Square Wave Capital, LLC 13F: Quarter-over-Quarter Portfolio Changes
Square Wave Capital, LLC reported a disclosed portfolio value of approximately $413.4 million in its latest SEC Form 13F-HR filing for Q1 2026, down 3.9% quarter on quarter. Over the quarter, the fund initiated 5 new positions, bought more shares in 1 holding, trimmed 6 holdings, and exited 2 positions.
Square Wave Capital, LLC's top buy was a new stake in Ati INC (ATI) , equal to 12.9% of the disclosed portfolio. Its top sell was Veeva Systems (VEEV) . The fund sold 90.0% of its previously reported shares, reducing the position's portfolio weight by 12.0 percentage points.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| ATI INC | ATI | 12.9% | History → |
| ASML HLDG NV | ASML | 12.4% | History → |
| MASTEC INC | MTZ | 4.7% | History → |
| CARPENTER TECHNOLOGY CORP | CRS | 4.4% | History → |
| MICRON TECHNOLOGY INC | MU | 2.1% | History → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| AMAZON.COM | AMZN | +3.3% | +41.1% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| VEEVA SYSTEMS | VEEV | -12.0% | 90.0% | Holders → |
| FAIR ISAAC CORP | FICO | -14.6% | 83.1% | Holders → |
| MOODYS CORP | MCO | -4.6% | 25.2% | History → |
| ALPHABET CL A | GOOGL | -1.6% | 14.2% | History → |
| TRADEWEB MKTS | TW | 0.9% | 5.9% | History → |
| MARRIOTT INTL INC NEW | MAR | 1.2% | 2.2% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| EQUIFAX INC | EFX | 8.3% |
| AXON ENTERPRISE INC | AXON | 0.7% |
Net Portfolio Value ChangeQ1 2026
- $0.4BPrior quarter
- $0.4BCurrent quarter
- $-0.0BNet delta
- -3.9%% change
Methodology & FAQ
How Square Wave Capital, LLC Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Square Wave Capital, LLC: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Square Wave Capital, LLC buy in Q1 2026?
In Q1 2026, Square Wave Capital, LLC initiated 5 new positions (ATI INC (ATI), ASML HLDG NV (ASML), MASTEC INC (MTZ), CARPENTER TECHNOLOGY CORP (CRS), MICRON TECHNOLOGY INC (MU)); bought more shares of AMAZON.COM (AMZN).
What stocks did Square Wave Capital, LLC sell in Q1 2026?
In Q1 2026, Square Wave Capital, LLC fully sold 2 positions (EQUIFAX INC (EFX), AXON ENTERPRISE INC (AXON)); reduced holdings in VEEVA SYSTEMS (VEEV), FAIR ISAAC CORP (FICO), MOODYS CORP (MCO), ALPHABET CL A (GOOGL), TRADEWEB MKTS (TW) — the largest 5 of 6 reductions.
Which positions did Square Wave Capital, LLC initiate in Q1 2026?
Square Wave Capital, LLC established 5 new positions in Q1 2026: ATI INC (ATI, 12.9%), ASML HLDG NV (ASML, 12.4%), MASTEC INC (MTZ, 4.7%), CARPENTER TECHNOLOGY CORP (CRS, 4.4%), MICRON TECHNOLOGY INC (MU, 2.1%).
Which existing positions saw the largest allocation increases for Square Wave Capital, LLC in Q1 2026?
Of 1 existing position with share-count increases in Q1 2026, the largest were: AMAZON.COM (AMZN, +3.3% weight, +41.1% shares).
Which positions did Square Wave Capital, LLC fully exit in Q1 2026?
Square Wave Capital, LLC fully exited 2 positions in Q1 2026: EQUIFAX INC (EFX, last-reported weight 8.3%), AXON ENTERPRISE INC (AXON, last-reported weight 0.7%).
Which existing positions saw the largest allocation reductions for Square Wave Capital, LLC in Q1 2026?
Of 6 existing positions with share-count reductions in Q1 2026, the largest were: VEEVA SYSTEMS (VEEV, -12.0% weight, -90.0% shares), FAIR ISAAC CORP (FICO, -14.6% weight, -83.1% shares), MOODYS CORP (MCO, -4.6% weight, -25.2% shares), ALPHABET CL A (GOOGL, -1.6% weight, -14.2% shares), TRADEWEB MKTS (TW, 0.9% weight, -5.9% shares), MARRIOTT INTL INC NEW (MAR, 1.2% weight, -2.2% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.