SW
Square Wave Capital, LLC — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Square Wave Capital, LLCCIK: 0002077145
Momentum followerHigh-turnover traderQuality / disciplined sizing
Total reported value
$670.3M
Reporting period: 2026-06-30 · Number of holdings: 11
Square Wave Capital, LLC disclosed 11 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $670.3M and a quarterly turnover rate of 79.6%.
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Personality snowflake
- Concentration
- 46.37
- Portfolio Stability
- 79.63
- Momentum
- 100
- Sector conviction
- 83.63
- Diversification
- 22
- Sizing Uniformity
- 94.5
Square Wave Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.116 — mathematically equivalent to about 9 equally-sized positions, close to its 11 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 0.55), 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 5.7 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
+240.7% $94.5M
Trim TW
-43.4% -$30.3M
Sold out MCO
Add CRS
+169.1% $58.2M
New buy INTC
Trim MAR
+8.4% $16.0M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | Stock-Tech | 15.43% | +13.28% | +240.68% | |
| 2 | ASML | ASML Holding N.V. | Stock-Tech | 14.19% | +1.82% | +23.51% | |
| 3 | ATI | Ati Inc | Stock-Industrials | 13.08% | +0.19% | +21.40% | |
| 4 | MAR | Marriott International -cl A | Stock-Consumer Disc | 12.84% | -4.11% | +8.43% | |
| 5 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 12.76% | -0.51% | +36.22% | |
| 6 | CRS | Carpenter Technology | Stock-Industrials | 11.39% | +7.00% | +169.13% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 5.88% | -1.27% | +7.30% | |
| 8 | INTC | Intel CORP | Stock-Tech | 4.75% | +4.75% | NEW | |
| 9 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 4.17% | -9.91% | -43.37% | |
| 10 | FTAI | FTAI Aviation Ltd. | Stock-Industrials | 3.68% | +3.68% | NEW | |
| 11 | MTZ | Mastec Inc | Stock-Industrials | 1.83% | -2.89% | -51.32% |
Portfolio Performance
Performance for Q3 2026
+1.8%
Performance Last 4 Quarters
-12.8%
- Stdev
- +16.7%
- Beta
- +0.64
- Alpha
- -21.9%
- Max Drawdown
- -30.6%
- Annualized Perf
- -10.4%
- Batting Avg vs S&P
- +33.3%
- Sortino
- -0.72
- Stutzer
- -0.17
- Treynor
- -0.15
- Sterling
- -0.34
- Calmar
- -0.34
- Information Ratio
- -1.91
- Tracking Error
- +15%
- Stdev Down
- +13.4%
- Winning Months %
- +44.4%
- Losing Months %
- +55.6%
- Best 12 Months
- -12.8%
- Worst 12 Months
- -22.7%
- Efficiency Ratio
- +0.21
- Sharpe
- -0.58
- Stdev Sectors
- +12.5%
- Skewness
- -0.08
- Kurtosis
- -1.19
- Upside Potential
- +1.48
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Holding changes this quarter
Square Wave Capital, LLC's most significant position changes for 2026-06-30: Sold out: Moody's CORP (MCO); New buy: Intel CORP (INTC); New buy: FTAI Aviation Ltd. (FTAI); Sold out: Fair Isaac CORP (FICO); Sold out: Veeva Systems Inc-class A (VEEV).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +13.3% | +240.68% | Add |
| 2 | CRS | Carpenter Technology | +7% | +169.13% | Add |
| 3 | INTC | Intel CORP | +4.8% | NEW | New buy |
| 4 | FTAI | FTAI Aviation Ltd. | +3.7% | NEW | New buy |
| 5 | ASML | ASML Holding N.V. | +1.8% | +23.51% | Add |
| 6 | ATI | Ati Inc | +0.2% | +21.40% | Add |
| 7 | AMZN | Amazon.com Inc | -0.5% | +36.22% | Add |
| 8 | VEEV | Veeva Systems Inc-class A | -1.1% | EXIT | Sold out |
| 9 | GOOGL | Alphabet Inc-cl A | -1.3% | +7.30% | Add |
| 10 | FICO | Fair Isaac CORP | -1.8% | EXIT | Sold out |
| 11 | MTZ | Mastec Inc | -2.9% | -51.32% | Trim |
| 12 | MAR | Marriott International -cl A | -4.1% | +8.43% | Add |
| 13 | MCO | Moody's CORP | -9.1% | EXIT | Sold out |
| 14 | TW | Tradeweb Markets Inc-class A | -9.9% | -43.37% | Trim |
Filing History
FAQ
What is Square Wave Capital, LLC and what type of investor is it?
Square Wave Capital, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $670.3M, spread across 11 disclosed positions.
What are Square Wave Capital, LLC's largest equity positions?
Based on the latest 13F filing, Square Wave Capital, LLC's top holdings by market value are:
1. Micron Technology Inc (MU) — $103.4M (15.4%)
2. ASML Holding N.V. (ASML) — $95.1M (14.2%)
3. Ati Inc (ATI) — $87.7M (13.1%)
4. Marriott International -cl A (MAR) — $86.1M (12.8%)
5. Amazon.com Inc (AMZN) — $85.5M (12.8%)
What changes did Square Wave Capital, LLC make in its most recent portfolio filing?
In the latest reported quarter, Square Wave Capital, LLC made 14 notable position adjustments: 2 new positions were initiated, 7 existing holdings were added to, 2 positions were partially reduced, and 3 were completely exited. The largest of these moves: Sold out: Moody's CORP (MCO); New buy: Intel CORP (INTC); New buy: FTAI Aviation Ltd. (FTAI); Sold out: Fair Isaac CORP (FICO); Sold out: Veeva Systems Inc-class A (VEEV)
What sectors does Square Wave Capital, LLC focus on?
Square Wave Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 34.4%
• Industrials: 30.0%
• Consumer Discretionary: 25.6%
• Communication Services: 5.9%
• Financials: 4.2%
Investment Profile
Square Wave Capital, LLC returned an annualized -10.4% over the trailing 18 months — underperforming the S&P 500 by 21.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.64 (less volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is moderately concentrated and fast-trading, with 34.4% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 80 over the past 4 quarters — a shift toward more active trading.
It has added to its AMZN position for two straight quarters, increasing it by $42.4M to reach $85.5M.
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Developer Access
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