Portman Square Capital LLP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Portman Square Capital LLP reported 43 stock positions worth $114.2 million . Its top holding was Insulet (PODD) at 13.5% of the portfolio, followed by Wayfair Class A (W, 8.7% ) and BP PLC-Spons ADR (BP, 6.6% ). Compared with Q4 2024, it opened 33 new positions, sold out of 45, added to 5 and reduced 5. The biggest buy was a new position in Norwegian Cruise Line Holdin (NCLH) and the biggest sale an exit from Devon Energy (DVN).
Location London, X0
CIK 0001966898
Portfolio Value $114.2M (Q1 2025) Holdings 43 stocks · $114.2M 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 2024 PODD Insulet Corp. 58,634 $15.4M Add +19.6% W Wayfair Inc. Class A 311,213 $10.0M Add +82.9% BP BP PLC-Spons ADR 222,454 $7.5M Add +3.4% NCLH Norwegian Cruise Line Holdin 380,948 $7.2M New SKX Skechers USA Inc. Class A 107,600 $6.1M New BBIO Bridgebio Pharma Inc. 139,247 $4.8M Add +467.7% LOW Lowe's Cos Inc. 20,384 $4.8M New AMD Advanced Micro Devices 45,537 $4.7M New WDC Western Digital Corp. 106,328 $4.3M Reduce -7.8% CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 49,127 $3.8M New RF Regions Financial Corp. 173,818 $3.8M New EWY iShares MSCI South Korea ETF 67,500 $3.6M New ALNY Alnylam Pharmaceuticals Inc. 12,529 $3.4M Reduce -3.2% BAC Bank of America Corp. filed as BANK AMERICA CORP 78,649 $3.3M New Z Zillow Group Inc. Class C 32,219 $2.2M New NOW ServiceNow Inc. 2,748 $2.2M New CAT Caterpillar Inc. 6,464 $2.1M New FLR Fluor Corp. 58,391 $2.1M New URI United Rentals Inc. 3,147 $2.0M New AAPL Apple Inc. 7,902 $1.8M New STX Seagate Technology Holdings 19,367 $1.6M Add +45.7% URA Global X Uranium ETF 70,000 $1.6M New DKNG Draftkings Inc. Class A 46,444 $1.5M New ASHR Xtrackers Harvest Csi 300 CH 55,200 $1.5M New WGO Winnebago Industries 37,156 $1.3M Reduce -69.5% STT State Street Corp. 14,243 $1.3M New TECK Teck Resources Ltd.-CLS B 34,921 $1.3M New NET Cloudflare Inc. Class A 10,122 $1.1M New SOFI Sofi Technologies Inc. 72,526 $843K New AMAT Applied Materials Inc. 5,629 $817K New ABNB Airbnb Inc. Class A 6,267 $749K New MSFT Microsoft Corp. 1,950 $732K New QCOM Qualcomm Inc. 4,192 $644K New PSN Parsons Corp. 10,665 $631K New LULU Lululemon Athletica Inc. 2,200 $623K New SYNA Synaptics Inc. 9,404 $599K New TTEK Tetra Tech Inc. 16,934 $495K Reduce -20.6% PSX Phillips 66 3,638 $449K New UPST Upstart Holdings Inc. 7,106 $327K New BHP BHP Group Ltd.-Spon ADR 5,926 $288K New AEIS Advanced Energy Industries 2,643 $252K Reduce -69.9% BKNG Booking Holdings Inc. 52 $240K New COIN Coinbase Global Inc. Class A 1,200 $207K New
Options reported separately and not counted above: NEE puts ($134.2M), KKR puts ($99.8M), LYV puts ($95.3M), STX puts ($92.0M), WEC puts ($89.7M), BA puts ($84.8M), BAC puts ($63.4M), PCG puts ($55.4M), UGI puts ($51.6M), LOW puts ($49.3M), ARES puts ($49.1M), NFLX puts ($48.9M), and 145 more.
Other holdings (13): bonds, preferreds, convertibles and warrants · $610.5M (not counted above) Security Class Shares / Principal Value Change KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 2,900,000 $142.0M New SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 102,000,000 $123.0M No change NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 2,051,000 $92.8M Reduce -26.8% BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 952,000 $56.3M Reduce -57.7% ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 1,050,000 $49.8M New HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 950,000 $45.4M New VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 20,350,000 $26.2M Add +80.9% APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 350,000 $25.7M New DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 15,000,000 $16.3M New ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 350,000 $12.6M New STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 10,000,000 $10.6M No change MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 100,000 $5.0M New NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 100,000 $4.8M New
Total filed on the 13F, all lines: $724.6M.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ DVN Devon Energy Corp. Sold out 0.00% −6.92 LYB Lyondellbasell Indu Class A Sold out 0.00% −5.33 WGO Winnebago Industries Reduce -69.5% 1.12% −4.26 CLF Cleveland-Cliffs Inc. Sold out 0.00% −3.11 FANG Diamondback Energy Inc. Sold out 0.00% −3.00 STZ Constellation Brands Inc. Class A Sold out 0.00% −2.78 DINO HF Sinclair Corp. Sold out 0.00% −2.65 WDC Western Digital Corp. Reduce -7.8% 3.77% −2.59 KHC The Kraft Heinz Co. Sold out 0.00% −2.56 BG Bunge Global SA Sold out 0.00% −2.34 CSX CSX Corp. Sold out 0.00% −2.09 COP Conocophillips Sold out 0.00% −2.06 WYNN WYNN Resorts Ltd. Sold out 0.00% −1.73 HUM Humana Inc. Sold out 0.00% −1.57 UGI Ugi Corp. Sold out 0.00% −1.52 APA Apa Corp. Sold out 0.00% −1.37 SEIC Sei Investments Company Sold out 0.00% −1.33 NUE Nucor Corp. Sold out 0.00% −1.31 ARCB Arcbest Corp. Sold out 0.00% −1.21 SWKS Skyworks Solutions Inc. Sold out 0.00% −1.15 FCX Freeport-McMoran Inc. Sold out 0.00% −1.14 HAL Halliburton Co. Sold out 0.00% −1.12 CTAS Cintas Corp. Sold out 0.00% −1.08 CNMD Conmed Corp. Sold out 0.00% −0.99 THO Thor Industries Inc. Sold out 0.00% −0.84 EOG EOG Resources Inc. Sold out 0.00% −0.80 BYD Boyd Gaming Corp. Sold out 0.00% −0.73 AEIS Advanced Energy Industries Reduce -69.9% 0.22% −0.72 PCG P G & E Corp. Sold out 0.00% −0.70 WOLF Wolfspeed Inc. Sold out 0.00% −0.68 GLW Corning Inc. Sold out 0.00% −0.48 OKE Oneok Inc. Sold out 0.00% −0.44 TRGP Targa Resources Corp. Sold out 0.00% −0.42 ITRI Itron Inc. Sold out 0.00% −0.42 TTEK Tetra Tech Inc. Reduce -20.6% 0.43% −0.35 LYV Live Nation Entertainment Inc. Sold out 0.00% −0.34 KMX Carmax Inc. Sold out 0.00% −0.31 TROW T Rowe Price Group Inc. Sold out 0.00% −0.30 FISV Fiserv Inc. Sold out 0.00% −0.29 DRI Darden Restaurants Inc. Sold out 0.00% −0.28 AKAM Akamai Technologies Inc. Sold out 0.00% −0.27 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.24 FDX FedEx Corp. Sold out 0.00% −0.23 MIDD Middleby Corp. Sold out 0.00% −0.23 CTRA Coterra Energy Inc. Sold out 0.00% −0.22 BBY Best Buy Co. Inc. Sold out 0.00% −0.21 UNM Unum Group Sold out 0.00% −0.21 EQT Eqt Corp. Sold out 0.00% −0.21 ROST Ross Stores Inc. Sold out 0.00% −0.20 ALNY Alnylam Pharmaceuticals Inc. Reduce -3.2% 2.96% +0.15
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ NCLH Norwegian Cruise Line Holdin New 6.33% +6.33 SKX Skechers USA Inc. Class A New 5.35% +5.35 LOW Lowe's Cos Inc. New 4.16% +4.16 AMD Advanced Micro Devices New 4.10% +4.10 BBIO Bridgebio Pharma Inc. Add +467.7% 4.22% +3.60 CF CF Industries Holdings Inc. New 3.36% +3.36 RF Regions Financial Corp. New 3.31% +3.31 EWY iShares MSCI South Korea ETF New 3.20% +3.20 BAC Bank of America Corp. New 2.87% +2.87 Z Zillow Group Inc. Class C New 1.93% +1.93 NOW ServiceNow Inc. New 1.92% +1.92 CAT Caterpillar Inc. New 1.87% +1.87 FLR Fluor Corp. New 1.83% +1.83 W Wayfair Inc. Class A Add +82.9% 8.73% +1.77 URI United Rentals Inc. New 1.73% +1.73 PODD Insulet Corp. Add +19.6% 13.49% +1.67 AAPL Apple Inc. New 1.54% +1.54 URA Global X Uranium ETF New 1.41% +1.41 DKNG Draftkings Inc. Class A New 1.35% +1.35 ASHR Xtrackers Harvest Csi 300 CH New 1.28% +1.28 STT State Street Corp. New 1.12% +1.12 TECK Teck Resources Ltd.-CLS B New 1.11% +1.11 NET Cloudflare Inc. Class A New 1.00% +1.00 SOFI Sofi Technologies Inc. New 0.74% +0.74 AMAT Applied Materials Inc. New 0.72% +0.72 BP BP PLC-Spons ADR Add +3.4% 6.58% +0.71 ABNB Airbnb Inc. Class A New 0.66% +0.66 MSFT Microsoft Corp. New 0.64% +0.64 QCOM Qualcomm Inc. New 0.56% +0.56 PSN Parsons Corp. New 0.55% +0.55 LULU Lululemon Athletica Inc. New 0.55% +0.55 SYNA Synaptics Inc. New 0.52% +0.52 PSX Phillips 66 New 0.39% +0.39 STX Seagate Technology Holdings Add +45.7% 1.44% +0.38 UPST Upstart Holdings Inc. New 0.29% +0.29 BHP BHP Group Ltd.-Spon ADR New 0.25% +0.25 BKNG Booking Holdings Inc. New 0.21% +0.21 COIN Coinbase Global Inc. Class A New 0.18% +0.18
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ NEE Nextera Energy Inc. put Add +93.2% 1,893,300 $134.2M KKR KKR & Co. Inc. put New 863,200 $99.8M LYV Live Nation Entertainment Inc. put Reduce -42.5% 729,500 $95.3M STX Seagate Technology Holdings put Add +20.1% 1,082,500 $92.0M WEC WEC Energy Group Inc. put Add +149.4% 823,000 $89.7M BA The Boeing Co. put Add +16.4% 497,500 $84.8M BAC Bank of America Corp. put New 1,518,700 $63.4M MIDD Middleby Corp. put Sold out 429,400 $58.2Mbefore exit PCG P G & E Corp. put Add +30.7% 3,225,600 $55.4M AKAM Akamai Technologies Inc. call Sold out 543,900 $52.0Mbefore exit UGI Ugi Corp. put Add +7.6% 1,560,200 $51.6M LOW Lowe's Cos Inc. put Add +442.3% 211,500 $49.3M ARES Ares Management Corp. Class A put New 335,000 $49.1M NFLX Netflix Inc. put Add +121.1% 52,400 $48.9M ABBV Abbvie Inc. put Add +351.2% 223,800 $46.9M EOG EOG Resources Inc. put Add +206.3% 365,100 $46.8M CVX Chevron Corp. put New 276,100 $46.2M XOM Exxon Mobil Corp. put New 376,400 $44.8M GPN Global Payments Inc. call New 445,000 $43.6M ALB Albemarle Corp. put New 531,200 $38.3M PODD Insulet Corp. put Add +9.4% 143,700 $37.7M AMD Advanced Micro Devices put Add +869.4% 348,000 $35.8M BAC Bank of America Corp. call New 832,000 $34.7M HPE Hewlett Packard Enterprise put Add +87.8% 2,178,400 $33.6M JNJ Johnson & Johnson put New 202,000 $33.5M MA Mastercard Inc. Class A put Add +55.4% 58,900 $32.3M CF CF Industries Holdings Inc. put New 409,700 $32.0M BABA Alibaba Group Holding-SP ADR put Reduce -72.9% 240,600 $31.8M TRGP Targa Resources Corp. put Sold out 174,500 $31.1Mbefore exit GPN Global Payments Inc. put Add +65.3% 297,600 $29.1M LOW Lowe's Cos Inc. call Add +1518.2% 124,600 $29.1M EOG EOG Resources Inc. call Add +693.3% 226,100 $29.0M MSTR Strategy Inc. put Add +66.7% 100,000 $28.8M MIDD Middleby Corp. call Sold out 210,500 $28.5Mbefore exit AKAM Akamai Technologies Inc. put Reduce -67.2% 350,000 $28.2M RF Regions Financial Corp. put New 1,291,000 $28.1M NFLX Netflix Inc. call Add +1064.0% 29,100 $27.1M ON On Semiconductor call New 650,000 $26.4M HASI Ha Sustainable Infrastructur put New 883,500 $25.8M CVX Chevron Corp. call New 154,200 $25.8M XOM Exxon Mobil Corp. call New 213,000 $25.3M ABBV Abbvie Inc. call Add +1105.0% 120,500 $25.2M MSFT Microsoft Corp. put New 64,700 $24.3M MCHP Microchip Technology Inc. put Add +233.3% 500,000 $24.2M CROX Crocs Inc. put New 227,200 $24.1M SKX Skechers USA Inc. Class A put New 404,000 $22.9M VTR Ventas Inc. put Add +170.8% 325,000 $22.3M Z Zillow Group Inc. Class C put New 310,300 $21.3M UNM Unum Group put Sold out 289,600 $21.1Mbefore exit MA Mastercard Inc. Class A call Add +192.3% 38,000 $20.8M
Showing the first 50 of 280.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D New 2,900,000 $142.0M NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Reduce -26.8% 2,051,000 $92.8M BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -57.7% 952,000 $56.3M ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD New 1,050,000 $49.8M HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV New 950,000 $45.4M VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal Add +80.9% 20,350,000 $26.2M APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV New 350,000 $25.7M DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal New 15,000,000 $16.3M ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A New 350,000 $12.6M MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG New 100,000 $5.0M NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 New 100,000 $4.8M
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