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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
+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
Avg Time Held Equity + Options
1.7 years
Top 10 Avg Time Held Equity + Options
0.9 years
Top 20 Avg Time Held Equity + Options
1.2 years
Avg Time Held Equity only
1.7 years
Top 10 Avg Time Held Equity only
0.9 years
Top 20 Avg Time Held Equity only
1.2 years

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 Held Since
FOX icon
1
Fox Class B
FOX
$23.5B
$46.5M 5.59%
1,456,701
-523,686
-26% -$15.9M
2021 Q1
9 quarters
LBTYA icon
2
Liberty Global Class A
LBTYA
$2.79B
$38M 4.57%
2,251,720
+366,288
+19% +$6.51M
2020 Q2
12 quarters
GOOGL icon
3
Alphabet (Google) Class A
GOOGL
$4.25T
$35.5M 4.27%
296,364
+8,701
+3% +$1M
2022 Q1
5 quarters
GDX icon
4
VanEck Gold Miners ETF
GDX
$25B
$35M 4.2%
1,160,813
+565,000
+95% +$18.4M
2021 Q2
8 quarters
LBRDK icon
5
DELISTED
Liberty Broadband Class C
LBRDK
$30.2M 3.63%
376,740
+70,818
+23% +$5.48M
2020 Q4
10 quarters
BRK.B icon
6
Berkshire Hathaway Class B
BRK.B
$1.13T
$26.6M 3.2%
+78,003
New +$25.5M
2023 Q2
0 quarters
FWONA icon
7
Liberty Media Corporation Series A Common Stock
FWONA
$20.8B
$19.6M 2.35%
302,328
+209
+0.1% +$13.2K
2020 Q3
11 quarters
CUK icon
8
DELISTED
Carnival PLC
CUK
$19.2M 2.31%
1,151,484
+42,813
+4% +$449K
2022 Q1
5 quarters
LEN icon
9
Lennar Class A
LEN
$17.5B
$19.1M 2.29%
+157,140
New +$17.1M
2023 Q2
0 quarters
CCJ icon
10
Cameco
CCJ
$35.5B
$18.9M 2.28%
604,449
– –
2022 Q1
5 quarters
GDXJ icon
11
VanEck Junior Gold Miners ETF
GDXJ
$7.76B
$15M 1.8%
+419,500
New +$16.3M
2023 Q2
0 quarters
HEI.A icon
12
HEICO Corp Class A
HEI.A
$31.4B
$14.7M 1.77%
104,573
-14,549
-12% -$1.95M
2022 Q1
5 quarters
URG icon
13
Ur-Energy
URG
$331M
$13.7M 1.64%
13,006,553
– –
2019 Q4
14 quarters
ZG icon
14
Zillow
ZG
$6.58B
$12.8M 1.54%
259,737
– –
2022 Q4
2 quarters
NWSA icon
15
News Corp Class A
NWSA
$15.9B
$11.6M 1.4%
595,570
-200
-0% -$3.63K
2021 Q4
6 quarters
RIG icon
16
Transocean
RIG
$6.23B
$9.5M 1.14%
1,355,000
– –
2022 Q2
4 quarters
SMC icon
17
Summit Midstream
SMC
$417M
$7.63M 0.92%
469,539
– –
2021 Q1
9 quarters
FANG icon
18
Diamondback Energy
FANG
$55.3B
$6.91M 0.83%
52,600
-14,000
-21% -$1.87M
2021 Q4
6 quarters
UEC icon
19
Uranium Energy
UEC
$3.82B
$5.44M 0.65%
1,599,865
– –
2019 Q4
14 quarters
EOG icon
20
EOG Resources
EOG
$80.9B
$5.28M 0.63%
46,100
– –
2021 Q4
6 quarters
CWEN.A icon
21
DELISTED
Clearway Energy Class A
CWEN.A
$5.17M 0.62%
191,318
-10,998
-5% -$319K
2019 Q4
14 quarters
UUUU icon
22
Energy Fuels
UUUU
$2.21B
$3.76M 0.45%
602,697
– –
2019 Q4
14 quarters
WPM icon
23
Wheaton Precious Metals
WPM
$58.9B
$3.28M 0.4%
76,000
+6,000
+9% +$285K
2022 Q3
3 quarters
BTU icon
24
Peabody Energy
BTU
$2.86B
$2.82M 0.34%
130,000
– –
2021 Q4
6 quarters
IE icon
25
Ivanhoe Electric
IE
$1.31B
$2.75M 0.33%
210,531
-100,000
-32% -$1.26M
2022 Q2
4 quarters
1
2

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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.