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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
WBC
126
DELISTED
WABCO HOLDINGS INC.
WBC
– –
-26,000
Closed -$3.52M
AGN
127
DELISTED
Allergan plc
AGN
– –
-49,500
Closed -$9.46M
AGN
128
PUT
DELISTED
Allergan plc
AGN
– –
-50,000
Closed -$9.56M
MLNX
129
CALL
DELISTED
Mellanox Technologies, Ltd.
MLNX
– –
-25,000
Closed -$2.93M
MLNX
130
DELISTED
Mellanox Technologies, Ltd.
MLNX
– –
-35,500
Closed -$4.16M
MLNX
131
PUT
DELISTED
Mellanox Technologies, Ltd.
MLNX
– –
-42,500
Closed -$4.98M
INXN
132
DELISTED
Interxion Holding N.V.
INXN
– –
-42,500
Closed -$3.56M
ZAYO
133
DELISTED
Zayo Group Holdings, Inc.
ZAYO
– –
-147,500
Closed -$5.11M
CBPX
134
DELISTED
CONTINENTAL BUILDING PRODUCTS, INC.
CBPX
– –
-14,500
Closed -$528K
CY
135
PUT
DELISTED
Cypress Semiconductor
CY
– –
-200,000
Closed -$4.67M
2 3 4 5
6

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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.