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Key Square Capital Management Portfolio holdings

AUM $14.2M
1-Year Est. Return 21.27%
This Fund
S&P 500
This Quarter Est. Return
+7.24%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$617M
AUM Growth
-$54.8M
Cap. Flow
-$91.9M
Cap. Flow %
-14.9%
Top 10 Hldgs %
88.84%
Holding
29
New
11
Increased
4
Reduced
5
Closed
6

Top Buys

Rank Stock Value
1
C icon
Citigroup
C
+$53.4M
2
FSLR icon
First Solar
FSLR
+$23.9M
3
GGAL icon
Galicia Financial Group
GGAL
+$23.8M
4
TWTR
Twitter, Inc.
TWTR
+$21.1M
5
CRM icon
Salesforce
CRM
+$20.6M

Top Sells

Rank Stock Value
1
BAC icon
Bank of America
BAC
+$137M
2
GDX icon
VanEck Gold Miners ETF
GDX
+$52.4M
3
AMGN icon
Amgen
AMGN
+$43.5M
4
MRK icon
Merck
MRK
+$42.5M
5
BHC icon
Bausch Health
BHC
+$16.4M

Sector Composition

Rank Sector Weight
1 Financials 59.98%
2 Materials 13.48%
3 Technology 9.2%
4 Healthcare 8.59%
5 Communication Services 4.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GDX icon
26
VanEck Gold Miners ETF
GDX
$23B
– –
-2,371,000
Closed -$52.4M
MMYT icon
27
MakeMyTrip
MMYT
$4.67B
– –
-195,000
Closed -$6.54M
MRK icon
28
Merck
MRK
$324B
– –
-694,510
Closed -$42.5M
ATH
29
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
– –
-10,635
Closed -$528K
1
2

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Key Square Capital Management's Q3 2017 Portfolio in Review

As of Q3 2017, Key Square Capital Management held 29 positions worth $617M, down 8.2% from $671M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Key Square Capital Management withdrew a net $91.9M in Q3 2017, closing 6 positions and reducing 5 holdings. Its most notable exit was VanEck Gold Miners ETF, an estimated $52.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 60% of assets, up from 58% a quarter earlier, followed by Materials and Technology.

Against the trend, Key Square Capital Management opened a new position in Citigroup worth $56.9M.

  • Key Square Capital Management's largest Q3 2017 buy was Citigroup: 782,000 shares worth $56.9M.
  • Key Square Capital Management added most to Salesforce in Q3 2017, an estimated $20.6M increase.
  • Key Square Capital Management's biggest Q3 2017 reduction was Bank of America, cutting an estimated $137M.
  • Key Square Capital Management fully exited VanEck Gold Miners ETF in Q3 2017, selling an estimated $52.4M.
  • Key Square Capital Management's ten largest holdings make up 89% of its $617M portfolio in Q3 2017.
  • Key Square Capital Management opened 11 new positions and closed 6 in Q3 2017.
  • Key Square Capital Management's portfolio value fell 8.2% quarter-over-quarter to $617M.

Based on Key Square Capital Management's 13F filing for Q3 2017, filed 7 Nov 2017.