Portman Square Capital LLP

London, X0

$527m in 36 US stocks at the end of 30 June 2026. The top 10 are 74.9% of the money. It changed about 38.3% of the portfolio this quarter.

Value

$527m

Stocks

Top 10 share

74.9%

Turnover

38.3%

What changed this quarter

New

Bought for the first time this quarter.

Alibaba Group HldgBABA
12.7% of the fund
Seagate Technology HoldingsSTX
4.6% of the fund
Akamai TechnologiesAKAM
4.0% of the fund
Western DigitalWDC
1.3% of the fund
PPLPPL
0.4% of the fund
Ishares TRFXI
0.2% of the fund
Advanced Energy IndustriesAEIS
<0.1% of the fund

Added

Bought more of a stock they already held.

RedditRDDT
10.3% of the fund
+475%
WayfairW
7.2% of the fund
+125%
Alnylam PharmaceuticalsALNY
1.4% of the fund
+48%
Southern CompanySO
1.1% of the fund
+39%
Kraneshares TrustKWEB
0.8% of the fund
+25%
Starwood Property TrustSTWD
0.3% of the fund
+24%
Upstart HoldingsUPST
0.1% of the fund
+61%

Cut

Sold some of their stake.

Southern Company
11.7% of the fund
-7%
PPL
6.8% of the fund
-52%
Microchip Technology
6.6% of the fund
-62%
NextEra EnergyNEE
5.4% of the fund
-16%
NextEra Energy
3.7% of the fund
-29%
Novanta
2.7% of the fund
-78%
Spdr Gold TRGLD
1.9% of the fund
-25%
OracleORCL
1.6% of the fund
-13%
Ares Management
1.0% of the fund
-55%
Hewlett Packard Enterprise C
0.8% of the fund
-84%
Pg&ePCG
0.7% of the fund
-27%
ON SemiconductorON
0.6% of the fund
-64%
Tetra TechTTEK
0.6% of the fund
-21%
AlbemarleALB
0.6% of the fund
-74%
ZTO Express CaymanZTO
0.3% of the fund
-12%
Lucid GroupLCID
0.3% of the fund
-51%
Hewlett Packard EnterpriseHPE
<0.1% of the fund
-96%

Sold out

Sold their entire stake.

Boeing
-100%
Shift4 Pmts
-100%
IrenIREN
-100%
FluorFLR
-100%
Nebius GroupNBIS
-100%
SynapticsSYNA
-100%
CloudflareNET
-100%
Voyager TechnologiesVOYG
-100%
SoFi TechnologiesSOFI
-100%
Realty IncomeO
-100%

Holdings

Alibaba Group HldgBABA
Share
12.7%
Value
$67m
Shares
695,718
New
Southern Company
Share
11.7%
Value
$62m
Shares
1,236,000
-7%
RedditRDDT
Share
10.3%
Value
$54m
Shares
313,872
+475%
WayfairW
Share
7.2%
Value
$38m
Shares
409,349
+125%
PPL
Share
6.8%
Value
$36m
Shares
730,000
-52%
Microchip Technology
Share
6.6%
Value
$35m
Shares
450,000
-62%
Albemarle
Share
5.7%
Value
$30m
Shares
541,000
Held
NextEra EnergyNEE
Share
5.4%
Value
$28m
Shares
322,752
-16%
Seagate Technology HoldingsSTX
Share
4.6%
Value
$24m
Shares
25,167
New
Akamai TechnologiesAKAM
Share
4.0%
Value
$21m
Shares
178,077
New
NextEra Energy
Share
3.7%
Value
$20m
Shares
410,000
-29%
Pg&e
Share
3.0%
Value
$16m
Shares
381,000
Held
Novanta
Share
2.7%
Value
$14m
Shares
210,000
-78%
Spdr Gold TRGLD
Share
1.9%
Value
$10m
Shares
27,000
-25%
OracleORCL
Share
1.6%
Value
$9m
Shares
58,020
-13%
Alnylam PharmaceuticalsALNY
Share
1.4%
Value
$8m
Shares
25,016
+48%
Western DigitalWDC
Share
1.3%
Value
$7m
Shares
10,430
New
Southern CompanySO
Share
1.1%
Value
$6m
Shares
61,789
+39%
NextEra Energy
Share
1.0%
Value
$5m
Shares
100,000
Held
Ares Management
Share
1.0%
Value
$5m
Shares
140,000
-55%
Kraneshares TrustKWEB
Share
0.8%
Value
$4m
Shares
175,000
+25%
Hewlett Packard Enterprise C
Share
0.8%
Value
$4m
Shares
35,000
-84%
Pg&ePCG
Share
0.7%
Value
$4m
Shares
230,773
-27%
ON SemiconductorON
Share
0.6%
Value
$3m
Shares
35,065
-64%
Tetra TechTTEK
Share
0.6%
Value
$3m
Shares
113,409
-21%
AlbemarleALB
Share
0.6%
Value
$3m
Shares
22,642
-74%
NextEra Energy
Share
0.5%
Value
$3m
Shares
51,000
Held
PPLPPL
Share
0.4%
Value
$2m
Shares
57,032
New
ZTO Express CaymanZTO
Share
0.3%
Value
$2m
Shares
71,243
-12%
Lucid GroupLCID
Share
0.3%
Value
$2m
Shares
225,054
-51%
Starwood Property TrustSTWD
Share
0.3%
Value
$1m
Shares
81,810
+24%
Ishares TRFXI
Share
0.2%
Value
$947,700
Shares
30,000
New
Upstart HoldingsUPST
Share
0.1%
Value
$674,445
Shares
19,036
+61%
Advanced Energy IndustriesAEIS
Share
<0.1%
Value
$462,359
Shares
1,240
New
Hewlett Packard EnterpriseHPE
Share
<0.1%
Value
$303,500
Shares
6,728
-96%
Xerox HoldingsXRX
Share
<0.1%
Value
$52,606
Shares
16,807
Held

Company	Share of fund	Value	Shares	Change
Alibaba Group HldgBABA	12.7%	$67m	695,718	New
Southern Company	11.7%	$62m	1,236,000	-7%
RedditRDDT	10.3%	$54m	313,872	+475%
WayfairW	7.2%	$38m	409,349	+125%
PPL	6.8%	$36m	730,000	-52%
Microchip Technology	6.6%	$35m	450,000	-62%
Albemarle	5.7%	$30m	541,000	Held
NextEra EnergyNEE	5.4%	$28m	322,752	-16%
Seagate Technology HoldingsSTX	4.6%	$24m	25,167	New
Akamai TechnologiesAKAM	4.0%	$21m	178,077	New
NextEra Energy	3.7%	$20m	410,000	-29%
Pg&e	3.0%	$16m	381,000	Held
Novanta	2.7%	$14m	210,000	-78%
Spdr Gold TRGLD	1.9%	$10m	27,000	-25%
OracleORCL	1.6%	$9m	58,020	-13%
Alnylam PharmaceuticalsALNY	1.4%	$8m	25,016	+48%
Western DigitalWDC	1.3%	$7m	10,430	New
Southern CompanySO	1.1%	$6m	61,789	+39%
NextEra Energy	1.0%	$5m	100,000	Held
Ares Management	1.0%	$5m	140,000	-55%
Kraneshares TrustKWEB	0.8%	$4m	175,000	+25%
Hewlett Packard Enterprise C	0.8%	$4m	35,000	-84%
Pg&ePCG	0.7%	$4m	230,773	-27%
ON SemiconductorON	0.6%	$3m	35,065	-64%
Tetra TechTTEK	0.6%	$3m	113,409	-21%
AlbemarleALB	0.6%	$3m	22,642	-74%
NextEra Energy	0.5%	$3m	51,000	Held
PPLPPL	0.4%	$2m	57,032	New
ZTO Express CaymanZTO	0.3%	$2m	71,243	-12%
Lucid GroupLCID	0.3%	$2m	225,054	-51%
Starwood Property TrustSTWD	0.3%	$1m	81,810	+24%
Ishares TRFXI	0.2%	$947,700	30,000	New
Upstart HoldingsUPST	0.1%	$674,445	19,036	+61%
Advanced Energy IndustriesAEIS	<0.1%	$462,359	1,240	New
Hewlett Packard EnterpriseHPE	<0.1%	$303,500	6,728	-96%
Xerox HoldingsXRX	<0.1%	$52,606	16,807	Held

Options (50)

IrenIREN
Type
Put
Value
$187m
Contracts
4,096,200
Spdr Gold TRGLD
Type
Call
Value
$129m
Contracts
350,000
NextEra EnergyNEE
Type
Put
Value
$117m
Contracts
1,328,900
Alibaba Group HldgBABA
Type
Put
Value
$113m
Contracts
1,180,900
Southern CompanySO
Type
Put
Value
$84m
Contracts
880,200
RedditRDDT
Type
Put
Value
$72m
Contracts
412,100
PPLPPL
Type
Put
Value
$65m
Contracts
1,795,400
WayfairW
Type
Put
Value
$53m
Contracts
569,500
Pg&ePCG
Type
Put
Value
$52m
Contracts
3,103,300
Microchip TechnologyMCHP
Type
Put
Value
$48m
Contracts
527,100
AlbemarleALB
Type
Put
Value
$48m
Contracts
354,200
Spdr Gold TRGLD
Type
Put
Value
$46m
Contracts
125,000
Akamai TechnologiesAKAM
Type
Put
Value
$45m
Contracts
384,300
OracleORCL
Type
Put
Value
$38m
Contracts
259,800
ON SemiconductorON
Type
Put
Value
$26m
Contracts
277,300
Spectrum Brands HoldingsSPB
Type
Call
Value
$25m
Contracts
289,300
FirstenergyFE
Type
Put
Value
$23m
Contracts
477,900
Global PaymentsGPN
Type
Put
Value
$20m
Contracts
273,800
Tetra TechTTEK
Type
Put
Value
$20m
Contracts
685,400
Starwood Property TrustSTWD
Type
Put
Value
$19m
Contracts
1,185,700
Winnebago IndustriesWGO
Type
Call
Value
$18m
Contracts
581,900
SynapticsSYNA
Type
Put
Value
$18m
Contracts
146,300
ItronITRI
Type
Put
Value
$16m
Contracts
185,300
Global PaymentsGPN
Type
Call
Value
$16m
Contracts
219,900
CloudflareNET
Type
Put
Value
$16m
Contracts
64,500
FluorFLR
Type
Put
Value
$15m
Contracts
295,700
Ares ManagementARES
Type
Put
Value
$15m
Contracts
130,300
Guardant HealthGH
Type
Put
Value
$14m
Contracts
94,800
Alnylam PharmaceuticalsALNY
Type
Put
Value
$14m
Contracts
46,200
BlacklineBL
Type
Put
Value
$12m
Contracts
439,800
NovantaNOVT
Type
Put
Value
$12m
Contracts
73,800
Hewlett Packard EnterpriseHPE
Type
Put
Value
$12m
Contracts
262,700
EnovisENOV
Type
Call
Value
$12m
Contracts
563,800
ZTO Express CaymanZTO
Type
Put
Value
$11m
Contracts
493,700
Jazz PharmaceuticalsJAZZ
Type
Put
Value
$10m
Contracts
41,900
BridgeBio PharmaBBIO
Type
Call
Value
$10m
Contracts
133,600
Realty IncomeO
Type
Put
Value
$9m
Contracts
142,200
Ishares TRIWM
Type
Call
Value
$8m
Contracts
27,500
United STS Oil FD LPUSO
Type
Put
Value
$8m
Contracts
75,000
Ishares TRFXI
Type
Call
Value
$7m
Contracts
231,100
IsharesEWY
Type
Put
Value
$7m
Contracts
35,100
SemtechSMTC
Type
Put
Value
$7m
Contracts
40,600
Lucid GroupLCID
Type
Put
Value
$6m
Contracts
925,300
BridgeBio PharmaBBIO
Type
Put
Value
$4m
Contracts
60,000
EvergyEVRG
Type
Put
Value
$4m
Contracts
43,500
Vaneck ETF TrustSMH
Type
Put
Value
$3m
Contracts
5,300
Kraneshares TrustKWEB
Type
Call
Value
$2m
Contracts
100,000
Live Nation EntertainmentLYV
Type
Put
Value
$2m
Contracts
12,000
Ishares TRTLT
Type
Put
Value
$1m
Contracts
15,000
Apollo Global ManagementAPO
Type
Call
Value
$414,085
Contracts
3,500

Company	Type	Value	Contracts
IrenIREN	Put	$187m	4,096,200
Spdr Gold TRGLD	Call	$129m	350,000
NextEra EnergyNEE	Put	$117m	1,328,900
Alibaba Group HldgBABA	Put	$113m	1,180,900
Southern CompanySO	Put	$84m	880,200
RedditRDDT	Put	$72m	412,100
PPLPPL	Put	$65m	1,795,400
WayfairW	Put	$53m	569,500
Pg&ePCG	Put	$52m	3,103,300
Microchip TechnologyMCHP	Put	$48m	527,100
AlbemarleALB	Put	$48m	354,200
Spdr Gold TRGLD	Put	$46m	125,000
Akamai TechnologiesAKAM	Put	$45m	384,300
OracleORCL	Put	$38m	259,800
ON SemiconductorON	Put	$26m	277,300
Spectrum Brands HoldingsSPB	Call	$25m	289,300
FirstenergyFE	Put	$23m	477,900
Global PaymentsGPN	Put	$20m	273,800
Tetra TechTTEK	Put	$20m	685,400
Starwood Property TrustSTWD	Put	$19m	1,185,700
Winnebago IndustriesWGO	Call	$18m	581,900
SynapticsSYNA	Put	$18m	146,300
ItronITRI	Put	$16m	185,300
Global PaymentsGPN	Call	$16m	219,900
CloudflareNET	Put	$16m	64,500
FluorFLR	Put	$15m	295,700
Ares ManagementARES	Put	$15m	130,300
Guardant HealthGH	Put	$14m	94,800
Alnylam PharmaceuticalsALNY	Put	$14m	46,200
BlacklineBL	Put	$12m	439,800
NovantaNOVT	Put	$12m	73,800
Hewlett Packard EnterpriseHPE	Put	$12m	262,700
EnovisENOV	Call	$12m	563,800
ZTO Express CaymanZTO	Put	$11m	493,700
Jazz PharmaceuticalsJAZZ	Put	$10m	41,900
BridgeBio PharmaBBIO	Call	$10m	133,600
Realty IncomeO	Put	$9m	142,200
Ishares TRIWM	Call	$8m	27,500
United STS Oil FD LPUSO	Put	$8m	75,000
Ishares TRFXI	Call	$7m	231,100
IsharesEWY	Put	$7m	35,100
SemtechSMTC	Put	$7m	40,600
Lucid GroupLCID	Put	$6m	925,300
BridgeBio PharmaBBIO	Put	$4m	60,000
EvergyEVRG	Put	$4m	43,500
Vaneck ETF TrustSMH	Put	$3m	5,300
Kraneshares TrustKWEB	Call	$2m	100,000
Live Nation EntertainmentLYV	Put	$2m	12,000
Ishares TRTLT	Put	$1m	15,000
Apollo Global ManagementAPO	Call	$414,085	3,500

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is down 16.2% since 30 June 2025.

Where the money is

Technology12.3%

Media & telecom10.3%

Utilities7.6%

Retail & consumer7.5%

Health care1.4%

Industrials0.6%

Materials0.6%

Financial services0.4%

Other59.3%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.