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CQS (US) Portfolio holdings

AUM $367M
1-Year Est. Return 8.85%
This Fund
S&P 500
This Quarter Est. Return
+8.04%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$756M
AUM Growth
-$880M
Cap. Flow
-$752M
Cap. Flow %
-99.47%
Top 10 Hldgs %
54.72%
Holding
119
New
22
Increased
26
Reduced
9
Closed
31

Top Buys

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$32.8M
2
UA icon
Under Armour Class C
UA
+$27.2M
3
BHP icon
BHP
BHP
+$18.9M
4
LBTYA icon
Liberty Global Class A
LBTYA
+$18.3M
5
CAR icon
Avis
CAR
+$14.7M

Top Sells

Rank Stock Value
1
ADSW
Advanced Disposal Services Inc
ADSW
+$23.8M
2
RYAAY icon
Ryanair
RYAAY
+$17.9M
3
UAL icon
United Airlines
UAL
+$15.4M
4
ACN icon
Accenture
ACN
+$10.2M
5
BBL
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
+$9.65M

Sector Composition

Rank Sector Weight
1 Industrials 23.47%
2 Consumer Discretionary 9.95%
3 Communication Services 8.76%
4 Materials 7.81%
5 Healthcare 7.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SYK icon
26
Stryker
SYK
$127B
$10.1M 1.33%
48,329
+16,925
+54% +$3.29M
GOOGL icon
27
Alphabet (Google) Class A
GOOGL
$3.91T
– –
-24,600
Closed -$1.87M
GLIBA
28
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$9.54M 1.26%
116,393
+88,722
+321% +$6.99M
LEN.B icon
29
Lennar Class B
LEN.B
$20B
$8.24M 1.09%
131,986
+21,538
+20% +$1.16M
LGF.B
30
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$7.88M 1.04%
+904,227
New +$7.23M
GDX icon
31
VanEck Gold Miners ETF
GDX
$23B
$7.83M 1.04%
200,000
-189,500
-49% -$7.72M
EL icon
32
Estee Lauder
EL
$29B
$7.66M 1.01%
35,100
+9,954
+40% +$2.05M
CME icon
33
CME Group
CME
$92.2B
$7.27M 0.96%
43,456
+3,163
+8% +$533K
CENTA icon
34
Central Garden & Pet Co Class A
CENTA
$2.41B
$7.25M 0.96%
+250,870
New +$7.2M
XYL icon
35
Xylem
XYL
$28.5B
– –
-54,402
Closed -$4.23M
CWEN.A
36
DELISTED
Clearway Energy Class A
CWEN.A
$6.02M 0.8%
243,627
+119,867
+97% +$2.76M
ROL icon
37
Rollins
ROL
$18.6B
$5.93M 0.79%
164,237
-96,066
-37% -$3.32M
CMBT
38
CMB.TECH NV
CMBT
$4.57B
– –
-656,000
Closed -$6.11M
ONIT
39
Onity Group
ONIT
$333M
$4.72M 0.62%
+223,354
New +$4.02M
FSM icon
40
Fortuna Silver Mines
FSM
$2.59B
$3.89M 0.51%
+611,200
New +$3.92M
IDXX icon
41
Idexx Laboratories
IDXX
$42.9B
$3.71M 0.49%
9,431
-4,358
-32% -$1.61M
LBRDA icon
42
Liberty Broadband Class A
LBRDA
$4.14B
$3.69M 0.49%
26,020
– –
ADP icon
43
Automatic Data Processing
ADP
$100B
$3.24M 0.43%
23,231
-24,165
-51% -$3.39M
RITM icon
44
Rithm Capital
RITM
$5.09B
$3.18M 0.42%
400,000
-200,000
-33% -$1.54M
CTSH icon
45
Cognizant
CTSH
$21.5B
$2.74M 0.36%
39,412
+8,995
+30% +$585K
BKNG icon
46
Booking.com
BKNG
$138B
$2.67M 0.35%
39,075
+7,250
+23% +$509K
URG
47
Ur-Energy
URG
$485M
$2.53M 0.34%
5,277,697
– –
RDS.A
48
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
$2.44M 0.32%
+96,309
New +$2.91M
SILV
49
DELISTED
SilverCrest Metals Inc. Common Shares
SILV
$2.05M 0.27%
+242,000
New +$2.29M
GGG icon
50
Graco
GGG
$12.9B
$2M 0.27%
32,667
+997
+3% +$55.7K
1
2
3 4

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RMC
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CQS (US)'s Q3 2020 Portfolio in Review

As of Q3 2020, CQS (US) held 119 positions worth $756M, down 54% from $1.64B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

CQS (US) withdrew a net $752M in Q3 2020, closing 31 positions and reducing 9 holdings. Its most notable exit was Advanced Disposal Services Inc, an estimated $23.8M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 23% of assets, up from 4.8% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, CQS (US) opened a new position in Under Armour Class C worth $28.5M.

  • CQS (US)'s largest Q3 2020 buy was Under Armour Class C: 2,894,879 shares worth $28.5M.
  • CQS (US) added most to Discovery, Inc. Series C Common Stock in Q3 2020, an estimated $32.8M increase.
  • CQS (US)'s biggest Q3 2020 reduction was United Airlines, cutting an estimated $15.4M.
  • CQS (US) fully exited Advanced Disposal Services Inc in Q3 2020, selling an estimated $23.8M.
  • CQS (US)'s ten largest holdings make up 55% of its $756M portfolio in Q3 2020.
  • CQS (US) opened 22 new positions and closed 31 in Q3 2020.
  • CQS (US)'s portfolio value fell 54% quarter-over-quarter to $756M.

Based on CQS (US)'s 13F filing for Q3 2020, filed 12 Nov 2020.