Portman Square Capital LLP

London, X0 · CIK 1966898 · 13F filing filed 2026-07-15

SEC-registered investment adviser since 2022 · limited liability partnership

Assets managed$4.6bn
Staff27 · 6 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $440.4k gross assets
Websiteportmansquarecapital.com
Form ADV · 2026-05-14SEC adviser record

Legal entityPORTMAN SQUARE CAPITAL LLP (GB)

Kindhedge funds, futures, FCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundshedge 1

In the UK

FCA-authorised companies1
Manages investmentsyes
Runs fundsyes
Retail clientsno, professional only

Company	Town	Staff	Pay gap report	FCA register
PORTMAN SQUARE CAPITAL LLP Limited Liability PartnershipFCA: Authorised · manages investments, manages AIFs, advises, deals	London			Authorisedmanages investments, manages AIFs, advises, deals

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

$587.0m reported value -10.6% vs Q1 2026

39positions

68.4%in top 10

8 new 7 added 19 reduced 13 sold out vs Q1 2026

Options: 15 call positions ($229.3m notional), 40 put positions ($1.3bn notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	695,718	$66.8m11.38%	11.38%	New
2	SOUTHERN CO UNIT 12/15/2028 SO 7.125 12.15.28 A	SO 7.125 12.15.28 A	1,236,000	$61.8m10.54%	10.54%	Reduced -100.0k	-100,000 -7.5%
3	REDDIT INC CL A RDDT	RDDT	313,872	$54.5m9.28%	9.28%	Added +259.3k	+259,272 474.9%
4	WAYFAIR INC CL A W	W	409,349	$37.8m6.44%	6.44%	Added +227.3k	+227,310 124.9%
5	PPL CORP UNIT 02/15/2029 PPL 7 02.15.29	PPL 7 02.15.29	730,000	$35.7m6.08%	6.08%	Reduced -800.0k	-800,000 -52.3%
6	MICROCHIP TECHNOLOGY INC. DEP SHS REPSTG MCHP 7.5 03.15.28	MCHP 7.5 03.15.28	450,000	$34.7m5.90%	5.90%	Reduced -725.0k	-725,000 -61.7%
7	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	541,000	$30.0m5.11%	5.11%	Unchanged
8	NEXTERA ENERGY INC COM NEE	NEE	322,752	$28.3m4.83%	4.83%	Reduced -62.6k	-62,645 -16.2%
9	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	24,600,000	$27.3m4.66%	4.66%	New
10	SEAGATE TECHNOLOGY HLDNGS PL ORD SHS STX	STX	25,167	$24.3m4.14%	4.14%	New
11	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	15,800,000	$22.4m3.82%	3.82%	Reduced -4.2m	-4,200,000 -21.0%
12	AKAMAI TECHNOLOGIES INC COM AKAM	AKAM	178,077	$21.1m3.59%	3.59%	New
13	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	410,000	$19.6m3.34%	3.34%	Reduced -165.0k	-165,000 -28.7%
14	PG&E CORP PFD CONV SER A PCG 6 12.01.27 A	PCG 6 12.01.27 A	381,000	$15.8m2.69%	2.69%	Unchanged
15	NOVANTA INC UNIT 11/01/2028 NOVT 6.5 11.01.28	NOVT 6.5 11.01.28	210,000	$14.3m2.44%	2.44%	Reduced -750.0k	-750,000 -78.1%
16	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	5,925,000	$10.1m1.72%	1.72%	Reduced -6.6m	-6,575,000 -52.6%
17	SPDR GOLD TR GOLD SHS GLD	GLD	27,000	$9.9m1.69%	1.69%	Reduced -9.0k	-9,000 -25.0%
18	ORACLE CORP COM ORCL	ORCL	58,020	$8.5m1.45%	1.45%	Reduced -9.0k	-8,963 -13.4%
19	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	25,016	$7.5m1.28%	1.28%	Added +8.1k	+8,092 47.8%
20	WESTERN DIGITAL CORP COM WDC	WDC	10,430	$6.7m1.13%	1.13%	New
21	SOUTHERN CO COM SO	SO	61,789	$5.9m1.01%	1.01%	Added +17.4k	+17,414 39.2%
22	NEXTERA ENERGY INC UNIT 06/01/2027 NEE 7.299 06.01.27	NEE 7.299 06.01.27	100,000	$5.4m0.91%	0.91%	Unchanged
23	ARES MANAGEMENT CORPORATION 6.75 SE B PFD ARES 6.75 10.01.27 B	ARES 6.75 10.01.27 B	140,000	$5.1m0.87%	0.87%	Reduced -172.0k	-172,000 -55.1%
24	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	175,000	$4.3m0.73%	0.73%	Added +35.0k	+35,000 25.0%
25	HEWLETT PACKARD ENTERPRISE C 7.625 MAND CONV HPE 7.625 09.01.27	HPE 7.625 09.01.27	35,000	$4.1m0.70%	0.70%	Reduced -185.0k	-185,000 -84.1%
26	PG&E CORP COM PCG	PCG	230,773	$3.9m0.66%	0.66%	Reduced -84.0k	-84,000 -26.7%
27	ON SEMICONDUCTOR CORP COM ON	ON	35,065	$3.3m0.56%	0.56%	Reduced -61.1k	-61,069 -63.5%
28	TETRA TECH INC NEW COM TTEK	TTEK	113,409	$3.3m0.56%	0.56%	Reduced -30.7k	-30,652 -21.3%
29	ALBEMARLE CORP COM ALB	ALB	22,642	$3.1m0.52%	0.52%	Reduced -64.2k	-64,169 -73.9%
30	NEXTERA ENERGY INC UNIT 11/01/2027 NEE 7.234 11.01.27	NEE 7.234 11.01.27	51,000	$2.6m0.44%	0.44%	Unchanged
31	PPL CORP COM PPL	PPL	57,032	$2.1m0.35%	0.35%	New
32	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	71,243	$1.6m0.27%	0.27%	Reduced -9.3k	-9,263 -11.5%
33	LUCID GROUP INC COM NEW LCID	LCID	225,054	$1.5m0.26%	0.26%	Reduced -236.5k	-236,456 -51.2%
34	STARWOOD PPTY TR INC COM STWD	STWD	81,810	$1.3m0.23%	0.23%	Added +15.9k	+15,917 24.2%
35	ISHARES TR CHINA LG-CAP ETF FXI	FXI	30,000	$947.7k0.16%	0.16%	New
36	UPSTART HLDGS INC COM UPST	UPST	19,036	$674.4k0.11%	0.11%	Added +7.2k	+7,226 61.2%
37	ADVANCED ENERGY INDS COM AEIS	AEIS	1,240	$462.4k0.08%	0.08%	New
38	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	6,728	$303.5k0.05%	0.05%	Reduced -181.8k	-181,776 -96.4%
39	XEROX HOLDINGS CORP COM NEW XRX	XRX	16,807	$52.6k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BOEING CO BA 6 10.15.27	BA 6 10.15.27	356,000	$23.0m356.0k shares
GUARDANT HEALTH INC GH 1.25 02.15.31	GH 1.25 02.15.31	10,000,000	$16.8m10.0m shares
OSI SYSTEMS INC OSIS 2.25 08.01.29	OSIS 2.25 08.01.29	7,000,000	$10.7m7.0m shares
SHIFT4 PMTS INC FOUR 6 05.01.28	FOUR 6 05.01.28	155,000	$8.5m155.0k shares
STARWOOD PPTY TR INC STWD 6.75 07.15.27	STWD 6.75 07.15.27	8,000,000	$8.2m8.0m shares
IREN LIMITED IREN	IREN	176,466	$6.0m176.5k shares
FLUOR CORP NEW FLR	FLR	99,844	$4.7m99.8k shares
NEBIUS GROUP N.V. NBIS	NBIS	35,087	$3.6m35.1k shares
SYNAPTICS INC SYNA	SYNA	33,322	$2.3m33.3k shares
CLOUDFLARE INC NET	NET	7,278	$1.5m7.3k shares
VOYAGER TECHNOLOGIES INC VOYG	VOYG	28,700	$671.3k28.7k shares
SOFI TECHNOLOGIES INC SOFI	SOFI	37,753	$599.5k37.8k shares
REALTY INCOME CORP O	O	9,254	$566.2k9.3k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
IREN LIMITED IREN · Put	IREN	Put	4,096,200	$187.3m4.1m shares	New
SPDR GOLD TR GLD · Call	GLD	Call	350,000	$128.9m350.0k shares	Reduced
NEXTERA ENERGY INC NEE · Put	NEE	Put	1,328,900	$116.6m1.3m shares	Reduced
ALIBABA GROUP HLDG LTD BABA · Put	BABA	Put	1,180,900	$113.3m1.2m shares	Added
SOUTHERN CO SO · Put	SO	Put	880,200	$84.2m880.2k shares	Reduced
REDDIT INC RDDT · Put	RDDT	Put	412,100	$71.5m412.1k shares	Added
PPL CORP PPL · Put	PPL	Put	1,795,400	$65.3m1.8m shares	Added
WAYFAIR INC W · Put	W	Put	569,500	$52.6m569.5k shares	Added
PG&E CORP PCG · Put	PCG	Put	3,103,300	$52.2m3.1m shares	Reduced
MICROCHIP TECHNOLOGY INC. MCHP · Put	MCHP	Put	527,100	$48.1m527.1k shares	Reduced
ALBEMARLE CORP ALB · Put	ALB	Put	354,200	$47.8m354.2k shares	Reduced
SPDR GOLD TR GLD · Put	GLD	Put	125,000	$46.0m125.0k shares	Added
AKAMAI TECHNOLOGIES INC AKAM · Put	AKAM	Put	384,300	$45.4m384.3k shares	Added
ORACLE CORP ORCL · Put	ORCL	Put	259,800	$38.1m259.8k shares	Reduced
ON SEMICONDUCTOR CORP ON · Put	ON	Put	277,300	$26.2m277.3k shares	Reduced
SPECTRUM BRANDS HLDGS INC NE SPB · Call	SPB	Call	289,300	$24.8m289.3k shares	Reduced
FIRSTENERGY CORP FE · Put	FE	Put	477,900	$22.7m477.9k shares	Reduced
GLOBAL PMTS INC GPN · Put	GPN	Put	273,800	$19.9m273.8k shares	Unchanged
TETRA TECH INC NEW TTEK · Put	TTEK	Put	685,400	$19.8m685.4k shares	Reduced
STARWOOD PPTY TR INC STWD · Put	STWD	Put	1,185,700	$19.4m1.2m shares	Reduced
WINNEBAGO INDS INC WGO · Call	WGO	Call	581,900	$18.2m581.9k shares	Reduced
SYNAPTICS INC SYNA · Put	SYNA	Put	146,300	$18.2m146.3k shares	Unchanged
ITRON INC ITRI · Put	ITRI	Put	185,300	$16.0m185.3k shares	Unchanged
GLOBAL PMTS INC GPN · Call	GPN	Call	219,900	$16.0m219.9k shares	Unchanged
CLOUDFLARE INC NET · Put	NET	Put	64,500	$15.8m64.5k shares	Added