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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
+6.63%
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
Avg Time Held Equity + Options
0.5 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
0.5 years
Top 10 Avg Time Held Equity only
0.3 years
Top 20 Avg Time Held Equity only
0.2 years

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 Held Since
ADP icon
76
Automatic Data Processing
ADP
$111B
– –
-31,513
Closed -$5.55M –
CAR icon
77
PUT
Avis
CAR
$3.77B
– –
-2,060,000
Closed -$76.8M –
CIM icon
78
Chimera Investment
CIM
$710M
– –
-31,167
Closed -$958K –
MFA icon
79
MFA Financial
MFA
$662M
– –
-62,500
Closed -$973K –
MITT icon
80
TPG Mortgage Investment Trust
MITT
$169M
– –
-33,333
Closed -$295K –
RCL icon
81
Royal Caribbean
RCL
$73.4B
– –
-316,869
Closed -$23.7M –
UAL icon
82
PUT
United Airlines
UAL
$32.1B
– –
-1,250,000
Closed -$54.1M –
XOP icon
83
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.26B
– –
-300,000
Closed -$17.6M –
LSXMA icon
84
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
– –
-14,793
Closed -$470K –
RDS.A
85
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
– –
-96,319
Closed -$3.43M –
NAV
86
DELISTED
Navistar International
NAV
– –
-330,841
Closed -$14.5M –
VAR
87
DELISTED
Varian Medical Systems, Inc.
VAR
– –
-94,565
Closed -$16.6M –
TIF
88
DELISTED
Tiffany & Co.
TIF
– –
-125,000
Closed -$16.4M –
1 2 3
4

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GH
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VFPI
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RMC
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KS
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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.