Square Wave Capital, LLC: TRADEWEB MKTS (TW): Quarterly 13F Position History
As of Q1 2026, Square Wave Capital, LLC reported 494,815 shares of TRADEWEB MKTS (TW), worth $58.2M and representing 14.1% of its 13F equity book. Quarter-over-quarter share count change: 30,785 (-5.9%) . The position first appeared in Q4 2024 and has been disclosed across 6 13F-HR filings in Pactolio's tracked window.
- 494,815Shares Held (Latest Filing)
- $58.2MReported Market Value (Latest Filing)
- 14.1%Portfolio Weight (% of 13F Equity Book)
- 30,785Quarter-over-Quarter Share Change
- +$1.7MQuarter-over-Quarter Value Change
- 525,600Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 6 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 494,815 | 30,785 | -5.9% | $58.2M | 14.1% | $117.7 |
| Q4 2025 | 525,600 | +107,737 | +25.8% | $56.5M | 13.1% | $107.5 |
| Q3 2025 | 417,863 | +310,993 | +291.0% | $46.4M | 17.0% | $111.0 |
| Q2 2025 | 106,870 | +596 | +0.6% | $15.6M | 15.0% | $146.4 |
| Q1 2025 | 106,274 | +7,161 | +7.2% | $15.8M | 16.9% | $148.5 |
| Q4 2024 | 99,113 | — | — | $13.0M | 12.5% | $130.9 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did Square Wave Capital, LLC first disclose a TW position in 13F-HR filings?
Square Wave Capital, LLC first reported TRADEWEB MKTS (TW) on its 13F-HR filing for the period ending 2024-12-31 (Q4 2024). The position has appeared on 6 reported quarters within Pactolio's tracked window.
What was Square Wave Capital, LLC's most recent quarter-over-quarter share-count change in TW?
Between Q4 2025 and Q1 2026, Square Wave Capital, LLC reduced its TW position by 30,785 shares (-5.9%), leaving 494,815 shares at a market value of $58.2M.
Does the implied price-per-share represent Square Wave Capital, LLC's cost basis in TW?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.