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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
-10.05%
1 Year Est. Return
+15.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$273M
AUM Growth
+$169M
Cap. Flow
+$189M
Cap. Flow %
69.06%
Top 10 Hldgs %
100%
Holding
8
New
1
Increased
6
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
MAR icon
Marriott International
MAR
+$42.2M
2
TW icon
Tradeweb Markets
TW
+$40M
3
VEEV icon
Veeva Systems
VEEV
+$30.5M
4
FICO icon
Fair Isaac
FICO
+$30.1M
5
MCO icon
Moody's
MCO
+$25.6M

Top Sells

Rank Stock Value
1
AXON
Axon Enterprise
AXON
+$9.75M

Sector Composition

Rank Sector Weight
1 Financials 30.65%
2 Technology 21.09%
3 Healthcare 17.64%
4 Industrials 15.64%
5 Consumer Discretionary 14.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VEEV icon
1
Veeva Systems
VEEV
$30.3B
$48.2M 17.64%
161,831
+108,405
+203% +$30.5M
TW icon
2
Tradeweb Markets
TW
$21.3B
$46.4M 16.97%
417,863
+310,993
+291% +$40M
FICO icon
3
Fair Isaac
FICO
$28.7B
$42.4M 15.5%
28,300
+20,016
+242% +$30.1M
MAR icon
4
Marriott International
MAR
$98.7B
$40.9M 14.97%
+157,100
New +$42.2M
EFX icon
5
Equifax
EFX
$20.3B
$37.7M 13.79%
146,897
+87,935
+149% +$22.1M
MCO icon
6
Moody's
MCO
$81.7B
$37.4M 13.68%
78,488
+50,819
+184% +$25.6M
IT icon
7
Gartner
IT
$9.41B
$15.3M 5.6%
58,198
+27,470
+89% +$8.01M
AXON
8
Axon Enterprise
AXON
$40.5B
$5.07M 1.86%
7,065
-12,850
-65% -$9.75M

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LCM
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Square Wave Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Square Wave Capital held 8 positions worth $273M, up 162% from $104M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Square Wave Capital deployed $189M of net new capital in Q3 2025, opening 1 new position and adding to 6 existing holdings. Its largest new stake was Marriott International: 157,100 shares worth $40.9M.

By sector, the portfolio is most concentrated in Financials at 31% of assets, up from 28% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Axon Enterprise, an estimated $9.75M trimmed.

  • Square Wave Capital's largest Q3 2025 buy was Marriott International: 157,100 shares worth $40.9M.
  • Square Wave Capital added most to Tradeweb Markets in Q3 2025, an estimated $40M increase.
  • Square Wave Capital's biggest Q3 2025 reduction was Axon Enterprise, cutting an estimated $9.75M.
  • Square Wave Capital's ten largest holdings make up 100% of its $273M portfolio in Q3 2025.
  • Square Wave Capital opened 1 new position and closed 0 in Q3 2025.
  • Square Wave Capital's portfolio value rose 162% quarter-over-quarter to $273M.

Based on Square Wave Capital's 13F filing for Q3 2025, filed 14 Nov 2025.