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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 | |
|---|---|---|---|---|---|---|
1
EOG Resources
EOG
$76.4B
| $78M | 16.36% |
627,064
+72,248
| +13% | +$8.39M |
|
|
DISH
2
DELISTED
DISH Network Corp.
DISH
| $71.8M | 15.06% |
+2,136,933
| New | +$72.9M |
|
3
SLB Ltd
SLB
$69.7B
| $42.2M | 8.85% |
629,349
+192,359
| +44% | +$13.2M |
|
|
4
Telecom Argentina
TEO
$5.86B
| $37.1M | 7.78% |
+2,092,125
| New | +$53.1M |
|
5
Newmont
NEM
$98.7B
| $36.6M | 7.67% |
970,427
-228,907
| -19% | -$9M |
|
|
6
Philip Morris
PM
$293B
| $32.7M | 6.86% |
+405,333
| New | +$34.4M |
|
|
PXD
7
DELISTED
Pioneer Natural Resource Co.
PXD
| $32.2M | 6.74% |
169,949
+74,722
| +78% | +$14.3M |
|
8
PagSeguro Digital
PAGS
$2.68B
| $30.5M | 6.4% |
1,100,000
+357,765
| +48% | +$11.8M |
|
|
WP
9
DELISTED
Worldpay, Inc.
WP
| $26.8M | 5.62% |
+327,927
| New | +$26.8M |
|
10
Salesforce
CRM
$139B
| $24.8M | 5.19% |
181,544
-24,778
| -12% | -$3.16M |
|
11
Cleveland-Cliffs
CLF
$5.28B
| $16.2M | 3.4% |
1,925,686
-262,824
| -12% | -$2.09M |
|
12
Corporacion America
CAAP
$4.04B
| $12.9M | 2.72% |
1,534,221
-196,279
| -11% | -$2.22M |
|
13
Essential Properties Realty Trust
EPRT
$7.19B
| $8.75M | 1.83% |
+645,995
| New | +$8.8M |
|
14
NOV
NOV
$7.25B
| $8.32M | 1.74% |
191,724
-26,168
| -12% | -$1.06M |
|
|
GOOS
15
Canada Goose Holdings
GOOS
$951M
| $5.88M | 1.23% |
+100,000
| New | +$4.21M |
|
16
BrightView Holdings
BV
$1.31B
| $5.73M | 1.2% |
+261,240
| New | +$5.66M |
|
|
IPOA.U
17
DELISTED
Social Capital Hedosophia Holdings Corp.
IPOA.U
| $3.84M | 0.81% |
+350,000
| New | +$3.7M |
|
|
UPL
18
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $1.03M | 0.22% |
447,165
-1,410,021
| -76% | -$3.43M |
|
19
Star Bulk Carriers
SBLK
$2.98B
| $745K | 0.16% |
+57,931
| New | +$738K |
|
|
TBIO
20
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $696K | 0.15% |
+55,000
| New | +$665K |
|
21
Apple
AAPL
$4.81T
| – | – |
-128,440
| Closed | -$5.39M |
|
|
22
Bank of America
BAC
$430B
| – | – |
-5,514,278
| Closed | -$165M |
|
23
Bright Horizons
BFAM
$3.92B
| – | – |
-100,000
| Closed | -$9.97M |
|
24
Bilibili
BILI
$7.64B
| – | – |
-300,000
| Closed | -$3.3M |
|
25
Citigroup
C
$223B
| – | – |
-371,723
| Closed | -$25.1M |
|
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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.