Portman Square Capital LLP In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 27, 2026), Portman Square Capital LLP reported 26 stock positions worth $159.8 million . Its top holding was Nextera Energy (NEE) at 22.4% of the portfolio, followed by Albemarle (ALB, 9.8% ) and SPDR Gold Shares (GLD, 9.7% ). Compared with Q4 2025, it opened 10 new positions, sold out of 6, added to 8 and reduced 6. The biggest buy was a new position in SPDR Gold Shares (GLD) and the biggest sale an exit from KKR (KKR).
Location London, X0
CIK 0001966898
Portfolio Value $159.8M (Q1 2026) Holdings 26 stocks · $159.8M 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 Q4 2025 NEE Nextera Energy Inc. 385,397 $35.8M Reduce -1.4% ALB Albemarle Corp. 86,811 $15.6M Add +39.7% GLD SPDR Gold Shares 36,000 $15.5M New W Wayfair Inc. Class A 182,039 $13.7M Add +540.5% ORCL Oracle Corp. 66,983 $9.9M New RDDT Reddit Inc. Class A 54,600 $7.4M New IREN Iren Ltd. filed as IREN LIMITED 176,466 $6.0M New ON On Semiconductor 96,134 $6.0M Add +186.8% ALNY Alnylam Pharmaceuticals Inc. 16,924 $5.6M Add +588.8% PCG P G & E Corp. 314,773 $5.5M Add +129.1% FLR Fluor Corp. 99,844 $4.7M Add +13.0% HPE Hewlett Packard Enterprise 188,504 $4.5M Reduce -10.8% LCID Lucid Group Inc. 461,510 $4.4M Reduce -0.5% TTEK Tetra Tech Inc. 144,061 $4.3M Reduce -29.0% SO The Southern Co. 44,375 $4.3M Reduce -6.8% KWEB Kranesh Csi China Internet 140,000 $4.0M New NBIS Nebius Group NV 35,087 $3.6M New SYNA Synaptics Inc. 33,322 $2.3M Add +103.0% ZTO Zto Express Cayman Inc.-ADR 80,506 $2.0M New NET Cloudflare Inc. Class A 7,278 $1.5M Reduce -5.5% STWD Starwood Property Trust Inc. 65,893 $1.1M New VOYG Voyager Technologies Inc. Class A 28,700 $671K No change SOFI Sofi Technologies Inc. 37,753 $600K New O Realty Income Corp. 9,254 $566K New UPST Upstart Holdings Inc. 11,810 $303K Add +29.8% XRX Xerox Holdings Corp. 16,807 $22K No change
Options reported separately and not counted above: GLD calls ($336.7M), NEE puts ($203.0M), SO puts ($95.2M), HPE puts ($79.3M), PPL puts ($67.8M), ORCL puts ($66.9M), PCG puts ($66.8M), NBIS puts ($66.3M), ALB puts ($66.1M), BA puts ($61.9M), MCHP puts ($52.8M), CRWV puts ($42.6M), and 46 more.
Other holdings (18): bonds, preferreds, convertibles and warrants · $496.8M (not counted above) Security Class Shares / Principal Value Change PPL CORPORATION (PPL 7 02/15/29) UNIT 02/15/2029 1,530,000 $78.3M New SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 1,336,000 $69.2M Reduce -25.2% MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 1,175,000 $67.5M Add +840.0% NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 960,000 $51.4M Add +134.2% ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 541,000 $39.0M Reduce -21.7% NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 575,000 $29.0M New EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 20,000,000 $27.0M No change BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 356,000 $23.0M Add +249.0% JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 12,500,000 $17.7M New GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal 10,000,000 $16.8M New PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 381,000 $16.5M No change HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 220,000 $14.3M No change ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 312,000 $11.4M Reduce -37.6% OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal 7,000,000 $10.7M No change SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 155,000 $8.5M No change STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 8,000,000 $8.2M Reduce -55.6% NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 100,000 $5.7M No change NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 51,000 $2.7M No change
Total filed on the 13F, all lines: $656.6M.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ KKR KKR & Co. Inc. Sold out 0.00% −15.23 NEE Nextera Energy Inc. Reduce -1.4% 22.39% −7.93 BA The Boeing Co. Sold out 0.00% −5.09 TTEK Tetra Tech Inc. Reduce -29.0% 2.71% −3.86 BL Blackline Inc. Sold out 0.00% −3.19 HPE Hewlett Packard Enterprise Reduce -10.8% 2.81% −2.10 LCID Lucid Group Inc. Reduce -0.5% 2.75% −1.99 MCHP Microchip Technology Inc. Sold out 0.00% −1.63 SO The Southern Co. Reduce -6.8% 2.68% −1.33 COIN Coinbase Global Inc. Class A Sold out 0.00% −0.63 NET Cloudflare Inc. Class A Reduce -5.5% 0.94% −0.53 WEC WEC Energy Group Inc. Sold out 0.00% −0.41
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ GLD SPDR Gold Shares New 9.69% +9.69 ORCL Oracle Corp. New 6.16% +6.16 W Wayfair Inc. Class A Add +540.5% 8.57% +5.81 RDDT Reddit Inc. Class A New 4.60% +4.60 IREN Iren Ltd. New 3.78% +3.78 ALNY Alnylam Pharmaceuticals Inc. Add +588.8% 3.50% +2.56 KWEB Kranesh Csi China Internet New 2.49% +2.49 NBIS Nebius Group NV New 2.28% +2.28 ON On Semiconductor Add +186.8% 3.72% +1.97 PCG P G & E Corp. Add +129.1% 3.46% +1.33 ZTO Zto Express Cayman Inc.-ADR New 1.27% +1.27 ALB Albemarle Corp. Add +39.7% 9.75% +1.25 STWD Starwood Property Trust Inc. New 0.71% +0.71 SOFI Sofi Technologies Inc. New 0.38% +0.38 O Realty Income Corp. New 0.35% +0.35 SYNA Synaptics Inc. Add +103.0% 1.46% +0.29 UPST Upstart Holdings Inc. Add +29.8% 0.19% −0.20 FLR Fluor Corp. Add +13.0% 2.91% −0.47
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares call Add +118.6% 782,500 $336.7M NEE Nextera Energy Inc. put Reduce -0.5% 2,185,600 $203.0M SO The Southern Co. put Add +3.1% 986,700 $95.2M HPE Hewlett Packard Enterprise put Add +17.5% 3,331,800 $79.3M KKR KKR & Co. Inc. put Sold out 611,800 $78.0Mbefore exit PPL PPL Corp. put New 1,775,000 $67.8M ORCL Oracle Corp. put New 455,000 $66.9M PCG P G & E Corp. put Reduce -5.0% 3,803,300 $66.8M NBIS Nebius Group NV put Reduce -1.2% 639,300 $66.3M ALB Albemarle Corp. put Reduce -33.5% 368,200 $66.1M BA The Boeing Co. put Reduce -36.2% 310,800 $61.9M MCHP Microchip Technology Inc. put Add +47.5% 817,800 $52.8M CRWV Coreweave Inc. Class A put New 550,000 $42.6M AKAM Akamai Technologies Inc. put Reduce -9.4% 344,200 $39.5M BABA Alibaba Group Holding-SP ADR put Add +4.3% 295,000 $37.0M LYV Live Nation Entertainment Inc. put Add +20.3% 237,000 $36.1M XLE SS Energy Select Sector call Sold out 800,000 $35.8Mbefore exit UGI Ugi Corp. put Reduce -28.0% 976,500 $35.6M RDDT Reddit Inc. Class A put New 256,600 $34.6M ARES Ares Management Corp. Class A put Reduce -22.4% 307,000 $33.5M GME Gamestop Corp. Class A put Sold out 1,664,200 $33.4Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 400,000 $32.3Mbefore exit ON On Semiconductor put Add +68.3% 451,700 $28.0M NOVT Novanta Inc. put Add +135.6% 231,600 $27.4M STWD Starwood Property Trust Inc. put Add +26.1% 1,501,000 $25.8M FE Firstenergy Corp. put Reduce -25.0% 504,900 $25.6M ENOV Enovis Corp. call Add +100.4% 998,600 $22.7M COIN Coinbase Global Inc. Class A put Sold out 100,000 $22.6Mbefore exit GLD SPDR Gold Shares put New 50,000 $21.5M SPB Spectrum Brands Holdings Inc. call Add +136.0% 289,600 $21.3M TTEK Tetra Tech Inc. put Add +13.3% 685,500 $20.6M FLR Fluor Corp. put Add +0.0% 405,800 $18.9M O Realty Income Corp. put Add +175.2% 303,300 $18.6M GPN Global Payments Inc. put Reduce -26.8% 273,800 $18.4M WGO Winnebago Industries call Add +95.8% 587,300 $18.2M AEIS Advanced Energy Industries put Reduce -0.4% 56,000 $18.1M USO United States Oil Fund LP put New 141,300 $18.0M ITRI Itron Inc. put Reduce -4.6% 185,300 $16.6M BL Blackline Inc. put Add +27.0% 440,200 $16.3M EVRG Evergy Inc. put Add +42.3% 185,000 $15.2M GPN Global Payments Inc. call Add +671.6% 219,900 $14.8M USO United States Oil Fund LP call New 113,600 $14.5M ZTO Zto Express Cayman Inc.-ADR put New 551,400 $13.9M WEC WEC Energy Group Inc. put Reduce -0.9% 115,000 $13.3M NET Cloudflare Inc. Class A put Add +29.1% 63,000 $13.0M ALNY Alnylam Pharmaceuticals Inc. put Add +30.7% 37,900 $12.5M SYNA Synaptics Inc. put Add +10.0% 146,300 $10.2M OSIS Osi Systems Inc. put Add +72.3% 37,900 $10.1M JAZZ Jazz Pharmaceuticals PLC put New 53,000 $10.0M BBIO Bridgebio Pharma Inc. call New 133,600 $9.9M
Showing the first 50 of 95.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Sold out 54,000,000 $84.0Mbefore exit PPL CORPORATION (PPL 7 02/15/29) UNIT 02/15/2029 New 1,530,000 $78.3M UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal Sold out 54,714,000 $77.7Mbefore exit SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 Reduce -25.2% 1,336,000 $69.2M MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Add +840.0% 1,175,000 $67.5M NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 Add +134.2% 960,000 $51.4M ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -21.7% 541,000 $39.0M NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 New 575,000 $29.0M BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +249.0% 356,000 $23.0M JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal New 12,500,000 $17.7M GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal New 10,000,000 $16.8M ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Reduce -37.6% 312,000 $11.4M COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Sold out 10,000,000 $10.3Mbefore exit STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Reduce -55.6% 8,000,000 $8.2M KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Sold out 100,000 $5.2Mbefore 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