X-Square Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), X-Square Capital, LLC reported 162 stock positions worth $320.2 million. Its top holding was Hims & Hers Health (HIMS) at 7.6% of the portfolio, followed by Lemonade (LMND, 3.6%) and Ast Spacemobile (ASTS, 3.5%). Compared with Q2 2025, it opened 13 new positions, sold out of 11, added to 71 and reduced 51. The biggest buy was Hims & Hers Health (HIMS, shares +82%) and the biggest sale an exit from Iren (IREN).

Most Recent 13F
Q2 2026
Location
GUAYNABO, PR
CIK
0001729300
Portfolio Value
$320.2M (Q3 2025)
SEC Filing
0001729300-25-000005 ↗ filed Nov 10, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $211.0M Q1 2024 Q2 2024: $276.3M Q2 2024 Q3 2024: $295.9M Q3 2024 Q4 2024: $243.3M Q4 2024 Q1 2025: $232.6M Q1 2025 Q2 2025: $278.1M Q2 2025 Q3 2025: $320.2M $320.2M Q3 2025 Q4 2025: $305.2M Q4 2025 Q1 2026: $296.7M Q1 2026 Q2 2026: $394.1M Q2 2026

Holdings 162 stocks · $320.2M
HIMS Hims & Hers Health Inc. 7.58% 427,591 $24.3M Add +81.7%
LMND Lemonade Inc. 3.56% 213,199 $11.4M Add +202.1%
ASTS Ast Spacemobile Inc. 3.50% 228,150 $11.2M Add +456.5%
SPY SS SPDR S&P 500 ETF Trust-US 3.48% 16,720 $11.1M Add +0.6%
AMD Advanced Micro Devices 3.15% 62,267 $10.1M Add +95.5%
IBIT iShares Bitcoin Trust ETF 2.74% 134,733 $8.8M Add +4.1%
META Meta Platforms Inc. Class A 2.42% 10,558 $7.8M Add +0.6%
OFG Ofg Bancorp 2.20% 161,959 $7.0M Reduce -2.7%
JPM JPMorgan Chase & Co. 2.20% 22,293 $7.0M Add +0.9%
MU Micron Technology Inc. 2.02% 38,586 $6.5M Add +0.9%
MSTR Strategy Inc. 1.84% 18,279 $5.9M Reduce -27.6%
FBP First Bancorp Puerto Rico 1.84% 266,909 $5.9M Reduce -10.2%
BRK.B Berkshire Hathaway Inc. Class B 1.67% 10,624 $5.3M Reduce -2.7%
URI United Rentals Inc. 1.55% 5,199 $5.0M Add +0.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.50% 33,241 $4.8M Add +1.1%
NVDA Nvidia Corp. 1.47% 25,298 $4.7M Reduce -13.5%
AMZN Amazon.com Inc. 1.46% 21,259 $4.7M Add +1.1%
MELI MercadoLibre Inc. 1.38% 1,885 $4.4M Add +1.1%
CPRT Copart Inc. 1.29% 92,084 $4.1M Add +73.3%
AMGN Amgen Inc. 1.29% 14,639 $4.1M Add +1.2%
GD General Dynamics Corp. 1.23% 11,541 $3.9M Add +1.3%
ABBV Abbvie Inc. 1.15% 15,929 $3.7M Add +1.6%
WMT Walmart Inc. 1.15% 35,714 $3.7M Add +0.0%
SU Suncor Energy Inc. 1.12% 85,551 $3.6M Add +1.3%
MSFT Microsoft Corp. 1.00% 6,209 $3.2M Add +1.5%
TSLA Tesla Inc. 0.99% 7,091 $3.2M Reduce -22.0%
XPO Xpo Inc. 0.97% 24,077 $3.1M Add +1.4%
BMA Banco Macro SA-ADR 0.94% 71,536 $3.0M Add +1215.0%
AAPL Apple Inc. 0.94% 11,789 $3.0M Add +0.1%
PM Philip Morris International 0.94% 18,471 $3.0M Add +0.1%
TDG Transdigm Group Inc. 0.92% 2,246 $3.0M Add +1.4%
CLSK Cleanspark Inc. 0.91% 200,000 $2.9M New
GOOG Alphabet Inc. Class C 0.89% 11,687 $2.8M Add +0.0%
PYPL PayPal Holdings Inc. 0.89% 42,434 $2.8M Reduce -0.3%
GNRC Generac Holdings Inc. 0.81% 15,529 $2.6M Reduce -23.4%
ORLY O'reilly Automotive Inc. 0.80% 23,687 $2.6M Add +1.8%
EXPE Expedia Group Inc. 0.78% 11,719 $2.5M Add +1.8%
DUOL Duolingo 0.78% 7,725 $2.5M Add +266.1%
COST Costco Wholesale Corp. 0.74% 2,566 $2.4M Add +0.9%
BKNG Booking Holdings Inc. 0.73% 435 $2.3M Add +3.6%
GLD SPDR Gold Shares 0.69% 6,192 $2.2M Add +0.2%
LEN Lennar Corp. Class A 0.68% 17,365 $2.2M Add +2.2%
NOC Northrop Grumman Corp. 0.68% 3,550 $2.2M Add +2.5%
DPZ Domino's Pizza Inc. 0.67% 4,986 $2.2M Add +2.1%
KO The Coca-Cola Co. 0.66% 31,923 $2.1M Add +2.2%
TECL Dire Dai Tec Bull 3X ETF-Usd 0.64% 20,500 $2.1M New
LULU Lululemon Athletica Inc. 0.63% 11,395 $2.0M Reduce -6.4%
ZTAX X-Square Municipal Inc. ETF 0.62% 80,766 $2.0M Add +0.7%
BITX 2X Bitcoin ETF 0.62% 36,094 $2.0M Add +223.2%
CMG Chipotle Mexican Grill Inc. 0.61% 49,994 $2.0M Add +0.8%
CROX Crocs Inc. 0.60% 22,900 $1.9M Add +537.5%
RH RH 0.58% 9,189 $1.9M Add +2.1%
QQQ Invesco QQQ Trust Series 1 0.57% 3,061 $1.8M Add +1.7%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.57% 19,612 $1.8M Add +1.6%
MO Altria Group Inc. 0.57% 27,445 $1.8M Add +0.6%
PEP Pepsico Inc. 0.56% 12,668 $1.8M Add +2.4%
VALE Vale SA-SP ADR 0.54% 160,558 $1.7M Reduce -2.1%
DG Dollar General Corp. 0.54% 16,866 $1.7M Add +1.5%
RR Richtech Robotics Inc. Class B 0.54% 400,300 $1.7M New
RTX RTX Corp. 0.52% 9,858 $1.6M Add +3.3%
APP AppLovin Corp. Class A 0.51% 2,291 $1.6M Reduce -75.5%
OXY Occidental Petroleum Corp. 0.51% 34,606 $1.6M Add +0.3%
FAST Fastenal Co. 0.49% 32,084 $1.6M Reduce -0.1%
GRMN Garmin Ltd. 0.47% 6,123 $1.5M No change
SHOP Shopify Inc. Class A 0.45% 9,743 $1.4M Reduce -5.0%
HD Home Depot Inc. 0.45% 3,569 $1.4M Add +0.0%
QXO Qxo Inc. 0.45% 74,907 $1.4M Reduce -45.4%
PHM Pultegroup Inc. 0.44% 10,639 $1.4M Reduce -0.1%
TPL Texas Pacific Land Corp. 0.44% 1,493 $1.4M Add +2.8%
SMCI Super Micro Computer Inc. 0.42% 28,250 $1.4M Add +0.4%
FIX Comfort Systems USA Inc. 0.41% 1,600 $1.3M No change
ORCL Oracle Corp. 0.40% 4,510 $1.3M Add +0.1%
VLO Valero Energy Corp. 0.39% 7,356 $1.3M Reduce -52.4%
JNJ Johnson & Johnson 0.38% 6,544 $1.2M Add +0.1%
LMT Lockheed Martin Corp. 0.37% 2,381 $1.2M Reduce -2.2%
ASML ASML Holding NV-NY Reg SHS 0.37% 1,223 $1.2M Reduce -0.2%
TEVA Teva Pharmaceutical-SP ADR 0.36% 57,795 $1.2M Reduce -0.1%
ONDS Ondas Inc. filed as ONDAS HLDGS INC 0.36% 150,000 $1.2M New
BAH Booz Allen Hamilton Holdings 0.36% 11,578 $1.2M Reduce -2.2%
SBSW Sibanye-Stillwater Ltd.-ADR 0.36% 102,282 $1.1M Add +142.7%
UNH Unitedhealth Group Inc. 0.32% 3,000 $1.0M New
CB Chubb Ltd. 0.32% 3,667 $1.0M No change
CEG Constellation Energy 0.32% 3,100 $1.0M New
ZETA Zeta Global Holdings Corp. Class A 0.31% 50,000 $994K New
VUG Vanguard Mrngstar GR ETF-Sui 0.31% 2,048 $982K Reduce -9.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.31% 19,018 $981K Add +0.2%
TSCO Tractor Supply Company 0.29% 16,059 $913K Reduce -0.3%
EME Emcor Group Inc. 0.28% 1,385 $900K No change
GOOGL Alphabet Inc. Class A 0.28% 3,676 $893K Add +0.2%
MA Mastercard Inc. Class A 0.27% 1,530 $870K No change
ALLY Ally Financial Inc. 0.27% 21,974 $861K Reduce -1.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.27% 4,561 $851K Add +0.7%
XLE SS Energy Select Sector 0.26% 9,479 $847K Reduce -56.9%
BORR Borr Drilling Ltd. 0.26% 312,714 $841K Add +56.8%
EXE Expand Energy Corp. 0.25% 7,557 $803K Reduce -0.1%
BRK.A Berkshire Hathaway Inc. Class A 0.24% 1 $754K No change
TMUS T-Mobile US Inc. 0.24% 3,149 $754K Reduce -0.1%
ZIM Zim Integrated Shipping Serv 0.23% 54,200 $734K Add +0.2%
BPOP Popular Inc. 0.23% 5,714 $726K Reduce -61.5%
NFE New Fortress Energy Inc. 0.22% 317,233 $701K Reduce -1.0%
BTE Baytex Energy Corp. 0.22% 295,732 $692K Reduce -0.3%
PPLT Abrdn Physical Platinum SHRS 0.22% 4,825 $689K Reduce -67.5%
FTNT Fortinet Inc. 0.21% 8,072 $679K No change
CMI Cummins Inc. 0.21% 1,600 $676K No change
XOM Exxon Mobil Corp. 0.21% 5,938 $670K Add +0.2%
TFC Truist Financial Corp. 0.21% 14,638 $669K Add +0.0%
SMLR Semler Scientific Inc. 0.21% 22,210 $666K Reduce -2.5%
PG The Procter & Gamble Co. 0.20% 4,227 $649K Add +0.3%
MS Morgan Stanley 0.20% 4,065 $646K No change
KMB Kimberly-Clark Corp. 0.20% 5,185 $645K Reduce -62.9%
SKYH SKY Harbour Group Corp. 0.19% 62,785 $620K No change
COIN Coinbase Global Inc. Class A 0.19% 1,815 $613K Reduce -39.8%
TSM Taiwan Semiconductor-SP ADR 0.18% 2,121 $592K No change
FCX Freeport-McMoran Inc. 0.17% 14,050 $551K No change
EOG EOG Resources Inc. 0.16% 4,707 $528K No change
BTI British American Tob-SP ADR 0.16% 9,876 $524K Add +0.1%
TGLS Tecnoglass Holdings Inc. 0.15% 7,263 $486K No change
HCC Warrior Met Coal Inc. 0.15% 7,500 $477K Reduce -56.3%
RIO Rio Tinto PLC-Spon ADR 0.15% 7,143 $472K Reduce -18.3%
SOXX iShares Semiconductor ETF 0.15% 1,728 $469K Reduce -1.0%
BABA Alibaba Group Holding-SP ADR 0.14% 2,539 $454K Reduce -4.7%
AMR Alpha Metallurgical Resource 0.14% 2,737 $449K Reduce -6.3%
C Citigroup Inc. 0.14% 4,311 $438K Add +0.0%
EWZ iShares MSCI Brazil ETF 0.14% 13,966 $433K Reduce -0.3%
FANG Diamondback Energy Inc. 0.13% 3,011 $431K Add +0.6%
ICE Intercontinental Exchange Inc. 0.13% 2,433 $410K No change
PLTR Palantir Technologies Inc. Class A 0.11% 2,012 $367K New
Z Zillow Group Inc. Class C 0.11% 4,732 $365K Reduce -0.3%
TLT iShares 20+ Year Treasury BD 0.11% 4,000 $357K Add +33.3%
AKAM Akamai Technologies Inc. 0.11% 4,685 $355K No change
OIH Vaneck Oil Services ETF 0.11% 1,366 $355K Reduce -12.9%
MRK Merck & Co. Inc. 0.11% 4,207 $353K Reduce -6.6%
MKTX Marketaxess Holdings Inc. 0.10% 1,873 $326K Reduce -0.1%
TDW Tidewater Inc. 0.10% 6,000 $320K No change
PROSHARES ULTRA BLOOMBERG NA 0.10% 10,402 $312K Reduce -12.6%
WFC Wells Fargo & Co. 0.10% 3,726 $312K Add +0.2%
MCD McDonald's Corp. 0.10% 1,017 $309K Add +1.2%
CIFR Cipher Digital Inc. 0.09% 23,800 $300K New
ERX Direxion Daily Enrgy BL2X-Ui 0.09% 5,287 $298K Reduce -0.4%
VOYG Voyager Technologies Inc. Class A 0.09% 10,000 $298K No change
SIVR Abrdn Physical Silver Shares 0.09% 6,500 $289K No change
BX Blackstone Inc. 0.09% 1,687 $288K Add +0.5%
QCOM Qualcomm Inc. 0.09% 1,702 $283K Reduce -0.5%
TMF Dir DLY 20+YR TR BL3X ETF-Ui 0.09% 7,000 $281K New
VGT Vanguard Info Tech ETF 0.09% 367 $274K New
PBR Petroleo Brasileiro-Spon ADR 0.09% 21,463 $272K Reduce -1.3%
PSX Phillips 66 0.08% 1,908 $259K Add +0.2%
GDX Vaneck Gold Miners ETF 0.08% 3,224 $246K New
LLY Eli Lilly & Co. 0.07% 313 $239K No change
RXO Rxo Inc. 0.07% 15,079 $232K Reduce -0.2%
GFS Globalfoundries Inc. 0.07% 6,341 $227K Reduce -73.9%
BAK Braskem SA Class A- ADR 0.06% 85,000 $206K No change
PRI Primerica Inc. 0.06% 735 $204K No change
SAN Banco Santander SA-Spon ADR 0.04% 13,127 $138K No change
COTY Coty Inc. Class A 0.04% 31,153 $126K No change
BHC Bausch Health Cos Inc. 0.04% 18,722 $121K No change
OBE Obsidian Energy Ltd. 0.04% 17,540 $115K Reduce -0.6%
JRNGF Journey Energy Inc. 0.01% 16,095 $38K No change
OPK Opko Health Inc. 0.01% 20,933 $32K Reduce -0.5%
TNYA Tenaya Therapeutics Inc. 0.01% 10,000 $16K No change
BIT ORIGIN LTD 0.00% 10,000 $4K New
ADAPY Adaptimmune Therapeutics-ADR 0.00% 11,573 $1K Add +3.6%

Portfolio Sells Q2 2025 → Q3 2025
IREN Iren Ltd. Sold out 0.00% −2.28
MSTR Strategy Inc. Reduce -27.6% 1.84% −1.83
URNM Sprott Uranium Miners ETF Sold out 0.00% −0.71
APP AppLovin Corp. Class A Reduce -75.5% 0.51% −0.66
QXO Qxo Inc. Reduce -45.4% 0.45% −0.62
FRO Frontline PLC Sold out 0.00% −0.46
KMB Kimberly-Clark Corp. Reduce -62.9% 0.20% −0.45
PPLT Abrdn Physical Platinum SHRS Reduce -67.5% 0.22% −0.44
LULU Lululemon Athletica Inc. Reduce -6.4% 0.63% −0.41
XLE SS Energy Select Sector Reduce -56.9% 0.26% −0.41
FBP First Bancorp Puerto Rico Reduce -10.2% 1.84% −0.39
VAL Valaris Ltd. Sold out 0.00% −0.39
OFG Ofg Bancorp Reduce -2.7% 2.20% −0.36
BPOP Popular Inc. Reduce -61.5% 0.23% −0.36
VLO Valero Energy Corp. Reduce -52.4% 0.39% −0.36
GFS Globalfoundries Inc. Reduce -73.9% 0.07% −0.26
PYPL PayPal Holdings Inc. Reduce -0.3% 0.89% −0.25
UCO Proshares Ultra Bloomberg CR Sold out 0.00% −0.24
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.7% 1.67% −0.24
GNRC Generac Holdings Inc. Reduce -23.4% 0.81% −0.23
NUVB Nuvation Bio Inc. Sold out 0.00% −0.22
COIN Coinbase Global Inc. Class A Reduce -39.8% 0.19% −0.19
NVDA Nvidia Corp. Reduce -13.5% 1.47% −0.19
VIST Vista Energy Sab DE CV Sold out 0.00% −0.17
NFE New Fortress Energy Inc. Reduce -1.0% 0.22% −0.16
KHC The Kraft Heinz Co. Sold out 0.00% −0.14
HCC Warrior Met Coal Inc. Reduce -56.3% 0.15% −0.13
SMLR Semler Scientific Inc. Reduce -2.5% 0.21% −0.11
PROSHARES ULTRA BLOOMBERG NA Reduce -12.6% 0.10% −0.10
PAGAYA TECHNOLOGIES LTD Sold out 0.00% −0.09
BAH Booz Allen Hamilton Holdings Reduce -2.2% 0.36% −0.08
EXE Expand Energy Corp. Reduce -0.1% 0.25% −0.07
UUUU Energy Fuels Inc. Sold out 0.00% −0.06
TSLA Tesla Inc. Reduce -22.0% 0.99% −0.05
VUG Vanguard Mrngstar GR ETF-Sui Reduce -9.5% 0.31% −0.05
MKTX Marketaxess Holdings Inc. Reduce -0.1% 0.10% −0.05
METC Ramaco Resources Inc. Class A Sold out 0.00% −0.05
ALLY Ally Financial Inc. Reduce -1.1% 0.27% −0.04
RIO Rio Tinto PLC-Spon ADR Reduce -18.3% 0.15% −0.04
TMUS T-Mobile US Inc. Reduce -0.1% 0.24% −0.03
LMT Lockheed Martin Corp. Reduce -2.2% 0.37% −0.03
VALE Vale SA-SP ADR Reduce -2.1% 0.54% −0.03
TSCO Tractor Supply Company Reduce -0.3% 0.29% −0.02
OIH Vaneck Oil Services ETF Reduce -12.9% 0.11% −0.02
MRK Merck & Co. Inc. Reduce -6.6% 0.11% −0.02
RXO Rxo Inc. Reduce -0.2% 0.07% −0.01
PBR Petroleo Brasileiro-Spon ADR Reduce -1.3% 0.09% −0.01
EWZ iShares MSCI Brazil ETF Reduce -0.3% 0.14% −0.01
QCOM Qualcomm Inc. Reduce -0.5% 0.09% −0.01
Z Zillow Group Inc. Class C Reduce -0.3% 0.11% −0.01

Portfolio Buys Q2 2025 → Q3 2025
HIMS Hims & Hers Health Inc. Add +81.7% 7.58% +3.36
ASTS Ast Spacemobile Inc. Add +456.5% 3.50% +2.81
LMND Lemonade Inc. Add +202.1% 3.56% +2.45
AMD Advanced Micro Devices Add +95.5% 3.15% +1.52
CLSK Cleanspark Inc. New 0.91% +0.91
BMA Banco Macro SA-ADR Add +1215.0% 0.94% +0.81
TECL Dire Dai Tec Bull 3X ETF-Usd New 0.64% +0.64
RR Richtech Robotics Inc. Class B New 0.54% +0.54
CROX Crocs Inc. Add +537.5% 0.60% +0.47
DUOL Duolingo Add +266.1% 0.78% +0.47
BITX 2X Bitcoin ETF Add +223.2% 0.62% +0.40
ONDS Ondas Inc. New 0.36% +0.36
CPRT Copart Inc. Add +73.3% 1.29% +0.36
UNH Unitedhealth Group Inc. New 0.32% +0.32
MU Micron Technology Inc. Add +0.9% 2.02% +0.32
CEG Constellation Energy New 0.32% +0.32
ZETA Zeta Global Holdings Corp. Class A New 0.31% +0.31
SBSW Sibanye-Stillwater Ltd.-ADR Add +142.7% 0.36% +0.25
URI United Rentals Inc. Add +0.9% 1.55% +0.15
GOOG Alphabet Inc. Class C Add +0.0% 0.89% +0.14
BORR Borr Drilling Ltd. Add +56.8% 0.26% +0.13
PLTR Palantir Technologies Inc. Class A New 0.11% +0.11
ABBV Abbvie Inc. Add +1.6% 1.15% +0.11
CIFR Cipher Digital Inc. New 0.09% +0.09
TMF Dir DLY 20+YR TR BL3X ETF-Ui New 0.09% +0.09
VGT Vanguard Info Tech ETF New 0.09% +0.09
EXPE Expedia Group Inc. Add +1.8% 0.78% +0.08
GDX Vaneck Gold Miners ETF New 0.08% +0.08
AAPL Apple Inc. Add +0.1% 0.94% +0.07
NOC Northrop Grumman Corp. Add +2.5% 0.68% +0.05
GOOGL Alphabet Inc. Class A Add +0.2% 0.28% +0.05
ORLY O'reilly Automotive Inc. Add +1.8% 0.80% +0.04
ORCL Oracle Corp. Add +0.1% 0.40% +0.04
TJX TJX Companies Inc. Add +1.1% 1.50% +0.04
GD General Dynamics Corp. Add +1.3% 1.23% +0.03
JNJ Johnson & Johnson Add +0.1% 0.38% +0.02
TLT iShares 20+ Year Treasury BD Add +33.3% 0.11% +0.02
RTX RTX Corp. Add +3.3% 0.52% +0.01
GLD SPDR Gold Shares Add +0.2% 0.69% +0.01
LEN Lennar Corp. Class A Add +2.2% 0.68% +0.01
C Citigroup Inc. Add +0.0% 0.14% +0.00
BIT ORIGIN LTD New 0.00% +0.00
BX Blackstone Inc. Add +0.5% 0.09% −0.00
PSX Phillips 66 Add +0.2% 0.08% −0.00
ADAPY Adaptimmune Therapeutics-ADR Add +3.6% 0.00% −0.00
BTI British American Tob-SP ADR Add +0.1% 0.16% −0.00
MO Altria Group Inc. Add +0.6% 0.57% −0.01
MCD McDonald's Corp. Add +1.2% 0.10% −0.01
WFC Wells Fargo & Co. Add +0.2% 0.10% −0.01
OXY Occidental Petroleum Corp. Add +0.3% 0.51% −0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 176$394.1MASTS, AMD, MU, SPY, IREN
Q1 2026 164$296.7MSPY, IREN, AMD, HIMS, META
Q4 2025 161$305.2MHIMS, ASTS, SPY, AMD, IREN
Q3 2025 162$320.2MHIMS, LMND, ASTS, SPY, AMD
Q2 2025 160$278.1MHIMS, SPY, MSTR, IBIT, META
Q1 2025 154$232.6MIBIT, SPY, OFG, META, BRK.B
Q4 2024 163$243.3MIBIT, SPY, META, OFG, JPM
Q3 2024 161$295.9MBRK.A, IBIT, SPY, FBP, OFG
Q2 2024 157$276.3MBRK.A, IBIT, FBP, OFG, SPY
Q1 2024 153$211.0MIBIT, SPY, BPOP, AMD, META