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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
+6.63%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.6B
AUM Growth
-$34.4M
Cap. Flow
-$685M
Cap. Flow %
-42.77%
Top 10 Hldgs %
33.17%
Holding
135
New
18
Increased
21
Reduced
25
Closed
13

Top Buys

Rank Stock Value
1
FOX icon
Fox Class B
FOX
+$46.7M
2
C icon
Citigroup
C
+$31.4M
3
NWS icon
News Corp Class B
NWS
+$22.9M
4
LBTYA icon
Liberty Global Class A
LBTYA
+$21M
5
SPG icon
Simon Property Group
SPG
+$19.9M

Top Sells

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$165M
2
RCL icon
Royal Caribbean
RCL
+$23.7M
3
VAR
Varian Medical Systems, Inc.
VAR
+$16.6M
4
TIF
Tiffany & Co.
TIF
+$16.4M
5
NAV
Navistar International
NAV
+$14.5M

Sector Composition

Rank Sector Weight
1 Miscellaneous 50.11%
2 Communication Services 14.66%
3 Financials 7.09%
4 Technology 6.72%
5 Consumer Discretionary 5.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ONIT
51
Onity Group
ONIT
$296M
$4.26M 0.27%
150,000
-31,141
-17% -$860K
STOR
52
DELISTED
STORE Capital Corporation
STOR
$4.07M 0.25%
+121,500
New +$3.96M
RYAAY icon
53
Ryanair
RYAAY
$29.1B
$3.75M 0.23%
82,195
+31,945
+64% +$1.38M
HYG icon
54
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
$3.49M 0.22%
+40,000
New +$3.48M
PLG
55
Platinum Group Metals
PLG
$189M
$3.37M 0.21%
883,365
– –
UUUU icon
56
Energy Fuels
UUUU
$3.67B
$2.51M 0.16%
441,997
– –
V icon
57
Visa
V
$712B
$2.42M 0.15%
11,425
+1,822
+19% +$384K
TNL icon
58
Travel + Leisure Co
TNL
$4.36B
$2.2M 0.14%
+36,000
New +$1.95M
UEC icon
59
Uranium Energy
UEC
$6.14B
$2.19M 0.14%
764,341
– –
RDS.B
60
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
$2.09M 0.13%
+56,404
New +$2.15M
HGV icon
61
Hilton Grand Vacations
HGV
$3.41B
$1.86M 0.12%
+49,500
New +$1.78M
GSS
62
DELISTED
Golden Star Resources Ltd.
GSS
$1.65M 0.1%
559,300
– –
SMC
63
Summit Midstream
SMC
$470M
$1.34M 0.08%
+56,653
New +$1.16M
ARCH
64
DELISTED
Arch Resources, Inc.
ARCH
$1.3M 0.08%
31,300
– –
IDXX icon
65
Idexx Laboratories
IDXX
$43.7B
$1.24M 0.08%
2,540
+16
+0.6% +$8.02K
ROL icon
66
Rollins
ROL
$17.5B
$1.23M 0.08%
35,774
-123,566
-78% -$4.43M
GOGL
67
DELISTED
Golden Ocean Group
GOGL
$1.23M 0.08%
+183,262
New +$1.1M
EXPE icon
68
Expedia Group
EXPE
$39.5B
$1.21M 0.08%
+7,000
New +$1.08M
MAG
69
DELISTED
MAG Silver
MAG
$1.19M 0.07%
79,000
– –
PVG
70
DELISTED
PRETIUM RESOURCES INC.
PVG
$1.11M 0.07%
106,926
– –
HA
71
DELISTED
Hawaiian Holdings, Inc.
HA
$1.08M 0.07%
+40,500
New +$960K
FCPT icon
72
Four Corners Property Trust
FCPT
$2.77B
$795K 0.05%
+29,025
New +$800K
CMBT
73
CMB.TECH NV
CMBT
$5.32B
$512K 0.03%
56,000
-600,000
-91% -$5.29M
AG icon
74
First Majestic Silver
AG
$10.2B
$485K 0.03%
31,140
-95,000
-75% -$1.52M
AMR icon
75
Alpha Metallurgical Resources
AMR
$2.87B
$253K 0.02%
20,000
– –
1 2
3
4

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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
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OH
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GFWEX
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CQS (US)'s Q1 2021 Portfolio in Review

As of Q1 2021, CQS (US) held 135 positions worth $1.6B, down 2.1% from $1.64B the previous quarter. Its ten largest holdings account for 33% of the portfolio.

CQS (US) withdrew a net $685M in Q1 2021, closing 13 positions and reducing 25 holdings. Its most notable exit was Royal Caribbean, an estimated $23.7M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 50% of assets, down from 55% a quarter earlier, followed by Communication Services and Financials.

Against the trend, CQS (US) opened a new position in Fox Class B worth $48.7M.

  • CQS (US)'s largest Q1 2021 buy was Fox Class B: 1,393,063 shares worth $48.7M.
  • CQS (US) added most to Liberty Global Class A in Q1 2021, an estimated $21M increase.
  • CQS (US)'s biggest Q1 2021 reduction was Discovery, Inc. Series C Common Stock, cutting an estimated $165M.
  • CQS (US) fully exited Royal Caribbean in Q1 2021, selling an estimated $23.7M.
  • CQS (US)'s ten largest holdings make up 33% of its $1.6B portfolio in Q1 2021.
  • CQS (US) opened 18 new positions and closed 13 in Q1 2021.
  • CQS (US)'s portfolio value fell 2.1% quarter-over-quarter to $1.6B.

Based on CQS (US)'s 13F filing for Q1 2021, filed 7 May 2021.