Portman Square Capital LLP In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 15, 2026), Portman Square Capital LLP reported 25 stock positions worth $298.1 million . Its top holding was Alibaba Group Holding-SP ADR (BABA) at 22.4% of the portfolio, followed by Reddit Class A (RDDT, 18.3% ) and Wayfair Class A (W, 12.7% ). Compared with Q1 2026, it opened 7 new positions, sold out of 8, added to 7 and reduced 10. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale Nextera Energy (NEE, shares −16% ).
Location London, X0
CIK 0001966898
Portfolio Value $298.1M (Q2 2026) Holdings 25 stocks · $298.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 BABA Alibaba Group Holding-SP ADR 695,718 $66.8M New RDDT Reddit Inc. Class A 313,872 $54.5M Add +474.9% W Wayfair Inc. Class A 409,349 $37.8M Add +124.9% NEE Nextera Energy Inc. 322,752 $28.3M Reduce -16.3% STX Seagate Technology Holdings 25,167 $24.3M New AKAM Akamai Technologies Inc. 178,077 $21.1M New GLD SPDR Gold Shares 27,000 $9.9M Reduce -25.0% ORCL Oracle Corp. 58,020 $8.5M Reduce -13.4% ALNY Alnylam Pharmaceuticals Inc. 25,016 $7.5M Add +47.8% WDC Western Digital Corp. 10,430 $6.7M New SO The Southern Co. 61,789 $5.9M Add +39.2% KWEB Kranesh Csi China Internet 175,000 $4.3M Add +25.0% PCG P G & E Corp. 230,773 $3.9M Reduce -26.7% ON On Semiconductor 35,065 $3.3M Reduce -63.5% TTEK Tetra Tech Inc. 113,409 $3.3M Reduce -21.3% ALB Albemarle Corp. 22,642 $3.1M Reduce -73.9% PPL PPL Corp. 57,032 $2.1M New ZTO Zto Express Cayman Inc.-ADR 71,243 $1.6M Reduce -11.5% LCID Lucid Group Inc. 225,054 $1.5M Reduce -51.2% STWD Starwood Property Trust Inc. 81,810 $1.3M Add +24.2% FXI iShares China Large-Cap ETF 30,000 $948K New UPST Upstart Holdings Inc. 19,036 $674K Add +61.2% AEIS Advanced Energy Industries 1,240 $462K New HPE Hewlett Packard Enterprise 6,728 $304K Reduce -96.4% XRX Xerox Holdings Corp. 16,807 $53K No change
Options reported separately and not counted above: IREN puts ($187.3M), GLD calls ($128.9M), NEE puts ($116.6M), BABA puts ($113.3M), SO puts ($84.2M), RDDT puts ($71.5M), PPL puts ($65.3M), W puts ($52.6M), PCG puts ($52.2M), MCHP puts ($48.1M), ALB puts ($47.8M), GLD puts ($46.0M), and 43 more.
Other holdings (14): bonds, preferreds, convertibles and warrants · $289.0M (not counted above) Security Class Shares / Principal Value Change SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 1,236,000 $61.8M Reduce -7.5% PPL CORPORATION (PPL 7 02/15/29) UNIT 02/15/2029 730,000 $35.7M Reduce -52.3% MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 450,000 $34.7M Reduce -61.7% ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 541,000 $30.0M No change FIRSTENERGY CORP (FE 3.875 01/15/31) NOTE 3.875% 1/1 · principal 24,600,000 $27.3M New EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 15,800,000 $22.4M Reduce -21.0% NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 410,000 $19.6M Reduce -28.7% PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 381,000 $15.8M No change NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 210,000 $14.3M Reduce -78.1% JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 5,925,000 $10.1M Reduce -52.6% NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 100,000 $5.4M No change ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 140,000 $5.1M Reduce -55.1% HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 35,000 $4.1M Reduce -84.1% NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 51,000 $2.6M No change
Total filed on the 13F, all lines: $587.0M.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ NEE Nextera Energy Inc. Reduce -16.3% 9.50% −12.89 ALB Albemarle Corp. Reduce -73.9% 1.03% −8.72 GLD SPDR Gold Shares Reduce -25.0% 3.34% −6.35 IREN Iren Ltd. Sold out 0.00% −3.78 ORCL Oracle Corp. Reduce -13.4% 2.85% −3.31 FLR Fluor Corp. Sold out 0.00% −2.91 HPE Hewlett Packard Enterprise Reduce -96.4% 0.10% −2.71 ON On Semiconductor Reduce -63.5% 1.11% −2.61 NBIS Nebius Group NV Sold out 0.00% −2.28 LCID Lucid Group Inc. Reduce -51.2% 0.51% −2.25 PCG P G & E Corp. Reduce -26.7% 1.30% −2.16 TTEK Tetra Tech Inc. Reduce -21.3% 1.10% −1.62 SYNA Synaptics Inc. Sold out 0.00% −1.46 NET Cloudflare Inc. Class A Sold out 0.00% −0.94 ZTO Zto Express Cayman Inc.-ADR Reduce -11.5% 0.53% −0.73 VOYG Voyager Technologies Inc. Class A Sold out 0.00% −0.42 SOFI Sofi Technologies Inc. Sold out 0.00% −0.38 O Realty Income Corp. Sold out 0.00% −0.35
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ BABA Alibaba Group Holding-SP ADR New 22.40% +22.40 RDDT Reddit Inc. Class A Add +474.9% 18.28% +13.68 STX Seagate Technology Holdings New 8.15% +8.15 AKAM Akamai Technologies Inc. New 7.06% +7.06 W Wayfair Inc. Class A Add +124.9% 12.69% +4.13 WDC Western Digital Corp. New 2.23% +2.23 PPL PPL Corp. New 0.70% +0.70 FXI iShares China Large-Cap ETF New 0.32% +0.32 AEIS Advanced Energy Industries New 0.16% +0.16 UPST Upstart Holdings Inc. Add +61.2% 0.23% +0.04 STWD Starwood Property Trust Inc. Add +24.2% 0.45% −0.26 SO The Southern Co. Add +39.2% 1.98% −0.70 ALNY Alnylam Pharmaceuticals Inc. Add +47.8% 2.53% −0.98 KWEB Kranesh Csi China Internet Add +25.0% 1.44% −1.05
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ IREN Iren Ltd. put New 4,096,200 $187.3M GLD SPDR Gold Shares call Reduce -55.3% 350,000 $128.9M NEE Nextera Energy Inc. put Reduce -39.2% 1,328,900 $116.6M BABA Alibaba Group Holding-SP ADR put Add +300.3% 1,180,900 $113.3M SO The Southern Co. put Reduce -10.8% 880,200 $84.2M RDDT Reddit Inc. Class A put Add +60.6% 412,100 $71.5M NBIS Nebius Group NV put Sold out 639,300 $66.3Mbefore exit PPL PPL Corp. put Add +1.1% 1,795,400 $65.3M BA The Boeing Co. put Sold out 310,800 $61.9Mbefore exit W Wayfair Inc. Class A put Add +7493.3% 569,500 $52.6M PCG P G & E Corp. put Reduce -18.4% 3,103,300 $52.2M MCHP Microchip Technology Inc. put Reduce -35.5% 527,100 $48.1M ALB Albemarle Corp. put Reduce -3.8% 354,200 $47.8M GLD SPDR Gold Shares put Add +150.0% 125,000 $46.0M AKAM Akamai Technologies Inc. put Add +11.7% 384,300 $45.4M CRWV Coreweave Inc. Class A put Sold out 550,000 $42.6Mbefore exit ORCL Oracle Corp. put Reduce -42.9% 259,800 $38.1M UGI Ugi Corp. put Sold out 976,500 $35.6Mbefore exit ON On Semiconductor put Reduce -38.6% 277,300 $26.2M SPB Spectrum Brands Holdings Inc. call Reduce -0.1% 289,300 $24.8M FE Firstenergy Corp. put Reduce -5.3% 477,900 $22.7M TTEK Tetra Tech Inc. put Reduce -0.0% 685,400 $19.8M STWD Starwood Property Trust Inc. put Reduce -21.0% 1,185,700 $19.4M WGO Winnebago Industries call Reduce -0.9% 581,900 $18.2M AEIS Advanced Energy Industries put Sold out 56,000 $18.1Mbefore exit NET Cloudflare Inc. Class A put Add +2.4% 64,500 $15.8M FLR Fluor Corp. put Reduce -27.1% 295,700 $15.5M ARES Ares Management Corp. Class A put Reduce -57.6% 130,300 $14.5M USO United States Oil Fund LP call Sold out 113,600 $14.5Mbefore exit GH Guardant Health Inc. put Reduce -5.2% 94,800 $14.2M ALNY Alnylam Pharmaceuticals Inc. put Add +21.9% 46,200 $13.9M WEC WEC Energy Group Inc. put Sold out 115,000 $13.3Mbefore exit BL Blackline Inc. put Reduce -0.1% 439,800 $12.3M NOVT Novanta Inc. put Reduce -68.1% 73,800 $12.0M HPE Hewlett Packard Enterprise put Reduce -92.1% 262,700 $11.9M ENOV Enovis Corp. call Reduce -43.5% 563,800 $11.7M ZTO Zto Express Cayman Inc.-ADR put Reduce -10.5% 493,700 $11.0M JAZZ Jazz Pharmaceuticals PLC put Reduce -20.9% 41,900 $10.1M OSIS Osi Systems Inc. put Sold out 37,900 $10.1Mbefore exit O Realty Income Corp. put Reduce -53.1% 142,200 $8.8M FOUR SHIFT4 Payments Inc. Class A put Sold out 197,400 $8.6Mbefore exit IWM iShares Russell 2000 ETF call New 27,500 $8.3M USO United States Oil Fund LP put Reduce -46.9% 75,000 $8.0M FXI iShares China Large-Cap ETF call New 231,100 $7.3M EWY iShares MSCI South Korea ETF put New 35,100 $7.1M SMTC Semtech Corp. put New 40,600 $6.6M LCID Lucid Group Inc. put Reduce -0.0% 925,300 $6.2M EVRG Evergy Inc. put Reduce -76.5% 43,500 $3.8M SMH Vaneck Semiconductor ETF put New 5,300 $3.5M KWEB Kranesh Csi China Internet call Reduce -69.2% 100,000 $2.4M
Showing the first 50 of 59.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 Reduce -7.5% 1,236,000 $61.8M PPL CORPORATION (PPL 7 02/15/29) UNIT 02/15/2029 Reduce -52.3% 730,000 $35.7M MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Reduce -61.7% 450,000 $34.7M FIRSTENERGY CORP (FE 3.875 01/15/31) NOTE 3.875% 1/1 · principal New 24,600,000 $27.3M BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Sold out 356,000 $23.0Mbefore exit EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal Reduce -21.0% 15,800,000 $22.4M NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 Reduce -28.7% 410,000 $19.6M GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal Sold out 10,000,000 $16.8Mbefore exit NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 Reduce -78.1% 210,000 $14.3M OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal Sold out 7,000,000 $10.7Mbefore exit JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal Reduce -52.6% 5,925,000 $10.1M SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF Sold out 155,000 $8.5Mbefore exit STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Sold out 8,000,000 $8.2Mbefore exit ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Reduce -55.1% 140,000 $5.1M HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Reduce -84.1% 35,000 $4.1M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 25 $298.1M BABA, RDDT, W, NEE, STX Q1 2026 26 $159.8M NEE, ALB, GLD, W, ORCL Q4 2025 22 $103.5M NEE, KKR, ALB, TTEK, BA Q3 2025 17 $38.4M BBIO, W, ITRI, LCID, BL Q2 2025 27 $49.8M PODD, W, BBIO, ALNY, LOW Q1 2025 43 $114.2M PODD, W, BP, NCLH, SKX Q4 2024 55 $108.3M PODD, W, DVN, WDC, BP Q3 2024 74 $127.1M PODD, BP, DINO, DVN, AKAM Q2 2024 86 $128.3M AKAM, PODD, FOUR, BP, XLE Q1 2024 83 $97.3M MIDD, AKAM, PODD, FOUR, FLR