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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
ADP icon
76
Automatic Data Processing
ADP
$114B
– –
-31,513
Closed -$5.55M
CAR icon
77
PUT
Avis
CAR
$4.88B
– –
-2,060,000
Closed -$76.8M
CIM
78
Chimera Investment
CIM
$963M
– –
-31,167
Closed -$958K
MFA
79
MFA Financial
MFA
$893M
– –
-62,500
Closed -$973K
MITT
80
TPG Mortgage Investment Trust
MITT
$213M
– –
-33,333
Closed -$295K
RCL icon
81
Royal Caribbean
RCL
$74.7B
– –
-316,869
Closed -$23.7M
UAL icon
82
PUT
United Airlines
UAL
$35.9B
– –
-1,250,000
Closed -$54.1M
XOP icon
83
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.78B
– –
-300,000
Closed -$17.6M
LSXMA
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.