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SWC

Square Wave Capital Portfolio holdings

AUM $413M
1-Year Est. Return 15.36%
This Fund
S&P 500
This Quarter Est. Return
+13.87%
1 Year Est. Return
+15.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$104M
AUM Growth
+$10.8M
Cap. Flow
+$35.1K
Cap. Flow %
0.03%
Top 10 Hldgs %
100%
Holding
8
New
–
Increased
6
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
MCO icon
Moody's
MCO
+$1.63M
2
IT icon
Gartner
IT
+$1.04M
3
VEEV icon
Veeva Systems
VEEV
+$964K
4
FICO icon
Fair Isaac
FICO
+$503K
5
EFX icon
Equifax
EFX
+$417K

Top Sells

Rank Stock Value
1
AXON
Axon Enterprise
AXON
+$3.21M
2
CRM icon
Salesforce
CRM
+$1.39M

Sector Composition

Rank Sector Weight
1 Industrials 30.48%
2 Financials 28.32%
3 Technology 26.44%
4 Healthcare 14.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AXON
1
Axon Enterprise
AXON
$40.5B
$16.5M 15.82%
19,915
-4,712
-19% -$3.21M
TW icon
2
Tradeweb Markets
TW
$21.3B
$15.6M 15.01%
106,870
+596
+0.6% +$83.2K
VEEV icon
3
Veeva Systems
VEEV
$30.3B
$15.4M 14.76%
53,426
+3,888
+8% +$964K
EFX icon
4
Equifax
EFX
$20.3B
$15.3M 14.67%
58,962
+1,638
+3% +$417K
FICO icon
5
Fair Isaac
FICO
$28.7B
$15.1M 14.52%
8,284
+268
+3% +$503K
MCO icon
6
Moody's
MCO
$81.7B
$13.9M 13.31%
27,669
+3,515
+15% +$1.63M
IT icon
7
Gartner
IT
$9.41B
$12.4M 11.91%
30,728
+2,483
+9% +$1.04M
CRM icon
8
Salesforce
CRM
$134B
– –
-5,191
Closed -$1.39M

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Square Wave Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Square Wave Capital held 8 positions worth $104M, up 12% from $93.4M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Square Wave Capital's Q2 2025 filing shows 6 increased, 1 reduced and 1 closed positions. The largest sale was Axon Enterprise, an estimated $3.21M.

By sector, the portfolio is most concentrated in Industrials at 30% of assets, up from 29% a quarter earlier, followed by Financials and Technology.

  • Square Wave Capital added most to Moody's in Q2 2025, an estimated $1.63M increase.
  • Square Wave Capital's biggest Q2 2025 reduction was Axon Enterprise, cutting an estimated $3.21M.
  • Square Wave Capital fully exited Salesforce in Q2 2025, selling an estimated $1.39M.
  • Square Wave Capital's ten largest holdings make up 100% of its $104M portfolio in Q2 2025.
  • Square Wave Capital opened 0 new positions and closed 1 in Q2 2025.
  • Square Wave Capital's portfolio value rose 12% quarter-over-quarter to $104M.

Based on Square Wave Capital's 13F filing for Q2 2025, filed 14 Aug 2025.