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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
+34.74%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$417M
AUM Growth
+$222M
Cap. Flow
+$168M
Cap. Flow %
40.31%
Top 10 Hldgs %
90.48%
Holding
27
New
14
Increased
2
Reduced
–
Closed
10

Top Buys

Rank Stock Value
1
CLF icon
Cleveland-Cliffs
CLF
+$43.3M
2
MSFT icon
Microsoft
MSFT
+$39.3M
3
TECK icon
Teck Resources
TECK
+$30.9M
4
EQT icon
EQT Corp
EQT
+$23.8M
5
ATVI
Activision Blizzard
ATVI
+$18.7M

Top Sells

Rank Stock Value
1
NSC icon
Norfolk Southern
NSC
+$15.1M
2
GM icon
General Motors
GM
+$12.6M
3
DHI icon
D.R. Horton
DHI
+$7.8M
4
LEN icon
Lennar Class A
LEN
+$7.57M
5
CMI icon
Cummins
CMI
+$7.1M

Sector Composition

Rank Sector Weight
1 Materials 31.35%
2 Communication Services 24.8%
3 Technology 24.39%
4 Energy 8.37%
5 Industrials 1.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LEN icon
26
Lennar Class A
LEN
$20.5B
– –
-95,690
Closed -$7.57M
NSC icon
27
Norfolk Southern
NSC
$75.6B
– –
-70,461
Closed -$15.1M
1
2

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APA
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Key Square Capital Management's Q4 2020 Portfolio in Review

As of Q4 2020, Key Square Capital Management held 27 positions worth $417M, up 114% from $195M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Key Square Capital Management deployed $168M of net new capital in Q4 2020, opening 14 new positions and adding to 2 existing holdings. Its largest new stake was Cleveland-Cliffs: 4,275,233 shares worth $62.2M.

By sector, the portfolio is most concentrated in Materials at 31% of assets, up from 14% a quarter earlier, followed by Communication Services and Technology.

On the sell side, the most notable exit was Norfolk Southern, an estimated $15.1M sold.

  • Key Square Capital Management's largest Q4 2020 buy was Cleveland-Cliffs: 4,275,233 shares worth $62.2M.
  • Key Square Capital Management added most to Teck Resources in Q4 2020, an estimated $30.9M increase.
  • Key Square Capital Management fully exited Norfolk Southern in Q4 2020, selling an estimated $15.1M.
  • Key Square Capital Management's ten largest holdings make up 90% of its $417M portfolio in Q4 2020.
  • Key Square Capital Management opened 14 new positions and closed 10 in Q4 2020.
  • Key Square Capital Management's portfolio value rose 114% quarter-over-quarter to $417M.

Based on Key Square Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.