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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
+3.34%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$832M
AUM Growth
+$27.9M
Cap. Flow
-$318M
Cap. Flow %
-38.29%
Top 10 Hldgs %
43%
Holding
74
New
5
Increased
7
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$25.5M
2
GDX icon
VanEck Gold Miners ETF
GDX
+$18.4M
3
LEN icon
Lennar Class A
LEN
+$17.1M
4
GDXJ icon
VanEck Junior Gold Miners ETF
GDXJ
+$16.3M
5
LBTYA icon
Liberty Global Class A
LBTYA
+$6.51M

Top Sells

Rank Stock Value
1
FOX icon
Fox Class B
FOX
+$15.9M
2
HEI.A icon
HEICO Corp Class A
HEI.A
+$1.95M
3
FANG icon
Diamondback Energy
FANG
+$1.87M
4
IE icon
Ivanhoe Electric
IE
+$1.26M
5
CENTA icon
Central Garden & Pet Co Class A
CENTA
+$1M

Sector Composition

Rank Sector Weight
1 Miscellaneous 55.07%
2 Communication Services 23.66%
3 Energy 7.04%
4 Consumer Discretionary 4.67%
5 Materials 3.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LGF.B
26
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$2.7M 0.33%
+323,864
New +$3.19M
MAG
27
DELISTED
MAG Silver
MAG
$2.61M 0.31%
234,000
– –
GRFS
28
Grifois
GRFS
$5.23B
$2.49M 0.3%
271,230
– –
PXD
29
DELISTED
Pioneer Natural Resource Co.
PXD
$2.07M 0.25%
10,000
– –
OR icon
30
OR Royalties Inc
OR
$7.01B
$1.54M 0.18%
+100,000
New +$1.62M
CENTA icon
31
Central Garden & Pet Co Class A
CENTA
$2.37B
$1.27M 0.15%
43,410
-34,666
-44% -$1M
PLG
32
Platinum Group Metals
PLG
$192M
$1.25M 0.15%
883,365
– –
UA icon
33
Under Armour Class C
UA
$2.12B
$501K 0.06%
74,702
– –
SBSW icon
34
Sibanye-Stillwater
SBSW
$8.56B
$218K 0.03%
35,000
– –
GORO icon
35
Goldgroup Mining
GORO
$492M
$199K 0.02%
315,978
– –
ARKK icon
36
PUT
ARK Innovation ETF
ARKK
$6.46B
– –
-200,000
Closed -$8.07M
LGF.B
37
PUT
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
– –
-323,864
Closed -$3.36M
LSXMK
38
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
– –
-30,890
Closed -$670K
1
2

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CQS (US)'s Q2 2023 Portfolio in Review

As of Q2 2023, CQS (US) held 74 positions worth $832M, up 3.5% from $804M the previous quarter. Its ten largest holdings account for 43% of the portfolio.

CQS (US) withdrew a net $318M in Q2 2023, closing 3 positions and reducing 7 holdings. Its most notable exit was Liberty Media Corporation Series C Liberty SiriusXM Common Stock, an estimated $670K position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 55% of assets, down from 60% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in Berkshire Hathaway Class B worth $26.6M.

  • CQS (US)'s largest Q2 2023 buy was Berkshire Hathaway Class B: 78,003 shares worth $26.6M.
  • CQS (US) added most to VanEck Gold Miners ETF in Q2 2023, an estimated $18.4M increase.
  • CQS (US)'s biggest Q2 2023 reduction was Fox Class B, cutting an estimated $15.9M.
  • CQS (US) fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q2 2023, selling an estimated $670K.
  • CQS (US)'s ten largest holdings make up 43% of its $832M portfolio in Q2 2023.
  • CQS (US) opened 5 new positions and closed 3 in Q2 2023.
  • CQS (US)'s portfolio value rose 3.5% quarter-over-quarter to $832M.

Based on CQS (US)'s 13F filing for Q2 2023, filed 10 Aug 2023.