Square Wave Capital, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Square Wave Capital, LLC reported 8 stock positions worth $273.3 million. Its top holding was Veeva Systems Class A (VEEV) at 17.6% of the portfolio, followed by Tradeweb Markets Class A (TW, 17.0%) and Fair Isaac (FICO, 15.5%). Compared with Q2 2025, it opened 1 new position, added to 6 and reduced 1. The biggest buy was a new position in Marriott International Class A (MAR) and the biggest sale Axon Enterprise (AXON, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKLYN, NY
- CIK
- 0002077145
- Portfolio Value
- $273.3M (Q3 2025)
- SEC Filing
- 0001213900-25-110488 ↗ filed Nov 14, 2025
Holdings Value
Holdings 8 stocks · $273.3M
| VEEV Veeva Systems Inc. Class A | 17.64% | 161,831 | $48.2M | Add +202.9% |
| TW Tradeweb Markets Inc. Class A | 16.97% | 417,863 | $46.4M | Add +291.0% |
| FICO Fair Isaac Corp. | 15.50% | 28,300 | $42.4M | Add +241.6% |
| MAR Marriott International Class A | 14.97% | 157,100 | $40.9M | New |
| EFX Equifax Inc. | 13.79% | 146,897 | $37.7M | Add +149.1% |
| MCO Moody's Corp. | 13.68% | 78,488 | $37.4M | Add +183.7% |
| IT Gartner Inc. | 5.60% | 58,198 | $15.3M | Add +89.4% |
| AXON Axon Enterprise Inc. | 1.86% | 7,065 | $5.1M | Reduce -64.5% |
Portfolio Sells Q2 2025 → Q3 2025
| AXON Axon Enterprise Inc. | Reduce -64.5% | 1.86% | −13.96 |
Portfolio Buys Q2 2025 → Q3 2025
| MAR Marriott International Class A | New | 14.97% | +14.97 |
| VEEV Veeva Systems Inc. Class A | Add +202.9% | 17.64% | +2.88 |
| TW Tradeweb Markets Inc. Class A | Add +291.0% | 16.97% | +1.96 |
| FICO Fair Isaac Corp. | Add +241.6% | 15.50% | +0.97 |
| MCO Moody's Corp. | Add +183.7% | 13.68% | +0.37 |
| EFX Equifax Inc. | Add +149.1% | 13.79% | −0.88 |
| IT Gartner Inc. | Add +89.4% | 5.60% | −6.32 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $670.3M | MU, ASML, ATI, MAR, AMZN |
| Q1 2026 | 12 | $413.4M | MAR, TW, AMZN, ATI, ASML |
| Q4 2025 | 9 | $430.2M | FICO, MAR, MCO, TW, VEEV |
| Q3 2025 | 8 | $273.3M | VEEV, TW, FICO, MAR, EFX |
| Q2 2025 | 7 | $104.3M | AXON, TW, VEEV, EFX, FICO |
| Q1 2025 | 8 | $93.4M | TW, FICO, EFX, AXON, IT |
| Q4 2024 | 8 | $103.7M | AXON, FICO, VEEV, TW, IT |