# R Squared Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1896148. Source: https://holderbook.com/funds/1896148-r-squared-ltd/

- Reported value: $190.4M
- Positions: 509
- Weight of the ten largest: 14.1%
- Filed: 2026-08-05

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $3.9M | 68,165 | 2.0% | 3 |
| PENUMBRA INC | [PEN](https://holderbook.com/stocks/PEN/) | $3.6M | 11,502 | 1.9% | 2 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $3.6M | 18,057 | 1.9% | 4 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $2.6M | 18,911 | 1.4% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $2.5M | 5,197 | 1.3% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.4M | 8,201 | 1.2% | 2 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $2.2M | 10,775 | 1.2% | 3 |
| CHUNGHWA TELECOM CO LTD | [CHT](https://holderbook.com/stocks/CHT/) | $2.1M | 47,851 | 1.1% | 4 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $2.0M | 4,936 | 1.0% | 7 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.9M | 11,552 | 1.0% | 2 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $1.7M | 13,989 | 0.9% | 4 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $1.6M | 20,617 | 0.8% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.6M | 2,795 | 0.8% | 1 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $1.5M | 2,949 | 0.8% | 3 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.4M | 1,510 | 0.7% | 1 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $1.3M | 3,178 | 0.7% | 2 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $1.3M | 4,513 | 0.7% | 3 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $1.3M | 1,324 | 0.7% | 3 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $1.3M | 3,129 | 0.7% | 4 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.3M | 6,661 | 0.7% | 2 |
| AMERICAN AIRLINES GROUP INC | [AAL](https://holderbook.com/stocks/AAL/) | $1.2M | 68,615 | 0.7% | 5 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $1.2M | 15,966 | 0.6% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.2M | 1,643 | 0.6% | 2 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $1.1M | 12,459 | 0.6% | 5 |
| GRAB HOLDINGS LIMITED | [GRAB](https://holderbook.com/stocks/GRAB/) | $1.1M | 300,863 | 0.6% | 3 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $1.0M | 6,176 | 0.5% | 2 |
| BLOOM ENERGY CORP | [BE](https://holderbook.com/stocks/BE/) | $1.0M | 3,422 | 0.5% | 3 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $1.0M | 6,088 | 0.5% | 5 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.0M | 2,706 | 0.5% | 4 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $994.4K | 4,503 | 0.5% | 5 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $965.1K | 3,238 | 0.5% | 1 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $964.3K | 1,352 | 0.5% | 3 |
| AXIS CAP HLDGS LTD | [AXS](https://holderbook.com/stocks/AXS/) | $961.2K | 8,946 | 0.5% | 4 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $959.5K | 15,960 | 0.5% | 1 |
| UNIFIRST CORP MASS | [UNF](https://holderbook.com/stocks/UNF/) | $927.2K | 3,506 | 0.5% | 1 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $910.6K | 5,624 | 0.5% | 2 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $899.1K | 6,439 | 0.5% | 1 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $885.8K | 3,277 | 0.5% | 1 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $862.4K | 11,189 | 0.5% | 2 |
| DARLING INGREDIENTS INC | [DAR](https://holderbook.com/stocks/DAR/) | $859.4K | 15,735 | 0.5% | 2 |
| IDACORP INC | [IDA](https://holderbook.com/stocks/IDA/) | $858.6K | 5,675 | 0.5% | 1 |
| NORTHWEST NAT HLDG CO | [NWN](https://holderbook.com/stocks/NWN/) | $855.1K | 17,429 | 0.4% | 2 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $848.0K | 5,411 | 0.4% | 5 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $841.0K | 9,662 | 0.4% | 1 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $839.9K | 6,143 | 0.4% | 1 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $836.4K | 3,075 | 0.4% | 1 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $833.0K | 5,684 | 0.4% | 2 |
| LIVE NATION ENTERTAINMENT IN | [LYV](https://holderbook.com/stocks/LYV/) | $822.0K | 4,489 | 0.4% | 1 |
| FORTIVE CORP | [FTV](https://holderbook.com/stocks/FTV/) | $796.2K | 13,034 | 0.4% | 1 |
| CLEAN HARBORS INC | [CLH](https://holderbook.com/stocks/CLH/) | $772.9K | 2,587 | 0.4% | 1 |
| EQUIFAX INC | [EFX](https://holderbook.com/stocks/EFX/) | $752.5K | 4,741 | 0.4% | 3 |
| SS&C TECH HLDGS | [SSNC](https://holderbook.com/stocks/SSNC/) | $751.2K | 12,106 | 0.4% | 2 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $747.3K | 8,099 | 0.4% | 1 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $744.3K | 17,447 | 0.4% | 5 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $738.6K | 6,903 | 0.4% | 2 |
| FIVE BELOW INC | [FIVE](https://holderbook.com/stocks/FIVE/) | $696.9K | 3,876 | 0.4% | 2 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $682.8K | 6,110 | 0.4% | 2 |
| NVENT ELEC PLC | [NVT](https://holderbook.com/stocks/NVT/) | $678.3K | 3,999 | 0.4% | 3 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $671.7K | 560 | 0.4% | 5 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $671.0K | 4,117 | 0.4% | 3 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $668.3K | 579 | 0.4% | 5 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $664.8K | 17,993 | 0.3% | 2 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $664.1K | 1,337 | 0.3% | 1 |
| AMALGAMATED FINANCIAL CORP | [AMAL](https://holderbook.com/stocks/AMAL/) | $657.9K | 14,334 | 0.3% | 3 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $651.5K | 7,795 | 0.3% | 3 |
| AFYA LTD | [AFYA](https://holderbook.com/stocks/AFYA/) | $650.9K | 43,864 | 0.3% | 5 |
| AMERISAFE INC | [AMSF](https://holderbook.com/stocks/AMSF/) | $649.2K | 19,189 | 0.3% | 7 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $642.2K | 4,395 | 0.3% | 6 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $640.2K | 1,812 | 0.3% | 2 |
| VOYA FINANCIAL INC | [VOYA](https://holderbook.com/stocks/VOYA/) | $635.6K | 7,021 | 0.3% | 1 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $628.9K | 18,497 | 0.3% | 2 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $628.7K | 8,436 | 0.3% | 2 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $627.5K | 276 | 0.3% | 2 |
| TRUSTCO BK CORP N Y | [TRST](https://holderbook.com/stocks/TRST/) | $622.5K | 11,337 | 0.3% | 5 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $618.6K | 6,672 | 0.3% | 1 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $612.4K | 22,969 | 0.3% | 2 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $607.9K | 2,334 | 0.3% | 1 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $607.3K | 5,205 | 0.3% | 5 |
| COMPANIA CERVECERIAS UNIDAS | [CCU](https://holderbook.com/stocks/CCU/) | $606.2K | 54,129 | 0.3% | 7 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $601.5K | 15,470 | 0.3% | 4 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $600.9K | 16,531 | 0.3% | 3 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $597.5K | 7,230 | 0.3% | 1 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $582.6K | 771 | 0.3% | 1 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $579.0K | 600 | 0.3% | 1 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $562.4K | 902 | 0.3% | 1 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $559.2K | 2,080 | 0.3% | 4 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $557.7K | 580 | 0.3% | 1 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $552.9K | 2,320 | 0.3% | 1 |
| ENSIGN GROUP INC | [ENSG](https://holderbook.com/stocks/ENSG/) | $543.4K | 3,390 | 0.3% | 3 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $541.9K | 11,396 | 0.3% | 3 |
| UNITED FIRE GROUP INC | [UFCS](https://holderbook.com/stocks/UFCS/) | $533.7K | 10,178 | 0.3% | 2 |
| GROUP 1 AUTOMOTIVE INC | [GPI](https://holderbook.com/stocks/GPI/) | $529.1K | 1,817 | 0.3% | 5 |
| FIGMA INC | [FIG](https://holderbook.com/stocks/FIG/) | $515.5K | 28,497 | 0.3% | 1 |
| MAINSTREET BANCSHARES INC | [MNSB](https://holderbook.com/stocks/MNSB/) | $513.5K | 20,799 | 0.3% | 1 |
| BALL CORP | [BALL](https://holderbook.com/stocks/BALL/) | $510.4K | 8,180 | 0.3% | 4 |
| ATMOS ENERGY CORP | [ATO](https://holderbook.com/stocks/ATO/) | $508.9K | 2,954 | 0.3% | 1 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $501.8K | 3,256 | 0.3% | 5 |
| HEWLETT PACKARD ENTERPRISE C | [HPE](https://holderbook.com/stocks/HPE/) | $496.5K | 11,006 | 0.3% | 1 |
| ENCORE CAP GROUP INC | [ECPG](https://holderbook.com/stocks/ECPG/) | $494.9K | 5,305 | 0.3% | 4 |
| ATLASSIAN CORPORATION | [TEAM](https://holderbook.com/stocks/TEAM/) | $489.6K | 6,294 | 0.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +11.6% | +14.8% | -3.2% | 99% |
| Q1 2026 | +1.1% | -4.6% | +5.7% | 96% |
| Q4 2025 | +1.0% | +2.4% | -1.4% | 99% |
| Q3 2025 | +8.0% | +7.8% | +0.2% | 100% |
| Q2 2025 | +7.4% | +10.5% | -3.0% | 100% |
| Q1 2025 | -2.1% | -4.6% | +2.5% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $190.4M | 509 |
| Q1 2026 | $182.1M | 477 |
| Q4 2025 | $214.0M | 513 |
| Q3 2025 | $232.4M | 537 |
| Q2 2025 | $181.4M | 458 |
| Q1 2025 | $93.6M | 289 |
| Q4 2024 | $102.8M | 1,571 |