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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
+0.32%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$873M
AUM Growth
-$168M
(-16%)
Cap. Flow
-$170M
Cap. Flow
% of AUM
-19.45%
Top 10 Holdings %
Top 10 Hldgs %
72.3%
Holding
39
New
10
Increased
2
Reduced
18
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Halliburton
HAL
|
+$87.7M |
| 2 |
Newmont
NEM
|
+$46.3M |
| 3 |
Dominion Energy
D
|
+$30.9M |
| 4 |
Corporacion America
CAAP
|
+$25.8M |
| 5 |
PagSeguro Digital
PAGS
|
+$23.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$108M |
| 2 |
TWTR
Twitter, Inc.
TWTR
|
+$80.9M |
| 3 |
Wells Fargo
WFC
|
+$59.5M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$44.3M |
| 5 |
JPMorgan Chase
JPM
|
+$42.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 35.24% |
| 2 | Financials | 31.55% |
| 3 | Technology | 13.61% |
| 4 | Materials | 7.67% |
| 5 | Utilities | 3.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Bank of America
BAC
$432B
| $165M | 18.94% |
5,514,278
-3,425,101
| -38% | -$108M |
|
|
2
Halliburton
HAL
$27.6B
| $124M | 14.24% |
2,648,429
+1,777,722
| +204% | +$87.7M |
|
|
3
JPMorgan Chase
JPM
$926B
| $65.2M | 7.47% |
592,777
-372,900
| -39% | -$42.2M |
|
4
Cisco
CSCO
$442B
| $61M | 6.99% |
1,422,068
-121,112
| -8% | -$5.14M |
|
5
EOG Resources
EOG
$76.7B
| $58.4M | 6.69% |
554,816
-59,852
| -10% | -$6.45M |
|
|
6
Newmont
NEM
$102B
| $46.9M | 5.37% |
+1,199,334
| New | +$46.3M |
|
|
7
PagSeguro Digital
PAGS
$2.7B
| $28.4M | 3.26% |
+742,235
| New | +$23.8M |
|
8
SLB Ltd
SLB
$71.3B
| $28.3M | 3.24% |
436,990
-531,272
| -55% | -$37.1M |
|
|
9
Dominion Energy
D
$62.5B
| $28.2M | 3.23% |
+417,961
| New | +$30.9M |
|
10
Citigroup
C
$222B
| $25.1M | 2.87% |
371,723
-230,160
| -38% | -$17.3M |
|
11
Salesforce
CRM
$133B
| $24M | 2.75% |
206,322
-22,257
| -10% | -$2.56M |
|
|
12
Corporacion America
CAAP
$4.09B
| $21.4M | 2.45% |
+1,730,500
| New | +$25.8M |
|
13
State Street SPDR S&P Bank ETF
KBE
$1.64B
| $19.3M | 2.21% |
+403,000
| New | +$20M |
|
|
RSPP
14
DELISTED
RSP Permian, Inc.
RSPP
| $18.9M | 2.17% |
403,679
-43,549
| -10% | -$1.71M |
|
|
PXD
15
DELISTED
Pioneer Natural Resource Co.
PXD
| $16.4M | 1.87% |
95,227
-10,273
| -10% | -$1.81M |
|
|
PE
16
DELISTED
PARSLEY ENERGY INC
PE
| $15.9M | 1.82% |
548,894
-59,213
| -10% | -$1.58M |
|
|
CPE
17
DELISTED
Callon Petroleum Company
CPE
| $15.6M | 1.78% |
117,502
-12,676
| -10% | -$1.49M |
|
18
iQIYI
IQ
$1.2B
| $15.6M | 1.78% |
+1,000,000
| New | +$15.6M |
|
19
Cleveland-Cliffs
CLF
$5.39B
| $15.2M | 1.74% |
+2,188,510
| New | +$16.4M |
|
20
Zions Bancorporation
ZION
$10.3B
| $12M | 1.37% |
227,070
-140,759
| -38% | -$7.58M |
|
21
Bright Horizons
BFAM
$3.79B
| $9.97M | 1.14% |
+100,000
| New | +$9.72M |
|
|
CRC
22
DELISTED
California Resources Corporation
CRC
| $9.24M | 1.06% |
538,610
| – | – |
|
23
NOV
NOV
$7.3B
| $8.02M | 0.92% |
217,892
-23,506
| -10% | -$862K |
|
|
UPL
24
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $7.74M | 0.89% |
1,857,186
+570,309
| +44% | +$3.34M |
|
25
Core Laboratories
CLB
$551M
| $5.84M | 0.67% |
53,968
-5,822
| -10% | -$644K |
|
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Key Square Capital Management's Q1 2018 Portfolio in Review
As of Q1 2018, Key Square Capital Management held 39 positions worth $873M, down 16% from $1.04B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Key Square Capital Management withdrew a net $170M in Q1 2018, closing 7 positions and reducing 18 holdings. Its most notable exit was Twitter, Inc., an estimated $80.9M position sold in full.
By sector, the portfolio is most concentrated in Energy at 35% of assets, up from 27% a quarter earlier, followed by Financials and Technology.
Against the trend, Key Square Capital Management opened a new position in Newmont worth $46.9M.
- Key Square Capital Management's largest Q1 2018 buy was Newmont: 1,199,334 shares worth $46.9M.
- Key Square Capital Management added most to Halliburton in Q1 2018, an estimated $87.7M increase.
- Key Square Capital Management's biggest Q1 2018 reduction was Bank of America, cutting an estimated $108M.
- Key Square Capital Management fully exited Twitter, Inc. in Q1 2018, selling an estimated $80.9M.
- Key Square Capital Management's ten largest holdings make up 72% of its $873M portfolio in Q1 2018.
- Key Square Capital Management opened 10 new positions and closed 7 in Q1 2018.
- Key Square Capital Management's portfolio value fell 16% quarter-over-quarter to $873M.
Based on Key Square Capital Management's 13F filing for Q1 2018, filed 10 May 2018.