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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
+6.98%
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
+$279M
Cap. Flow
-$692M
Cap. Flow %
-42.28%
Top 10 Hldgs %
36.94%
Holding
139
New
26
Increased
15
Reduced
24
Closed
26

Top Buys

Rank Stock Value
1
ADSW
Advanced Disposal Services Inc
ADSW
+$25.2M
2
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$25.2M
3
UAL icon
United Airlines
UAL
+$20.8M
4
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.5M
5
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$9.91M

Top Sells

Rank Stock Value
1
LBTYK icon
Liberty Global Class C
LBTYK
+$22.6M
2
MRK icon
Merck
MRK
+$21.5M
3
JNJ icon
Johnson & Johnson
JNJ
+$21.3M
4
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$19M
5
KMB icon
Kimberly-Clark
KMB
+$16.9M

Sector Composition

Rank Sector Weight
1 Miscellaneous 75.8%
2 Communication Services 4.85%
3 Industrials 4.81%
4 Technology 3.08%
5 Consumer Discretionary 2.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAT icon
1
PUT
Caterpillar
CAT
$368B
$83.5M 5.1%
+660,000
New +$78.2M
RCL icon
2
PUT
Royal Caribbean
RCL
$74.7B
$80.5M 4.92%
+1,600,000
New +$72.4M
SPY icon
3
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$825B
$57M 3.49%
185,000
+10,000
+6% +$2.93M
CAR icon
4
PUT
Avis
CAR
$4.88B
$47.2M 2.88%
+2,060,000
New +$37.8M
UAL icon
5
PUT
United Airlines
UAL
$35.9B
$43.3M 2.64%
+1,250,000
New +$37.5M
DISCK
6
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$41.1M 2.51%
2,134,394
+1,286,614
+152% +$25.2M
AAL icon
7
PUT
American Airlines Group
AAL
$9.03B
$31.4M 1.92%
+2,400,000
New +$29.1M
IWM icon
8
CALL
iShares Russell 2000 ETF
IWM
$80.8B
$30.1M 1.84%
210,000
-50,000
-19% -$6.56M
BHP icon
9
BHP
BHP
$242B
$24.5M 1.49%
554,503
+245,035
+79% +$9.59M
UAL icon
10
United Airlines
UAL
$35.9B
$24M 1.47%
+694,500
New +$20.8M
ADSW
11
DELISTED
Advanced Disposal Services Inc
ADSW
$23.8M 1.46%
+790,000
New +$25.2M
LSXMK
12
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$22.9M 1.4%
859,237
+485,014
+130% +$12.5M
RYAAY icon
13
Ryanair
RYAAY
$29.1B
$17.9M 1.09%
673,885
-41,570
-6% -$1.05M
GDX icon
14
VanEck Gold Miners ETF
GDX
$31B
$14.3M 0.87%
389,500
+244,500
+169% +$8.04M
NKE icon
15
Nike
NKE
$58.7B
$12.6M 0.77%
128,691
+28,065
+28% +$2.59M
OSG
16
Octave Specialty Group
OSG
$209M
$11.4M 0.7%
796,049
+396,049
+99% +$5.79M
ANSS
17
DELISTED
Ansys
ANSS
$10.4M 0.64%
35,622
-7,536
-17% -$2.01M
ACN icon
18
Accenture
ACN
$116B
$10.2M 0.62%
47,559
+16,921
+55% +$3.2M
ADBE icon
19
Adobe
ADBE
$116B
$10.2M 0.62%
+23,352
New +$8.65M
HYG icon
20
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
$10M 0.61%
+123,000
New +$9.91M
BBL
21
DELISTED
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
$9.65M 0.59%
235,105
-51,959
-18% -$1.89M
TIF
22
DELISTED
Tiffany & Co.
TIF
$9.63M 0.59%
+79,000
New +$9.89M
ABT icon
23
Abbott
ABT
$195B
$9.54M 0.58%
104,312
-13,188
-11% -$1.19M
MCO icon
24
Moody's
MCO
$89.2B
$8.64M 0.53%
31,452
-2,615
-8% -$664K
MA icon
25
Mastercard
MA
$521B
$8.36M 0.51%
28,280
-247
-0.9% -$69.6K
1
2 3 4 5

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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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GFWEX
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CQS (US)'s Q2 2020 Portfolio in Review

As of Q2 2020, CQS (US) held 139 positions worth $1.64B, up 21% from $1.36B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

CQS (US) withdrew a net $692M in Q2 2020, closing 26 positions and reducing 24 holdings. Its most notable exit was Liberty Global Class C, an estimated $22.6M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 76% of assets, up from 73% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, CQS (US) opened a new position in Advanced Disposal Services Inc worth $23.8M.

  • CQS (US)'s largest Q2 2020 buy was Advanced Disposal Services Inc: 790,000 shares worth $23.8M.
  • CQS (US) added most to Discovery, Inc. Series C Common Stock in Q2 2020, an estimated $25.2M increase.
  • CQS (US)'s biggest Q2 2020 reduction was Liberty Media Corporation Series A Liberty SiriusXM Common Stock, cutting an estimated $19M.
  • CQS (US) fully exited Liberty Global Class C in Q2 2020, selling an estimated $22.6M.
  • CQS (US)'s ten largest holdings make up 37% of its $1.64B portfolio in Q2 2020.
  • CQS (US) opened 26 new positions and closed 26 in Q2 2020.
  • CQS (US)'s portfolio value rose 21% quarter-over-quarter to $1.64B.

Based on CQS (US)'s 13F filing for Q2 2020, filed 7 Aug 2020.