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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
-2.46%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$477M
AUM Growth
-$396M
(-45%)
Cap. Flow
-$377M
Cap. Flow
% of AUM
-79%
Top 10 Holdings %
Top 10 Hldgs %
86.54%
Holding
41
New
10
Increased
4
Reduced
6
Closed
21
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DISH
DISH Network Corp.
DISH
|
+$72.9M |
| 2 |
Telecom Argentina
TEO
|
+$53.1M |
| 3 |
Philip Morris
PM
|
+$34.4M |
| 4 |
WP
Worldpay, Inc.
WP
|
+$26.8M |
| 5 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$14.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$165M |
| 2 |
Halliburton
HAL
|
+$124M |
| 3 |
JPMorgan Chase
JPM
|
+$65.2M |
| 4 |
Cisco
CSCO
|
+$61M |
| 5 |
Dominion Energy
D
|
+$28.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.69% |
| 2 | Communication Services | 22.84% |
| 3 | Technology | 11.59% |
| 4 | Materials | 11.08% |
| 5 | Consumer Staples | 6.86% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Core Laboratories
CLB
$538M
| – | – |
-53,968
| Closed | -$5.84M |
|
|
27
Cisco
CSCO
$450B
| – | – |
-1,422,068
| Closed | -$61M |
|
|
28
Dominion Energy
D
$62.5B
| – | – |
-417,961
| Closed | -$28.2M |
|
|
GHG
29
GreenTree Hospitality
GHG
$113M
| – | – |
-217,632
| Closed | -$2.77M |
|
|
30
Halliburton
HAL
$27.9B
| – | – |
-2,648,429
| Closed | -$124M |
|
31
iQIYI
IQ
$1.18B
| – | – |
-1,000,000
| Closed | -$15.6M |
|
|
32
JPMorgan Chase
JPM
$939B
| – | – |
-592,777
| Closed | -$65.2M |
|
33
State Street SPDR S&P Bank ETF
KBE
$1.64B
| – | – |
-403,000
| Closed | -$19.3M |
|
34
Patterson-UTI
PTEN
$3.87B
| – | – |
-309,846
| Closed | -$5.42M |
|
35
RPC Inc
RES
$1.24B
| – | – |
-72,724
| Closed | -$1.31M |
|
36
Zions Bancorporation
ZION
$10.1B
| – | – |
-227,070
| Closed | -$12M |
|
|
SLCA
37
DELISTED
U.S. SILICA HOLDINGS, INC.
SLCA
| – | – |
-192,677
| Closed | -$4.92M |
|
|
CPE
38
DELISTED
Callon Petroleum Company
CPE
| – | – |
-117,502
| Closed | -$15.6M |
|
|
PE
39
DELISTED
PARSLEY ENERGY INC
PE
| – | – |
-548,894
| Closed | -$15.9M |
|
|
RSPP
40
DELISTED
RSP Permian, Inc.
RSPP
| – | – |
-403,679
| Closed | -$18.9M |
|
|
CRC
41
DELISTED
California Resources Corporation
CRC
| – | – |
-538,610
| Closed | -$9.24M |
|
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Key Square Capital Management's Q2 2018 Portfolio in Review
As of Q2 2018, Key Square Capital Management held 41 positions worth $477M, down 45% from $873M the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Key Square Capital Management withdrew a net $377M in Q2 2018, closing 21 positions and reducing 6 holdings. Its most notable exit was Bank of America, an estimated $165M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 35% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Key Square Capital Management opened a new position in DISH Network Corp. worth $71.8M.
- Key Square Capital Management's largest Q2 2018 buy was DISH Network Corp.: 2,136,933 shares worth $71.8M.
- Key Square Capital Management added most to Pioneer Natural Resource Co. in Q2 2018, an estimated $14.3M increase.
- Key Square Capital Management's biggest Q2 2018 reduction was Newmont, cutting an estimated $9M.
- Key Square Capital Management fully exited Bank of America in Q2 2018, selling an estimated $165M.
- Key Square Capital Management's ten largest holdings make up 87% of its $477M portfolio in Q2 2018.
- Key Square Capital Management opened 10 new positions and closed 21 in Q2 2018.
- Key Square Capital Management's portfolio value fell 45% quarter-over-quarter to $477M.
Based on Key Square Capital Management's 13F filing for Q2 2018, filed 10 Aug 2018.