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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
+8.04%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$756M
AUM Growth
-$880M
Cap. Flow
-$752M
Cap. Flow %
-99.47%
Top 10 Hldgs %
54.72%
Holding
119
New
22
Increased
26
Reduced
9
Closed
31

Top Buys

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$32.8M
2
UA icon
Under Armour Class C
UA
+$27.2M
3
BHP icon
BHP
BHP
+$18.9M
4
LBTYA icon
Liberty Global Class A
LBTYA
+$18.3M
5
CAR icon
Avis
CAR
+$14.7M

Top Sells

Rank Stock Value
1
ADSW
Advanced Disposal Services Inc
ADSW
+$23.8M
2
RYAAY icon
Ryanair
RYAAY
+$17.9M
3
UAL icon
United Airlines
UAL
+$15.4M
4
ACN icon
Accenture
ACN
+$10.2M
5
BBL
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
+$9.65M

Sector Composition

Rank Sector Weight
1 Industrials 23.47%
2 Consumer Discretionary 9.95%
3 Communication Services 8.76%
4 Materials 7.81%
5 Healthcare 7.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
V icon
51
Visa
V
$677B
$1.88M 0.25%
9,388
+3,386
+56% +$676K
PLG
52
Platinum Group Metals
PLG
$164M
$1.77M 0.23%
883,365
– –
PVG
53
DELISTED
PRETIUM RESOURCES INC.
PVG
$1.37M 0.18%
106,926
– –
USAS
54
Americas Gold and Silver
USAS
$1.34B
$1.32M 0.17%
200,000
– –
MAG
55
DELISTED
MAG Silver
MAG
$1.28M 0.17%
79,000
– –
WPM icon
56
Wheaton Precious Metals
WPM
$50.6B
$1.23M 0.16%
+25,000
New +$1.27M
PAAS icon
57
Pan American Silver
PAAS
$18.6B
$1.05M 0.14%
+32,546
New +$1.12M
UEC icon
58
Uranium Energy
UEC
$4.71B
$762K 0.1%
764,341
– –
UUUU icon
59
Energy Fuels
UUUU
$2.82B
$743K 0.1%
441,997
– –
CCJ icon
60
Cameco
CCJ
$38.3B
$454K 0.06%
+45,000
New +$487K
M icon
61
Macy's
M
$6.15B
$386K 0.05%
67,647
+36,764
+119% +$245K
LSXMA
62
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$361K 0.05%
14,793
-12,711
-46% -$327K
CCL icon
63
Carnival Corporation Ltd
CCL
$36.1B
$338K 0.04%
+22,012
New +$340K
JWN
64
DELISTED
Nordstrom
JWN
$303K 0.04%
+25,402
New +$381K
CYH icon
65
Community Health Systems
CYH
$385M
$287K 0.04%
68,000
– –
OXY icon
66
Occidental Petroleum
OXY
$57B
$241K 0.03%
+24,116
New +$340K
RRD
67
DELISTED
RR Donnelley & Sons Co.
RRD
$209K 0.03%
+143,000
New +$182K
X
68
DELISTED
US Steel
X
$199K 0.03%
27,174
– –
CBL
69
DELISTED
CBL& Associates Properties, Inc.
CBL
$193K 0.03%
1,200,000
– –
AMR icon
70
Alpha Metallurgical Resources
AMR
$1.82B
$146K 0.02%
20,000
– –
PDS
71
Precision Drilling
PDS
$1.09B
$62K 0.01%
+5,000
New +$67.5K
AAL icon
72
PUT
American Airlines Group
AAL
$9.58B
– –
-2,400,000
Closed -$31.4M
ACN icon
73
Accenture
ACN
$89.9B
– –
-47,559
Closed -$10.2M
AG icon
74
First Majestic Silver
AG
$8.05B
– –
-126,140
Closed -$1.25M
AGNC icon
75
AGNC Investment
AGNC
$12.3B
– –
-75,000
Closed -$968K
1 2
3
4

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CCMLC
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LWMG
Levy Wealth Management Group Philadelphia, Pennsylvania $391M AUM 14.68% 1-Year Est. Return
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
Oikos Holdings New York $422M AUM 13.79% 1-Year Est. Return
GFWEX
G.F.W. Energy XI Dallas, Texas $282M AUM

CQS (US)'s Q3 2020 Portfolio in Review

As of Q3 2020, CQS (US) held 119 positions worth $756M, down 54% from $1.64B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

CQS (US) withdrew a net $752M in Q3 2020, closing 31 positions and reducing 9 holdings. Its most notable exit was Advanced Disposal Services Inc, an estimated $23.8M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 23% of assets, up from 4.8% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, CQS (US) opened a new position in Under Armour Class C worth $28.5M.

  • CQS (US)'s largest Q3 2020 buy was Under Armour Class C: 2,894,879 shares worth $28.5M.
  • CQS (US) added most to Discovery, Inc. Series C Common Stock in Q3 2020, an estimated $32.8M increase.
  • CQS (US)'s biggest Q3 2020 reduction was United Airlines, cutting an estimated $15.4M.
  • CQS (US) fully exited Advanced Disposal Services Inc in Q3 2020, selling an estimated $23.8M.
  • CQS (US)'s ten largest holdings make up 55% of its $756M portfolio in Q3 2020.
  • CQS (US) opened 22 new positions and closed 31 in Q3 2020.
  • CQS (US)'s portfolio value fell 54% quarter-over-quarter to $756M.

Based on CQS (US)'s 13F filing for Q3 2020, filed 12 Nov 2020.