Square Wave Capital, LLC Long-Term Concentrated

CIK: 0002077145 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $430,222 (100.0% shares, 0.0% debt)

Holdings (9)

New Positions (2)

AMZN AMAZON COM INC 10.0%

Value ($000) $43,094 Shares 186,700 Est. Cost $228.79 Unrealized 0.0%

GOOGL ALPHABET INC 8.7%

Value ($000) $37,497 Shares 119,800 Est. Cost $285.60 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	186,700	$43,094	10.0%	$228.79	0.0%	COM	023135106
GOOGL	ALPHABET INC	119,800	$37,497	8.7%	$285.60	0.0%	CAP STK CL A	02079K305

Increased Positions (6)

FICO FAIR ISAAC CORP 16.5%

Value ($000) $70,837 (+67.3%) Shares 41,900 (+48.1%) Est. Cost $1696.14 Unrealized +1.5%

MAR MARRIOTT INTL INC NEW 15.8%

Value ($000) $67,974 (+66.1%) Shares 219,100 (+39.5%) Est. Cost $272.53 Unrealized +4.7%

MCO MOODYS CORP 13.7%

Value ($000) $59,105 (+58.0%) Shares 115,700 (+47.4%) Est. Cost $490.30 Unrealized -0.6%

TW TRADEWEB MKTS INC 13.1%

Value ($000) $56,523 (+21.9%) Shares 525,600 (+25.8%) Est. Cost $124.89 Unrealized -14.0%

VEEV VEEVA SYS INC 13.1%

Value ($000) $56,366 (+16.9%) Shares 252,500 (+56.0%) Est. Cost $263.08 Unrealized +0.9%

EFX EQUIFAX INC 8.3%

Value ($000) $35,806 (-5.0%) Shares 165,020 (+12.3%) Est. Cost $251.22 Unrealized -13.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FICO	FAIR ISAAC CORP	41,900 (+48.1%)	$70,837 (+67.3%)	16.5%	$1696.14	+1.5%	COM	303250104
MAR	MARRIOTT INTL INC NEW	219,100 (+39.5%)	$67,974 (+66.1%)	15.8%	$272.53	+4.7%	CL A	571903202
MCO	MOODYS CORP	115,700 (+47.4%)	$59,105 (+58.0%)	13.7%	$490.30	-0.6%	COM	615369105
TW	TRADEWEB MKTS INC	525,600 (+25.8%)	$56,523 (+21.9%)	13.1%	$124.89	-14.0%	CL A	892672106
VEEV	VEEVA SYS INC	252,500 (+56.0%)	$56,366 (+16.9%)	13.1%	$263.08	+0.9%	CL A COM	922475108
EFX	EQUIFAX INC	165,020 (+12.3%)	$35,806 (-5.0%)	8.3%	$251.22	-13.0%	COM	294429105

Exited Positions (1)

IT GARTNER INC 3.6%

Value ($000) $15,299 Shares 58,198 Est. Cost $404.96 Unrealized -40.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IT	GARTNER INC	58,198	$15,299	3.6%	$404.96	-40.6%	—	366651107

Decreased Positions (1)

AXON AXON ENTERPRISE INC 0.7%

Value ($000) $3,020 (-40.4%) Shares 5,317 (-24.7%) Est. Cost $543.94 Unrealized +14.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXON	AXON ENTERPRISE INC	5,317 (-24.7%)	$3,020 (-40.4%)	0.7%	$543.94	+14.1%	COM	05464C101