Portman Square Capital LLP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Portman Square Capital LLP reported 27 stock positions worth $49.8 million . Its top holding was Insulet (PODD) at 26.3% of the portfolio, followed by Wayfair Class A (W, 19.0% ) and Bridgebio Pharma (BBIO, 12.6% ). Compared with Q1 2025, it opened 17 new positions, sold out of 33, added to 3 and reduced 7. The biggest buy was Bridgebio Pharma (BBIO, shares +5% ) and the biggest sale an exit from BP PLC-Spons ADR (BP).
Location London, X0
CIK 0001966898
Portfolio Value $49.8M (Q2 2025) Holdings 27 stocks · $49.8M 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 2025 PODD Insulet Corp. 41,723 $13.1M Reduce -28.8% W Wayfair Inc. Class A 184,793 $9.5M Reduce -40.6% BBIO Bridgebio Pharma Inc. 145,693 $6.3M Add +4.6% ALNY Alnylam Pharmaceuticals Inc. 6,967 $2.3M Reduce -44.4% LOW Lowe's Cos Inc. 9,179 $2.0M Reduce -55.0% NET Cloudflare Inc. Class A 9,095 $1.8M Reduce -10.2% FANG Diamondback Energy Inc. 10,934 $1.5M New LCID Lucid Group Inc. 653,722 $1.4M New COP Conocophillips 14,149 $1.3M New IQ Iqiyi Inc.-ADR 687,779 $1.2M New CVX Chevron Corp. 7,262 $1.0M New EOG EOG Resources Inc. 7,714 $923K New BABA Alibaba Group Holding-SP ADR 7,358 $834K New DASH DoorDash Inc. Class A 3,366 $830K New PSX Phillips 66 6,584 $785K Add +81.0% PCG P G & E Corp. 52,020 $725K New LYV Live Nation Entertainment Inc. 3,979 $602K New TTEK Tetra Tech Inc. 15,969 $574K Reduce -5.7% RIO Rio Tinto PLC-Spon ADR 9,523 $555K New SMCI Super Micro Computer Inc. 11,285 $553K New FE Firstenergy Corp. 11,906 $479K New BL Blackline Inc. 8,176 $463K New BHP BHP Group Ltd.-Spon ADR 7,788 $375K Add +31.4% UPST Upstart Holdings Inc. 4,213 $272K Reduce -40.7% NFLX Netflix Inc. 172 $230K New UNP Union Pacific Corp. 939 $216K New XRX Xerox Holdings Corp. 10,581 $56K New
Options reported separately and not counted above: KKR puts ($183.7M), NEE puts ($151.7M), BA puts ($137.8M), BABA puts ($131.3M), DASH puts ($87.5M), HYG puts ($80.7M), PCG puts ($72.6M), ARES puts ($69.3M), HPE puts ($59.9M), PODD puts ($51.6M), WDC puts ($46.1M), GPN puts ($46.0M), and 121 more.
Other holdings (17): bonds, preferreds, convertibles and warrants · $878.7M (not counted above) Security Class Shares / Principal Value Change KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 2,650,000 $142.0M Reduce -8.6% BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 1,802,000 $123.1M Add +89.3% ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 94,580,000 $121.0M New NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 2,051,000 $90.8M No change HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 1,450,000 $85.6M Add +52.6% UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 59,714,000 $82.6M New ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 1,050,000 $56.4M No change NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 1,100,000 $52.0M Add +1000.0% WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 24,400,000 $43.9M New SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 155,000 $17.9M New PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 12,600,000 $12.5M New VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 10,158,000 $12.2M Reduce -50.1% CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 9,900,000 $10.5M New DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 9,750,000 $10.3M Reduce -35.0% MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 125,000 $8.2M Add +25.0% STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 6,000,000 $6.4M Reduce -40.0% ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 100,000 $3.2M Reduce -71.4%
Total filed on the 13F, all lines: $928.5M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ BP BP PLC-Spons ADR Sold out 0.00% −6.58 NCLH Norwegian Cruise Line Holdin Sold out 0.00% −6.33 SKX Skechers USA Inc. Class A Sold out 0.00% −5.35 AMD Advanced Micro Devices Sold out 0.00% −4.10 WDC Western Digital Corp. Sold out 0.00% −3.77 CF CF Industries Holdings Inc. Sold out 0.00% −3.36 RF Regions Financial Corp. Sold out 0.00% −3.31 EWY iShares MSCI South Korea ETF Sold out 0.00% −3.20 BAC Bank of America Corp. Sold out 0.00% −2.87 Z Zillow Group Inc. Class C Sold out 0.00% −1.93 NOW ServiceNow Inc. Sold out 0.00% −1.92 CAT Caterpillar Inc. Sold out 0.00% −1.87 FLR Fluor Corp. Sold out 0.00% −1.83 URI United Rentals Inc. Sold out 0.00% −1.73 AAPL Apple Inc. Sold out 0.00% −1.54 STX Seagate Technology Holdings Sold out 0.00% −1.44 URA Global X Uranium ETF Sold out 0.00% −1.41 DKNG Draftkings Inc. Class A Sold out 0.00% −1.35 ASHR Xtrackers Harvest Csi 300 CH Sold out 0.00% −1.28 WGO Winnebago Industries Sold out 0.00% −1.12 STT State Street Corp. Sold out 0.00% −1.12 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −1.11 SOFI Sofi Technologies Inc. Sold out 0.00% −0.74 AMAT Applied Materials Inc. Sold out 0.00% −0.72 ABNB Airbnb Inc. Class A Sold out 0.00% −0.66 MSFT Microsoft Corp. Sold out 0.00% −0.64 QCOM Qualcomm Inc. Sold out 0.00% −0.56 PSN Parsons Corp. Sold out 0.00% −0.55 LULU Lululemon Athletica Inc. Sold out 0.00% −0.55 SYNA Synaptics Inc. Sold out 0.00% −0.52 AEIS Advanced Energy Industries Sold out 0.00% −0.22 BKNG Booking Holdings Inc. Sold out 0.00% −0.21 COIN Coinbase Global Inc. Class A Sold out 0.00% −0.18 LOW Lowe's Cos Inc. Reduce -55.0% 4.09% −0.08 UPST Upstart Holdings Inc. Reduce -40.7% 0.55% +0.26 TTEK Tetra Tech Inc. Reduce -5.7% 1.15% +0.72 ALNY Alnylam Pharmaceuticals Inc. Reduce -44.4% 4.56% +1.60 NET Cloudflare Inc. Class A Reduce -10.2% 3.57% +2.58 W Wayfair Inc. Class A Reduce -40.6% 18.97% +10.24 PODD Insulet Corp. Reduce -28.8% 26.31% +12.82
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ BBIO Bridgebio Pharma Inc. Add +4.6% 12.63% +8.41 FANG Diamondback Energy Inc. New 3.02% +3.02 LCID Lucid Group Inc. New 2.77% +2.77 COP Conocophillips New 2.55% +2.55 IQ Iqiyi Inc.-ADR New 2.44% +2.44 CVX Chevron Corp. New 2.09% +2.09 EOG EOG Resources Inc. New 1.85% +1.85 BABA Alibaba Group Holding-SP ADR New 1.67% +1.67 DASH DoorDash Inc. Class A New 1.67% +1.67 PCG P G & E Corp. New 1.46% +1.46 LYV Live Nation Entertainment Inc. New 1.21% +1.21 PSX Phillips 66 Add +81.0% 1.58% +1.18 RIO Rio Tinto PLC-Spon ADR New 1.11% +1.11 SMCI Super Micro Computer Inc. New 1.11% +1.11 FE Firstenergy Corp. New 0.96% +0.96 BL Blackline Inc. New 0.93% +0.93 BHP BHP Group Ltd.-Spon ADR Add +31.4% 0.75% +0.50 NFLX Netflix Inc. New 0.46% +0.46 UNP Union Pacific Corp. New 0.43% +0.43 XRX Xerox Holdings Corp. New 0.11% +0.11
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ KKR KKR & Co. Inc. put Add +60.0% 1,380,700 $183.7M NEE Nextera Energy Inc. put Add +15.4% 2,184,900 $151.7M BA The Boeing Co. put Add +32.2% 657,500 $137.8M BABA Alibaba Group Holding-SP ADR put Add +381.1% 1,157,600 $131.3M DASH DoorDash Inc. Class A put New 354,800 $87.5M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 1,000,000 $80.7M PCG P G & E Corp. put Add +61.4% 5,205,700 $72.6M ARES Ares Management Corp. Class A put Add +19.4% 400,000 $69.3M HPE Hewlett Packard Enterprise put Add +34.4% 2,927,300 $59.9M PODD Insulet Corp. put Add +14.3% 164,300 $51.6M ABBV Abbvie Inc. put Sold out 223,800 $46.9Mbefore exit WDC Western Digital Corp. put Add +1210.5% 720,800 $46.1M GPN Global Payments Inc. put Add +93.2% 575,000 $46.0M FLR Fluor Corp. put Add +148.1% 868,200 $44.5M FE Firstenergy Corp. put New 1,069,000 $43.0M UGI Ugi Corp. put Reduce -25.1% 1,169,300 $42.6M SMCI Super Micro Computer Inc. put New 844,000 $41.4M MCHP Microchip Technology Inc. put Add +6.0% 530,000 $37.3M CCL Carnival Corp. put Sold out 1,870,700 $36.5Mbefore exit ALB Albemarle Corp. put Add +9.2% 580,000 $36.3M AMD Advanced Micro Devices put Sold out 348,000 $35.8Mbefore exit JNJ Johnson & Johnson put Sold out 202,000 $33.5Mbefore exit AKAM Akamai Technologies Inc. put Add +8.6% 380,000 $30.3M HASI Ha Sustainable Infrastructur put Add +21.1% 1,070,200 $28.7M W Wayfair Inc. Class A put Add +57.1% 550,000 $28.1M RF Regions Financial Corp. put Sold out 1,291,000 $28.1Mbefore exit ABBV Abbvie Inc. call Sold out 120,500 $25.2Mbefore exit MSFT Microsoft Corp. put Sold out 64,700 $24.3Mbefore exit CROX Crocs Inc. put Sold out 227,200 $24.1Mbefore exit CF CF Industries Holdings Inc. put Reduce -39.0% 250,100 $23.0M SKX Skechers USA Inc. Class A put Sold out 404,000 $22.9Mbefore exit RDDT Reddit Inc. Class A put New 150,000 $22.6M BBIO Bridgebio Pharma Inc. put Add +62.2% 495,500 $21.4M NFLX Netflix Inc. put Reduce -69.7% 15,900 $21.3M Z Zillow Group Inc. Class C put Sold out 310,300 $21.3Mbefore exit MA Mastercard Inc. Class A put Reduce -37.7% 36,700 $20.6M APO Apollo Global Management Inc. put Sold out 150,000 $20.5Mbefore exit TLT iShares 20+ Year Treasury BD put Sold out 225,000 $20.5Mbefore exit MSTR Strategy Inc. put Reduce -50.0% 50,000 $20.2M NET Cloudflare Inc. Class A put Add +53.8% 103,200 $20.2M ITRI Itron Inc. put Add +103.2% 148,300 $19.5M RF Regions Financial Corp. call Sold out 882,900 $19.2Mbefore exit AMD Advanced Micro Devices call Sold out 184,300 $18.9Mbefore exit ADBE Adobe Inc. put Sold out 48,700 $18.7Mbefore exit LYV Live Nation Entertainment Inc. put Reduce -83.5% 120,000 $18.2M QCOM Qualcomm Inc. put Sold out 116,000 $17.8Mbefore exit NCLH Norwegian Cruise Line Holdin put Sold out 900,900 $17.1Mbefore exit WEC WEC Energy Group Inc. put Reduce -80.3% 162,200 $16.9M AAPL Apple Inc. put Sold out 75,600 $16.8Mbefore exit JNJ Johnson & Johnson call Sold out 100,800 $16.7Mbefore exit
Showing the first 50 of 139.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Reduce -8.6% 2,650,000 $142.0M BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +89.3% 1,802,000 $123.1M SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Sold out 102,000,000 $123.0Mbefore exit ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 94,580,000 $121.0M HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Add +52.6% 1,450,000 $85.6M UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal New 59,714,000 $82.6M NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Add +1000.0% 1,100,000 $52.0M WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal New 24,400,000 $43.9M APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Sold out 350,000 $25.7Mbefore exit SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF New 155,000 $17.9M PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 12,600,000 $12.5M VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal Reduce -50.1% 10,158,000 $12.2M CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal New 9,900,000 $10.5M DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Reduce -35.0% 9,750,000 $10.3M MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Add +25.0% 125,000 $8.2M STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Reduce -40.0% 6,000,000 $6.4M ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -71.4% 100,000 $3.2M
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