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CU

CQS (US) Portfolio holdings

AUM $367M Turnover 4.44%
1-Year Est. Return 8.85%
This Fund
S&P 500
This Quarter Est. Return
-2.85%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$860M
AUM Growth
-$69.9M
Cap. Flow
-$586M
Cap. Flow %
-68.13%
Top 10 Hldgs %
45.33%
Holding
95
New
3
Increased
11
Reduced
7
Closed
3
Avg Time Held Equity + Options
1.2 years
Top 10 Avg Time Held Equity + Options
0.7 years
Top 20 Avg Time Held Equity + Options
0.8 years
Avg Time Held Equity only
1.2 years
Top 10 Avg Time Held Equity only
0.8 years
Top 20 Avg Time Held Equity only
0.8 years

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$25.6M
2
CUK icon
Carnival PLC
CUK
+$10.1M
3
LBRDK icon
Liberty Broadband Class C
LBRDK
+$10.1M
4
RIG icon
Transocean
RIG
+$8.02M
5
LBTYA icon
Liberty Global Class A
LBTYA
+$5.76M

Top Sells

Rank Stock Value
1
EOG icon
EOG Resources
EOG
+$11.9M
2
OSG icon
Octave Specialty Group
OSG
+$11.2M
3
LBRDA icon
Liberty Broadband Class A
LBRDA
+$8.27M
4
LSXMK icon
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$2.47M
5
FOX icon
Fox Class B
FOX
+$1.54M

Sector Composition

Rank Sector Weight
1 Miscellaneous 66.73%
2 Communication Services 17.27%
3 Energy 5.7%
4 Materials 2.9%
5 Technology 2.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
MAG
26
DELISTED
MAG Silver
MAG
$2.92M 0.34%
234,000
+30,000
+15% +$371K
2019 Q4
11 quarters
LGF.B
27
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$2.31M 0.27%
331,649
-21,591
-6% -$196K
2020 Q3
8 quarters
PXD icon
28
DELISTED
Pioneer Natural Resource Co.
PXD
$2.17M 0.25%
10,000
– –
2022 Q2
1 quarter
GRFS icon
29
Grifois
GRFS
$4.93B
$1.71M 0.2%
271,230
– –
2020 Q4
7 quarters
PLG icon
30
Platinum Group Metals
PLG
$141M
$1.43M 0.17%
883,365
– –
2019 Q4
11 quarters
WPM icon
31
Wheaton Precious Metals
WPM
$58.9B
$971K 0.11%
+30,000
New +$985K
2022 Q3
0 quarters
CMBT icon
32
CMB.TECH NV
CMBT
$5.51B
$874K 0.1%
56,800
-14,200
-20% -$216K
2020 Q4
7 quarters
GORO icon
33
Goldgroup Mining
GORO
$544M
$525K 0.06%
78,995
– –
2021 Q4
3 quarters
SBSW icon
34
Sibanye-Stillwater
SBSW
$6.67B
$326K 0.04%
35,000
– –
2022 Q1
2 quarters
UA icon
35
Under Armour Class C
UA
$2B
$232K 0.03%
38,960
+17,200
+79% +$135K
2022 Q2
1 quarter
AG icon
36
First Majestic Silver
AG
$7.52B
– –
-31,140
Closed -$224K –
LBRDA icon
37
DELISTED
Liberty Broadband Class A
LBRDA
– –
-72,865
Closed -$8.27M –
PARAA icon
38
DELISTED
Paramount Global Class A
PARAA
– –
-50,938
Closed -$1.39M –
1
2

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CQS (US)'s Q3 2022 Portfolio in Review

As of Q3 2022, CQS (US) held 95 positions worth $860M, down 7.5% from $930M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

CQS (US) withdrew a net $586M in Q3 2022, closing 3 positions and reducing 7 holdings. Its most notable exit was Liberty Broadband Class A, an estimated $8.27M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 67% of assets, down from 70% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in TSMC worth $21.3M.

  • CQS (US)'s largest Q3 2022 buy was TSMC: 310,000 shares worth $21.3M.
  • CQS (US) added most to Carnival PLC in Q3 2022, an estimated $10.1M increase.
  • CQS (US)'s biggest Q3 2022 reduction was EOG Resources, cutting an estimated $11.9M.
  • CQS (US) fully exited Liberty Broadband Class A in Q3 2022, selling an estimated $8.27M.
  • CQS (US)'s ten largest holdings make up 45% of its $860M portfolio in Q3 2022.
  • CQS (US) opened 3 new positions and closed 3 in Q3 2022.
  • CQS (US)'s portfolio value fell 7.5% quarter-over-quarter to $860M.

Based on CQS (US)'s 13F filing for Q3 2022, filed 9 Nov 2022.