Square Wave Capital, LLC
Long book
$413.4M
Q1 2026
Positions
12
Top-10 weight
97%
concentration
Last quarter
+21.3%
SPY +14.8%
Turnover
50%
of book per quarter
Strategy in plain words
auto-generated from filingsSquare Wave Capital, LLC is a concentrated fundamental stock-picker, running a $413.4M US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: MARRIOTT INTERNATIONAL -CL A, TRADEWEB MARKETS INC-CLASS A, AMAZON.COM INC, ATI INC, ASML HOLDING NV-NY REG SHS.
Over the last 6 quarters its long book ran on average 4.1pp per quarter behind the S&P 500, beating the index in 3 of 6 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
-3.6%
Q1 2025
+12.1%
Q2 2025
-12.8%
Q3 2025
-1.7%
Q4 2025
-12.0%
Q1 2026
+21.3%
Sector allocation
Industrials 34%
Services media 28%
Financials 14%
Consumer discretionary 13%
Technology 10%
Long book by quarter
What does Square Wave own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 214.2K | $70.1M | 17.0% | -2.2% |
| TW TRADEWEB MARKETS INC-CLASS A | Financials | 494.8K | $58.2M | 14.1% | -5.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 263.4K | $54.9M | 13.3% | +41.1% |
| ATI ATI INC | Industrials | 366.4K | $53.3M | 12.9% | New |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 38.7K | $51.1M | 12.4% | New |
| MCO MOODY'S CORP | Services media | 86.5K | $37.7M | 9.1% | -25.2% |
| GOOGL ALPHABET INC-CL A | Technology | 102.8K | $29.6M | 7.2% | -14.2% |
| MTZ MASTEC INC | Industrials | 60.6K | $19.5M | 4.7% | New |
| CRS CARPENTER TECHNOLOGY | Industrials | 46.0K | $18.1M | 4.4% | New |
| MU MICRON TECHNOLOGY INC | Technology | 26.3K | $8.9M | 2.1% | New |
| FICO FAIR ISAAC CORP | Services media | 7.1K | $7.6M | 1.8% | -83.1% |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 25.2K | $4.4M | 1.1% | -90.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 12 | $413.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 9 | $430.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 8 | $273.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 7 | $104.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Jul 24, 2025 | 8 | $93.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jul 24, 2025 | 8 | $103.7M | canonical | SEC ↗ |
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