Stocks/Funds/CIK 2077145

Square Wave Capital, LLC

concentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 2077145
Assets
$413M
+342.4% YoY
Holdings
12
Lifetime alpha vs market
-17.38% annual
Average hold time
0.8 yr
median 0.5 yr

Quarterly history

Cum return -11% vs S&P +13% · α -24% lifetimeAUM $413M · peak $430MFlow $11M (+2%)2024-122025-032025-062025-092025-122026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
-8.59%
trims when stocks drop
when a holding falls −10%+
Middle response
+21.01%
steady accumulation
Rally response
+4.03%
adds into rallies
when a holding rises +10%+

Top positions · 12

Ticker$ value% portYoYHold time
MARMarriott International, $70M17.0%+38.6%0.8 yr
TWTradeweb Markets Inc.$58M14.1%-20.4%1.5 yr
AMZNAmazon.com, Inc.$55M13.3%+9.5%0.5 yr
ATIATI Inc.$53M12.9%+179.6%0.3 yr
ASMLASML Holding N.V.$51M12.4%+100.9%0.3 yr
MCOMoody's Corporation$38M9.1%-5.6%1.5 yr
GOOGLAlphabet Inc.$30M7.2%0.5 yr
MTZMasTec, Inc.$19M4.7%+175.7%0.3 yr
CRSCarpenter Technology Cor$18M4.4%+118.3%0.3 yr
MUMicron Technology, Inc.$9M2.1%+289.6%0.3 yr
FICOFair Isaac Corporation$8M1.8%-42.1%1.5 yr
VEEVVeeva Systems Inc.$4M1.1%-24.2%1.5 yr

Portfolio composition (YoY)

Industry mix
Manufacturing - Metal Fabrication17.3%$71M
Travel Lodging17.0%$70M
Semiconductors14.5%$60M
Financial - Capital Markets14.1%-2.8pp$58M
Specialty Retail13.3%$55M
Financial - Data & Stock Exchanges9.1%-2.9pp$38M
Internet Content & Information7.2%$30M
Engineering & Construction4.7%$19M
Software - Application1.8%-15.5pp$8M
Medical - Healthcare Information Services1.1%-11.2pp$4M
Country
US87.6%-12.4pp
NL12.4%
Top 5: 69.6% · Top 10: 97.1% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %
MCO$11M-0.00B-5.6%
VEEV$11M-0.00B-24.2%
TW$16M-0.00B-20.4%
FICO$15M-0.01B-42.1%

Losers

TickerPrev $PnLYoY %
FICO$15M-0.01B-42.1%
TW$16M-0.00B-20.4%
VEEV$11M-0.00B-24.2%
MCO$11M-0.00B-5.6%

Top buys this quarter · 6

ATI ATI Inc.new+$53M
ASML ASML Holding N.V.new+$51M
MTZ MasTec, Inc.new+$19M
CRS Carpenter Technology Corporatinew+$18M
AMZN Amazon.com, Inc.+$16M
MU Micron Technology, Inc.new+$9M

Top sells this quarter · 8

GOOGL Alphabet Inc.$0M
VEEV Veeva Systems Inc.$40M
FICO Fair Isaac Corporation$37M
EFX Equifax Inc.exit$30M
MCO Moody's Corporation$13M
TW Tradeweb Markets Inc.$57M
AXON Axon Enterprise, Inc.exit$2M
MAR Marriott International, Inc.$68M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$413M12-8.05%+17.59%-25.64%+0.01B
2025-12-31$430M9-5.28%+17.72%-23.00%+0.16B
2025-09-30$273M8-11.38%+8.12%-19.50%+0.18B
2025-06-30$104M7+12.11%+10.78%+1.33%-0.00B
2025-03-31$93M8-3.57%-4.27%+0.70%-0.01B
2024-12-31$104M8