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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
+4.06%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$804M
AUM Growth
+$41M
Cap. Flow
-$434M
Cap. Flow %
-54.06%
Top 10 Hldgs %
44.53%
Holding
75
New
1
Increased
5
Reduced
12
Closed
4

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$20M
2
FOX icon
Fox Class B
FOX
+$8.48M
3
ZG icon
Zillow
ZG
+$6.55M
4
URG
Ur-Energy
URG
+$2.54M
5
FWONA icon
Liberty Media Series A
FWONA
+$476K

Top Sells

Rank Stock Value
1
TSM icon
TSMC
TSM
+$15.1M
2
RYAAY icon
Ryanair
RYAAY
+$13.9M
3
CWEN.A
Clearway Energy Class A
CWEN.A
+$8.47M
4
CUK
Carnival PLC
CUK
+$7.27M
5
LBTYA icon
Liberty Global Class A
LBTYA
+$3.66M

Sector Composition

Rank Sector Weight
1 Miscellaneous 60.43%
2 Communication Services 24.32%
3 Energy 6.96%
4 Materials 3.63%
5 Industrials 2.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CENTA icon
26
Central Garden & Pet Co Class A
CENTA
$2.21B
$2.44M 0.3%
78,076
-11,417
-13% -$351K
PXD
27
DELISTED
Pioneer Natural Resource Co.
PXD
$2.04M 0.25%
10,000
– –
GRFS
28
Grifois
GRFS
$5.27B
$1.95M 0.24%
271,230
– –
PLG
29
Platinum Group Metals
PLG
$202M
$1.26M 0.16%
883,365
– –
LSXMK
30
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$670K 0.08%
30,890
– –
UA icon
31
Under Armour Class C
UA
$2.13B
$637K 0.08%
74,702
-4,026
-5% -$37K
GORO icon
32
Goldgroup Mining
GORO
$521M
$332K 0.04%
78,995
– –
SBSW icon
33
Sibanye-Stillwater
SBSW
$9.13B
$291K 0.04%
35,000
– –
CENT icon
34
Central Garden & Pet Co
CENT
$2.56B
– –
-2,118
Closed -$63.4K
RYAAY icon
35
Ryanair
RYAAY
$28.2B
– –
-465,090
Closed -$13.9M
TSM icon
36
TSMC
TSM
$2.28T
– –
-202,500
Closed -$15.1M
LGF.A
37
DELISTED
Lions Gate Entertainment Corp. Class A Voting Shares
LGF.A
– –
-54
Closed -$308
1
2

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LWMG
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GH
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VFPI
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RMC
Regis Management Company Menlo Park, California $331M AUM 14.13% 1-Year Est. Return
KS
Karpas Strategies Litchfield, Connecticut $319M AUM 14.42% 1-Year Est. Return
OH
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GFWEX
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CQS (US)'s Q1 2023 Portfolio in Review

As of Q1 2023, CQS (US) held 75 positions worth $804M, up 5.4% from $763M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

CQS (US) withdrew a net $434M in Q1 2023, closing 4 positions and reducing 12 holdings. Its most notable exit was TSMC, an estimated $15.1M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 60% of assets, up from 59% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) added an estimated $20M to Alphabet (Google) Class A.

  • CQS (US) added most to Alphabet (Google) Class A in Q1 2023, an estimated $20M increase.
  • CQS (US)'s biggest Q1 2023 reduction was Clearway Energy Class A, cutting an estimated $8.47M.
  • CQS (US) fully exited TSMC in Q1 2023, selling an estimated $15.1M.
  • CQS (US)'s ten largest holdings make up 45% of its $804M portfolio in Q1 2023.
  • CQS (US) opened 1 new position and closed 4 in Q1 2023.
  • CQS (US)'s portfolio value rose 5.4% quarter-over-quarter to $804M.

Based on CQS (US)'s 13F filing for Q1 2023, filed 12 May 2023.