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Square Wave Capital, LLC
Square Wave Capital, LLC is a hedge fund and investment adviser founded by Ryan Ashayeri in October 2021, headquartered in Brooklyn, New York. The firm manages approximately $104.7 million in assets as of March 2025 and operates with a very small team of 3 employees. Square Wave Capital primarily serves pooled investment vehicles and other institutional investors, focusing on delivering sophisticated investment solutions through a concentrated portfolio.
Investment Strategy
Square Wave Capital employs an actively managed, high-conviction strategy focused on U.S. public equities, building a concentrated portfolio with significant positions in sectors such as technology, financials, and business services. The firm is known for fundamental analysis and dynamic portfolio rebalancing, with top holdings in companies like Tradeweb Markets, Fair Isaac, Equifax, Axon Enterprise, and Gartner. Its investment approach emphasizes capital preservation, risk-adjusted returns, and opportunistic trading based on quantitative and qualitative research.
Latest 13F Filing Activity
Square Wave Capital, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 7 equity positions with a total 13F market value of $104M. The fund increased holdings in Veeva SYS Inc., Axon Enterprise Inc., Moodys Corp. among other positions. Square Wave Capital, LLC reduced exposure to Salesforce Inc., Tradeweb MKTS Inc., Fair Isaac Corp. among others.
Top Holdings
Equity Positions (7)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A AXON | AXON ENTERPRISE INC | 15.82% | $16.5M | 19,915 | $594.32 | $827.94 | +$3.5M |
T TW | TRADEWEB MKTS INC | 15.01% | $15.6M | 106,870 | $132.18 | $146.40 | -$131.7K |
V VEEV | VEEVA SYS INC | 14.76% | $15.4M | 53,426 | $215.91 | $287.98 | +$3.9M |
E EFX | EQUIFAX INC | 14.67% | $15.3M | 58,962 | $253.00 | $259.37 | +$1.3M |
F FICO | FAIR ISAAC CORP | 14.52% | $15.1M | 8,284 | $1981.42 | $1827.96 | +$360.0K |
Industry Allocation
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