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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
+4.8%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$763M
AUM Growth
-$97.7M
Cap. Flow
-$473M
Cap. Flow %
-62.01%
Top 10 Hldgs %
43.51%
Holding
81
New
5
Increased
8
Reduced
7
Closed
4

Top Buys

Rank Stock Value
1
LBRDK
Liberty Broadband Class C
LBRDK
+$17.6M
2
RYAAY icon
Ryanair
RYAAY
+$13.2M
3
HEI.A icon
HEICO Corp Class A
HEI.A
+$8.61M
4
CCJ icon
Cameco
CCJ
+$6.54M
5
CUK
Carnival PLC
CUK
+$3.96M

Top Sells

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$12M
2
FOX icon
Fox Class B
FOX
+$8.37M
3
RIG icon
Transocean
RIG
+$8.05M
4
TSM icon
TSMC
TSM
+$7.78M
5
OSG
Octave Specialty Group
OSG
+$7.23M

Sector Composition

Rank Sector Weight
1 Miscellaneous 59.12%
2 Communication Services 19.53%
3 Energy 7.25%
4 Materials 3.92%
5 Industrials 3.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CENTA icon
26
Central Garden & Pet Co Class A
CENTA
$2.37B
$2.56M 0.34%
89,493
-38,880
-30% -$1.17M
PXD
27
DELISTED
Pioneer Natural Resource Co.
PXD
$2.28M 0.3%
10,000
– –
GRFS
28
Grifois
GRFS
$5.23B
$2.27M 0.3%
271,230
– –
LGF.B
29
PUT
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$1.79M 0.24%
+330,443
New +$2.19M
PLG
30
Platinum Group Metals
PLG
$189M
$1.54M 0.2%
883,365
– –
LSXMK
31
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$936K 0.12%
30,890
-160,578
-84% -$5.14M
UA icon
32
Under Armour Class C
UA
$2.12B
$702K 0.09%
78,728
+39,768
+102% +$302K
GORO icon
33
Goldgroup Mining
GORO
$492M
$483K 0.06%
315,978
– –
SBSW icon
34
Sibanye-Stillwater
SBSW
$8.56B
$373K 0.05%
35,000
– –
CENT icon
35
Central Garden & Pet Co
CENT
$2.74B
$63.4K 0.01%
+2,118
New +$67K
LGF.A
36
DELISTED
Lions Gate Entertainment Corp. Class A Voting Shares
LGF.A
$308 ﹤0.01%
+54
New +$381
OSG
37
Octave Specialty Group
OSG
$209M
– –
-566,717
Closed -$7.23M
LQD icon
38
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.9B
– –
-400,000
Closed -$41M
CMBT
39
CMB.TECH NV
CMBT
$5.32B
– –
-56,800
Closed -$874K
LGF.B
40
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
– –
-331,649
Closed -$2.2M
1
2

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VFPI
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CQS (US)'s Q4 2022 Portfolio in Review

As of Q4 2022, CQS (US) held 81 positions worth $763M, down 11% from $860M the previous quarter. Its ten largest holdings account for 44% of the portfolio.

CQS (US) withdrew a net $473M in Q4 2022, closing 4 positions and reducing 7 holdings. Its most notable exit was Octave Specialty Group, an estimated $7.23M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, down from 67% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in Ryanair worth $13.9M.

  • CQS (US)'s largest Q4 2022 buy was Ryanair: 465,090 shares worth $13.9M.
  • CQS (US) added most to Liberty Broadband Class C in Q4 2022, an estimated $17.6M increase.
  • CQS (US)'s biggest Q4 2022 reduction was Liberty Global Class A, cutting an estimated $12M.
  • CQS (US) fully exited Octave Specialty Group in Q4 2022, selling an estimated $7.23M.
  • CQS (US)'s ten largest holdings make up 44% of its $763M portfolio in Q4 2022.
  • CQS (US) opened 5 new positions and closed 4 in Q4 2022.
  • CQS (US)'s portfolio value fell 11% quarter-over-quarter to $763M.

Based on CQS (US)'s 13F filing for Q4 2022, filed 13 Feb 2023.