Institutional Manager · CIK 0002077145

Square Wave Capital, LLC

Brooklyn, NY · File #028-25666

Latest AUM

$430.2M

Positions

Top-10 Concentration

100.0%

Filings

Portfolio Value Over Time

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	AMAZON COM INC	AMZN	+186,700	+$43.1M	$0
NEW	ALPHABET INC	GOOG	+119,800	+$37.5M	$0
ADD	FAIR ISAAC CORP	FICO	+13,600	+$23.0M	+$5.5M
ADD	VEEVA SYS INC	VEEV	+90,669	+$20.2M	-$12.1M
ADD	MARRIOTT INTL INC NEW	571903202	+62,000	+$19.2M	+$7.8M
ADD	MOODYS CORP	MCO	+37,212	+$19.0M	+$2.7M
EXITED	GARTNER INC	366651107	-58,198	-$15.3M	$0
ADD	TRADEWEB MKTS INC	892672106	+107,737	+$11.6M	-$1.4M
ADD	EQUIFAX INC	EFX	+18,123	+$3.9M	-$5.8M
REDUCE	AXON ENTERPRISE INC	AXON	-1,748	-$992,742	-$1.1M

Sector Allocation

Technology

16.5%$70.8M

Financials

13.7%$59.1M

Healthcare

13.1%$56.4M

Consumer Discretionary

10.0%$43.1M

Industrials

9.0%$38.8M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 20259 pos · $430.2M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 20258 pos · $273.3M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 20257 pos · $104.3M
Jul 24, 202513F HOLDINGS REPORTQ/E Jun 20258 pos · $93.4M
Jul 24, 202513F HOLDINGS REPORTQ/E Jun 20258 pos · $103.7M

Top 9 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	FAIR ISAAC CORP	FICO	41,900	$70.8M	16.47%
2	MARRIOTT INTL INC NEW	571903202	219,100	$68.0M	15.80%
3	MOODYS CORP	MCO	115,700	$59.1M	13.74%
4	TRADEWEB MKTS INC	892672106	525,600	$56.5M	13.14%
5	VEEVA SYS INC	VEEV	252,500	$56.4M	13.10%
6	AMAZON COM INC	AMZN	186,700	$43.1M	10.02%
7	ALPHABET INC	GOOG	119,800	$37.5M	8.72%
8	EQUIFAX INC	EFX	165,020	$35.8M	8.32%
9	AXON ENTERPRISE INC	AXON	5,317	$3.0M	0.70%