CIK: 0002077145
Total reported value
$413.4M
Reporting period: 2026-03-31 · Number of holdings: 12
Square Wave Capital, LLC disclosed 12 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $413.4M and a quarterly turnover rate of 82.9%.
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Square Wave Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.117 — mathematically equivalent to about 9 equally-sized positions, close to its 12 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.66), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.7 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim FICO
-83.1% -$63.3M
Trim VEEV
-90.0% -$51.9M
Trim MCO
-25.2% -$21.4M
Add AMZN
+41.1% $11.8M
Trim GOOGL
-14.2% -$7.9M
Add MAR
-2.2% $2.1M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MAR | Marriott International -cl A | Stock-Consumer Disc | 16.95% | +1.15% | -2.22% | |
| 2 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 14.08% | +0.94% | -5.86% | |
| 3 | AMZN | Amazon.com INC | Stock-Consumer Disc | 13.27% | +3.25% | +41.08% | |
| 4 | ATI | Ati INC | Stock-Industrials | 12.89% | +12.89% | NEW | |
| 5 | ASML | ASML Holding N.V. | Stock-Tech | 12.37% | +12.37% | NEW | |
| 6 | MCO | Moody's CORP | Stock-Financials | 9.13% | -4.61% | -25.24% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 7.15% | -1.57% | -14.19% | |
| 8 | MTZ | Mastec INC | Stock-Industrials | 4.72% | +4.72% | NEW | |
| 9 | CRS | Carpenter Technology | Stock-Industrials | 4.39% | +4.39% | NEW | |
| 10 | MU | Micron Technology INC | Stock-Tech | 2.15% | +2.15% | NEW | |
| 11 | FICO | Fair Isaac CORP | Stock-Tech | 1.83% | -14.64% | -83.05% | |
| 12 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 1.07% | -12.03% | -90.02% |
Performance for Q3 2026
+0.5%
Performance Last 4 Quarters
-17.8%
Square Wave Capital, LLC's most significant position changes for 2026-03-31: New buy: Ati INC (ATI); New buy: ASML Holding N.V. (ASML); Sold out: Equifax INC (EFX); New buy: Mastec INC (MTZ); New buy: Carpenter Technology (CRS).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com INC | +3.3% | +41.08% | Add |
| 2 | MAR | Marriott International -cl A | +1.2% | -2.22% | Trim |
| 3 | TW | Tradeweb Markets Inc-class A | +0.9% | -5.86% | Trim |
| 4 | GOOGL | Alphabet Inc-cl A | -1.6% | -14.19% | Trim |
| 5 | MCO | Moody's CORP | -4.6% | -25.24% | Trim |
| 6 | VEEV | Veeva Systems Inc-class A | -12% | -90.02% | Trim |
| 7 | FICO | Fair Isaac CORP | -14.6% | -83.05% | Trim |
| 8 | ATI | Ati INC | — | NEW | New buy |
| 9 | ASML | ASML Holding N.V. | — | NEW | New buy |
| 10 | EFX | Equifax INC | — | EXIT | Sold out |
| 11 | MTZ | Mastec INC | — | NEW | New buy |
| 12 | CRS | Carpenter Technology | — | NEW | New buy |
| 13 | MU | Micron Technology INC | — | NEW | New buy |
| 14 | AXON | Axon Enterprise INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-07-24 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-07-24 | 13F-HR | View on EDGAR |
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