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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
+0.84%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1,000M
AUM Growth
+$168M
Cap. Flow
-$292M
Cap. Flow %
-29.2%
Top 10 Hldgs %
48.46%
Holding
77
New
8
Increased
9
Reduced
9
Closed
1

Top Buys

Rank Stock Value
1
CUK
Carnival PLC
CUK
+$24.6M
2
LBTYA icon
Liberty Global Class A
LBTYA
+$20.8M
3
LBRDK
Liberty Broadband Class C
LBRDK
+$17.5M
4
LEN icon
Lennar Class A
LEN
+$13M
5
LLYVK icon
Liberty Live Group Series C
LLYVK
+$6.86M

Top Sells

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$12.9M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$10.5M
3
CCJ icon
Cameco
CCJ
+$4.46M
4
HEI.A icon
HEICO Corp Class A
HEI.A
+$3.29M
5
IE icon
Ivanhoe Electric
IE
+$2.75M

Sector Composition

Rank Sector Weight
1 Miscellaneous 55.9%
2 Communication Services 23.86%
3 Energy 6.45%
4 Consumer Discretionary 6.39%
5 Materials 3.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VXX icon
1
PUT
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$133M
$122M 12.25%
+1,312,500
New +$123M
LBTYA icon
2
Liberty Global Class A
LBTYA
$3.64B
$58.3M 5.83%
3,405,950
+1,154,230
+51% +$20.8M
LBRDK
3
DELISTED
Liberty Broadband Class C
LBRDK
$52.4M 5.24%
573,265
+196,525
+52% +$17.5M
FOX icon
4
Fox Class B
FOX
$25.8B
$44M 4.4%
1,522,199
+65,498
+4% +$2.01M
CUK
5
DELISTED
Carnival PLC
CUK
$34.2M 3.42%
2,791,663
+1,640,179
+142% +$24.6M
GDX icon
6
VanEck Gold Miners ETF
GDX
$31B
$31.2M 3.12%
1,160,813
– –
LEN icon
7
Lennar Class A
LEN
$20.8B
$29.2M 2.92%
268,362
+111,222
+71% +$13M
GOOGL icon
8
Alphabet (Google) Class A
GOOGL
$4.24T
$28.2M 2.82%
215,505
-80,859
-27% -$10.5M
ASHR icon
9
PUT
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.56B
$26M 2.6%
+1,000,000
New +$26.8M
URG
10
Ur-Energy
URG
$561M
$20M 2%
13,006,553
– –
CCJ icon
11
Cameco
CCJ
$43.6B
$19M 1.9%
478,449
-126,000
-21% -$4.46M
FWONA icon
12
Liberty Media Series A
FWONA
$23.4B
$18.7M 1.87%
331,008
+28,680
+9% +$1.75M
NWSA icon
13
News Corp Class A
NWSA
$16.6B
$17.5M 1.75%
874,006
+278,436
+47% +$5.65M
BRK.B icon
14
Berkshire Hathaway Class B
BRK.B
$1.08T
$14.6M 1.46%
41,642
-36,361
-47% -$12.9M
GDXJ icon
15
VanEck Junior Gold Miners ETF
GDXJ
$9.48B
$13.5M 1.35%
419,500
– –
RIG icon
16
Transocean
RIG
$6.48B
$10.6M 1.06%
1,295,000
-60,000
-4% -$490K
HEI.A icon
17
HEICO Corp Class A
HEI.A
$34.9B
$10.4M 1.04%
80,336
-24,237
-23% -$3.29M
ZG icon
18
Zillow
ZG
$8.23B
$10.2M 1.02%
228,542
-31,195
-12% -$1.57M
UEC icon
19
Uranium Energy
UEC
$6.14B
$8.24M 0.82%
1,599,865
– –
FANG icon
20
Diamondback Energy
FANG
$55.4B
$7.68M 0.77%
49,600
-3,000
-6% -$443K
CWEN.A
21
DELISTED
Clearway Energy Class A
CWEN.A
$6.69M 0.67%
335,768
+144,450
+76% +$3.46M
LLYVK icon
22
Liberty Live Group Series C
LLYVK
$9.53B
$6.65M 0.67%
+207,237
New +$6.86M
CENTA icon
23
Central Garden & Pet Co Class A
CENTA
$2.37B
$6.56M 0.66%
204,433
+161,023
+371% +$5.13M
SMC
24
Summit Midstream
SMC
$470M
$6.5M 0.65%
469,539
– –
EOG icon
25
EOG Resources
EOG
$75.2B
$5.4M 0.54%
42,600
-3,500
-8% -$445K
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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GFWEX
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CQS (US)'s Q3 2023 Portfolio in Review

As of Q3 2023, CQS (US) held 77 positions worth $1,000M, up 20% from $832M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

CQS (US) withdrew a net $292M in Q3 2023, closing 1 position and reducing 9 holdings. Its most notable exit was Ivanhoe Electric, an estimated $2.75M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 56% of assets, up from 55% a quarter earlier, followed by Communication Services and Energy.

Against the trend, CQS (US) opened a new position in Liberty Live Group Series C worth $6.65M.

  • CQS (US)'s largest Q3 2023 buy was Liberty Live Group Series C: 207,237 shares worth $6.65M.
  • CQS (US) added most to Carnival PLC in Q3 2023, an estimated $24.6M increase.
  • CQS (US)'s biggest Q3 2023 reduction was Berkshire Hathaway Class B, cutting an estimated $12.9M.
  • CQS (US) fully exited Ivanhoe Electric in Q3 2023, selling an estimated $2.75M.
  • CQS (US)'s ten largest holdings make up 48% of its $1,000M portfolio in Q3 2023.
  • CQS (US) opened 8 new positions and closed 1 in Q3 2023.
  • CQS (US)'s portfolio value rose 20% quarter-over-quarter to $1,000M.

Based on CQS (US)'s 13F filing for Q3 2023, filed 7 Nov 2023.