Square Wave Partners, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Square Wave Partners, L.P. reported 8 stock positions worth $93.4 million. Its top holding was Tradeweb Markets Class A (TW) at 16.9% of the portfolio, followed by Fair Isaac (FICO, 15.8%) and Equifax (EFX, 14.9%). Compared with Q4 2024, it added to 4 and reduced 4. The biggest buy was Tradeweb Markets Class A (TW, shares +7%) and the biggest sale Salesforce (CRM, shares −76%).

Most Recent 13F
Q1 2025
Location
BROOKLYN, NY
CIK
0001947907
Portfolio Value
$93.4M (Q1 2025)
SEC Filing
0001947907-25-000003 ↗ filed May 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q4 2024: $103.7M Q4 2024 Q1 2025: $93.4M $93.4M Q1 2025

Holdings 8 stocks · $93.4M

TW Tradeweb Markets Inc. Class A 16.88% 106,274 $15.8M Add +7.2%
FICO Fair Isaac Corp. 15.82% 8,016 $14.8M Add +3.1%
EFX Equifax Inc. 14.94% 57,324 $14.0M Add +21.9%
AXON Axon Enterprise Inc. 13.86% 24,627 $13.0M Reduce -15.0%
IT Gartner Inc. 12.69% 28,245 $11.9M Add +7.5%
VEEV Veeva Systems Inc. Class A 12.28% 49,538 $11.5M Reduce -28.0%
MCO Moody's Corp. 12.04% 24,154 $11.2M Reduce -2.4%
CRM Salesforce Inc. 1.49% 5,191 $1.4M Reduce -75.8%

Portfolio Sells Q4 2024 → Q1 2025

CRM Salesforce Inc. Reduce -75.8% 1.49% −5.42
AXON Axon Enterprise Inc. Reduce -15.0% 13.86% −2.74
VEEV Veeva Systems Inc. Class A Reduce -28.0% 12.28% −1.67
MCO Moody's Corp. Reduce -2.4% 12.04% +0.75

Portfolio Buys Q4 2024 → Q1 2025

TW Tradeweb Markets Inc. Class A Add +7.2% 16.88% +4.38
EFX Equifax Inc. Add +21.9% 14.94% +3.39
FICO Fair Isaac Corp. Add +3.1% 15.82% +0.89
IT Gartner Inc. Add +7.5% 12.69% +0.41

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2025 8$93.4MTW, FICO, EFX, AXON, IT
Q4 2024 8$103.7MAXON, FICO, VEEV, TW, IT