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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
+3.95%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$272M
AUM Growth
-$257M
(-49%)
Cap. Flow
-$262M
Cap. Flow
% of AUM
-96.43%
Top 10 Holdings %
Top 10 Hldgs %
78.41%
Holding
40
New
12
Increased
1
Reduced
6
Closed
21
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Devon Energy
DVN
|
+$15.8M |
| 2 |
Diamondback Energy
FANG
|
+$14.6M |
| 3 |
GE Aerospace
GE
|
+$12M |
| 4 |
Bunge Global
BG
|
+$9.58M |
| 5 |
Cleveland-Cliffs
CLF
|
+$9.23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DISH
DISH Network Corp.
DISH
|
+$45.4M |
| 2 |
iShares Biotechnology ETF
IBB
|
+$33.9M |
| 3 |
General Motors
GM
|
+$30M |
| 4 |
FedEx
FDX
|
+$29M |
| 5 |
EQT Corp
EQT
|
+$22.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 40.61% |
| 2 | Communication Services | 18.08% |
| 3 | Materials | 16.58% |
| 4 | Technology | 12.75% |
| 5 | Industrials | 4.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Expedia Group
EXPE
$35.4B
| – | – |
-68,555
| Closed | -$11.2M |
|
27
iShares MSCI South Africa ETF
EZA
$547M
| – | – |
-12,700
| Closed | -$621K |
|
|
28
FedEx
FDX
$72.7B
| – | – |
-97,300
| Closed | -$29M |
|
|
29
General Motors
GM
$80.4B
| – | – |
-506,350
| Closed | -$30M |
|
30
CALL
Alphabet (Google) Class C
GOOG
$4.36T
| – | – |
-328,000
| Closed | -$40M |
|
|
31
Alphabet (Google) Class C
GOOG
$4.36T
| – | – |
-89,620
| Closed | -$11.2M |
|
32
Hecla Mining
HL
$9.47B
| – | – |
-1,280,207
| Closed | -$9.53M |
|
|
33
iShares Biotechnology ETF
IBB
$9.34B
| – | – |
-207,195
| Closed | -$33.9M |
|
34
JD.com
JD
$44.6B
| – | – |
-84,350
| Closed | -$6.73M |
|
35
Lam Research
LRCX
$367B
| – | – |
-187,460
| Closed | -$12.2M |
|
36
Meta Platforms (Facebook)
META
$1.42T
| – | – |
-3,000
| Closed | -$1.04M |
|
37
Microsoft
MSFT
$3.45T
| – | – |
-53,827
| Closed | -$14.6M |
|
38
Suncor Energy
SU
$79.4B
| – | – |
-449,533
| Closed | -$10.8M |
|
|
MRO
39
DELISTED
Marathon Oil Corporation
MRO
| – | – |
-597,675
| Closed | -$8.14M |
|
|
SPWR
40
DELISTED
SunPower Corporation Common Stock
SPWR
| – | – |
-555,616
| Closed | -$16.2M |
|
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Key Square Capital Management's Q3 2021 Portfolio in Review
As of Q3 2021, Key Square Capital Management held 40 positions worth $272M, down 49% from $529M the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Key Square Capital Management withdrew a net $262M in Q3 2021, closing 21 positions and reducing 6 holdings. Its most notable exit was iShares Biotechnology ETF, an estimated $33.9M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 25% a quarter earlier, followed by Communication Services and Materials.
Against the trend, Key Square Capital Management opened a new position in Devon Energy worth $19.8M.
- Key Square Capital Management's largest Q3 2021 buy was Devon Energy: 556,455 shares worth $19.8M.
- Key Square Capital Management added most to Cleveland-Cliffs in Q3 2021, an estimated $9.23M increase.
- Key Square Capital Management's biggest Q3 2021 reduction was DISH Network Corp., cutting an estimated $45.4M.
- Key Square Capital Management fully exited iShares Biotechnology ETF in Q3 2021, selling an estimated $33.9M.
- Key Square Capital Management's ten largest holdings make up 78% of its $272M portfolio in Q3 2021.
- Key Square Capital Management opened 12 new positions and closed 21 in Q3 2021.
- Key Square Capital Management's portfolio value fell 49% quarter-over-quarter to $272M.
Based on Key Square Capital Management's 13F filing for Q3 2021, filed 9 Nov 2021.