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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
(-8.2%)
Cap. Flow
-$91.9M
Cap. Flow
% of AUM
-14.9%
Top 10 Holdings %
Top 10 Hldgs %
88.84%
Holding
29
New
11
Increased
4
Reduced
5
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Citigroup
C
|
+$53.4M |
| 2 |
First Solar
FSLR
|
+$23.9M |
| 3 |
Galicia Financial Group
GGAL
|
+$23.8M |
| 4 |
TWTR
Twitter, Inc.
TWTR
|
+$21.1M |
| 5 |
Salesforce
CRM
|
+$20.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$137M |
| 2 |
VanEck Gold Miners ETF
GDX
|
+$52.4M |
| 3 |
Amgen
AMGN
|
+$43.5M |
| 4 |
Merck
MRK
|
+$42.5M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
1
Bank of America
BAC
$424B
| $144M | 23.31% |
5,672,024
-5,639,603
| -50% | -$137M |
|
2
JPMorgan Chase
JPM
$901B
| $119M | 19.38% |
1,251,124
-6,307
| -0.5% | -$582K |
|
|
MON
3
DELISTED
Monsanto Co
MON
| $61.7M | 10.01% |
514,861
-2,277
| -0.4% | -$268K |
|
|
4
Citigroup
C
$216B
| $56.9M | 9.23% |
+782,000
| New | +$53.4M |
|
5
Gilead Sciences
GILD
$165B
| $50.1M | 8.12% |
617,992
-3,508
| -0.6% | -$268K |
|
|
6
Galicia Financial Group
GGAL
$8.02B
| $28.7M | 4.65% |
+556,766
| New | +$23.8M |
|
|
7
First Solar
FSLR
$22.1B
| $23.6M | 3.83% |
+514,839
| New | +$23.9M |
|
|
8
Salesforce
CRM
$142B
| $23.6M | 3.83% |
252,730
+224,100
| +783% | +$20.6M |
|
|
TWTR
9
DELISTED
Twitter, Inc.
TWTR
| $20.4M | 3.31% |
+1,210,000
| New | +$21.1M |
|
10
Pampa Energía
PAM
$4.52B
| $19.5M | 3.17% |
+300,000
| New | +$17.6M |
|
11
Ecovyst
ECVT
$1.36B
| $19M | 3.08% |
+1,100,000
| New | +$19M |
|
|
SUPV
12
Grupo Supervielle
SUPV
$845M
| $12.3M | 2% |
+500,000
| New | +$9.83M |
|
13
BBVA Argentina
BBAR
$4B
| $8.67M | 1.41% |
+425,000
| New | +$7.35M |
|
|
AABA
14
DELISTED
Altaba Inc
AABA
| $5.85M | 0.95% |
+88,345
| New | +$5.42M |
|
|
IPOA.U
15
DELISTED
Social Capital Hedosophia Holdings Corp.
IPOA.U
| – | – |
0
| – | – |
|
16
Microsoft
MSFT
$2.99T
| $3.67M | 0.59% |
49,200
+13,800
| +39% | +$1.01M |
|
17
IQVIA
IQV
$34B
| $2.91M | 0.47% |
30,588
| – | – |
|
|
PX
18
DELISTED
Praxair Inc
PX
| $2.43M | 0.39% |
+17,380
| New | +$2.32M |
|
19
Electronic Arts
EA
$52.5B
| $2.33M | 0.38% |
19,765
| – | – |
|
20
Liberty Media Series C
FWONK
$24.9B
| $2.19M | 0.35% |
+59,368
| New | +$2.08M |
|
21
RTX Corp
RTX
$262B
| $2.12M | 0.34% |
29,029
+9,263
| +47% | +$685K |
|
|
ZAYO
22
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $2.07M | 0.34% |
60,200
+14,500
| +32% | +$481K |
|
|
TFCFA
23
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.56M | 0.25% |
59,271
-23,264
| -28% | -$641K |
|
|
24
Amgen
AMGN
$197B
| – | – |
-252,800
| Closed | -$43.5M |
|
|
25
Bausch Health
BHC
$1.75B
| – | – |
-947,771
| Closed | -$16.4M |
|
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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.