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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
+11.4%
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
+$880M
Cap. Flow
+$153M
Cap. Flow %
9.38%
Top 10 Hldgs %
37.66%
Holding
130
New
29
Increased
13
Reduced
19
Closed
28

Top Buys

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$36.8M
2
RCL icon
Royal Caribbean
RCL
+$22.1M
3
VAR
Varian Medical Systems, Inc.
VAR
+$16.4M
4
NAV
Navistar International
NAV
+$14.4M
5
ACN icon
Accenture
ACN
+$13.5M

Top Sells

Rank Stock Value
1
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$61.2M
2
AAL icon
American Airlines Group
AAL
+$29.7M
3
LBTYA icon
Liberty Global Class A
LBTYA
+$18M
4
CAR icon
Avis
CAR
+$17.1M
5
BHP icon
BHP
BHP
+$16.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 7.76%
2 Communication Services 4.05%
3 Financials 3.99%
4 Technology 3.86%
5 Materials 3.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DISCK
1
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$143M 8.77%
5,478,135
+1,680,783
+44% +$36.8M
CAR icon
2
PUT
Avis
CAR
$5.63B
$76.8M 4.7%
+2,060,000
New +$72.4M
UAL icon
3
PUT
United Airlines
UAL
$38.4B
$54.1M 3.3%
+1,250,000
New +$50.6M
UA icon
4
Under Armour Class C
UA
$2.92B
$41.9M 2.56%
2,814,524
-80,355
-3% -$1.08M
BHP icon
5
BHP
BHP
$213B
$35.6M 2.17%
612,361
-334,729
-35% -$16.8M
LSXMK
6
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$25.8M 1.58%
766,007
+4,574
+0.6% +$139K
RCL icon
7
Royal Caribbean
RCL
$78.7B
$23.7M 1.45%
+316,869
New +$22.1M
FWONA icon
8
Liberty Media Series A
FWONA
$22.3B
$17.9M 1.09%
491,118
+82,448
+20% +$2.88M
XOP icon
9
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.42B
$17.6M 1.07%
+300,000
New +$15.2M
NKE icon
10
Nike
NKE
$61.9B
$16.9M 1.03%
119,249
-28,713
-19% -$3.8M
VAR
11
DELISTED
Varian Medical Systems, Inc.
VAR
$16.6M 1.01%
+94,565
New +$16.4M
TIF
12
DELISTED
Tiffany & Co.
TIF
$16.4M 1%
125,000
– –
OSG
13
Octave Specialty Group
OSG
$252M
$15.4M 0.94%
1,000,000
+180,000
+22% +$2.65M
ACN icon
14
Accenture
ACN
$89.9B
$14.7M 0.9%
+56,427
New +$13.5M
NAV
15
DELISTED
Navistar International
NAV
$14.5M 0.89%
+330,841
New +$14.4M
BKNG icon
16
Booking.com
BKNG
$138B
$14.5M 0.89%
162,925
+123,850
+317% +$9.56M
ADBE icon
17
Adobe
ADBE
$89.5B
$14.5M 0.89%
28,990
-1,801
-6% -$870K
BBL
18
DELISTED
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
$13.9M 0.85%
+262,275
New +$12M
ANSS
19
DELISTED
Ansys
ANSS
$13.8M 0.84%
37,798
-6,423
-15% -$2.15M
ABT icon
20
Abbott
ABT
$180B
$12.6M 0.77%
115,135
-2,808
-2% -$305K
MXIM
21
DELISTED
Maxim Integrated Products
MXIM
$12M 0.74%
+135,869
New +$10.7M
GOOGL icon
22
Alphabet (Google) Class A
GOOGL
$3.91T
$11.3M 0.69%
+129,400
New +$10.9M
WTW icon
23
Willis Towers Watson
WTW
$27.9B
$11.1M 0.68%
+52,718
New +$10.9M
Z icon
24
Zillow
Z
$7.04B
$11.1M 0.68%
+85,345
New +$9.44M
GRUB
25
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$10.8M 0.66%
73,371
+2,718
+4% +$402K
1
2 3 4

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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
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 Q4 2020 Portfolio in Review

As of Q4 2020, CQS (US) held 130 positions worth $1.64B, up 116% from $756M the previous quarter. Its ten largest holdings account for 38% of the portfolio.

CQS (US) deployed $153M of net new capital in Q4 2020, opening 29 new positions and adding to 13 existing holdings. Its largest new stake was Royal Caribbean: 316,869 shares worth $23.7M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 7.8% of assets, down from 9.9% a quarter earlier, followed by Communication Services and Financials.

On the sell side, the largest reduction was Liberty Global Class A, an estimated $18M trimmed.

  • CQS (US)'s largest Q4 2020 buy was Royal Caribbean: 316,869 shares worth $23.7M.
  • CQS (US) added most to Discovery, Inc. Series C Common Stock in Q4 2020, an estimated $36.8M increase.
  • CQS (US)'s biggest Q4 2020 reduction was Liberty Global Class A, cutting an estimated $18M.
  • CQS (US) fully exited iShares iBoxx $ High Yield Corporate Bond ETF in Q4 2020, selling an estimated $61.2M.
  • CQS (US)'s ten largest holdings make up 38% of its $1.64B portfolio in Q4 2020.
  • CQS (US) opened 29 new positions and closed 28 in Q4 2020.
  • CQS (US)'s portfolio value rose 116% quarter-over-quarter to $1.64B.

Based on CQS (US)'s 13F filing for Q4 2020, filed 3 Feb 2021.