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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
-7.19%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.36B
AUM Growth
-$781M
Cap. Flow
-$1.3B
Cap. Flow %
-96.02%
Top 10 Hldgs %
32.37%
Holding
171
New
18
Increased
21
Reduced
30
Closed
57

Top Buys

Rank Stock Value
1
JNJ icon
Johnson & Johnson
JNJ
+$23M
2
MRK icon
Merck
MRK
+$23M
3
KMB icon
Kimberly-Clark
KMB
+$18.2M
4
ABBV icon
AbbVie
ABBV
+$17.5M
5
BHP icon
BHP
BHP
+$12.9M

Top Sells

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$117M
2
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$62.4M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$56.7M
4
LBTYK icon
Liberty Global Class C
LBTYK
+$29.8M
5
FOX icon
Fox Class B
FOX
+$26.9M

Sector Composition

Rank Sector Weight
1 Healthcare 6.89%
2 Communication Services 3.79%
3 Technology 2.34%
4 Consumer Staples 2.11%
5 Financials 2.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PANW icon
101
Palo Alto Networks
PANW
$264B
– –
-135,150
Closed -$5.21M
PARA
102
CALL
DELISTED
Paramount Global Class B
PARA
– –
-184,300
Closed -$7.74M
RIG icon
103
Transocean
RIG
$5.92B
– –
-60,000
Closed -$413K
TSM icon
104
TSMC
TSM
$2.09T
– –
-159,169
Closed -$9.25M
TXT icon
105
CALL
Textron
TXT
$16.6B
– –
-180,000
Closed -$8.03M
TXT icon
106
Textron
TXT
$16.6B
– –
-33,500
Closed -$1.49M
UA icon
107
Under Armour Class C
UA
$2.92B
– –
-449,800
Closed -$8.63M
UNG icon
108
CALL
United States Natural Gas Fund
UNG
$470M
– –
-67,550
Closed -$4.55M
WBD icon
109
PUT
Warner Bros
WBD
$64.6B
– –
-887,500
Closed -$29.1M
XOP icon
110
CALL
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.42B
– –
-206,250
Closed -$19.6M
XRX icon
111
PUT
Xerox
XRX
$337M
– –
-201,100
Closed -$7.41M
ONIT
112
Onity Group
ONIT
$333M
– –
-123,759
Closed -$2.54M
EVBG
113
DELISTED
Everbridge, Inc. Common Stock
EVBG
– –
-17,800
Closed -$1.39M
AUD
114
DELISTED
Audacy, Inc.
AUD
– –
-400,000
Closed -$1.86M
CDK
115
CALL
DELISTED
CDK Global, Inc.
CDK
– –
-75,000
Closed -$4.1M
CDK
116
DELISTED
CDK Global, Inc.
CDK
– –
-10,500
Closed -$574K
GRUB
117
PUT
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
– –
-50,000
Closed -$4.86M
CXO
118
DELISTED
CONCHO RESOURCES INC.
CXO
– –
-16,000
Closed -$1.4M
TIF
119
DELISTED
Tiffany & Co.
TIF
– –
-18,500
Closed -$2.47M
WMGI
120
DELISTED
Wright Medical Group Inc
WMGI
– –
-115,500
Closed -$3.52M
WMGI
121
PUT
DELISTED
Wright Medical Group Inc
WMGI
– –
-125,000
Closed -$3.81M
AMTD
122
DELISTED
TD Ameritrade Holding Corp
AMTD
– –
-10,500
Closed -$522K
LOGM
123
CALL
DELISTED
LogMein, Inc.
LOGM
– –
-75,000
Closed -$6.43M
LOGM
124
DELISTED
LogMein, Inc.
LOGM
– –
-7,500
Closed -$643K
CHK
125
CALL
DELISTED
Chesapeake Energy Corporation
CHK
– –
-3,125
Closed -$516K
2 3 4
5
6

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CCMLC
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LWMG
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GH
Geisinger Health Danville, Pennsylvania $344M AUM 4.22% 1-Year Est. Return
VFPI
Vantage Financial Partners (Illinois) Arlington Heights, Illinois $402M AUM 12.97% 1-Year Est. Return
RMC
Regis Management Company Menlo Park, California $331M AUM 14.13% 1-Year Est. Return
KS
Karpas Strategies Litchfield, Connecticut $319M AUM 14.42% 1-Year Est. Return
OH
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GFWEX
G.F.W. Energy XI Dallas, Texas $282M AUM

CQS (US)'s Q1 2020 Portfolio in Review

As of Q1 2020, CQS (US) held 171 positions worth $1.36B, down 37% from $2.14B the previous quarter. Its ten largest holdings account for 32% of the portfolio.

CQS (US) withdrew a net $1.3B in Q1 2020, closing 57 positions and reducing 30 holdings. Its most notable exit was iShares iBoxx $ High Yield Corporate Bond ETF, an estimated $62.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 6.9% of assets, up from 2.1% a quarter earlier, followed by Communication Services and Technology.

Against the trend, CQS (US) opened a new position in Johnson & Johnson worth $21.3M.

  • CQS (US)'s largest Q1 2020 buy was Johnson & Johnson: 162,400 shares worth $21.3M.
  • CQS (US) added most to Ryanair in Q1 2020, an estimated $6.89M increase.
  • CQS (US)'s biggest Q1 2020 reduction was Discovery, Inc. Series C Common Stock, cutting an estimated $117M.
  • CQS (US) fully exited iShares iBoxx $ High Yield Corporate Bond ETF in Q1 2020, selling an estimated $62.4M.
  • CQS (US)'s ten largest holdings make up 32% of its $1.36B portfolio in Q1 2020.
  • CQS (US) opened 18 new positions and closed 57 in Q1 2020.
  • CQS (US)'s portfolio value fell 37% quarter-over-quarter to $1.36B.

Based on CQS (US)'s 13F filing for Q1 2020, filed 7 May 2020.