Portman Square Capital LLP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 16, 2025), Portman Square Capital LLP reported 17 stock positions worth $38.4 million . Its top holding was Bridgebio Pharma (BBIO) at 16.0% of the portfolio, followed by Wayfair Class A (W, 14.5% ) and Itron (ITRI, 9.8% ). Compared with Q2 2025, it opened 9 new positions, sold out of 19, added to 5 and reduced 3. The biggest buy was a new position in Itron (ITRI) and the biggest sale an exit from Insulet (PODD).
Location London, X0
CIK 0001966898
Portfolio Value $38.4M (Q3 2025) Holdings 17 stocks · $38.4M 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 Q2 2025 BBIO Bridgebio Pharma Inc. 117,826 $6.1M Reduce -19.1% W Wayfair Inc. Class A 62,056 $5.5M Reduce -66.4% ITRI Itron Inc. 30,209 $3.8M New LCID Lucid Group Inc. 157,056 $3.7M Add +140.3% BL Blackline Inc. 66,357 $3.5M Add +711.6% TTEK Tetra Tech Inc. 102,325 $3.4M Add +540.8% GPN Global Payments Inc. 32,164 $2.7M New SYNA Synaptics Inc. 28,432 $1.9M New ALB Albemarle Corp. 18,281 $1.5M New FLR Fluor Corp. 31,334 $1.3M New INDA iShares MSCI India ETF 22,500 $1.2M New NET Cloudflare Inc. Class A 5,090 $1.1M Reduce -44.0% XLE SS Energy Select Sector 10,000 $893K New ON On Semiconductor 17,866 $881K New UPST Upstart Holdings Inc. 9,100 $462K Add +116.0% HASI Ha Sustainable Infrastructur 9,045 $278K New XRX Xerox Holdings Corp. 16,807 $63K Add +58.8%
Options reported separately and not counted above: NEE puts ($149.9M), KKR puts ($122.9M), BA puts ($89.6M), GLD calls ($75.5M), HYG puts ($65.0M), GPN puts ($63.0M), UGI puts ($55.4M), ARES puts ($53.6M), WDC puts ($50.5M), FE puts ($42.6M), RDDT puts ($41.6M), HPE puts ($40.9M), and 65 more.
Other holdings (13): bonds, preferreds, convertibles and warrants · $716.1M (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 $138.3M No change HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 1,450,000 $98.9M No change NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 2,051,000 $96.6M No change BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 1,302,000 $90.5M Reduce -27.8% UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 64,714,000 $82.9M Add +8.4% NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 1,100,000 $55.0M No change ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 1,050,000 $52.3M No change PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 1,201,000 $47.7M New STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 16,000,000 $17.0M Add +166.7% SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 155,000 $14.8M No change CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 9,900,000 $10.9M No change MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 125,000 $7.4M No change ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 100,000 $3.8M No change
Total filed on the 13F, all lines: $754.5M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ PODD Insulet Corp. Sold out 0.00% −26.31 ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −4.56 W Wayfair Inc. Class A Reduce -66.4% 14.45% −4.52 LOW Lowe's Cos Inc. Sold out 0.00% −4.09 FANG Diamondback Energy Inc. Sold out 0.00% −3.02 COP Conocophillips Sold out 0.00% −2.55 IQ Iqiyi Inc.-ADR Sold out 0.00% −2.44 CVX Chevron Corp. Sold out 0.00% −2.09 EOG EOG Resources Inc. Sold out 0.00% −1.85 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −1.67 DASH DoorDash Inc. Class A Sold out 0.00% −1.67 PSX Phillips 66 Sold out 0.00% −1.58 PCG P G & E Corp. Sold out 0.00% −1.46 LYV Live Nation Entertainment Inc. Sold out 0.00% −1.21 RIO Rio Tinto PLC-Spon ADR Sold out 0.00% −1.11 SMCI Super Micro Computer Inc. Sold out 0.00% −1.11 FE Firstenergy Corp. Sold out 0.00% −0.96 BHP BHP Group Ltd.-Spon ADR Sold out 0.00% −0.75 NET Cloudflare Inc. Class A Reduce -44.0% 2.85% −0.73 NFLX Netflix Inc. Sold out 0.00% −0.46 UNP Union Pacific Corp. Sold out 0.00% −0.43 BBIO Bridgebio Pharma Inc. Reduce -19.1% 15.95% +3.33
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ ITRI Itron Inc. New 9.81% +9.81 BL Blackline Inc. Add +711.6% 9.19% +8.26 TTEK Tetra Tech Inc. Add +540.8% 8.90% +7.75 LCID Lucid Group Inc. Add +140.3% 9.74% +6.97 GPN Global Payments Inc. New 6.97% +6.97 SYNA Synaptics Inc. New 5.07% +5.07 ALB Albemarle Corp. New 3.86% +3.86 FLR Fluor Corp. New 3.44% +3.44 INDA iShares MSCI India ETF New 3.05% +3.05 XLE SS Energy Select Sector New 2.33% +2.33 ON On Semiconductor New 2.30% +2.30 HASI Ha Sustainable Infrastructur New 0.72% +0.72 UPST Upstart Holdings Inc. Add +116.0% 1.21% +0.66 XRX Xerox Holdings Corp. Add +58.8% 0.16% +0.05
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ NEE Nextera Energy Inc. put Reduce -9.1% 1,985,100 $149.9M BABA Alibaba Group Holding-SP ADR put Sold out 1,157,600 $131.3Mbefore exit KKR KKR & Co. Inc. put Reduce -31.5% 945,700 $122.9M BA The Boeing Co. put Reduce -36.9% 415,000 $89.6M DASH DoorDash Inc. Class A put Sold out 354,800 $87.5Mbefore exit GLD SPDR Gold Shares call Add +325.0% 212,500 $75.5M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -20.0% 800,000 $65.0M GPN Global Payments Inc. put Add +31.9% 758,200 $63.0M UGI Ugi Corp. put Add +42.4% 1,664,500 $55.4M ARES Ares Management Corp. Class A put Reduce -16.3% 335,000 $53.6M PODD Insulet Corp. put Sold out 164,300 $51.6Mbefore exit WDC Western Digital Corp. put Reduce -41.6% 420,800 $50.5M FE Firstenergy Corp. put Reduce -12.9% 930,700 $42.6M RDDT Reddit Inc. Class A put Add +20.7% 181,000 $41.6M HPE Hewlett Packard Enterprise put Reduce -43.1% 1,665,400 $40.9M GPN Global Payments Inc. call Sold out 445,000 $35.6Mbefore exit USO United States Oil Fund LP call Add +1700.0% 450,000 $33.2M PCG P G & E Corp. put Reduce -57.8% 2,196,200 $33.1M SMCI Super Micro Computer Inc. put Reduce -24.5% 637,400 $30.6M MCHP Microchip Technology Inc. call Add +100.0% 440,000 $28.3M MCHP Microchip Technology Inc. put Reduce -21.7% 415,000 $26.7M AEIS Advanced Energy Industries put Add +57.5% 153,700 $26.2M LYV Live Nation Entertainment Inc. put Add +22.5% 147,000 $24.0M STWD Starwood Property Trust Inc. put Add +220.8% 1,143,300 $22.1M ITRI Itron Inc. put Add +18.2% 175,300 $21.8M ALB Albemarle Corp. put Reduce -55.9% 256,000 $20.8M MA Mastercard Inc. Class A put Sold out 36,700 $20.6Mbefore exit MSTR Strategy Inc. put Sold out 50,000 $20.2Mbefore exit FLR Fluor Corp. put Reduce -46.7% 462,400 $19.5M BL Blackline Inc. put Add +45.8% 350,700 $18.6M SPB Spectrum Brands Holdings Inc. call Add +78.5% 348,000 $18.3M TTEK Tetra Tech Inc. put Add +21.6% 547,200 $18.3M STX Seagate Technology Holdings put Sold out 112,500 $16.2Mbefore exit WEC WEC Energy Group Inc. put Reduce -12.8% 141,400 $16.2M ABNB Airbnb Inc. Class A put Sold out 122,300 $16.2Mbefore exit WELL Welltower Inc. put Sold out 103,000 $15.8Mbefore exit GLNG Golar LNG Ltd. put Add +11.7% 368,500 $14.9M ON On Semiconductor put Add +190.4% 282,300 $13.9M VTR Ventas Inc. put Sold out 205,000 $12.9Mbefore exit COIN Coinbase Global Inc. Class A put Sold out 35,200 $12.3Mbefore exit ON On Semiconductor call Reduce -15.8% 250,000 $12.3M CF CF Industries Holdings Inc. call Sold out 132,800 $12.2Mbefore exit LOW Lowe's Cos Inc. put Sold out 54,700 $12.1Mbefore exit SYNA Synaptics Inc. put Reduce -25.7% 170,900 $11.7M NFLX Netflix Inc. call Sold out 8,700 $11.7Mbefore exit ENOV Enovis Corp. call New 376,900 $11.4M ALNY Alnylam Pharmaceuticals Inc. put Reduce -30.6% 25,000 $11.4M BBIO Bridgebio Pharma Inc. put Reduce -58.5% 205,900 $10.7M STT State Street Corp. put Sold out 98,700 $10.5Mbefore exit CMS CMS Energy Corp. put Add +0.1% 138,800 $10.2M
Showing the first 50 of 134.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Sold out 94,580,000 $121.0Mbefore exit BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -27.8% 1,302,000 $90.5M UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal Add +8.4% 64,714,000 $82.9M PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A New 1,201,000 $47.7M WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal Sold out 24,400,000 $43.9Mbefore exit STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Add +166.7% 16,000,000 $17.0M PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Sold out 12,600,000 $12.5Mbefore exit VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal Sold out 10,158,000 $12.2Mbefore exit DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Sold out 9,750,000 $10.3Mbefore 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