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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
+3.34%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$832M
AUM Growth
+$27.9M
Cap. Flow
-$318M
Cap. Flow %
-38.29%
Top 10 Hldgs %
43%
Holding
74
New
5
Increased
7
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$25.5M
2
GDX icon
VanEck Gold Miners ETF
GDX
+$18.4M
3
LEN icon
Lennar Class A
LEN
+$17.1M
4
GDXJ icon
VanEck Junior Gold Miners ETF
GDXJ
+$16.3M
5
LBTYA icon
Liberty Global Class A
LBTYA
+$6.51M

Top Sells

Rank Stock Value
1
FOX icon
Fox Class B
FOX
+$15.9M
2
HEI.A icon
HEICO Corp Class A
HEI.A
+$1.95M
3
FANG icon
Diamondback Energy
FANG
+$1.87M
4
IE icon
Ivanhoe Electric
IE
+$1.26M
5
CENTA icon
Central Garden & Pet Co Class A
CENTA
+$1M

Sector Composition

Rank Sector Weight
1 Miscellaneous 55.07%
2 Communication Services 23.66%
3 Energy 7.04%
4 Consumer Discretionary 4.67%
5 Materials 3.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FOX icon
1
Fox Class B
FOX
$25.8B
$46.5M 5.59%
1,456,701
-523,686
-26% -$15.9M
LBTYA icon
2
Liberty Global Class A
LBTYA
$3.64B
$38M 4.57%
2,251,720
+366,288
+19% +$6.51M
GOOGL icon
3
Alphabet (Google) Class A
GOOGL
$4.24T
$35.5M 4.27%
296,364
+8,701
+3% +$1M
GDX icon
4
VanEck Gold Miners ETF
GDX
$31B
$35M 4.2%
1,160,813
+565,000
+95% +$18.4M
LBRDK
5
DELISTED
Liberty Broadband Class C
LBRDK
$30.2M 3.63%
376,740
+70,818
+23% +$5.48M
BRK.B icon
6
Berkshire Hathaway Class B
BRK.B
$1.08T
$26.6M 3.2%
+78,003
New +$25.5M
FWONA icon
7
Liberty Media Series A
FWONA
$23.4B
$19.6M 2.35%
302,328
+209
+0.1% +$13.2K
CUK
8
DELISTED
Carnival PLC
CUK
$19.2M 2.31%
1,151,484
+42,813
+4% +$449K
LEN icon
9
Lennar Class A
LEN
$20.8B
$19.1M 2.29%
+157,140
New +$17.1M
CCJ icon
10
Cameco
CCJ
$43.6B
$18.9M 2.28%
604,449
– –
GDXJ icon
11
VanEck Junior Gold Miners ETF
GDXJ
$9.48B
$15M 1.8%
+419,500
New +$16.3M
HEI.A icon
12
HEICO Corp Class A
HEI.A
$34.9B
$14.7M 1.77%
104,573
-14,549
-12% -$1.95M
URG
13
Ur-Energy
URG
$561M
$13.7M 1.64%
13,006,553
– –
ZG icon
14
Zillow
ZG
$8.23B
$12.8M 1.54%
259,737
– –
NWSA icon
15
News Corp Class A
NWSA
$16.6B
$11.6M 1.4%
595,570
-200
-0% -$3.63K
RIG icon
16
Transocean
RIG
$6.48B
$9.5M 1.14%
1,355,000
– –
SMC
17
Summit Midstream
SMC
$470M
$7.63M 0.92%
469,539
– –
FANG icon
18
Diamondback Energy
FANG
$55.4B
$6.91M 0.83%
52,600
-14,000
-21% -$1.87M
UEC icon
19
Uranium Energy
UEC
$6.14B
$5.44M 0.65%
1,599,865
– –
EOG icon
20
EOG Resources
EOG
$75.2B
$5.28M 0.63%
46,100
– –
CWEN.A
21
DELISTED
Clearway Energy Class A
CWEN.A
$5.17M 0.62%
191,318
-10,998
-5% -$319K
UUUU icon
22
Energy Fuels
UUUU
$3.67B
$3.76M 0.45%
602,697
– –
WPM icon
23
Wheaton Precious Metals
WPM
$69.6B
$3.28M 0.4%
76,000
+6,000
+9% +$285K
BTU icon
24
Peabody Energy
BTU
$3.53B
$2.82M 0.34%
130,000
– –
IE icon
25
Ivanhoe Electric
IE
$1.79B
$2.75M 0.33%
210,531
-100,000
-32% -$1.26M
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
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 Q2 2023 Portfolio in Review

As of Q2 2023, CQS (US) held 74 positions worth $832M, up 3.5% from $804M the previous quarter. Its ten largest holdings account for 43% of the portfolio.

CQS (US) withdrew a net $318M in Q2 2023, closing 3 positions and reducing 7 holdings. Its most notable exit was Liberty Media Corporation Series C Liberty SiriusXM Common Stock, an estimated $670K position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 55% of assets, down from 60% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in Berkshire Hathaway Class B worth $26.6M.

  • CQS (US)'s largest Q2 2023 buy was Berkshire Hathaway Class B: 78,003 shares worth $26.6M.
  • CQS (US) added most to VanEck Gold Miners ETF in Q2 2023, an estimated $18.4M increase.
  • CQS (US)'s biggest Q2 2023 reduction was Fox Class B, cutting an estimated $15.9M.
  • CQS (US) fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q2 2023, selling an estimated $670K.
  • CQS (US)'s ten largest holdings make up 43% of its $832M portfolio in Q2 2023.
  • CQS (US) opened 5 new positions and closed 3 in Q2 2023.
  • CQS (US)'s portfolio value rose 3.5% quarter-over-quarter to $832M.

Based on CQS (US)'s 13F filing for Q2 2023, filed 10 Aug 2023.