Portman Square Capital LLP In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 15, 2024), Portman Square Capital LLP reported 83 stock positions worth $97.3 million . Its top holding was Middleby (MIDD) at 17.0% of the portfolio, followed by Akamai Technologies (AKAM, 15.6% ) and Insulet (PODD, 6.3% ). Compared with Q4 2023, it opened 21 new positions, sold out of 55, added to 18 and reduced 38. The biggest buy was Middleby (MIDD, shares +131% ) and the biggest sale an exit from SS Technology Select Sector (XLK).
Location London, X0
CIK 0001966898
Portfolio Value $97.3M (Q1 2024) Holdings 83 stocks · $97.3M 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 Q4 2023 MIDD Middleby Corp. 102,995 $16.6M Add +131.3% AKAM Akamai Technologies Inc. 139,083 $15.1M Add +159.5% PODD Insulet Corp. 35,495 $6.1M New FOUR SHIFT4 Payments Inc. Class A 59,729 $3.9M Add +119.8% FLR Fluor Corp. 69,843 $3.0M Add +102.4% PCG P G & E Corp. 160,691 $2.7M Add +34.7% BBIO Bridgebio Pharma Inc. 77,630 $2.4M Add +180.5% ALNY Alnylam Pharmaceuticals Inc. 16,023 $2.4M Add +168.7% DKS Dick's Sporting Goods Inc. 8,898 $2.0M Reduce -36.9% EQT Eqt Corp. 48,530 $1.8M Reduce -6.6% HUM Humana Inc. 4,773 $1.7M Add +347.8% ZTO Zto Express Cayman Inc.-ADR 72,455 $1.5M Add +7.5% SMTC Semtech Corp. 54,913 $1.5M Reduce -34.1% CLF Cleveland-Cliffs Inc. 63,290 $1.4M Add +4.5% CC The Chemours Co. 46,971 $1.2M Add +307.5% MU Micron Technology Inc. 9,449 $1.1M Reduce -23.8% OLED Universal Display Corp. 6,596 $1.1M Add +245.5% DVN Devon Energy Corp. 21,170 $1.1M Reduce -87.1% HAL Halliburton Co. 26,866 $1.1M Reduce -33.1% HLF Herbalife Ltd. 103,486 $1.0M New TSLA Tesla Inc. 5,847 $1.0M New RRC Range Resources Corp. 26,923 $927K Reduce -72.0% CSCO Cisco Systems Inc. 17,819 $889K Add +6.0% WOLF Wolfspeed Inc. 29,247 $863K Add +191.1% TTWO Take-Two Interactive Softwre 5,709 $848K Reduce -46.9% META Meta Platforms Inc. Class A 1,660 $806K Reduce -57.7% SMCI Super Micro Computer Inc. 796 $804K New RIVN Rivian Automotive Inc. Class A 71,628 $784K New NOW ServiceNow Inc. 951 $725K No change WGO Winnebago Industries 9,398 $695K Add +13.7% CDW CDW Corp. 2,618 $670K Reduce -3.4% LYV Live Nation Entertainment Inc. 6,323 $669K New EOG EOG Resources Inc. 5,001 $639K Reduce -60.8% ON On Semiconductor 8,690 $639K Add +45.6% FDX FedEx Corp. 2,125 $616K Reduce -26.1% PLAY Dave & Buster's Entertainmen 9,696 $607K No change AMD Advanced Micro Devices 3,329 $601K Reduce -39.5% WDC Western Digital Corp. 8,574 $585K Reduce -11.5% SPG Simon Property Group Inc. 3,599 $563K No change ADP Automatic Data Processing 2,226 $556K Reduce -63.3% FCX Freeport-McMoran Inc. 11,392 $536K Reduce -17.7% PRU Prudential Financial Inc. 4,560 $535K Reduce -4.8% BTU Peabody Energy Corp. 21,825 $529K New ADSK Autodesk Inc. 1,949 $508K Reduce -20.7% NFLX Netflix Inc. 813 $494K Add +0.3% ABBV Abbvie Inc. 2,652 $483K Reduce -75.1% AMP Ameriprise Financial Inc. 1,071 $470K No change SNX TD Synnex Corp. 3,819 $432K Reduce -10.6% AAPL Apple Inc. 2,295 $394K Reduce -64.6% BLK BlackRock Finance Inc. 465 $388K Reduce -3.9% OKE Oneok Inc. 4,773 $383K Reduce -63.9% SBSW Sibanye-Stillwater Ltd.-ADR 80,424 $379K New RH RH 1,065 $371K Reduce -66.3% NCLH Norwegian Cruise Line Holdin 17,437 $365K New VOYA Voya Financial Inc. 4,900 $362K Reduce -41.9% LYB Lyondellbasell Indu Class A 3,478 $356K Reduce -56.8% SWKS Skyworks Solutions Inc. 3,253 $352K Reduce -70.1% CTRA Coterra Energy Inc. 12,616 $352K Reduce -82.0% TTEK Tetra Tech Inc. 1,875 $346K New THO Thor Industries Inc. 2,945 $346K Add +26.0% WST West Pharmaceutical Services 797 $315K Reduce -67.3% HPQ HP Inc. 10,236 $309K Reduce -22.7% MRO Marathon Oil Corp. 10,788 $306K Reduce -91.6% BYD Boyd Gaming Corp. 4,466 $301K Reduce -89.1% VTRS Viatris Inc. 24,904 $297K New TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 2,377 $290K Reduce -81.3% LOW Lowe's Cos Inc. 1,100 $280K New NUE Nucor Corp. 1,411 $279K New STT State Street Corp. 3,395 $263K New XRX Xerox Holdings Corp. 14,652 $262K New WING Wingstop Inc. 698 $256K New GES Guess? Inc. 7,776 $245K New CPE Callon Petroleum Co. 6,766 $242K New DINO HF Sinclair Corp. 3,971 $240K New NBIX Neurocrine Biosciences Inc. 1,657 $229K No change CMG Chipotle Mexican Grill Inc. 78 $227K Reduce -72.3% UNH Unitedhealth Group Inc. 449 $222K New SIG Signet Jewelers Ltd. 2,190 $219K No change STX Seagate Technology Holdings 2,351 $219K Reduce -8.1% SKT Tanger Inc. 7,156 $211K Reduce -37.1% BRK.B Berkshire Hathaway Inc. Class B 500 $210K Reduce -33.1% NIO Nio Inc. - ADR 33,762 $152K Reduce -53.0% KOS Kosmos Energy Ltd. 14,511 $86K New
Options reported separately and not counted above: FOUR puts ($138.9M), LYV puts ($118.8M), AKAM puts ($104.7M), BTU puts ($78.6M), MIDD puts ($77.1M), AAL puts ($69.7M), STX puts ($67.3M), TMUS puts ($65.3M), WDC puts ($56.6M), META puts ($48.7M), CCL puts ($47.4M), CLF puts ($45.4M), and 197 more.
Other holdings (7): bonds, preferreds, convertibles and warrants · $342.7M (not counted above) Security Class Shares / Principal Value Change PALO ALTO NETWORKS (PANW 0.375 06/01/25) NOTE 0.375% 6/0 · principal 47,400,000 $135.5M Reduce -7.2% PEABODY ENERGY CORP (BTU 3.25 03/01/28) NOTE 3.250% 3/0 · principal 55,750,000 $78.9M No change AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal 43,040,000 $50.0M Reduce -22.9% RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 32,200,000 $25.9M New NCL CORPORATION LTD (NCLH 5.375 08/01/25) NOTE 5.375% 8/0 · principal 14,450,000 $19.0M Reduce -6.5% INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal 12,950,000 $18.6M No change ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal 15,200,000 $14.7M Reduce -9.5%
Total filed on the 13F, all lines: $439.9M.
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ XLK SS Technology Select Sector Sold out 0.00% −16.89 XLI SS Industrial Select Sector Sold out 0.00% −16.55 SRPT Sarepta Therapeutics Inc. Sold out 0.00% −4.70 DVN Devon Energy Corp. Reduce -87.1% 1.09% −2.60 XOM Exxon Mobil Corp. Sold out 0.00% −2.28 BBY Best Buy Co. Inc. Sold out 0.00% −1.62 KR Kroger Co. Sold out 0.00% −1.40 WYNN WYNN Resorts Ltd. Sold out 0.00% −1.33 MRO Marathon Oil Corp. Reduce -91.6% 0.31% −1.23 CMC Commercial Metals Co. Sold out 0.00% −1.07 BYD Boyd Gaming Corp. Reduce -89.1% 0.31% −0.96 RTX RTX Corp. Sold out 0.00% −0.80 ITT Itt Inc. Sold out 0.00% −0.77 TRGP Targa Resources Corp. Sold out 0.00% −0.77 ORA Ormat Technologies Inc. Sold out 0.00% −0.65 QRVO Qorvo Inc. Sold out 0.00% −0.60 CAH Cardinal Health Inc. Sold out 0.00% −0.55 CTRA Coterra Energy Inc. Reduce -82.0% 0.36% −0.53 TSCO Tractor Supply Company Sold out 0.00% −0.52 CVX Chevron Corp. Sold out 0.00% −0.51 RRC Range Resources Corp. Reduce -72.0% 0.95% −0.50 NVDA Nvidia Corp. Sold out 0.00% −0.47 CNMD Conmed Corp. Sold out 0.00% −0.47 VLO Valero Energy Corp. Sold out 0.00% −0.43 DXCM Dexcom Inc. Sold out 0.00% −0.43 HES Hess Corp. Sold out 0.00% −0.42 APLS Apellis Pharmaceuticals Inc. Sold out 0.00% −0.42 TROW T Rowe Price Group Inc. Reduce -81.3% 0.30% −0.38 LVS Las Vegas Sands Corp. Sold out 0.00% −0.34 NTAP Netapp Inc. Sold out 0.00% −0.34 AVGO Broadcom Inc. Sold out 0.00% −0.33 RL Ralph Lauren Corp. Sold out 0.00% −0.33 THC Tenet Healthcare Corp. Sold out 0.00% −0.33 ABBV Abbvie Inc. Reduce -75.1% 0.50% −0.33 SKX Skechers USA Inc. Class A Sold out 0.00% −0.31 MSFT Microsoft Corp. Sold out 0.00% −0.28 OXY Occidental Petroleum Corp. Sold out 0.00% −0.26 X United States Steel Corp. Sold out 0.00% −0.25 SWKS Skyworks Solutions Inc. Reduce -70.1% 0.36% −0.25 KMX Carmax Inc. Sold out 0.00% −0.24 PXD Pioneer Natural Resources Co. Sold out 0.00% −0.24 COR Cencora Inc. Sold out 0.00% −0.24 EXP Eagle Materials Inc. Sold out 0.00% −0.22 BP BP PLC-Spons ADR Sold out 0.00% −0.22 AAPL Apple Inc. Reduce -64.6% 0.40% −0.22 LRCX Lam Research Corp. Sold out 0.00% −0.21 SLB SLB Ltd. Sold out 0.00% −0.20 ETSY Etsy Inc. Sold out 0.00% −0.18 FL Foot Locker Inc. Sold out 0.00% −0.17 NOVAQ Sunnova Energy International Sold out 0.00% −0.17
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ MIDD Middleby Corp. Add +131.3% 17.03% +13.77 AKAM Akamai Technologies Inc. Add +159.5% 15.55% +12.40 PODD Insulet Corp. New 6.26% +6.26 FOUR SHIFT4 Payments Inc. Class A Add +119.8% 4.06% +3.05 FLR Fluor Corp. Add +102.4% 3.04% +2.36 BBIO Bridgebio Pharma Inc. Add +180.5% 2.47% +1.91 ALNY Alnylam Pharmaceuticals Inc. Add +168.7% 2.46% +1.89 PCG P G & E Corp. Add +34.7% 2.77% +1.70 HUM Humana Inc. Add +347.8% 1.70% +1.46 CC The Chemours Co. Add +307.5% 1.27% +1.09 HLF Herbalife Ltd. New 1.07% +1.07 TSLA Tesla Inc. New 1.06% +1.06 OLED Universal Display Corp. Add +245.5% 1.14% +0.96 CLF Cleveland-Cliffs Inc. Add +4.5% 1.48% +0.86 ZTO Zto Express Cayman Inc.-ADR Add +7.5% 1.56% +0.85 SMCI Super Micro Computer Inc. New 0.83% +0.83 RIVN Rivian Automotive Inc. Class A New 0.81% +0.81 LYV Live Nation Entertainment Inc. New 0.69% +0.69 WOLF Wolfspeed Inc. Add +191.1% 0.89% +0.67 BTU Peabody Energy Corp. New 0.54% +0.54 CSCO Cisco Systems Inc. Add +6.0% 0.91% +0.49 WGO Winnebago Industries Add +13.7% 0.72% +0.42 ON On Semiconductor Add +45.6% 0.66% +0.41 SBSW Sibanye-Stillwater Ltd.-ADR New 0.39% +0.39 NCLH Norwegian Cruise Line Holdin New 0.38% +0.38 TTEK Tetra Tech Inc. New 0.36% +0.36 NFLX Netflix Inc. Add +0.3% 0.51% +0.31 VTRS Viatris Inc. New 0.31% +0.31 LOW Lowe's Cos Inc. New 0.29% +0.29 NUE Nucor Corp. New 0.29% +0.29 STT State Street Corp. New 0.27% +0.27 XRX Xerox Holdings Corp. New 0.27% +0.27 WING Wingstop Inc. New 0.26% +0.26 GES Guess? Inc. New 0.25% +0.25 CPE Callon Petroleum Co. New 0.25% +0.25 DINO HF Sinclair Corp. New 0.25% +0.25 UNH Unitedhealth Group Inc. New 0.23% +0.23 THO Thor Industries Inc. Add +26.0% 0.36% +0.22 KOS Kosmos Energy Ltd. New 0.09% +0.09
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ FOUR SHIFT4 Payments Inc. Class A put Add +28.4% 2,102,400 $138.9M LYV Live Nation Entertainment Inc. put Add +3.2% 1,123,200 $118.8M AKAM Akamai Technologies Inc. put Add +37.5% 962,300 $104.7M BTU Peabody Energy Corp. put Add +9.9% 3,239,300 $78.6M MIDD Middleby Corp. put Add +17.6% 479,800 $77.1M SO The Southern Co. put Sold out 1,080,000 $75.7Mbefore exit AAL American Airlines Group Inc. put Reduce -50.4% 4,540,000 $69.7M STX Seagate Technology Holdings put Reduce -41.9% 723,000 $67.3M TMUS T-Mobile US Inc. put New 400,000 $65.3M WDC Western Digital Corp. put Add +88.6% 829,000 $56.6M SRPT Sarepta Therapeutics Inc. call Sold out 548,300 $52.9Mbefore exit META Meta Platforms Inc. Class A put Add +22.3% 100,300 $48.7M CCL Carnival Corp. put Reduce -7.3% 2,903,400 $47.4M ZTO Zto Express Cayman Inc.-ADR put Sold out 2,200,000 $46.8Mbefore exit CLF Cleveland-Cliffs Inc. put Add +12.2% 1,994,800 $45.4M FOUR SHIFT4 Payments Inc. Class A call Reduce -30.9% 675,100 $44.6M MU Micron Technology Inc. put Reduce -22.3% 367,200 $43.3M RRC Range Resources Corp. put Add +22.3% 1,147,600 $39.5M NIO Nio Inc. - ADR put Add +88.2% 8,618,700 $38.8M NCLH Norwegian Cruise Line Holdin put Reduce -24.7% 1,800,000 $37.7M NFLX Netflix Inc. put Add +28.0% 60,300 $36.6M RIVN Rivian Automotive Inc. Class A put Add +164.3% 3,304,300 $36.2M NVDA Nvidia Corp. call Add +1112.1% 40,000 $36.1M OKTA Okta Inc. call Sold out 397,700 $36.0Mbefore exit SMH Vaneck Semiconductor ETF call New 160,000 $36.0M WGO Winnebago Industries put Add +157.9% 477,600 $35.3M EVRG Evergy Inc. put New 640,000 $34.2M FDX FedEx Corp. put Reduce -20.3% 114,400 $33.1M NOW ServiceNow Inc. put Reduce -23.2% 43,000 $32.8M GPN Global Payments Inc. put New 240,000 $32.1M MSFT Microsoft Corp. put Sold out 82,500 $31.0Mbefore exit APLS Apellis Pharmaceuticals Inc. call Sold out 500,000 $29.9Mbefore exit AMD Advanced Micro Devices call Add +178.2% 161,100 $29.1M DKS Dick's Sporting Goods Inc. put Reduce -34.1% 128,500 $28.9M ADSK Autodesk Inc. put Reduce -14.7% 110,700 $28.8M CMG Chipotle Mexican Grill Inc. put Reduce -21.7% 9,400 $27.3M ORA Ormat Technologies Inc. put Add +114.7% 410,000 $27.1M HLF Herbalife Ltd. put Add +48.5% 2,637,000 $26.5M AMD Advanced Micro Devices put Reduce -33.9% 145,900 $26.3M FCX Freeport-McMoran Inc. put Add +147.9% 554,800 $26.1M WING Wingstop Inc. put Add +59.2% 70,200 $25.7M MTCH Match Group Inc. call Sold out 681,300 $24.9Mbefore exit DVN Devon Energy Corp. put Reduce -30.9% 495,100 $24.8M W Wayfair Inc. Class A put New 346,000 $23.5M LOW Lowe's Cos Inc. put Add +92.2% 90,900 $23.2M PODD Insulet Corp. put Add +3.9% 135,000 $23.1M FLR Fluor Corp. put Add +45.9% 547,200 $23.1M ABBV Abbvie Inc. put Reduce -24.4% 125,100 $22.8M VSH Vishay Intertechnology Inc. put Add +12.9% 996,500 $22.6M EQT Eqt Corp. put Add +71.8% 582,800 $21.6M
Showing the first 50 of 283.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ PALO ALTO NETWORKS (PANW 0.375 06/01/25) NOTE 0.375% 6/0 · principal Reduce -7.2% 47,400,000 $135.5M AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal Reduce -22.9% 43,040,000 $50.0M RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal New 32,200,000 $25.9M ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal Sold out 23,900,000 $22.9Mbefore exit NCL CORPORATION LTD (NCLH 5.375 08/01/25) NOTE 5.375% 8/0 · principal Reduce -6.5% 14,450,000 $19.0M ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal Reduce -9.5% 15,200,000 $14.7M DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Sold out 5,320,000 $2.9Mbefore exit
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