Square Wave Capital provides portfolio management for pooled vehicles and portfolio management for institutions. The firm advises 1 private fund.
Square Wave Capital reports 3 clients. They include 2 pooled investment vehicles and 1 other client. Of its assets, 100.0% ($429M across 3 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Pooled investment vehicles | 67% | 84% |
| Other | 33% | 16% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Pooled investment vehicles | 2 | $360M | 83.9% | $180M |
| Other | 1 | $69M | 16.1% | $69M |
| Total | 3 | $429M | 100% | $143M |
- Clients
- 2
- Regulatory AUM
- $360M
- AUM share
- 83.9%
- Avg. per client
- $180M
- Clients
- 1
- Regulatory AUM
- $69M
- AUM share
- 16.1%
- Avg. per client
- $69M
Total
- Clients
- 3
- Regulatory AUM
- $429M
- AUM share
- 100%
- Avg. per client
- $143M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 1
Square Wave Capital is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
Ryan Ashayeri owns 75% or more of Square Wave Capital. The leadership team of Square Wave Capital includes Chief Financial Officer Kyle Altshuler. It has 4 employees, 3 of them in advisory roles.
Leadership
- Kyle AltshulerChief Financial Officer/Chief Compliance Officer
- Ryan AshayeriMember
Staff
- 4 employees
- 3 in advisory functions
- Owns 75% or more of Square Wave Capital LLC
Ryan Ashayeri
Control person · since October 2021
Square Wave Capital’s regulatory assets grew 15.7× from $27.3M (June 2022) to $429M (March 2026); clients rose from 1 to 3 and employees from 3 to 4.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $429M | 3 | 4 | 1 |
| March 2025 | $105M | 2 | 3 | 1 |
| March 2024 | $66.7M | 2 | 3 | 1 |
| February 2023 | $38.5M | 2 | 3 | 1 |
| June 2022 | $27.3M | 1 | 3 | 1 |
Besides its headquarters, Square Wave Capital has 0 offices, with 1 listed address in New York.
New York · 1 listed address
- 55 Prospect Street, Suite 310, BrooklynHQ
Contact and registration details
- Legal name
- Square Wave Capital LLC
- Headquarters
- 55 Prospect Street, Suite 310, Brooklyn, NY 11201
- Website
- squarewavecapital.com
- Phone
- 203-733-6139
- @square-wave-capital
- SEC file
- 801-123271
- Structure
- Delaware LLC
- Fiscal year end
- December
Square Wave Capital uses Fidelity ($69M, 100%) and Morgan Stanley ($24K, 0%) as custodians for its separately managed accounts. Square Wave Capital has custody of $360M in client assets for 2 clients.
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $69M100%
- Morgan StanleyMorgan Stanley & Co., LLC · New York, NY · $24K0%
At year end, Square Wave Capital’s separately managed accounts were mostly in stocks (100%). Its reported 13F holdings for the quarter ended 30 June 2026 total $670M across 11 positions; the largest are Micron Technology Inc. (15.4%), ASML Hldg NV (14.2%) and Ati Inc. (13.1%).
What the accounts hold
- Stocks100%
Reported 13F holdings
- $670M
- Reported 13F value
- 11
- Positions
- 98.2%
- In the 10 largest
- +62.2%
- Value vs. prior quarter
- Micron Technology Inc.15.4%
- ASML Hldg NV · N Y Registry Shs14.2%
- Ati Inc.13.1%
- Marriott Intl Inc. New · CL A12.8%
- Amazon Com Inc.12.8%
- Carpenter Technology Corp.11.4%
- Alphabet Inc. · Cap Stk CL A5.9%
- Intel Corp.4.8%
- Tradeweb Mkts Inc. · CL A4.2%
- Ftai Aviation Ltd3.7%
Together, the ten largest are 98.2% of reported value.
How many clients does Square Wave Capital have?
Square Wave Capital has 3 clients and manages $429 million for them, as of March 2026. They include 2 pooled investment vehicles and 1 other client.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Square Wave Capital offer?
Square Wave Capital provides portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Square Wave Capital use?
Square Wave Capital’s separately managed account assets are held at Fidelity Brokerage Services LLC (Smithfield, RI), with $69M and Morgan Stanley & Co., LLC (New York, NY), with $24K. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Square Wave Capital have?
Square Wave Capital has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 3 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Square Wave Capital invest in?
At the end of its last fiscal year, Square Wave Capital’s separately managed accounts held 100% exchange-traded equities. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Square Wave Capital?
Square Wave Capital’s direct owner is Ryan Ashayeri (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Square Wave Capital get paid?
Square Wave Capital is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Square Wave Capital?
Square Wave Capital’s main office is at 55 Prospect Street, Suite 310, Brooklyn, NY 11201. Its phone number is 203-733-6139. Its website is squarewavecapital.com.