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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
+8.07%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$999M
AUM Growth
-$1.26M
Cap. Flow
-$284M
Cap. Flow %
-28.46%
Top 10 Hldgs %
50.26%
Holding
76
New
3
Increased
11
Reduced
6
Closed
8

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$76.5M
2
UAA icon
Under Armour
UAA
+$17.9M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$16.6M
4
CUK
Carnival PLC
CUK
+$7.75M
5
LBRDK
Liberty Broadband Class C
LBRDK
+$6.27M

Top Sells

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$58.3M
2
FOX icon
Fox Class B
FOX
+$28.8M
3
GRFS
Grifois
GRFS
+$2.42M
4
FWONA icon
Liberty Media Series A
FWONA
+$2.21M
5
FANG icon
Diamondback Energy
FANG
+$1.71M

Sector Composition

Rank Sector Weight
1 Miscellaneous 47.04%
2 Communication Services 24.99%
3 Consumer Discretionary 11.8%
4 Energy 6.27%
5 Materials 3.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UUUU icon
26
Energy Fuels
UUUU
$3.87B
$4.33M 0.43%
602,697
– –
WPM icon
27
Wheaton Precious Metals
WPM
$70.4B
$3.75M 0.38%
76,000
– –
BTU icon
28
Peabody Energy
BTU
$3.59B
$3.16M 0.32%
130,000
– –
LGF.B
29
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$2.81M 0.28%
276,210
– –
PXD
30
DELISTED
Pioneer Natural Resource Co.
PXD
$2.25M 0.23%
10,000
– –
OR icon
31
OR Royalties Inc
OR
$6.91B
$1.43M 0.14%
100,000
– –
MAG
32
DELISTED
MAG Silver
MAG
$1.19M 0.12%
114,000
-120,000
-51% -$1.28M
PLG
33
Platinum Group Metals
PLG
$202M
$1.01M 0.1%
883,365
– –
SBSW icon
34
Sibanye-Stillwater
SBSW
$9.13B
$190K 0.02%
35,000
– –
GRFS
35
Grifois
GRFS
$5.27B
$129K 0.01%
11,230
-260,000
-96% -$2.42M
GORO icon
36
Goldgroup Mining
GORO
$521M
$119K 0.01%
78,995
– –
GFR icon
37
Greenfire Resources
GFR
$916M
$80.9K 0.01%
16,652
– –
ASHR icon
38
PUT
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.55B
– –
-1,000,000
Closed -$26M
LBRDA
39
DELISTED
Liberty Broadband Class A
LBRDA
– –
-34
Closed -$3.09K
LBTYA icon
40
Liberty Global Class A
LBTYA
$3.65B
– –
-3,405,950
Closed -$58.3M
LLYVA icon
41
Liberty Live Group Series A
LLYVA
$8.68B
– –
-13,618
Closed -$435K
RYAAY icon
42
Ryanair
RYAAY
$28.2B
– –
-8,593
Closed -$336K
UA icon
43
Under Armour Class C
UA
$2.13B
– –
-74,702
Closed -$477K
VXX icon
44
PUT
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$130M
– –
-1,312,500
Closed -$122M
CMBT
45
CMB.TECH NV
CMBT
$5.58B
– –
-78,640
Closed -$1.29M
1
2

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LWMG
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GH
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VFPI
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RMC
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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 Q4 2023 Portfolio in Review

As of Q4 2023, CQS (US) held 76 positions worth $999M, down 0.13% from $1,000M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

CQS (US) withdrew a net $284M in Q4 2023, closing 8 positions and reducing 6 holdings. Its most notable exit was Liberty Global Class A, an estimated $58.3M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 47% of assets, down from 56% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, CQS (US) opened a new position in Under Armour worth $20.4M.

  • CQS (US)'s largest Q4 2023 buy was Under Armour: 2,323,899 shares worth $20.4M.
  • CQS (US) added most to Alphabet (Google) Class A in Q4 2023, an estimated $76.5M increase.
  • CQS (US)'s biggest Q4 2023 reduction was Fox Class B, cutting an estimated $28.8M.
  • CQS (US) fully exited Liberty Global Class A in Q4 2023, selling an estimated $58.3M.
  • CQS (US)'s ten largest holdings make up 50% of its $999M portfolio in Q4 2023.
  • CQS (US) opened 3 new positions and closed 8 in Q4 2023.
  • CQS (US)'s portfolio value fell 0.13% quarter-over-quarter to $999M.

Based on CQS (US)'s 13F filing for Q4 2023, filed 9 Feb 2024.