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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
CAR icon
76
PUT
Avis
CAR
$5.63B
– –
-2,060,000
Closed -$47.2M
CAT icon
77
PUT
Caterpillar
CAT
$409B
– –
-660,000
Closed -$83.5M
CCO icon
78
Clear Channel Outdoor Holdings
CCO
$1.23B
– –
-857,218
Closed -$892K
DDOG icon
79
Datadog
DDOG
$87.9B
– –
-45,400
Closed -$3.95M
ENVA icon
80
Enova International
ENVA
$5.91B
– –
-150,000
Closed -$2.23M
GNW icon
81
Genworth Financial
GNW
$3.8B
– –
-77,630
Closed -$179K
GRFS
82
Grifois
GRFS
$5.16B
– –
-290,918
Closed -$5.38M
HOV icon
83
Hovnanian Enterprises
HOV
$785M
– –
-8,750
Closed -$205K
IWM icon
84
CALL
iShares Russell 2000 ETF
IWM
$80.9B
– –
-210,000
Closed -$30.1M
ON icon
85
ON Semiconductor
ON
$33.8B
– –
-165,881
Closed -$3.29M
PARA
86
DELISTED
Paramount Global Class B
PARA
– –
-76,876
Closed -$1.79M
RCL icon
87
Royal Caribbean
RCL
$78.7B
– –
-4,250
Closed -$214K
RCL icon
88
PUT
Royal Caribbean
RCL
$78.7B
– –
-1,600,000
Closed -$80.5M
RYAAY icon
89
Ryanair
RYAAY
$29.5B
– –
-673,885
Closed -$17.9M
SPY icon
90
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
– –
-185,000
Closed -$57M
TWO
91
Two Harbors Investment
TWO
$1.27B
– –
-150,000
Closed -$3.02M
UAL icon
92
PUT
United Airlines
UAL
$38.4B
– –
-1,250,000
Closed -$43.3M
ZEN
93
DELISTED
ZENDESK INC
ZEN
– –
-41,400
Closed -$3.67M
ADSW
94
DELISTED
Advanced Disposal Services Inc
ADSW
– –
-790,000
Closed -$23.8M
NE
95
DELISTED
Noble Corporation
NE
– –
-38,500
Closed -$12K
ARCH
96
DELISTED
Arch Resources, Inc.
ARCH
– –
-31,300
Closed -$888K
WLL
97
DELISTED
Whiting Petroleum Corporation
WLL
– –
-428
Closed -$36K
BBL
98
DELISTED
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
– –
-235,105
Closed -$9.65M
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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OH
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GFWEX
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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.