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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
+8.04%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$756M
AUM Growth
-$880M
Cap. Flow
-$752M
Cap. Flow %
-99.47%
Top 10 Hldgs %
54.72%
Holding
119
New
22
Increased
26
Reduced
9
Closed
31

Top Buys

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$32.8M
2
UA icon
Under Armour Class C
UA
+$27.2M
3
BHP icon
BHP
BHP
+$18.9M
4
LBTYA icon
Liberty Global Class A
LBTYA
+$18.3M
5
CAR icon
Avis
CAR
+$14.7M

Top Sells

Rank Stock Value
1
ADSW
Advanced Disposal Services Inc
ADSW
+$23.8M
2
RYAAY icon
Ryanair
RYAAY
+$17.9M
3
UAL icon
United Airlines
UAL
+$15.4M
4
ACN icon
Accenture
ACN
+$10.2M
5
BBL
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
+$9.65M

Sector Composition

Rank Sector Weight
1 Industrials 23.47%
2 Consumer Discretionary 9.95%
3 Communication Services 8.76%
4 Materials 7.81%
5 Healthcare 7.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DISCK
1
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$74.4M 9.85%
3,797,352
+1,662,958
+78% +$32.8M
CAR icon
2
Avis
CAR
$5.63B
$66.5M 8.8%
+486,620
New +$14.7M
HYG icon
3
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$61.2M 8.1%
121,823
-1,177
-1% -$99.1K
UAL icon
4
United Airlines
UAL
$38.4B
$51.7M 6.84%
250,450
-444,050
-64% -$15.4M
BHP icon
5
BHP
BHP
$213B
$41.4M 5.48%
947,090
+392,587
+71% +$18.9M
AAL icon
6
American Airlines Group
AAL
$9.58B
$29.7M 3.93%
39,450
+24,000
+155% +$301K
UA icon
7
Under Armour Class C
UA
$2.92B
$28.5M 3.77%
+2,894,879
New +$27.2M
LBTYA icon
8
Liberty Global Class A
LBTYA
$3.31B
$22M 2.91%
1,047,899
+816,429
+353% +$18.3M
LSXMK
9
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$19.5M 2.58%
761,433
-97,804
-11% -$2.65M
NKE icon
10
Nike
NKE
$61.9B
$18.6M 2.46%
147,962
+19,271
+15% +$2.07M
WMGI
11
DELISTED
Wright Medical Group Inc
WMGI
– –
-165,000
Closed -$4.98M
ADBE icon
12
Adobe
ADBE
$89.5B
$15.1M 2%
30,791
+7,439
+32% +$3.46M
TIF
13
DELISTED
Tiffany & Co.
TIF
$14.5M 1.92%
125,000
+46,000
+58% +$5.59M
ANSS
14
DELISTED
Ansys
ANSS
$14.5M 1.91%
44,221
+8,599
+24% +$2.69M
FWONA icon
15
Liberty Media Series A
FWONA
$22.3B
$13.1M 1.73%
+408,670
New +$13.2M
ABT icon
16
Abbott
ABT
$180B
$12.8M 1.7%
117,943
+13,631
+13% +$1.38M
XOP icon
17
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.42B
– –
0
– –
MA icon
18
Mastercard
MA
$477B
$11.3M 1.49%
33,347
+5,067
+18% +$1.65M
MCO icon
19
Moody's
MCO
$81.7B
$11.3M 1.49%
38,858
+7,406
+24% +$2.11M
OTIS icon
20
Otis Worldwide
OTIS
$27.4B
$10.5M 1.39%
167,930
+32,208
+24% +$1.97M
OSG
21
Octave Specialty Group
OSG
$252M
$10.5M 1.39%
820,000
+23,951
+3% +$309K
UNH icon
22
UnitedHealth
UNH
$382B
$10.5M 1.38%
33,539
+6,342
+23% +$1.95M
GRUB
23
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$10.3M 1.37%
+70,653
New +$10.2M
LOW icon
24
Lowe's Companies
LOW
$116B
$10.3M 1.36%
61,911
+11,753
+23% +$1.81M
NXE icon
25
NexGen Energy
NXE
$6.05B
$10.2M 1.36%
+5,907,900
New +$10M
1
2 3 4

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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
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CQS (US)'s Q3 2020 Portfolio in Review

As of Q3 2020, CQS (US) held 119 positions worth $756M, down 54% from $1.64B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

CQS (US) withdrew a net $752M in Q3 2020, closing 31 positions and reducing 9 holdings. Its most notable exit was Advanced Disposal Services Inc, an estimated $23.8M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 23% of assets, up from 4.8% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, CQS (US) opened a new position in Under Armour Class C worth $28.5M.

  • CQS (US)'s largest Q3 2020 buy was Under Armour Class C: 2,894,879 shares worth $28.5M.
  • CQS (US) added most to Discovery, Inc. Series C Common Stock in Q3 2020, an estimated $32.8M increase.
  • CQS (US)'s biggest Q3 2020 reduction was United Airlines, cutting an estimated $15.4M.
  • CQS (US) fully exited Advanced Disposal Services Inc in Q3 2020, selling an estimated $23.8M.
  • CQS (US)'s ten largest holdings make up 55% of its $756M portfolio in Q3 2020.
  • CQS (US) opened 22 new positions and closed 31 in Q3 2020.
  • CQS (US)'s portfolio value fell 54% quarter-over-quarter to $756M.

Based on CQS (US)'s 13F filing for Q3 2020, filed 12 Nov 2020.