Square Wave Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Square Wave Capital, LLC reported 9 stock positions worth $430.2 million. Its top holding was Fair Isaac (FICO) at 16.5% of the portfolio, followed by Marriott International Class A (MAR, 15.8%) and Moody's (MCO, 13.7%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 6 and reduced 1. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale an exit from Gartner (IT).
- Most Recent 13F
- Q2 2026
- Location
- BROOKLYN, NY
- CIK
- 0002077145
- Portfolio Value
- $430.2M (Q4 2025)
- SEC Filing
- 0001213900-26-017018 ↗ filed Feb 17, 2026
Holdings Value
Holdings 9 stocks · $430.2M
| FICO Fair Isaac Corp. | 16.47% | 41,900 | $70.8M | Add +48.1% |
| MAR Marriott International Class A | 15.80% | 219,100 | $68.0M | Add +39.5% |
| MCO Moody's Corp. | 13.74% | 115,700 | $59.1M | Add +47.4% |
| TW Tradeweb Markets Inc. Class A | 13.14% | 525,600 | $56.5M | Add +25.8% |
| VEEV Veeva Systems Inc. Class A | 13.10% | 252,500 | $56.4M | Add +56.0% |
| AMZN Amazon.com Inc. | 10.02% | 186,700 | $43.1M | New |
| GOOGL Alphabet Inc. Class A | 8.72% | 119,800 | $37.5M | New |
| EFX Equifax Inc. | 8.32% | 165,020 | $35.8M | Add +12.3% |
| AXON Axon Enterprise Inc. | 0.70% | 5,317 | $3.0M | Reduce -24.7% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| AMZN Amazon.com Inc. | New | 10.02% | +10.02 |
| GOOGL Alphabet Inc. Class A | New | 8.72% | +8.72 |
| FICO Fair Isaac Corp. | Add +48.1% | 16.47% | +0.97 |
| MAR Marriott International Class A | Add +39.5% | 15.80% | +0.83 |
| MCO Moody's Corp. | Add +47.4% | 13.74% | +0.05 |
| TW Tradeweb Markets Inc. Class A | Add +25.8% | 13.14% | −3.83 |
| VEEV Veeva Systems Inc. Class A | Add +56.0% | 13.10% | −4.54 |
| EFX Equifax Inc. | Add +12.3% | 8.32% | −5.47 |
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 |