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CU

CQS (US) Portfolio holdings

AUM $367M
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

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$25.6M
2
CUK
Carnival PLC
CUK
+$10.1M
3
LBRDK
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
Octave Specialty Group
OSG
+$11.2M
3
LBRDA
Liberty Broadband Class A
LBRDA
+$8.27M
4
LSXMK
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
FOX icon
1
Fox Class B
FOX
$25.8B
$57.1M 6.63%
2,002,277
-49,171
-2% -$1.54M
LBTYA icon
2
Liberty Global Class A
LBTYA
$3.64B
$42.5M 4.94%
2,725,008
+286,529
+12% +$5.76M
LQD icon
3
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.9B
$41M 4.76%
+400,000
New +$44.1M
TSM icon
4
TSMC
TSM
$2.17T
$21.3M 2.47%
+310,000
New +$25.6M
GDX icon
5
VanEck Gold Miners ETF
GDX
$31B
$15.1M 1.75%
624,093
– –
FWONA icon
6
Liberty Media Series A
FWONA
$23.4B
$14.2M 1.65%
281,533
+11,726
+4% +$653K
CWEN.A
7
DELISTED
Clearway Energy Class A
CWEN.A
$14M 1.62%
480,317
+91,656
+24% +$3.11M
URG
8
Ur-Energy
URG
$561M
$11.7M 1.36%
10,756,553
– –
GOOGL icon
9
Alphabet (Google) Class A
GOOGL
$4.24T
$10.6M 1.23%
110,500
– –
CUK
10
DELISTED
Carnival PLC
CUK
$9.32M 1.08%
1,372,946
+1,166,383
+565% +$10.1M
CCJ icon
11
Cameco
CCJ
$43.6B
$9.3M 1.08%
351,000
– –
NWSA icon
12
News Corp Class A
NWSA
$16.6B
$9.16M 1.07%
606,520
+55,744
+10% +$935K
RIG icon
13
Transocean
RIG
$6.48B
$8.51M 0.99%
3,443,766
+2,508,766
+268% +$8.02M
FANG icon
14
Diamondback Energy
FANG
$55.4B
$8.02M 0.93%
66,600
– –
LBRDK
15
DELISTED
Liberty Broadband Class C
LBRDK
$7.29M 0.85%
98,804
+94,993
+2,493% +$10.1M
OSG
16
Octave Specialty Group
OSG
$209M
$7.23M 0.84%
566,717
-840,528
-60% -$11.2M
HEI.A icon
17
HEICO Corp Class A
HEI.A
$34.9B
$6.31M 0.73%
55,037
+43,454
+375% +$5.23M
SMC
18
Summit Midstream
SMC
$470M
$6.22M 0.72%
414,254
+23,600
+6% +$356K
UEC icon
19
Uranium Energy
UEC
$6.14B
$5.6M 0.65%
1,599,865
– –
LSXMK
20
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$5.59M 0.65%
191,468
-79,326
-29% -$2.47M
EOG icon
21
EOG Resources
EOG
$75.2B
$5.15M 0.6%
46,100
-105,875
-70% -$11.9M
UUUU icon
22
Energy Fuels
UUUU
$3.67B
$3.69M 0.43%
602,697
– –
CENTA icon
23
Central Garden & Pet Co Class A
CENTA
$2.37B
$3.51M 0.41%
128,373
-14,522
-10% -$455K
IE icon
24
Ivanhoe Electric
IE
$1.79B
$3.39M 0.39%
411,331
– –
BTU icon
25
Peabody Energy
BTU
$3.53B
$3.23M 0.38%
130,000
– –
1
2

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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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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.