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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
-2.85%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$860M
AUM Growth
-$69.9M
Cap. Flow
-$586M
Cap. Flow %
-68.13%
Top 10 Hldgs %
45.33%
Holding
95
New
3
Increased
11
Reduced
7
Closed
3
Avg Time Held Equity + Options
1.2 years
Top 10 Avg Time Held Equity + Options
0.7 years
Top 20 Avg Time Held Equity + Options
0.8 years
Avg Time Held Equity only
1.2 years
Top 10 Avg Time Held Equity only
0.8 years
Top 20 Avg Time Held Equity only
0.8 years

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$25.6M
2
CUK icon
Carnival PLC
CUK
+$10.1M
3
LBRDK icon
Liberty Broadband Class C
LBRDK
+$10.1M
4
RIG icon
Transocean
RIG
+$8.02M
5
LBTYA icon
Liberty Global Class A
LBTYA
+$5.76M

Top Sells

Rank Stock Value
1
EOG icon
EOG Resources
EOG
+$11.9M
2
OSG icon
Octave Specialty Group
OSG
+$11.2M
3
LBRDA icon
Liberty Broadband Class A
LBRDA
+$8.27M
4
LSXMK icon
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$2.47M
5
FOX icon
Fox Class B
FOX
+$1.54M

Sector Composition

Rank Sector Weight
1 Miscellaneous 66.73%
2 Communication Services 17.27%
3 Energy 5.7%
4 Materials 2.9%
5 Technology 2.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
FOX icon
1
Fox Class B
FOX
$23.5B
$57.1M 6.63%
2,002,277
-49,171
-2% -$1.54M
2021 Q1
6 quarters
LBTYA icon
2
Liberty Global Class A
LBTYA
$2.79B
$42.5M 4.94%
2,725,008
+286,529
+12% +$5.76M
2020 Q2
9 quarters
LQD icon
3
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$29.2B
$41M 4.76%
+400,000
New +$44.1M
2022 Q3
0 quarters
TSM icon
4
TSMC
TSM
$2.23T
$21.3M 2.47%
+310,000
New +$25.6M
2022 Q3
0 quarters
GDX icon
5
VanEck Gold Miners ETF
GDX
$25B
$15.1M 1.75%
624,093
– –
2021 Q2
5 quarters
FWONA icon
6
Liberty Media Corporation Series A Common Stock
FWONA
$20.8B
$14.2M 1.65%
281,533
+11,726
+4% +$653K
2020 Q3
8 quarters
CWEN.A icon
7
DELISTED
Clearway Energy Class A
CWEN.A
$14M 1.62%
480,317
+91,656
+24% +$3.11M
2019 Q4
11 quarters
URG icon
8
Ur-Energy
URG
$331M
$11.7M 1.36%
10,756,553
– –
2019 Q4
11 quarters
GOOGL icon
9
Alphabet (Google) Class A
GOOGL
$4.25T
$10.6M 1.23%
110,500
– –
2022 Q1
2 quarters
CUK icon
10
DELISTED
Carnival PLC
CUK
$9.32M 1.08%
1,372,946
+1,166,383
+565% +$10.1M
2022 Q1
2 quarters
CCJ icon
11
Cameco
CCJ
$35.5B
$9.3M 1.08%
351,000
– –
2022 Q1
2 quarters
NWSA icon
12
News Corp Class A
NWSA
$15.9B
$9.16M 1.07%
606,520
+55,744
+10% +$935K
2021 Q4
3 quarters
RIG icon
13
Transocean
RIG
$6.23B
$8.51M 0.99%
3,443,766
+2,508,766
+268% +$8.02M
2022 Q2
1 quarter
FANG icon
14
Diamondback Energy
FANG
$55.3B
$8.02M 0.93%
66,600
– –
2021 Q4
3 quarters
LBRDK icon
15
DELISTED
Liberty Broadband Class C
LBRDK
$7.29M 0.85%
98,804
+94,993
+2,493% +$10.1M
2020 Q4
7 quarters
OSG icon
16
Octave Specialty Group
OSG
$212M
$7.23M 0.84%
566,717
-840,528
-60% -$11.2M
2019 Q4
11 quarters
HEI.A icon
17
HEICO Corp Class A
HEI.A
$31.4B
$6.31M 0.73%
55,037
+43,454
+375% +$5.23M
2022 Q1
2 quarters
SMC icon
18
Summit Midstream
SMC
$417M
$6.22M 0.72%
414,254
+23,600
+6% +$356K
2021 Q1
6 quarters
UEC icon
19
Uranium Energy
UEC
$3.82B
$5.6M 0.65%
1,599,865
– –
2019 Q4
11 quarters
LSXMK icon
20
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$5.59M 0.65%
191,468
-79,326
-29% -$2.47M
2019 Q4
11 quarters
EOG icon
21
EOG Resources
EOG
$80.9B
$5.15M 0.6%
46,100
-105,875
-70% -$11.9M
2021 Q4
3 quarters
UUUU icon
22
Energy Fuels
UUUU
$2.21B
$3.69M 0.43%
602,697
– –
2019 Q4
11 quarters
CENTA icon
23
Central Garden & Pet Co Class A
CENTA
$2.23B
$3.51M 0.41%
128,373
-14,522
-10% -$455K
2020 Q3
8 quarters
IE icon
24
Ivanhoe Electric
IE
$1.31B
$3.39M 0.39%
411,331
– –
2022 Q2
1 quarter
BTU icon
25
Peabody Energy
BTU
$2.86B
$3.23M 0.38%
130,000
– –
2021 Q4
3 quarters
1
2

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CQS (US)'s Q3 2022 Portfolio in Review

As of Q3 2022, CQS (US) held 95 positions worth $860M, down 7.5% from $930M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

CQS (US) withdrew a net $586M in Q3 2022, closing 3 positions and reducing 7 holdings. Its most notable exit was Liberty Broadband Class A, an estimated $8.27M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 67% of assets, down from 70% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in TSMC worth $21.3M.

  • CQS (US)'s largest Q3 2022 buy was TSMC: 310,000 shares worth $21.3M.
  • CQS (US) added most to Carnival PLC in Q3 2022, an estimated $10.1M increase.
  • CQS (US)'s biggest Q3 2022 reduction was EOG Resources, cutting an estimated $11.9M.
  • CQS (US) fully exited Liberty Broadband Class A in Q3 2022, selling an estimated $8.27M.
  • CQS (US)'s ten largest holdings make up 45% of its $860M portfolio in Q3 2022.
  • CQS (US) opened 3 new positions and closed 3 in Q3 2022.
  • CQS (US)'s portfolio value fell 7.5% quarter-over-quarter to $860M.

Based on CQS (US)'s 13F filing for Q3 2022, filed 9 Nov 2022.