PSquared Asset Management AG
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), PSquared Asset Management AG reported 12 stock positions worth $213.9 million. Its top holding was Warner Bros Discovery (WBD) at 20.8% of the portfolio, followed by Solaris Resources (SLSR, 14.8%) and Norfolk Southern (NSC, 12.4%). Compared with Q3 2025, it opened 10 new positions, sold out of 7 and added to 2. The biggest buy was a new position in Warner Bros Discovery (WBD) and the biggest sale an exit from Kellanova (K).
- Most Recent 13F
- Q2 2026
- Location
- ZURICH, V8
- CIK
- 0001623624
- Portfolio Value
- $213.9M (Q4 2025)
- SEC Filing
- 0000945621-26-000319 ↗ filed Feb 13, 2026
Holdings Value
Holdings 12 stocks · $213.9M
| WBD Warner Bros Discovery Inc. | 20.76% | 1,540,876 | $44.4M | New |
| SLSR Solaris Resources Inc. | 14.85% | 3,963,015 | $31.8M | Add +1.0% |
| NSC Norfolk Southern Corp. | 12.43% | 92,063 | $26.6M | New |
| GTLS Chart Industries Inc. | 10.67% | 110,654 | $22.8M | New |
| COMP Compass Inc. Class A | 8.65% | 1,751,304 | $18.5M | New |
| BL Blackline Inc. | 7.87% | 304,576 | $16.8M | New |
| FOLD Amicus Therapeutics Inc. | 6.99% | 1,050,000 | $15.0M | New |
| DBRG Digitalbridge Group Inc. | 6.04% | 846,500 | $12.9M | New |
| RNAM Avidity Biosciences Inc. | 5.68% | 168,415 | $12.1M | New |
| PRA Proassurance Corp. | 3.91% | 346,234 | $8.4M | New |
| FWRD Forward Air Corp. | 2.05% | 175,760 | $4.4M | Add +153.6% |
| ABVX Abivax SA-ADR | 0.09% | 240 | $192K | New |
Portfolio Sells Q3 2025 → Q4 2025
| K Kellanova | Sold out | 0.00% | −33.96 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −15.07 |
| TASK Taskus Inc. Class A | Sold out | 0.00% | −9.00 |
| HOLX Hologic Inc. | Sold out | 0.00% | −6.69 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −5.78 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −4.17 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −4.05 |
Portfolio Buys Q3 2025 → Q4 2025
| WBD Warner Bros Discovery Inc. | New | 20.76% | +20.76 |
| NSC Norfolk Southern Corp. | New | 12.43% | +12.43 |
| GTLS Chart Industries Inc. | New | 10.67% | +10.67 |
| COMP Compass Inc. Class A | New | 8.65% | +8.65 |
| BL Blackline Inc. | New | 7.87% | +7.87 |
| FOLD Amicus Therapeutics Inc. | New | 6.99% | +6.99 |
| DBRG Digitalbridge Group Inc. | New | 6.04% | +6.04 |
| RNAM Avidity Biosciences Inc. | New | 5.68% | +5.68 |
| PRA Proassurance Corp. | New | 3.91% | +3.91 |
| FWRD Forward Air Corp. | Add +153.6% | 2.05% | +0.64 |
| ABVX Abivax SA-ADR | New | 0.09% | +0.09 |
| SLSR Solaris Resources Inc. | Add +1.0% | 14.85% | −5.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 15 | $305.4M | WBD, IHS, SLSR, EA, LIN |
| Q1 2026 | 15 | $287.4M | WBD, IHS, SLSR, HOLX, NSC |
| Q4 2025 | 12 | $213.9M | WBD, SLSR, NSC, GTLS, COMP |
| Q3 2025 | 9 | $126.0M | K, SLSR, TECK, TASK, HOLX |
| Q2 2025 | 8 | $455.1M | TGI, HES, K, SLSR, SWTX |
| Q1 2025 | 6 | $133.8M | HES, ITCI, K, DESP, SLSR |
| Q4 2024 | 3 | $219.2M | HES, INFN, HCP |
| Q3 2024 | 9 | $415.9M | HES, VZIO, NVEI, EXEL, JNPR |
| Q2 2024 | 10 | $483.1M | HES, WRK, HOLI, JNPR, OLK |
| Q1 2024 | 8 | $640.0M | PXD, HES, WRK, HOLI, BP |