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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
+4.8%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$763M
AUM Growth
-$97.7M
Cap. Flow
-$473M
Cap. Flow %
-62.01%
Top 10 Hldgs %
43.51%
Holding
81
New
5
Increased
8
Reduced
7
Closed
4

Top Buys

Rank Stock Value
1
LBRDK
Liberty Broadband Class C
LBRDK
+$17.6M
2
RYAAY icon
Ryanair
RYAAY
+$13.2M
3
HEI.A icon
HEICO Corp Class A
HEI.A
+$8.61M
4
CCJ icon
Cameco
CCJ
+$6.54M
5
CUK
Carnival PLC
CUK
+$3.96M

Top Sells

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$12M
2
FOX icon
Fox Class B
FOX
+$8.37M
3
RIG icon
Transocean
RIG
+$8.05M
4
TSM icon
TSMC
TSM
+$7.78M
5
OSG
Octave Specialty Group
OSG
+$7.23M

Sector Composition

Rank Sector Weight
1 Miscellaneous 59.12%
2 Communication Services 19.53%
3 Energy 7.25%
4 Materials 3.92%
5 Industrials 3.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FOX icon
1
Fox Class B
FOX
$25.8B
$48.6M 6.38%
1,709,930
-292,347
-15% -$8.37M
LBTYA icon
2
Liberty Global Class A
LBTYA
$3.64B
$39.1M 5.13%
2,065,376
-659,632
-24% -$12M
LBRDK
3
DELISTED
Liberty Broadband Class C
LBRDK
$24.1M 3.16%
315,558
+216,754
+219% +$17.6M
GDX icon
4
VanEck Gold Miners ETF
GDX
$31B
$17.9M 2.35%
624,093
– –
TSM icon
5
TSMC
TSM
$2.17T
$15.1M 1.98%
202,500
-107,500
-35% -$7.78M
FWONA icon
6
Liberty Media Series A
FWONA
$23.4B
$15.1M 1.97%
294,220
+12,687
+5% +$645K
HEI.A icon
7
HEICO Corp Class A
HEI.A
$34.9B
$15.1M 1.97%
125,581
+70,544
+128% +$8.61M
CWEN.A
8
DELISTED
Clearway Energy Class A
CWEN.A
$14.4M 1.88%
480,317
– –
CCJ icon
9
Cameco
CCJ
$43.6B
$14.3M 1.87%
629,000
+278,000
+79% +$6.54M
RYAAY icon
10
Ryanair
RYAAY
$29.1B
$13.9M 1.83%
+465,090
New +$13.2M
CUK
11
DELISTED
Carnival PLC
CUK
$13.6M 1.78%
1,886,520
+513,574
+37% +$3.96M
URG
12
Ur-Energy
URG
$561M
$12.4M 1.62%
10,756,553
– –
NWSA icon
13
News Corp Class A
NWSA
$16.6B
$11M 1.45%
606,520
– –
FANG icon
14
Diamondback Energy
FANG
$55.4B
$9.11M 1.19%
66,600
– –
SMC
15
Summit Midstream
SMC
$470M
$7.83M 1.03%
469,539
+55,285
+13% +$1.03M
GOOGL icon
16
Alphabet (Google) Class A
GOOGL
$4.24T
$6.94M 0.91%
78,679
-31,821
-29% -$3.02M
UEC icon
17
Uranium Energy
UEC
$6.14B
$6.21M 0.81%
1,599,865
– –
RIG icon
18
Transocean
RIG
$6.48B
$6.18M 0.81%
1,355,000
-2,088,766
-61% -$8.05M
EOG icon
19
EOG Resources
EOG
$75.2B
$5.97M 0.78%
46,100
– –
IE icon
20
Ivanhoe Electric
IE
$1.79B
$5M 0.66%
411,331
– –
UUUU icon
21
Energy Fuels
UUUU
$3.67B
$3.74M 0.49%
602,697
– –
MAG
22
DELISTED
MAG Silver
MAG
$3.66M 0.48%
234,000
– –
BTU icon
23
Peabody Energy
BTU
$3.53B
$3.43M 0.45%
130,000
– –
ZG icon
24
Zillow
ZG
$8.23B
$3.19M 0.42%
+102,342
New +$3.35M
WPM icon
25
Wheaton Precious Metals
WPM
$69.6B
$2.74M 0.36%
70,000
+40,000
+133% +$1.45M
1
2

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CQS (US)'s Q4 2022 Portfolio in Review

As of Q4 2022, CQS (US) held 81 positions worth $763M, down 11% from $860M the previous quarter. Its ten largest holdings account for 44% of the portfolio.

CQS (US) withdrew a net $473M in Q4 2022, closing 4 positions and reducing 7 holdings. Its most notable exit was Octave Specialty Group, an estimated $7.23M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, down from 67% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in Ryanair worth $13.9M.

  • CQS (US)'s largest Q4 2022 buy was Ryanair: 465,090 shares worth $13.9M.
  • CQS (US) added most to Liberty Broadband Class C in Q4 2022, an estimated $17.6M increase.
  • CQS (US)'s biggest Q4 2022 reduction was Liberty Global Class A, cutting an estimated $12M.
  • CQS (US) fully exited Octave Specialty Group in Q4 2022, selling an estimated $7.23M.
  • CQS (US)'s ten largest holdings make up 44% of its $763M portfolio in Q4 2022.
  • CQS (US) opened 5 new positions and closed 4 in Q4 2022.
  • CQS (US)'s portfolio value fell 11% quarter-over-quarter to $763M.

Based on CQS (US)'s 13F filing for Q4 2022, filed 13 Feb 2023.