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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
+3.41%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$443M
AUM Growth
-$34.1M
(-7.2%)
Cap. Flow
-$42.3M
Cap. Flow
% of AUM
-9.54%
Top 10 Holdings %
Top 10 Hldgs %
79.85%
Holding
38
New
18
Increased
5
Reduced
–
Closed
14
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
First Hawaiian
FHB
|
+$42.9M |
| 2 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$36.6M |
| 3 |
Marriott Vacations Worldwide
VAC
|
+$35.5M |
| 4 |
SWN
Southwestern Energy Company
SWN
|
+$25.1M |
| 5 |
VanEck Semiconductor ETF
SMH
|
+$18.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EOG Resources
EOG
|
+$78M |
| 2 |
SLB Ltd
SLB
|
+$42.2M |
| 3 |
Newmont
NEM
|
+$36.6M |
| 4 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$32.2M |
| 5 |
PagSeguro Digital
PAGS
|
+$30.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 31.58% |
| 2 | Energy | 14.83% |
| 3 | Financials | 9.31% |
| 4 | Consumer Discretionary | 9.15% |
| 5 | Consumer Staples | 8.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DISH
1
DELISTED
DISH Network Corp.
DISH
| $83M | 18.76% |
2,322,433
+185,500
| +9% | +$6.37M |
|
|
2
First Hawaiian
FHB
$3.5B
| $40.7M | 9.2% |
+1,500,000
| New | +$42.9M |
|
3
Telecom Argentina
TEO
$6.01B
| $40.2M | 9.08% |
2,308,724
+216,599
| +10% | +$3.98M |
|
4
Philip Morris
PM
$304B
| $35.8M | 8.08% |
438,617
+33,284
| +8% | +$2.73M |
|
|
ZAYO
5
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $34.8M | 7.86% |
+1,002,333
| New | +$36.6M |
|
|
6
Marriott Vacations Worldwide
VAC
$3.35B
| $33.5M | 7.57% |
+300,000
| New | +$35.5M |
|
7
Cleveland-Cliffs
CLF
$5.38B
| $26.4M | 5.96% |
2,083,810
+158,124
| +8% | +$1.63M |
|
|
SWN
8
DELISTED
Southwestern Energy Company
SWN
| $24.2M | 5.47% |
+4,742,346
| New | +$25.1M |
|
|
9
VanEck Semiconductor ETF
SMH
$70.8B
| $18.3M | 4.13% |
+343,406
| New | +$18.2M |
|
10
Sinclair Inc
SBGI
$997M
| $16.6M | 3.74% |
+584,304
| New | +$16.6M |
|
11
Corporacion America
CAAP
$4.08B
| $15M | 3.39% |
1,757,656
+223,435
| +15% | +$2.09M |
|
|
RDC
12
DELISTED
Rowan Companies Plc
RDC
| $14.9M | 3.36% |
+789,849
| New | +$11.8M |
|
13
Chord Energy
CHRD
$7.73B
| $13.6M | 3.08% |
+960,936
| New | +$12.2M |
|
14
Bausch Health
BHC
$1.71B
| $10.5M | 2.37% |
+408,798
| New | +$9.36M |
|
|
VRTV
15
DELISTED
VERITIV CORPORATION
VRTV
| $7.28M | 1.64% |
+199,900
| New | +$8.57M |
|
16
NIO
NIO
$11.7B
| $6.98M | 1.58% |
+1,000,000
| New | +$8.24M |
|
|
ARCE
17
DELISTED
Arco Platform Limited Class A Common Shares
ARCE
| $3.99M | 0.9% |
+175,000
| New | +$4.08M |
|
|
LLEX
18
DELISTED
Lilis Energy, Inc. Common Stock
LLEX
| $3.67M | 0.83% |
+749,726
| New | +$3.76M |
|
19
Virgin Galactic
SPCE
$343M
| $3.57M | 0.81% |
+17,500
| New | +$3.49M |
|
20
Transocean
RIG
$5.85B
| $3.38M | 0.76% |
+242,190
| New | +$3.01M |
|
|
ROSE
21
DELISTED
Rosehill Resources Inc. Class A
ROSE
| $3.05M | 0.69% |
+500,000
| New | +$4.07M |
|
|
ESV
22
DELISTED
Ensco Rowan plc
ESV
| $1.94M | 0.44% |
+57,454
| New | +$1.64M |
|
|
DO
23
DELISTED
Diamond Offshore Drilling
DO
| $878K | 0.2% |
+43,914
| New | +$807K |
|
|
UPL
24
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $501K | 0.11% |
447,165
| – | – |
|
25
BrightView Holdings
BV
$1.32B
| – | – |
-261,240
| Closed | -$5.73M |
|
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Key Square Capital Management's Q3 2018 Portfolio in Review
As of Q3 2018, Key Square Capital Management held 38 positions worth $443M, down 7.2% from $477M the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Key Square Capital Management withdrew a net $42.3M in Q3 2018, closing 14 positions. Its most notable exit was EOG Resources, an estimated $78M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 32% of assets, up from 23% a quarter earlier, followed by Energy and Financials.
Against the trend, Key Square Capital Management opened a new position in First Hawaiian worth $40.7M.
- Key Square Capital Management's largest Q3 2018 buy was First Hawaiian: 1,500,000 shares worth $40.7M.
- Key Square Capital Management added most to DISH Network Corp. in Q3 2018, an estimated $6.37M increase.
- Key Square Capital Management fully exited EOG Resources in Q3 2018, selling an estimated $78M.
- Key Square Capital Management's ten largest holdings make up 80% of its $443M portfolio in Q3 2018.
- Key Square Capital Management opened 18 new positions and closed 14 in Q3 2018.
- Key Square Capital Management's portfolio value fell 7.2% quarter-over-quarter to $443M.
Based on Key Square Capital Management's 13F filing for Q3 2018, filed 13 Nov 2018.