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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
+4.06%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$804M
AUM Growth
+$41M
Cap. Flow
-$434M
Cap. Flow %
-54.06%
Top 10 Hldgs %
44.53%
Holding
75
New
1
Increased
5
Reduced
12
Closed
4

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$20M
2
FOX icon
Fox Class B
FOX
+$8.48M
3
ZG icon
Zillow
ZG
+$6.55M
4
URG
Ur-Energy
URG
+$2.54M
5
FWONA icon
Liberty Media Series A
FWONA
+$476K

Top Sells

Rank Stock Value
1
TSM icon
TSMC
TSM
+$15.1M
2
RYAAY icon
Ryanair
RYAAY
+$13.9M
3
CWEN.A
Clearway Energy Class A
CWEN.A
+$8.47M
4
CUK
Carnival PLC
CUK
+$7.27M
5
LBTYA icon
Liberty Global Class A
LBTYA
+$3.66M

Sector Composition

Rank Sector Weight
1 Miscellaneous 60.43%
2 Communication Services 24.32%
3 Energy 6.96%
4 Materials 3.63%
5 Industrials 2.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FOX icon
1
Fox Class B
FOX
$24.5B
$62M 7.72%
1,980,387
+270,457
+16% +$8.48M
LBTYA icon
2
Liberty Global Class A
LBTYA
$3.65B
$36.8M 4.57%
1,885,432
-179,944
-9% -$3.66M
GOOGL icon
3
Alphabet (Google) Class A
GOOGL
$4.14T
$29.8M 3.71%
287,663
+208,984
+266% +$20M
LBRDK
4
DELISTED
Liberty Broadband Class C
LBRDK
$25M 3.11%
305,922
-9,636
-3% -$832K
FWONA icon
5
Liberty Media Series A
FWONA
$21.9B
$19.5M 2.43%
302,119
+7,899
+3% +$476K
GDX icon
6
VanEck Gold Miners ETF
GDX
$29.9B
$19.3M 2.4%
595,813
-28,280
-5% -$855K
HEI.A icon
7
HEICO Corp Class A
HEI.A
$32.8B
$16.2M 2.01%
119,122
-6,459
-5% -$856K
CCJ icon
8
Cameco
CCJ
$44.4B
$15.8M 1.97%
604,449
-24,551
-4% -$649K
URG
9
Ur-Energy
URG
$553M
$13.8M 1.72%
13,006,553
+2,250,000
+21% +$2.54M
ZG icon
10
Zillow
ZG
$7.43B
$11.4M 1.41%
259,737
+157,395
+154% +$6.55M
NWSA icon
11
News Corp Class A
NWSA
$16B
$10.3M 1.28%
595,770
-10,750
-2% -$196K
CUK
12
DELISTED
Carnival PLC
CUK
$10.2M 1.27%
1,108,671
-777,849
-41% -$7.27M
FANG icon
13
Diamondback Energy
FANG
$55.9B
$9M 1.12%
66,600
– –
RIG icon
14
Transocean
RIG
$6.43B
$8.62M 1.07%
1,355,000
– –
ARKK icon
15
PUT
ARK Innovation ETF
ARKK
$6.43B
$8.07M 1%
+200,000
New +$7.66M
SMC
16
Summit Midstream
SMC
$473M
$7.21M 0.9%
469,539
– –
CWEN.A
17
DELISTED
Clearway Energy Class A
CWEN.A
$6.08M 0.76%
202,316
-278,001
-58% -$8.47M
EOG icon
18
EOG Resources
EOG
$76.2B
$5.28M 0.66%
46,100
– –
UEC icon
19
Uranium Energy
UEC
$5.88B
$4.61M 0.57%
1,599,865
– –
IE icon
20
Ivanhoe Electric
IE
$1.76B
$3.77M 0.47%
310,531
-100,800
-25% -$1.35M
WPM icon
21
Wheaton Precious Metals
WPM
$70.4B
$3.37M 0.42%
70,000
– –
UUUU icon
22
Energy Fuels
UUUU
$3.87B
$3.36M 0.42%
602,697
– –
LGF.B
23
PUT
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$3.36M 0.42%
323,864
-6,579
-2% -$55.9K
BTU icon
24
Peabody Energy
BTU
$3.59B
$3.33M 0.41%
130,000
– –
MAG
25
DELISTED
MAG Silver
MAG
$2.96M 0.37%
234,000
– –
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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GFWEX
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CQS (US)'s Q1 2023 Portfolio in Review

As of Q1 2023, CQS (US) held 75 positions worth $804M, up 5.4% from $763M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

CQS (US) withdrew a net $434M in Q1 2023, closing 4 positions and reducing 12 holdings. Its most notable exit was TSMC, an estimated $15.1M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 60% of assets, up from 59% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) added an estimated $20M to Alphabet (Google) Class A.

  • CQS (US) added most to Alphabet (Google) Class A in Q1 2023, an estimated $20M increase.
  • CQS (US)'s biggest Q1 2023 reduction was Clearway Energy Class A, cutting an estimated $8.47M.
  • CQS (US) fully exited TSMC in Q1 2023, selling an estimated $15.1M.
  • CQS (US)'s ten largest holdings make up 45% of its $804M portfolio in Q1 2023.
  • CQS (US) opened 1 new position and closed 4 in Q1 2023.
  • CQS (US)'s portfolio value rose 5.4% quarter-over-quarter to $804M.

Based on CQS (US)'s 13F filing for Q1 2023, filed 12 May 2023.