Portman Square Capital LLP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Portman Square Capital LLP reported 22 stock positions worth $103.5 million . Its top holding was Nextera Energy (NEE) at 30.3% of the portfolio, followed by KKR (KKR, 15.2% ) and Albemarle (ALB, 8.5% ). Compared with Q3 2025, it opened 11 new positions, sold out of 6, added to 6 and reduced 3. The biggest buy was a new position in Nextera Energy (NEE) and the biggest sale an exit from Bridgebio Pharma (BBIO).
Location London, X0
CIK 0001966898
Portfolio Value $103.5M (Q4 2025) Holdings 22 stocks · $103.5M 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 Q3 2025 NEE Nextera Energy Inc. 390,794 $31.4M New KKR KKR & Co. Inc. 123,579 $15.8M New ALB Albemarle Corp. 62,157 $8.8M Add +240.0% TTEK Tetra Tech Inc. 202,824 $6.8M Add +98.2% BA The Boeing Co. 24,276 $5.3M New HPE Hewlett Packard Enterprise 211,405 $5.1M New LCID Lucid Group Inc. 463,997 $4.9M Add +195.4% SO The Southern Co. 47,629 $4.2M New FLR Fluor Corp. 88,344 $3.5M Add +181.9% BL Blackline Inc. 59,630 $3.3M Reduce -10.1% W Wayfair Inc. Class A 28,422 $2.9M Reduce -54.2% PCG P G & E Corp. 137,396 $2.2M New ON On Semiconductor 33,525 $1.8M Add +87.7% MCHP Microchip Technology Inc. 26,400 $1.7M New NET Cloudflare Inc. Class A 7,698 $1.5M Add +51.2% SYNA Synaptics Inc. 16,417 $1.2M Reduce -42.3% ALNY Alnylam Pharmaceuticals Inc. 2,457 $977K New VOYG Voyager Technologies Inc. Class A 28,700 $750K New COIN Coinbase Global Inc. Class A 2,880 $651K New WEC WEC Energy Group Inc. 4,054 $428K New UPST Upstart Holdings Inc. 9,100 $398K No change XRX Xerox Holdings Corp. 16,807 $40K No change
Options reported separately and not counted above: NEE puts ($176.3M), GLD calls ($141.9M), BA puts ($105.7M), SO puts ($83.5M), ALB puts ($78.3M), KKR puts ($78.0M), HPE puts ($68.1M), PCG puts ($64.3M), ARES puts ($63.9M), NBIS puts ($54.2M), UGI puts ($50.7M), BABA puts ($41.5M), and 65 more.
Other holdings (18): bonds, preferreds, convertibles and warrants · $472.5M (not counted above) Security Class Shares / Principal Value Change SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 1,786,000 $88.9M New ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 54,000,000 $84.0M New UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 54,714,000 $77.7M Reduce -15.4% ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 691,000 $40.7M Add +591.0% ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 500,000 $25.3M Reduce -52.4% EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 20,000,000 $24.4M New NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 410,000 $22.3M New STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 18,000,000 $18.7M Add +12.5% PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 381,000 $15.6M Reduce -68.3% HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 220,000 $14.6M Reduce -84.8% SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 155,000 $12.4M No change OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal 7,000,000 $10.4M New COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 10,000,000 $10.3M New MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 125,000 $7.3M No change BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 102,000 $7.1M Reduce -92.2% KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 100,000 $5.2M Reduce -96.2% NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 100,000 $5.2M Reduce -90.9% NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 51,000 $2.5M Reduce -97.5%
Total filed on the 13F, all lines: $576.0M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ BBIO Bridgebio Pharma Inc. Sold out 0.00% −15.95 W Wayfair Inc. Class A Reduce -54.2% 2.76% −11.69 ITRI Itron Inc. Sold out 0.00% −9.81 GPN Global Payments Inc. Sold out 0.00% −6.97 BL Blackline Inc. Reduce -10.1% 3.19% −6.00 SYNA Synaptics Inc. Reduce -42.3% 1.17% −3.89 INDA iShares MSCI India ETF Sold out 0.00% −3.05 XLE SS Energy Select Sector Sold out 0.00% −2.33 HASI Ha Sustainable Infrastructur Sold out 0.00% −0.72
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ NEE Nextera Energy Inc. New 30.32% +30.32 KKR KKR & Co. Inc. New 15.23% +15.23 BA The Boeing Co. New 5.09% +5.09 HPE Hewlett Packard Enterprise New 4.91% +4.91 ALB Albemarle Corp. Add +240.0% 8.50% +4.63 SO The Southern Co. New 4.01% +4.01 PCG P G & E Corp. New 2.13% +2.13 MCHP Microchip Technology Inc. New 1.63% +1.63 ALNY Alnylam Pharmaceuticals Inc. New 0.94% +0.94 VOYG Voyager Technologies Inc. Class A New 0.73% +0.73 COIN Coinbase Global Inc. Class A New 0.63% +0.63 WEC WEC Energy Group Inc. New 0.41% +0.41 FLR Fluor Corp. Add +181.9% 3.38% −0.05 ON On Semiconductor Add +87.7% 1.75% −0.54 NET Cloudflare Inc. Class A Add +51.2% 1.47% −1.38 TTEK Tetra Tech Inc. Add +98.2% 6.58% −2.33 LCID Lucid Group Inc. Add +195.4% 4.74% −5.00
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ NEE Nextera Energy Inc. put Add +10.6% 2,196,100 $176.3M GLD SPDR Gold Shares call Add +68.5% 358,000 $141.9M BA The Boeing Co. put Add +17.4% 487,000 $105.7M SO The Southern Co. put New 957,000 $83.5M ALB Albemarle Corp. put Add +116.2% 553,500 $78.3M KKR KKR & Co. Inc. put Reduce -35.3% 611,800 $78.0M HPE Hewlett Packard Enterprise put Add +70.2% 2,834,700 $68.1M PCG P G & E Corp. put Add +82.3% 4,004,000 $64.3M ARES Ares Management Corp. Class A put Add +18.1% 395,500 $63.9M NBIS Nebius Group NV put New 647,100 $54.2M UGI Ugi Corp. put Reduce -18.6% 1,355,500 $50.7M WDC Western Digital Corp. put Sold out 420,800 $50.5Mbefore exit RDDT Reddit Inc. Class A put Sold out 181,000 $41.6Mbefore exit BABA Alibaba Group Holding-SP ADR put New 282,900 $41.5M XLE SS Energy Select Sector call New 800,000 $35.8M MCHP Microchip Technology Inc. put Add +33.6% 554,400 $35.3M GME Gamestop Corp. Class A put New 1,664,200 $33.4M USO United States Oil Fund LP call Sold out 450,000 $33.2Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -50.0% 400,000 $32.3M SMCI Super Micro Computer Inc. put Sold out 637,400 $30.6Mbefore exit FE Firstenergy Corp. put Reduce -27.7% 673,200 $30.1M GPN Global Payments Inc. put Reduce -50.7% 373,800 $28.9M MCHP Microchip Technology Inc. call Sold out 440,000 $28.3Mbefore exit LYV Live Nation Entertainment Inc. put Add +34.0% 197,000 $28.1M COIN Coinbase Global Inc. Class A put New 100,000 $22.6M STWD Starwood Property Trust Inc. put Add +4.1% 1,190,400 $21.4M KWEB Kranesh Csi China Internet call New 600,000 $20.4M TTEK Tetra Tech Inc. put Add +10.5% 604,800 $20.3M BL Blackline Inc. put Reduce -1.2% 346,600 $19.2M ITRI Itron Inc. put Add +10.8% 194,300 $18.0M FLR Fluor Corp. put Reduce -12.3% 405,700 $16.1M GLNG Golar LNG Ltd. put Sold out 368,500 $14.9Mbefore exit ON On Semiconductor put Reduce -4.9% 268,400 $14.5M BBIO Bridgebio Pharma Inc. put Reduce -9.7% 185,900 $14.2M ENOV Enovis Corp. call Add +32.2% 498,300 $13.3M ON On Semiconductor call Sold out 250,000 $12.3Mbefore exit WEC WEC Energy Group Inc. put Reduce -17.9% 116,100 $12.2M AEIS Advanced Energy Industries put Reduce -63.4% 56,200 $11.8M NOVT Novanta Inc. put New 98,300 $11.7M ALNY Alnylam Pharmaceuticals Inc. put Add +16.0% 29,000 $11.5M IREN Iren Ltd. put Sold out 230,000 $10.8Mbefore exit SYNA Synaptics Inc. put Reduce -22.2% 133,000 $9.8M CMS CMS Energy Corp. put Reduce -0.1% 138,600 $9.7M NET Cloudflare Inc. Class A put Add +16.5% 48,800 $9.6M EVRG Evergy Inc. put New 130,000 $9.4M PCG P G & E Corp. call New 500,000 $8.0M SPB Spectrum Brands Holdings Inc. call Reduce -64.7% 122,700 $7.2M LYFT LYFT Inc. Class A put Sold out 300,000 $6.6Mbefore exit FOUR SHIFT4 Payments Inc. Class A put Add +11.1% 100,000 $6.3M OSIS Osi Systems Inc. put New 22,000 $5.6M
Showing the first 50 of 58.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 New 1,786,000 $88.9M ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 54,000,000 $84.0M UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal Reduce -15.4% 54,714,000 $77.7M ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Add +591.0% 691,000 $40.7M ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Reduce -52.4% 500,000 $25.3M EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal New 20,000,000 $24.4M NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 New 410,000 $22.3M STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Add +12.5% 18,000,000 $18.7M PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Reduce -68.3% 381,000 $15.6M HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Reduce -84.8% 220,000 $14.6M CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal Sold out 9,900,000 $10.9Mbefore exit OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal New 7,000,000 $10.4M COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal New 10,000,000 $10.3M BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -92.2% 102,000 $7.1M KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Reduce -96.2% 100,000 $5.2M NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Reduce -90.9% 100,000 $5.2M NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Reduce -97.5% 51,000 $2.5M
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