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CU
CQS (US) Portfolio holdings
AUM
$367M
Turnover
4.44%
1-Year Est. Return
8.85%
This Fund
S&P 500
This Quarter
Est. Return
+6.98%
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
(+21%)
Cap. Flow
-$692M
Cap. Flow
% of AUM
-42.28%
Top 10 Holdings %
Top 10 Hldgs %
36.94%
Holding
139
New
26
Increased
15
Reduced
24
Closed
26
Avg Time Held Equity + Options
0.3
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
0.4
years
Top 10 Avg Time Held Equity only
0.2
years
Top 20 Avg Time Held Equity only
0.2
years
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 |
United Airlines
UAL
|
+$20.8M |
| 4 |
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$12.5M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$9.91M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Global Class C
LBTYK
|
+$22.6M |
| 2 |
Merck
MRK
|
+$21.5M |
| 3 |
Johnson & Johnson
JNJ
|
+$21.3M |
| 4 |
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
|
+$19M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Caterpillar
CAT
$344B
| $83.5M | 5.1% |
+660,000
| New | +$78.2M |
2020 Q2
0 quarters
|
|
2
PUT
Royal Caribbean
RCL
$73.4B
| $80.5M | 4.92% |
+1,600,000
| New | +$72.4M |
2020 Q2
0 quarters
|
|
3
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| $57M | 3.49% |
185,000
+10,000
| +6% | +$2.93M |
2020 Q1
1 quarter
|
|
4
PUT
Avis
CAR
$3.77B
| $47.2M | 2.88% |
+2,060,000
| New | +$37.8M |
2020 Q2
0 quarters
|
|
|
5
PUT
United Airlines
UAL
$32.1B
| $43.3M | 2.64% |
+1,250,000
| New | +$37.5M |
2020 Q2
0 quarters
|
|
|
DISCK
6
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $41.1M | 2.51% |
2,134,394
+1,286,614
| +152% | +$25.2M |
2019 Q4
2 quarters
|
|
7
PUT
American Airlines Group
AAL
$7.8B
| $31.4M | 1.92% |
+2,400,000
| New | +$29.1M |
2020 Q2
0 quarters
|
|
8
CALL
iShares Russell 2000 ETF
IWM
$76.4B
| $30.1M | 1.84% |
210,000
-50,000
| -19% | -$6.56M |
2020 Q1
1 quarter
|
|
9
BHP
BHP
$212B
| $24.5M | 1.49% |
554,503
+245,035
| +79% | +$9.59M |
2020 Q1
1 quarter
|
|
|
10
United Airlines
UAL
$32.1B
| $24M | 1.47% |
+694,500
| New | +$20.8M |
2020 Q2
0 quarters
|
|
|
ADSW
11
DELISTED
Advanced Disposal Services Inc
ADSW
| $23.8M | 1.46% |
+790,000
| New | +$25.2M |
2020 Q2
0 quarters
|
|
|
12
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $22.9M | 1.4% |
859,237
+485,014
| +130% | +$12.5M |
2019 Q4
2 quarters
|
|
13
Ryanair
RYAAY
$26.6B
| $17.9M | 1.09% |
673,885
-41,570
| -6% | -$1.05M |
2019 Q4
2 quarters
|
|
14
VanEck Gold Miners ETF
GDX
$25B
| $14.3M | 0.87% |
389,500
+244,500
| +169% | +$8.04M |
2019 Q4
2 quarters
|
|
15
Nike
NKE
$52.4B
| $12.6M | 0.77% |
128,691
+28,065
| +28% | +$2.59M |
2019 Q4
2 quarters
|
|
16
Octave Specialty Group
OSG
$212M
| $11.4M | 0.7% |
796,049
+396,049
| +99% | +$5.79M |
2019 Q4
2 quarters
|
|
17
DELISTED
Ansys
ANSS
| $10.4M | 0.64% |
35,622
-7,536
| -17% | -$2.01M |
2019 Q4
2 quarters
|
|
18
Accenture
ACN
$132B
| $10.2M | 0.62% |
47,559
+16,921
| +55% | +$3.2M |
2019 Q4
2 quarters
|
|
19
Adobe
ADBE
$93.7B
| $10.2M | 0.62% |
+23,352
| New | +$8.65M |
2020 Q2
0 quarters
|
|
|
20
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
| $10M | 0.61% |
+123,000
| New | +$9.91M |
2020 Q2
0 quarters
|
|
|
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 |
2019 Q4
2 quarters
|
|
|
TIF
22
DELISTED
Tiffany & Co.
TIF
| $9.63M | 0.59% |
+79,000
| New | +$9.89M |
2020 Q2
0 quarters
|
|
23
Abbott
ABT
$178B
| $9.54M | 0.58% |
104,312
-13,188
| -11% | -$1.19M |
2019 Q4
2 quarters
|
|
24
Moody's
MCO
$80.1B
| $8.64M | 0.53% |
31,452
-2,615
| -8% | -$664K |
2019 Q4
2 quarters
|
|
25
Mastercard
MA
$528B
| $8.36M | 0.51% |
28,280
-247
| -0.9% | -$69.6K |
2019 Q4
2 quarters
|
|
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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.