PSquared Asset Management AG

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), PSquared Asset Management AG reported 9 stock positions worth $126.0 million. Its top holding was Kellanova (K) at 34.0% of the portfolio, followed by Solaris Resources (SLSR, 19.9%) and Teck Resources Ltd.-CLS B (TECK, 15.1%). Compared with Q2 2025, it opened 6 new positions, sold out of 5, added to 2 and reduced 1. The biggest buy was Kellanova (K, shares +21%) and the biggest sale an exit from Triumph (TGI).

Most Recent 13F
Q2 2026
Location
ZURICH, V8
CIK
0001623624
Portfolio Value
$126.0M (Q3 2025)
SEC Filing
0000945621-25-001083 ↗ filed Nov 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $640.0M Q1 2024 Q2 2024: $483.1M Q2 2024 Q3 2024: $415.9M Q3 2024 Q4 2024: $219.2M Q4 2024 Q1 2025: $133.8M Q1 2025 Q2 2025: $455.1M Q2 2025 Q3 2025: $126.0M $126.0M Q3 2025 Q4 2025: $213.9M Q4 2025 Q1 2026: $287.4M Q1 2026 Q2 2026: $305.4M Q2 2026

Holdings 9 stocks · $126.0M
K Kellanova 33.96% 521,504 $42.8M Add +20.6%
SLSR Solaris Resources Inc. 19.88% 3,924,058 $25.0M Reduce -0.2%
TECK Teck Resources Ltd.-CLS B 15.07% 432,566 $19.0M New
TASK Taskus Inc. Class A 9.00% 635,084 $11.3M New
HOLX Hologic Inc. 6.69% 124,813 $8.4M Add +24.8%
CORZ Core Scientific Inc. 5.78% 405,800 $7.3M New
BHF Brighthouse Financial Inc. 4.17% 99,000 $5.3M New
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 4.05% 66,850 $5.1M New
FWRD Forward Air Corp. 1.41% 69,300 $1.8M New

Portfolio Sells Q2 2025 → Q3 2025
TGI Triumph Group Inc. Sold out 0.00% −73.33
HES Hess Corp. Sold out 0.00% −8.94
SWTX Springworks Therapeutics Inc. Sold out 0.00% −2.23
ETWO E2OPEN Parent Holdings Inc. Sold out 0.00% −2.22
DCH Dauch Corporation Sold out 0.00% −0.33
SLSR Solaris Resources Inc. Reduce -0.2% 19.88% +15.91

Portfolio Buys Q2 2025 → Q3 2025
K Kellanova Add +20.6% 33.96% +26.40
TECK Teck Resources Ltd.-CLS B New 15.07% +15.07
TASK Taskus Inc. Class A New 9.00% +9.00
CORZ Core Scientific Inc. New 5.78% +5.78
HOLX Hologic Inc. Add +24.8% 6.69% +5.26
BHF Brighthouse Financial Inc. New 4.17% +4.17
WNS WNS Holdings Ltd. New 4.05% +4.05
FWRD Forward Air Corp. New 1.41% +1.41

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$305.4MWBD, IHS, SLSR, EA, LIN
Q1 2026 15$287.4MWBD, IHS, SLSR, HOLX, NSC
Q4 2025 12$213.9MWBD, SLSR, NSC, GTLS, COMP
Q3 2025 9$126.0MK, SLSR, TECK, TASK, HOLX
Q2 2025 8$455.1MTGI, HES, K, SLSR, SWTX
Q1 2025 6$133.8MHES, ITCI, K, DESP, SLSR
Q4 2024 3$219.2MHES, INFN, HCP
Q3 2024 9$415.9MHES, VZIO, NVEI, EXEL, JNPR
Q2 2024 10$483.1MHES, WRK, HOLI, JNPR, OLK
Q1 2024 8$640.0MPXD, HES, WRK, HOLI, BP