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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
+8.07%
1 Year Est. Return
+8.85%
3 Year Est. Return
+15.03%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$999M
AUM Growth
-$1.26M
Cap. Flow
-$284M
Cap. Flow %
-28.46%
Top 10 Hldgs %
50.26%
Holding
76
New
3
Increased
11
Reduced
6
Closed
8

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$76.5M
2
UAA icon
Under Armour
UAA
+$17.9M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$16.6M
4
CUK
Carnival PLC
CUK
+$7.75M
5
LBRDK
Liberty Broadband Class C
LBRDK
+$6.27M

Top Sells

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$58.3M
2
FOX icon
Fox Class B
FOX
+$28.8M
3
GRFS
Grifois
GRFS
+$2.42M
4
FWONA icon
Liberty Media Series A
FWONA
+$2.21M
5
FANG icon
Diamondback Energy
FANG
+$1.71M

Sector Composition

Rank Sector Weight
1 Miscellaneous 47.04%
2 Communication Services 24.99%
3 Consumer Discretionary 11.8%
4 Energy 6.27%
5 Materials 3.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOGL icon
1
Alphabet (Google) Class A
GOOGL
$4.14T
$110M 10.98%
784,550
+569,045
+264% +$76.5M
ARKK icon
2
PUT
ARK Innovation ETF
ARKK
$6.43B
$68.1M 6.82%
+1,300,000
New +$56.3M
CUK
3
DELISTED
Carnival PLC
CUK
$57.3M 5.74%
3,383,735
+592,072
+21% +$7.75M
LBRDK
4
DELISTED
Liberty Broadband Class C
LBRDK
$52.2M 5.23%
648,011
+74,746
+13% +$6.27M
LEN icon
5
Lennar Class A
LEN
$19.4B
$40M 4.01%
277,387
+9,025
+3% +$1.09M
GDX icon
6
VanEck Gold Miners ETF
GDX
$29.9B
$36M 3.6%
1,160,813
– –
BRK.B icon
7
Berkshire Hathaway Class B
BRK.B
$1.08T
$31.8M 3.18%
89,076
+47,434
+114% +$16.6M
NWSA icon
8
News Corp Class A
NWSA
$16B
$26.4M 2.64%
1,075,628
+201,622
+23% +$4.38M
CCJ icon
9
Cameco
CCJ
$44.4B
$20.6M 2.07%
478,449
– –
UAA icon
10
Under Armour
UAA
$2.17B
$20.4M 2.05%
+2,323,899
New +$17.9M
URG
11
Ur-Energy
URG
$553M
$20M 2.01%
13,006,553
– –
DIA icon
12
PUT
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45.4B
$18.8M 1.89%
+50,000
New +$17.5M
ZG icon
13
Zillow
ZG
$7.43B
$17.7M 1.77%
311,599
+83,057
+36% +$3.56M
FWONA icon
14
Liberty Media Series A
FWONA
$21.9B
$17M 1.7%
293,436
-37,572
-11% -$2.21M
GDXJ icon
15
VanEck Junior Gold Miners ETF
GDXJ
$9.47B
$15.9M 1.59%
419,500
– –
FOX icon
16
Fox Class B
FOX
$24.5B
$13.7M 1.37%
495,380
-1,026,819
-67% -$28.8M
CENTA icon
17
Central Garden & Pet Co Class A
CENTA
$2.21B
$12.5M 1.25%
354,566
+150,133
+73% +$4.81M
HEI.A icon
18
HEICO Corp Class A
HEI.A
$32.8B
$12.1M 1.21%
84,749
+4,413
+5% +$597K
CWEN.A
19
DELISTED
Clearway Energy Class A
CWEN.A
$10.4M 1.04%
405,105
+69,337
+21% +$1.52M
UEC icon
20
Uranium Energy
UEC
$5.88B
$10.2M 1.03%
1,599,865
– –
LLYVK icon
21
Liberty Live Group Series C
LLYVK
$8.99B
$10.1M 1.01%
270,382
+63,145
+30% +$2.15M
RIG icon
22
Transocean
RIG
$6.43B
$8.22M 0.82%
1,295,000
– –
SMC
23
Summit Midstream
SMC
$473M
$6.88M 0.69%
384,197
-85,342
-18% -$1.6M
FANG icon
24
Diamondback Energy
FANG
$55.9B
$6M 0.6%
38,700
-10,900
-22% -$1.71M
EOG icon
25
EOG Resources
EOG
$76.2B
$5.15M 0.52%
42,600
– –
1
2

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CCMLC
Cardinal Capital Management LLC (Connecticut) Greenwich, Connecticut $365M AUM 18.32% 1-Year Est. Return
LWMG
Levy Wealth Management Group Philadelphia, Pennsylvania $391M AUM 14.68% 1-Year Est. Return
GH
Geisinger Health Danville, Pennsylvania $344M AUM 4.22% 1-Year Est. Return
VFPI
Vantage Financial Partners (Illinois) Arlington Heights, Illinois $402M AUM 12.97% 1-Year Est. Return
RMC
Regis Management Company Menlo Park, California $331M AUM 14.13% 1-Year Est. Return
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 Q4 2023 Portfolio in Review

As of Q4 2023, CQS (US) held 76 positions worth $999M, down 0.13% from $1,000M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

CQS (US) withdrew a net $284M in Q4 2023, closing 8 positions and reducing 6 holdings. Its most notable exit was Liberty Global Class A, an estimated $58.3M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 47% of assets, down from 56% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, CQS (US) opened a new position in Under Armour worth $20.4M.

  • CQS (US)'s largest Q4 2023 buy was Under Armour: 2,323,899 shares worth $20.4M.
  • CQS (US) added most to Alphabet (Google) Class A in Q4 2023, an estimated $76.5M increase.
  • CQS (US)'s biggest Q4 2023 reduction was Fox Class B, cutting an estimated $28.8M.
  • CQS (US) fully exited Liberty Global Class A in Q4 2023, selling an estimated $58.3M.
  • CQS (US)'s ten largest holdings make up 50% of its $999M portfolio in Q4 2023.
  • CQS (US) opened 3 new positions and closed 8 in Q4 2023.
  • CQS (US)'s portfolio value fell 0.13% quarter-over-quarter to $999M.

Based on CQS (US)'s 13F filing for Q4 2023, filed 9 Feb 2024.