8,000 shares; 2025Q4: 8,000 shares 8,000$1.62M0.1%0Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,500 shares; 2025Q1: 1,500 shares; 2025Q2: 28,500 shares; 2025Q3: 28,500 shares; 2025Q4: 1,500 shares 1,500$1.61M0.1%-27,000Timeline
BBARBANCO BBVA ARGENTINA S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 63,000 shares; 2025Q2: 63,000 shares; 2025Q3: 63,000 shares; 2025Q4: 63,000 shares 63,000$1.14M0.07%0Timeline
SMHVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 3,000 shares; 2025Q1: 3,000 shares; 2025Q2: 309,000 shares; 2025Q3: 3,000 shares; 2025Q4: 3,000 shares 3,000$1.08M0.07%0Timeline
ARGTGLOBAL X FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,900 shares; 2024Q4: 8,900 shares; 2025Q1: 8,900 shares; 2025Q2: 8,900 shares; 2025Q3: 8,900 shares; 2025Q4: 8,900 shares 8,900$814K0.05%0Timeline
ALLOALLOGENE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares; 2025Q4: 100,000 shares 100,000$137K0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
NUNU HLDGS LTD ORD SHS CL Acall7,000,000$117M+1,000,000
AMZNAMAZON COM INC COMcall480,000$111M+180,000
MSFTMICROSOFT CORP COMcall180,000$87.1Mnew
ASHRDBX ETF TR XTRACK HRVST CSIcall2,500,000$82.1M0
FCXFREEPORT MCMORAN INC Stockcall999,300$50.8Mnew
MELIMERCADOLIBRE INC STOKcall24,800$50M0
YPFYPF SOCIEDAD ANONIMA SPON ADR CL Dcall500,400$18.1M0
NTRANATERA INC Stockcall67,700$15.5M-200,000
PYPLPAYPAL HLDGS INC STOKcall70,300$4.1M0

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
IWMISHARES TR1,000,000$242Mput
XLVSELECT SECTOR SPDR TR540,000$75.2Mcall
IBITISHARES BITCOIN TRUST ETF1,000,000$65Mshares
IBITISHARES BITCOIN TRUST ETF1,000,000$65Mcall
SLVISHARES SILVER TR979,700$41.5Mcall
ARMARM HOLDINGS PLC250,000$35.4Mcall
INDAISHARES TR566,900$29.5Mcall
VERONA PHARMA PLCVERONA PHARMA PLC135,000$14.4Mshares
DOCUDOCUSIGN INC170,800$12.3Mcall
DOCUDOCUSIGN INC85,400$6.16Mshares
AIFCAI FINL CORP1,800,000$4.84Mshares
MRVLMARVELL TECHNOLOGY INC45,000$3.78Mshares
XLESELECT SECTOR SPDR TR16,000$1.43Mshares
XLFSELECT SECTOR SPDR TR26,000$1.4Mshares
IBBISHARES TR6,500$938Kshares
OXYOCCIDENTAL PETE CORP15,000$709Kshares
XMTRXOMETRY INC5,000$272Kshares
ACMAECOM2,000$261Kshares
ZMZOOM COMMUNICATIONS INC3,000$248Kshares
ZBRAZEBRA TECHNOLOGIES CORPORATI825$245Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001103887-26-000002 superseded2026-02-17acceptance time not in the bulk data set
13F-HR/A 0001103887-26-000004 basenew holdings2026-06-01acceptance time not in the bulk data set