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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
+11.4%
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
+$880M
Cap. Flow
+$153M
Cap. Flow %
9.38%
Top 10 Hldgs %
37.66%
Holding
130
New
29
Increased
13
Reduced
19
Closed
28

Top Buys

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$36.8M
2
RCL icon
Royal Caribbean
RCL
+$22.1M
3
VAR
Varian Medical Systems, Inc.
VAR
+$16.4M
4
NAV
Navistar International
NAV
+$14.4M
5
ACN icon
Accenture
ACN
+$13.5M

Top Sells

Rank Stock Value
1
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$61.2M
2
AAL icon
American Airlines Group
AAL
+$29.7M
3
LBTYA icon
Liberty Global Class A
LBTYA
+$18M
4
CAR icon
Avis
CAR
+$17.1M
5
BHP icon
BHP
BHP
+$16.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 7.76%
2 Communication Services 4.05%
3 Financials 3.99%
4 Technology 3.86%
5 Materials 3.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FSM icon
76
Fortuna Silver Mines
FSM
$2.59B
– –
-611,200
Closed -$3.89M
GDX icon
77
VanEck Gold Miners ETF
GDX
$23B
– –
-200,000
Closed -$7.83M
HYG icon
78
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
– –
-121,823
Closed -$61.2M
JWN
79
DELISTED
Nordstrom
JWN
– –
-25,402
Closed -$303K
LBRDA icon
80
Liberty Broadband Class A
LBRDA
$4.14B
– –
-26,020
Closed -$3.69M
LEN.B icon
81
Lennar Class B
LEN.B
$20B
– –
-131,986
Closed -$8.24M
M icon
82
Macy's
M
$6.15B
– –
-67,647
Closed -$386K
NXE icon
83
NexGen Energy
NXE
$6.05B
– –
-5,907,900
Closed -$10.2M
OXY icon
84
Occidental Petroleum
OXY
$57B
– –
-24,116
Closed -$241K
PAAS icon
85
Pan American Silver
PAAS
$18.6B
– –
-32,546
Closed -$1.05M
PDS
86
Precision Drilling
PDS
$1.09B
– –
-5,000
Closed -$62K
RITM icon
87
Rithm Capital
RITM
$5.09B
– –
-400,000
Closed -$3.18M
UAL icon
88
United Airlines
UAL
$38.4B
– –
-250,450
Closed -$10.1M
USAS
89
Americas Gold and Silver
USAS
$1.34B
– –
-200,000
Closed -$1.32M
WPM icon
90
Wheaton Precious Metals
WPM
$50.6B
– –
-25,000
Closed -$1.23M
X
91
DELISTED
US Steel
X
– –
-27,174
Closed -$199K
SILV
92
DELISTED
SilverCrest Metals Inc. Common Shares
SILV
– –
-242,000
Closed -$2.05M
RRD
93
DELISTED
RR Donnelley & Sons Co.
RRD
– –
-143,000
Closed -$209K
GLIBA
94
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
– –
-116,393
Closed -$9.54M
CBL
95
DELISTED
CBL& Associates Properties, Inc.
CBL
– –
-1,200,000
Closed -$193K
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 Q4 2020 Portfolio in Review

As of Q4 2020, CQS (US) held 130 positions worth $1.64B, up 116% from $756M the previous quarter. Its ten largest holdings account for 38% of the portfolio.

CQS (US) deployed $153M of net new capital in Q4 2020, opening 29 new positions and adding to 13 existing holdings. Its largest new stake was Royal Caribbean: 316,869 shares worth $23.7M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 7.8% of assets, down from 9.9% a quarter earlier, followed by Communication Services and Financials.

On the sell side, the largest reduction was Liberty Global Class A, an estimated $18M trimmed.

  • CQS (US)'s largest Q4 2020 buy was Royal Caribbean: 316,869 shares worth $23.7M.
  • CQS (US) added most to Discovery, Inc. Series C Common Stock in Q4 2020, an estimated $36.8M increase.
  • CQS (US)'s biggest Q4 2020 reduction was Liberty Global Class A, cutting an estimated $18M.
  • CQS (US) fully exited iShares iBoxx $ High Yield Corporate Bond ETF in Q4 2020, selling an estimated $61.2M.
  • CQS (US)'s ten largest holdings make up 38% of its $1.64B portfolio in Q4 2020.
  • CQS (US) opened 29 new positions and closed 28 in Q4 2020.
  • CQS (US)'s portfolio value rose 116% quarter-over-quarter to $1.64B.

Based on CQS (US)'s 13F filing for Q4 2020, filed 3 Feb 2021.