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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
+0.84%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1,000M
AUM Growth
+$168M
Cap. Flow
-$292M
Cap. Flow %
-29.2%
Top 10 Hldgs %
48.46%
Holding
77
New
8
Increased
9
Reduced
9
Closed
1

Top Buys

Rank Stock Value
1
CUK
Carnival PLC
CUK
+$24.6M
2
LBTYA icon
Liberty Global Class A
LBTYA
+$20.8M
3
LBRDK
Liberty Broadband Class C
LBRDK
+$17.5M
4
LEN icon
Lennar Class A
LEN
+$13M
5
LLYVK icon
Liberty Live Group Series C
LLYVK
+$6.86M

Top Sells

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$12.9M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$10.5M
3
CCJ icon
Cameco
CCJ
+$4.46M
4
HEI.A icon
HEICO Corp Class A
HEI.A
+$3.29M
5
IE icon
Ivanhoe Electric
IE
+$2.75M

Sector Composition

Rank Sector Weight
1 Miscellaneous 55.9%
2 Communication Services 23.86%
3 Energy 6.45%
4 Consumer Discretionary 6.39%
5 Materials 3.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UUUU icon
26
Energy Fuels
UUUU
$3.67B
$4.95M 0.5%
602,697
– –
BTU icon
27
Peabody Energy
BTU
$3.53B
$3.38M 0.34%
130,000
– –
WPM icon
28
Wheaton Precious Metals
WPM
$69.6B
$3.08M 0.31%
76,000
– –
GRFS
29
Grifois
GRFS
$5.23B
$2.5M 0.25%
271,230
– –
MAG
30
DELISTED
MAG Silver
MAG
$2.43M 0.24%
234,000
– –
PXD
31
DELISTED
Pioneer Natural Resource Co.
PXD
$2.3M 0.23%
10,000
– –
LGF.B
32
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$2.17M 0.22%
276,210
-47,654
-15% -$358K
CMBT
33
CMB.TECH NV
CMBT
$5.32B
$1.29M 0.13%
+78,640
New +$1.3M
OR icon
34
OR Royalties Inc
OR
$7.01B
$1.18M 0.12%
100,000
– –
PLG
35
Platinum Group Metals
PLG
$189M
$998K 0.1%
883,365
– –
UA icon
36
Under Armour Class C
UA
$2.12B
$477K 0.05%
74,702
– –
LLYVA icon
37
Liberty Live Group Series A
LLYVA
$9.19B
$435K 0.04%
+13,618
New +$447K
RYAAY icon
38
Ryanair
RYAAY
$29.1B
$336K 0.03%
+8,593
New +$349K
SBSW icon
39
Sibanye-Stillwater
SBSW
$8.56B
$216K 0.02%
35,000
– –
GORO icon
40
Goldgroup Mining
GORO
$492M
$135K 0.01%
315,978
– –
GFR icon
41
Greenfire Resources
GFR
$891M
$82.4K 0.01%
+16,652
New +$110K
LBRDA
42
DELISTED
Liberty Broadband Class A
LBRDA
$3.09K ﹤0.01%
+34
New +$3.03K
IE icon
43
Ivanhoe Electric
IE
$1.79B
– –
-210,531
Closed -$2.75M
1
2

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LWMG
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GH
Geisinger Health Danville, Pennsylvania $344M AUM 4.22% 1-Year Est. Return
VFPI
Vantage Financial Partners (Illinois) Arlington Heights, Illinois $402M AUM 12.97% 1-Year Est. Return
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
G.F.W. Energy XI Dallas, Texas $282M AUM

CQS (US)'s Q3 2023 Portfolio in Review

As of Q3 2023, CQS (US) held 77 positions worth $1,000M, up 20% from $832M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

CQS (US) withdrew a net $292M in Q3 2023, closing 1 position and reducing 9 holdings. Its most notable exit was Ivanhoe Electric, an estimated $2.75M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 56% of assets, up from 55% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in Liberty Live Group Series C worth $6.65M.

  • CQS (US)'s largest Q3 2023 buy was Liberty Live Group Series C: 207,237 shares worth $6.65M.
  • CQS (US) added most to Carnival PLC in Q3 2023, an estimated $24.6M increase.
  • CQS (US)'s biggest Q3 2023 reduction was Berkshire Hathaway Class B, cutting an estimated $12.9M.
  • CQS (US) fully exited Ivanhoe Electric in Q3 2023, selling an estimated $2.75M.
  • CQS (US)'s ten largest holdings make up 48% of its $1,000M portfolio in Q3 2023.
  • CQS (US) opened 8 new positions and closed 1 in Q3 2023.
  • CQS (US)'s portfolio value rose 20% quarter-over-quarter to $1,000M.

Based on CQS (US)'s 13F filing for Q3 2023, filed 7 Nov 2023.