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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
+4.05%
1 Year Est. Return
+15.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$430M
AUM Growth
+$157M
Cap. Flow
+$159M
Cap. Flow %
37.06%
Top 10 Hldgs %
100%
Holding
10
New
2
Increased
6
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$42.7M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$34.2M
3
VEEV icon
Veeva Systems
VEEV
+$24.1M
4
FICO icon
Fair Isaac
FICO
+$23.4M
5
MCO icon
Moody's
MCO
+$18.2M

Top Sells

Rank Stock Value
1
IT icon
Gartner
IT
+$15.3M
2
AXON
Axon Enterprise
AXON
+$1.08M

Sector Composition

Rank Sector Weight
1 Financials 26.88%
2 Consumer Discretionary 25.82%
3 Technology 16.47%
4 Healthcare 13.1%
5 Industrials 9.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FICO icon
1
Fair Isaac
FICO
$28.7B
$70.8M 16.47%
41,900
+13,600
+48% +$23.4M
MAR icon
2
Marriott International
MAR
$98.7B
$68M 15.8%
219,100
+62,000
+39% +$17.7M
MCO icon
3
Moody's
MCO
$81.7B
$59.1M 13.74%
115,700
+37,212
+47% +$18.2M
TW icon
4
Tradeweb Markets
TW
$21.3B
$56.5M 13.14%
525,600
+107,737
+26% +$11.6M
VEEV icon
5
Veeva Systems
VEEV
$30.3B
$56.4M 13.1%
252,500
+90,669
+56% +$24.1M
AMZN icon
6
Amazon
AMZN
$2.5T
$43.1M 10.02%
+186,700
New +$42.7M
GOOGL icon
7
Alphabet (Google) Class A
GOOGL
$3.91T
$37.5M 8.72%
+119,800
New +$34.2M
EFX icon
8
Equifax
EFX
$20.3B
$35.8M 8.32%
165,020
+18,123
+12% +$3.97M
AXON
9
Axon Enterprise
AXON
$40.5B
$3.02M 0.7%
5,317
-1,748
-25% -$1.08M
IT icon
10
Gartner
IT
$9.41B
– –
-58,198
Closed -$15.3M

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Square Wave Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Square Wave Capital held 10 positions worth $430M, up 57% from $273M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Square Wave Capital deployed $159M of net new capital in Q4 2025, opening 2 new positions and adding to 6 existing holdings. Its largest new stake was Amazon: 186,700 shares worth $43.1M.

By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 31% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the largest reduction was Axon Enterprise, an estimated $1.08M trimmed.

  • Square Wave Capital's largest Q4 2025 buy was Amazon: 186,700 shares worth $43.1M.
  • Square Wave Capital added most to Veeva Systems in Q4 2025, an estimated $24.1M increase.
  • Square Wave Capital's biggest Q4 2025 reduction was Axon Enterprise, cutting an estimated $1.08M.
  • Square Wave Capital fully exited Gartner in Q4 2025, selling an estimated $15.3M.
  • Square Wave Capital's ten largest holdings make up 100% of its $430M portfolio in Q4 2025.
  • Square Wave Capital opened 2 new positions and closed 1 in Q4 2025.
  • Square Wave Capital's portfolio value rose 57% quarter-over-quarter to $430M.

Based on Square Wave Capital's 13F filing for Q4 2025, filed 17 Feb 2026.