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CQS (US) Portfolio holdings

AUM $367M Turnover 4.44%
1-Year Est. Return 8.85%
This Fund
S&P 500
This Quarter Est. Return
+6.98%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.64B
AUM Growth
+$279M
Cap. Flow
-$692M
Cap. Flow %
-42.28%
Top 10 Hldgs %
36.94%
Holding
139
New
26
Increased
15
Reduced
24
Closed
26
Avg Time Held Equity + Options
0.3 years
Top 10 Avg Time Held Equity + Options
0.2 years
Top 20 Avg Time Held Equity + Options
0.2 years
Avg Time Held Equity only
0.4 years
Top 10 Avg Time Held Equity only
0.2 years
Top 20 Avg Time Held Equity only
0.2 years

Top Buys

Rank Stock Value
1
ADSW
Advanced Disposal Services Inc
ADSW
+$25.2M
2
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$25.2M
3
UAL icon
United Airlines
UAL
+$20.8M
4
LSXMK icon
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.5M
5
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$9.91M

Top Sells

Rank Stock Value
1
LBTYK icon
Liberty Global Class C
LBTYK
+$22.6M
2
MRK icon
Merck
MRK
+$21.5M
3
JNJ icon
Johnson & Johnson
JNJ
+$21.3M
4
LSXMA icon
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$19M
5
KMB icon
Kimberly-Clark
KMB
+$16.9M

Sector Composition

Rank Sector Weight
1 Miscellaneous 75.8%
2 Communication Services 4.85%
3 Industrials 4.81%
4 Technology 3.08%
5 Consumer Discretionary 2.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
AMR icon
76
Alpha Metallurgical Resources
AMR
$2.21B
$61K ﹤0.01%
20,000
– –
2019 Q4
2 quarters
WLL
77
DELISTED
Whiting Petroleum Corporation
WLL
$36K ﹤0.01%
428
– –
2020 Q1
1 quarter
NE icon
78
DELISTED
Noble Corporation
NE
$12K ﹤0.01%
38,500
– –
2020 Q1
1 quarter
ABBV icon
79
AbbVie
ABBV
$501B
– –
-205,120
Closed -$15.6M –
BMRN icon
80
BioMarin Pharmaceuticals
BMRN
$10.7B
– –
-40,129
Closed -$3.39M –
CENTA icon
81
Central Garden & Pet Co Class A
CENTA
$2.23B
– –
-75,746
Closed -$1.55M –
FOX icon
82
Fox Class B
FOX
$23.5B
– –
-23,725
Closed -$543K –
FWONA icon
83
Liberty Media Corporation Series A Common Stock
FWONA
$20.8B
– –
-300,791
Closed -$7.44M –
GDXJ icon
84
VanEck Junior Gold Miners ETF
GDXJ
$7.76B
– –
-120,000
Closed -$3.37M –
HYG icon
85
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
– –
-900,000
Closed -$69.4M –
IHRT icon
86
iHeartMedia
IHRT
$268M
– –
-76,438
Closed -$559K –
JNJ icon
87
Johnson & Johnson
JNJ
$612B
– –
-162,400
Closed -$21.3M –
KMB icon
88
Kimberly-Clark
KMB
$33.1B
– –
-131,840
Closed -$16.9M –
LBRDK icon
89
DELISTED
Liberty Broadband Class C
LBRDK
– –
-9,534
Closed -$1.06M –
LBTYK icon
90
Liberty Global Class C
LBTYK
$2.74B
– –
-1,439,058
Closed -$22.6M –
MRK icon
91
Merck
MRK
$364B
– –
-292,182
Closed -$21.5M –
NBR icon
92
Nabors Industries
NBR
$1.19B
– –
-6,029
Closed -$118K –
NOMD icon
93
Nomad Foods
NOMD
$1.58B
– –
-321,949
Closed -$5.97M –
RNG icon
94
RingCentral
RNG
$6.28B
– –
-8,200
Closed -$1.74M –
SPY icon
95
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$813B
– –
-100,000
Closed -$25.8M –
SSRM icon
96
SSR Mining
SSRM
$6.26B
– –
-284,100
Closed -$3.23M –
UMC icon
97
United Microelectronic
UMC
$53.7B
– –
-500,643
Closed -$1.09M –
LGF.B
98
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
– –
-161,338
Closed -$900K –
COUP
99
DELISTED
Coupa Software Incorporated
COUP
– –
-14,225
Closed -$1.99M –
AVYA
100
DELISTED
Avaya Holdings Corp. Common Stock
AVYA
– –
-421,704
Closed -$3.41M –
1 2 3
4
5

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CQS (US)'s Q2 2020 Portfolio in Review

As of Q2 2020, CQS (US) held 139 positions worth $1.64B, up 21% from $1.36B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

CQS (US) withdrew a net $692M in Q2 2020, closing 26 positions and reducing 24 holdings. Its most notable exit was Liberty Global Class C, an estimated $22.6M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 76% of assets, up from 73% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, CQS (US) opened a new position in Advanced Disposal Services Inc worth $23.8M.

  • CQS (US)'s largest Q2 2020 buy was Advanced Disposal Services Inc: 790,000 shares worth $23.8M.
  • CQS (US) added most to Discovery, Inc. Series C Common Stock in Q2 2020, an estimated $25.2M increase.
  • CQS (US)'s biggest Q2 2020 reduction was Liberty Media Corporation Series A Liberty SiriusXM Common Stock, cutting an estimated $19M.
  • CQS (US) fully exited Liberty Global Class C in Q2 2020, selling an estimated $22.6M.
  • CQS (US)'s ten largest holdings make up 37% of its $1.64B portfolio in Q2 2020.
  • CQS (US) opened 26 new positions and closed 26 in Q2 2020.
  • CQS (US)'s portfolio value rose 21% quarter-over-quarter to $1.64B.

Based on CQS (US)'s 13F filing for Q2 2020, filed 7 Aug 2020.